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What are the best exchanges to purchase Bitcoin-Ethereum-Litecoin Ripple – pt1

As the Cryptocurrency industry evolves many exchanges are now popping up every day all over the world. So in this blog I want to show you what are the best ones for you to purchase your Bitcoins,Ethereum,Litecoin & Ripple and many other coins from?

I know it can be a midfield of information out there especially when you start diving down the rabbit holes of The Crypto world. So the first question you are probably asking yourself is where do I start ?

Here are six of my favourite exchanges that are easy to use, safe and secure and a great way to start purchasing your coins.

(This is part 1 and the more advanced exchanges will be in part 2)

1. COINBASE-

For ease and one of the most established platforms is – http://www.coinbase.com

Coinbase is the world’s largest Bitcoin broker, available in the United States, UK, Canada, Singapore, and most of Europe.

Customers can buy bitcoin with a connected bank account, credit/debit card, SEPA transfer, Interac Online, iDEAL, and many more payment methods depending on location.

PROS

• High liquidity and buying limits

• Easy way for new users to buy bitcoin

• Instant buy available with credit card as backup

CONS

• Limited payment methods

• May track how its users spend bitcoin

• Slow processing times due to high demand

• High fees

Is Coinbase safe?

Coinbase is the world’s largest Bitcoin exchange, so this is a common question.

Yes, Coinbase is a Bitcoin company based in San Francisco, and backed by trusted investors.

Coinbase is the world’s largest Bitcoin broker, and also offers an exchange, wallet, and developer API.

On this page we’ll review Coinbase and its brokerage, exchange, and wallet.

How Does Coinbase Work?

Coinbase’s simple interface aims to make it easy for first-time buyers to purchase bitcoins.

The most popular payment methods for Coinbase customers are buying with a credit card or debit card, and also using a bank transfer.

There’s a full guide at the bottom of this post that shows you how to buy on Coinbase using a credit card.

You can read more about it here – https://thecryptoproezine.com/2017/05/29/how-to-purchase-cryptocurrecy-bitcoin-or-ethereum-on-coinbase/

2. BITPANDA-

BitPanda is a Bitcoin broker based in Austria. It offers a wide range of payment methods and has good prices.Credit card is the most popular payment method on Bitpanda.

Bitpanda offers high security with strict KNOW YOUR CUSTOMER POLICIES. I really like this it is easy to use and offers a wide range of payment methods;

Payment Methods Accepted

BitPanda has a large selection of payment methods:

• SOFORT Transfer

• Visa/Mastercard Debit or Credit Card

• NETELLER

• Skrill

• GIROPAY / EPS

• SEPA Transfer

• OBT

Supported Countries

BitPanda supports all European countries. Customers from the USA cannot use BitPanda.

Limits & Liquidity

BitPanda offers different levels of verification based on how much information you give them.

Verified Email: With a verified email you cannot buy bitcoins, but can sell up to 1,000 EUR worth of bitcoins per day, and up to 7,500 EUR per month.

Verified Phone Number:

With a verified mobile phone number you can buy bitcoins with any payment methods besides credit card. Using the other payment methods, you can buy up to 50 EUR per day.

Verified ID: By verifying your ID you can buy bitcoins with a credit card, up to 350 EUR per day and up to 10,000 per month. For other payment methods, you can buy up to 5,000 EUR worth of bitcoins per day, and up to 75,000 EUR per month.

Speed

Most of BitPanda’s payment methods are instant so your bitcoins will also be delivered near instantly.

Credit/debit card buys, plus SOFORT, NETELLER, EPS or OBT buys will deliver bitcoins to your wallet almost right away. SEPA transfers take about a day to complete which means it will take about that long for the bitcoins to arrive to your wallet.

Reputation

BitPanda was previously named Coinimal and was founded in October 2014. The company won a startup award in October 2016 and has been a trusted company in the Bitcoin space since its launch.

Fees.

BitPanda has low fees although they are not displayed publically on the website. The fees are instead included in your buy price when you checkout to buy or sell bitcoins.

3. LOCAL BITCOINS

LocalBitcoins is a peer-to-peer Bitcoin exchange. Buyers and sellers agree on trade terms, and LocalBitcoins makes sure the trade goes through with no problems for both parties. LocalBitcoins is considered a good way to buy bitcoins privately or with cash.

LocalBitcoins is a global Bitcoin exchange that gives a lot of options to its users.

Before getting into the details, here are some good and bad things to know about LocalBitcoins:

PROS

• LocalBitcoins is one of the most private ways to purchase bitcoins

• In some countries it is the only way to buy bitcoins

• It allows you to buy bitcoins with many payment methods

CONS

• There are many scams and you need to use caution

• Fees can be slightly high when buying with cash, since many people are willing to pay extra for the privacy LocalBitcoins offers

The difference between Local Bitcoins and most exchanges is that LocalBitcoins does not require personal information when making good trades.

Unlike other exchanges, which require ID verification and personal information, Local Bitcoins allows you to buy bitcoin without connecting your name to the bitcoin you’re buying.

LocalBitcoins vs Other Cash Exchanges

Although LocalBitcoins allows for ANY payment method, cash deposit is the most popular method. This table compares it so some other cash exchanges.

4. CEX.io

CEX.IO allows for the buying of bitcoins for low fees via credit card. Customers can also purchase for free with bank transfers. CEX.io is available for use in most countries.

PROS

• Enables buying bitcoins with credit card for low fees

CONS

• Extensive verification process to increase buying limits

CEX.IO also offers users the ability to sell bitcoins to credit or debit cards. The fees for this are as follows:

• 2.9% + $4.99 for USD

• 2.9% + €4.99 for EUR

• 2.9% + 499 RUB for RUB

Bank transfers are not charged fees by CEX.io, but your bank may charge conversion fees on your deposit.

Supported Countries

CEX.IO supports all countries, unless noted below.

The following countries are restricted for credit card purchases: Iceland, Vietnam, Afghanistan, Algeria, Bahrain, Iraq, Kuwait, Lebanon, Libya, Nigeria, Oman, Pakistan, Palestine, Qatar, Saudi Arabia, and Yemen.

The following countries are restricted from buying with bank transfer: Afghanistan, Democratic Republic of the Congo, Côte d’Ivoire, Eritrea, Ethiopia, Guinea-Bissau, Haiti, Iran, Iraq, Kenya, Liberia, Libya, Guinea, São Tomé and Príncipe, Somalia, Sudan, Syria, Tanzania, Tunisia, Turkey, Vietnam, Yemen, Zimbabwe.

US States NOT Supported

Limits & Liquidity

CEX.IO offers four different account levels based on verification provided. Each account type has different buying limits.

Basic: Basic accounts can buy up to $400 worth of bitcoins per day, and up to $2,000 per month. Basic accounts are not able to purchase via bank transfer.

Verified: Verified accounts can purchase up to $10,000 worth of bitcoins per day, or up to $100,000 per month via both credit card and bank transfer.

Individual Business & Corporate: Individual Business and Corporate accounts can purchase an unlimited amount of bitcoins.

Privacy

CEX.IO requires very little information for its first tier of verification. In order to increase limits, however, a number of personal details and document scans are required.

To increase your daily limits to CEX.IO’s “Verified” level, scans of a passport, driver’s license, or ID are required. In addition, a picture of you holding your ID, a picture holding your credit card, and a document for proof of residency are required.

Speed

After initial verification, CEX.IO processes most credit card purchases instantly. Upgrading your account to CEX.IO’s “Verified” account type can be a long process, but subsequent purchases are quick.

Reputation

CEX.IO is a registered company and/or money transmitter in all districts in which it operates. In the USA, it is registered with FinCEN, and registered with ICO in the UK and EU.

Fees

Fees for buying with a credit card are 3.9% + $0.25 per purchase. Purchases made via bank transfer are free.

5. Itbit

itBit is a global Bitcoin exchange licensed with the New York State Department of Financial Services. It also operates a global OTC trading desk.

PROS

• OTC trading desk is ideal for buying or selling large blocks of BTC

• Licensed Bitcoin exchange in New York, operates legally in all 50 states

CONS

• Limited payment options

Payment Methods Accepted

Payment Method

Funds Available

Currencies

Fees

Wire Transfer

1 day

USD

None

Traders can funds accounts via wire transfer. itBit charges no deposit fees. Fees charged by your bank may apply.

Supported Countries

itBit supports customers around the globe in most countries. Texas is the only U.S. state not supported.

• Payment Methods Accepted

• Supported Countries

• Limits & Liquidity

• Privacy

• Speed

• Reputation

• Fees

• Customer Support

Limits & Liquidity

itBit provides two services: a global Bitcoin exchange and an OTC trading desk. Neither service limits the amount of bitcoins that can be traded assuming proper verification has been submitted.

itBit’s OTC trading desk trades between 15,000 – 25,000 XBT per month. The average OTC trade size is around ~350 bitcoins and made at or below spot price.

More information on itBit’s OTC trading can be found here.

Privacy

U.S. residents can complete identity verification using itBit’s Knowledge Based Authentication, which does not require ID scans.

Users outside the United States must provide ID scans and proof of residence documents.

Speed

International accounts may take 1-3 days to become verified. US customers may be able to verify faster using itBit’s knowledge-based authentication system.

Deposits made via wire transfer can take anywhere from 1-3 days to arrive depending on your bank.

Purchases can be made instantly once an account has been verified and successfully funded.

Reputation

itBit was the first Bitcoin exchange to receive a charter from the New York State Department of Financial Services. The charter gives it the ability to operate legally in all 50 U.S. states. As a licensed exchange, itBit is audited regularly and follows all consumer protection laws.

Fees

itBit charges just a 0.2% taker fee on its global exchange.

A flat 0.1% fee is charged on the OTC trading desk, but trades are often executed at or below spot price.

6. BITQUICK

BitQuick is a Bitcoin exchange that lets customers buy bitcoins with cash via cash deposit.

PROS

• Fast way to purchase bitcoins with cash

CONS

• Markup on Bitcoin price can by high at times

Payment Methods Accepted

Buyers using BitQuick can use just one payment method to purchase bitcoins:

Cash deposit.

This means you will go to the bank of a Bitcoin seller and make a cash deposit into their account.

Once the seller sees the deposit in their account they release the bitcoins to you on BitQuick.

Supported Countries

BitQuick operates in 49 US states.

New York is the only state not supported because BitQuick stopped service in New York due to the BitLicense.

• Payment Methods Accepted

• Supported Countries

• BitQuick vs Other Cash Exchanges

• Privacy

• Limits & Liquidity

• Speed

• Reputation

• Fees

• Customer support

Payment Methods Accepted

Buyers using BitQuick can use just one payment method to purchase bitcoins:

Cash deposit.

This means you will go to the bank of a Bitcoin seller and make a cash deposit into their account.

Once the seller sees the deposit in their account they release the bitcoins to you on BitQuick.

Supported Countries

BitQuick operates in 49 US states.

New York is the only state not supported because BitQuick stopped service in New York due to the BitLicense.

Privacy

BitQuick is not as private as other cash methods like Wall of Coins or LocalBitcoins.

BitQuick requires ID verification for purchases of bitcoin.

Limits & Liquidity

BitQuick lets buyers and sellers agree on trades and enforces no limits.

BitQuick’s buy and sell offers are publically available. You can check the orderbook at anytime.

There are usually many offers for different sized purchases and at many different bank branches.

Speed

BitQuick’s goal is to deliver bitcoins to buyers fast. In most cases you can receive your bitcoins within one hour of payment.

Reputation

BitQuick has established itself as a trusted Bitcoin exchange although it was hacked in March 2016.

The fact that BitQuick shut down until it fully understood the cause of the hack shows that it does care about the security of its customers’ personal information and funds. No customer funds were lost in the hack.

Fees

Buyers fees are 2% for cash deposit purchases.

This is somewhat high for cash purchases of bitcoin, but the speed and reliability of BitQuick makes this fee worth paying for some.

If you plan on selling bitcoins, BitQuick is a great platform. You can often sell your coins for higher than market rate, and on top of that BitQuick does not charge sellers any fees.

We hope you find this valuable and helps you purchase bitcoin, Ethereum, litecoin, dash, Ripple with more ease.

What exchange do you like to use ? Please tell us in the comments.

Many thanks

The Crypto Pro’s

P.s

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About The Crypto Pro's (38 Articles)
We are the Crypto Pro's team educating and training people on Cryptocurrency & the Blockchain Technology. There is about to be a major shift in the world that will impact many lives. This is the biggest invention of our lifetime so far & we want to help you understand how it works and how you can benefit from this too. Cryptocurrency & the Blockchain will change the world as we know it. So take your time to go through the training's and articles we are here to help you all the way.

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