10 best cryptocurrency exchanges & platforms
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Since its launch in 2009, Bitcoin has experienced meteoric growth: From October 2013 khổng lồ early June 2021, for instance, its value increased by almost 30,000%. And while that growth alone is incredible, some analysts say Bitcoin’s value could rise even more as cryptocurrencies & the blockchain technology that power them become more mainstream & integrated into lớn people’s daily lives.
Buying Bitcoin does come with one major buyer beware, though: While it’s experienced immense highs, it’s also fallen khổng lồ devastating lows.
After hitting an almost $đôi mươi,000 high in 2017, for example, its value plummeted và rose lớn no more than about half of that until 20trăng tròn. Though it’s trended upward since, it remains a very volatile investment, and an ill-timed tweet from Elon Musk can decimate its value. That’s why experts don’t recommkết thúc you invest more than a small percentage of your money in Bitcoin.
With all of that said, if you still want to lớn get in on the action, here’s how to lớn buy Bitcoin of your own.
How to lớn Buy Bitcoin in 4 Steps
1. Choose a Crypto Exchange
To buy Bitcoin or any cryptocurrency, you’ll need a cryplớn exchange where buyers & sellers meet to exchange dollars for coins.
There are hundreds of exchanges out there, but as a beginner, you’ll want to lớn opt for one that balances ease of use with low fees & high security. Be sure to kiểm tra out our top picks for best crypto lớn exchanges, like Coinbase, Gemini and Binance.US if you don’t already have sầu an exchange in mind.
Make sure to kiểm tra if your exchange has a Bitcoin wallet built into its platform; if not, you’ll need lớn find one of your own. You may also choose lớn buy your crypto lớn on a platkhung lượt thích Robinhood, Paypal or Venmo, though buying cryplớn this way often means you cannot withdraw your coins & move them lớn another platsize. If you want lớn hold your crypto to lớn a different wallet, you’ll need lớn sell your holdings & then rebuy them on a different exchange.
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2. Decide on a Payment Option
After choosing an exchange, you have sầu lớn fund your trương mục before you can begin investing in Bitcoin. Depending on the exchange, you can fund your account through ngân hàng transfers from a checking or savings tài khoản, PayPal, wire transfers, a cryptocurrency wallet or even a credit or debit thẻ.
Keep in mind, though, that platforms may charge higher transaction fees for certain funding options. For example, Coinbase doesn’t charge a fee if you bởi an electronic transfer from a ngân hàng account. However, it charges $10 on wire transfers & 2.5% of the transaction amount if you use PayPal.
Things get even pricier if you use PayPal or a debit card to make a direct purchase of cryptocurrency, instead of funding your trương mục & then using transferred money khổng lồ make your purchase: Coinbase’s fee rises to 3.99% of the transaction amount. Credit thẻ transaction fees on other platforms often run at least this high.
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Because fees reduce how much money you can invest (and therefore also how much money you have sầu khổng lồ grow và compound), it tends to make sense khổng lồ use electronic transfers from a bank trương mục rather than other methods. In addition, if you use a credit thẻ to buy cryptocurrency, it generally will count as a cash advance và be subject khổng lồ a higher interest rate than you pay on regular charges. What’s more, taking on debt to lớn buy volatile investments is extremely risky.
3. Place an Order
Once your account is funded, you can place your first order lớn buy Bitcoin. Depending on the platform you’re using, you may be able khổng lồ purchase it by tapping a button, or you may have to lớn enter Bitcoin’s ticker symbol (BTC). You’ll then have sầu to input đầu vào the amount you want to lớn invest.
When the transaction is complete, you will own a portion of a Bitcoin. That’s because it requires a large upfront investment to buy a single Bitcoin now. If Bitcoin’s current price was $38,000, for example, you’d need to lớn invest that much to lớn buy a Bitcoin. If you invested less, say $1,000, you’d get a percentage, in this case 0.026%, of a Bitcoin.
4. Select a Safe Storage Option
The crypto lớn exchange you use probably has an integrated Bitcoin wallet or at least a preferred partner where you can safely hold your Bitcoin. Some people, however, vì not feel comfortable leaving their crypto connected lớn the internet, where it may be more easily stolen by hackers.
Most major exchanges have private insurance to reimburse clients if this happens, and increasingly, they’re also storing the majority of customer assets in offline so-called cold storage. If you want ultimate security, you can store your Bitcoin in an online or offline Bitcoin wallet of your own choosing. But keep in mind that if you move sầu crypto off of an exchange, you may have to pay a small withdrawal fee. In addition, if you use a third-các buổi party crypkhổng lồ wallet custodian, you may also be permanently unable to access your coins if you thảm bại the private key that serves as your wallet password. This has locked some Bitcoin millionaires out of their fortunes.
Selling Bitcoin
When you decide you’re ready khổng lồ sell your Bitcoin, you can place a sell order through your exchange, much lượt thích you did when you originally purchased your BTC. Most exchanges offer multiple order types, so you can decide to lớn sell only when Bitcoin reaches a certain price, or you can place an order that goes through immediately.
You can choose to sell your entire holdings of Bitcoin or only a specified amount. Once the sale goes through, you can transfer the money to lớn your bank account. Your exchange, however, may have sầu a holding period before you can make a transfer bachồng lớn your bank tài khoản. This isn’t cause for concern; it simply takes some time lớn make sure the transactions clear.
When you sell your Bitcoin, you may make a profit. If you vị, you’ll be on the hook for capital gains taxes as cryptocurrency sales must now be reported on your taxes.
Should You Buy Bitcoin?
Especially when Bitcoin’s price is skyrocketing, investing in the popular cryptocurrency can be tempting. But while it has the potential to be a lucrative investment, you should be cautious: It’s an incredibly volatile purchase that experts don’t recommkết thúc you allocate a large percentage of your investing dollars khổng lồ.
If you’re not sure whether investing in Bitcoin or other cryptocurrencies is a good idea for your needs, consider meeting with a financial planner who can help you figure out where cryptocurrencies fit into lớn your investment strategy.
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