What is the best cryptocurrency?

In 2009, Bitcoin launched the cryptocurrency phenomenon as we know it today, and it remains the most popular currency of its kind worldwide.

Bitcoin’s popularity sets it apart from all other cryptocurrencies; over time, it has moved closer and closer to what we recognise as a currency, rather than a virtual anomaly.

Unlike many of its peers, bitcoin can be exchanged for fiat currencies like the US dollar and euro. It has greater liquidity than other cryptocurrencies, meaning the loss to its inherent value is minimal when it is converted.

Bitcoin is widely accepted and can be used to purchase many everyday items, from a holiday on Expedia to a website domain with WordPress. The virtual money can also be exchanged with other private users in payment for services, or perhaps to pay off a debt.

The 10 Best Places to Buy Bitcoin in 2021

We’ve put together a list of our top 10 places to buy bitcoin. Some are exchanges, some are platforms to buy from but not sell back to, and others are physical ATM-style structures.

Whichever way you plan to buy your bitcoin, you must do your homework to ensure you understand how the company operates.

We’ve listed the top 10 in alphabetical order and, for each entry, we’ve highlighted what we think the company does best.

There are numerous places to buy bitcoin available and we would always recommend that you conduct your own thorough research and due diligence before making your own personal choice.

Although we have listed several providers below, it should be noted that this is through online research, not personal experience. At WikiJob, we are not financial advisors and any information provided throughout this article is for educational purposes only.

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1. Coinbase

Based in California, Coinbase is one of the leading crypto exchanges in the world and a popular choice when buying bitcoin. The company offers both a wallet (which is free) and an exchange for customers.

According to Coinbase, 98% of digital currency is stored offline in vaults and safe deposit boxes. The company also has a 48-hour withdrawal cancellation option in place to protect users from fraudulent activity and offers investors the option of adding a second person’s name to the approval list for added withdrawal security.

2. CoinBurp

Based in the heart of London, CoinBurp is rapidly growing towards being one of the best reviewed exchanges in the UK. An increasingly easy choice when buying or selling cryptocurrency and Bitcoin, the company is rated number 1 on Trustpilot UK.

CoinBurp prides itself in its instant GBP deposits, automated GBP withdrawals and excellent customer service. Security-wise, the company is partnered with BitGo, through which it is able to offer an up to $100M insurance guarantee on customer assets held in cold storage.

3. eToro

The eToro website contains a wealth of information on the details of buying bitcoin, making this exchange well suited to those just starting out in bitcoin trading.

Traders who sign up with eToro get a virtual trading account with $100,000 in it to allow them to practise strategies before trading with real money.

The company also offers trading courses and features a Learning Lab which houses a variety of tools to support clients with their trading experience.

4. Binance

Binance is one of the world’s leading cryptocurrency exchanges.

Binance has free deposit and withdrawal fees for UK customers and a 0.1% trading fee.

The company is well known for supporting a wide range of digital currencies which means bitcoin traders have a vast array of options for trading multiple currencies.

5. Bitpanda

Bitpanda serves a European customer base and has a good selection of payment methods. The cost of buying and selling bitcoin on Bitpanda is on a par with Coinbase (1.49%); however, a full fee breakdown is not easily found on the website and the fees are included within the buying price.

The level of privacy users receive depends on their usage; with a verified email only, you can buy bitcoin but have limits on the amount you can sell. By verifying your ID, you can buy bitcoin with a credit card and purchase substantially more using other payment methods.

6. Bitcoin ATMs

A bitcoin ATM, or BATM, is simply an ATM – a physical kiosk where you can buy bitcoin.

Just like a standard fiat money ATM, BATMs allow insertion of a credit/debit card or cash in exchange for bitcoin.

These machines allow users to buy and sell bitcoins anonymously – there are none of the ‘Know Your Customer’ (KYC) checks you will undergo if you’re looking to buy bitcoins with the majority of other companies mentioned on this list.

Fees are on the high side for this service; the ATMs charge between 7% and 10% for buying and selling bitcoins.

7. CEX

CEX is a UK-based exchange. The company takes payment by credit and debit card as well as bank transfer for the purchase of bitcoin.

Payments with a credit card deliver the bitcoin to the user’s account instantly and fees for the privilege are low compared to other exchanges.

The authorisation process for CEX is lengthy and requires a significant amount of personal information. Those wishing to buy large amounts of bitcoin by bank transfer will need top-level verification which involves photographs of several different identification documents, selfies with each and proof of address.

8. Local Bitcoins

Local Bitcoins is a completely different type of exchange to the others on this list. The company is a peer-to-peer exchange which supports users in posting an advert stating payment methods and exchange rates for buying/selling their bitcoins.

A reply to an advertisement opens a trade, and escrow protection (protecting both the buyer and the seller) is activated.

Bitcoins are stored in a Local Bitcoins wallet, and from there, the user can pay for their purchases directly.

9. Robinhood

Robinhood allows users to buy and sell bitcoin free of charge.

The company has only recently introduced a web version, having been solely mobile-based, so is better suited to those who are comfortable using their phone to manage their money.

Up to now, Robinhood has only been accessible in 16 states, but its website states that it is coming to the UK in early 2020.

10. Wirex

Described as a banking solution, Wirex brings cryptocurrency as close to the mainstream as it can get. UK users can buy bitcoin and use it as they would their GBP.

A Wirex wallet can be used with a Wirex debit card to purchase items in the same way you would use your fiat currency debit card.

Users get 0.5% back in bitcoins when they use their Wirex card to make in-store purchases.

Adding funds to your wallet can be done via popular payment platforms like PayPal, as well as bank transfers.