Which Bitcoin exchange do you use, and why?

There is no one size fits all for exchanges. Each user has unique needs when buying cryptocurrency.

Our Bitcoin and cryptocurrency exchange reviews detail each exchange's supported countries, payment methods accepted, fees, privacy, limits, liquidity, reputation, speed (delivery of coins), customer support, and any past issues.

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Coinbase

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Coinbase is the world's largest Bitcoin (BTC) broker. They represent an easy and fast way for new users to purchase bitcoins, ethereum, litecoin and many other coins. Coinbase supports customers in over 30 countries, including the United States, Europe (besides Germany), UK, Singapore, Canada, and Australia.

Customers in the above-mentioned countries can purchase cryptocurrency by debit card, bank transfer, SEPA transfer, and more.

Coinmama

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Coinmama allows customers in almost every country to buy bitcoins, litecoins, ethereum and many other coins with a credit or debit card. They charge a 4.9%-5.9% (depends on volume) fee on each purchase.

Customers in Europe can also purchase cryptocurrency with SEPA transfer for a lower fee.

Want to buy using Coinmama? This step-by-step guide will show you how to use Coinmama.

Privacy

How much personal information does the exchange require? Do you need to upload a picture of your ID?

Limits

How much can you buy? If you plan on buying a large amount, does the exchange support order that large?

Additionally, there are sometimes crypto and fiat withdrawal limits on exchanges that limit how much you can withdraw at once. This can be annoying if you deal with large amounts you will have to withdraw small amounts over a few days.

OTC markets are available for buying large amounts of Bitcoin, but these markets are yet to appear for other coins for now.

Fees

How much does the exchange charge for converting your money? And how does this fee compare to other similar exchanges?

The average fee for credit card buys are about 4%. Bank transfer buying fees are usually 1-1.5%. Compare the rates of any exchange to other similar exchanges.

Cash fees are usually 1%, although there is often a 5-10% premium. This is especially true at ATMs, where there is always a premium.

Speed

How fast will your coins be delivered? Note that most problems with speed are due to the legacy banking system and not with cryptocurrency.

Credit card buys are often instant. Bank transfer buys can take days to clear. Cash buys are instant but you have to physically move and can’t do it online.

Reputation

How long has the exchange been around? Is it regulated? Many exchanges have been scams in the past, so research any exchange before you deposit money with them.

Fiat-to-Crypto exchanges

The first type is called a "fiat-to-crypto exchange".

Fiat-to-crypto exchanges allow you to buy cryptocurrency with fiat money

A fiat crypto exchange lets you buy cryptocurrency using traditional payment methods, such as:

• credit cards
• bank accounts
• cash

Fiat exchanges are how most people make their entry into cryptocurrency exchanges. If you're new, you'll definitely need to use a fiat-to-crypto exchange first, so keep following along.

Crypto-to-Crypto Exchanges

The second type of exchange is called a "crypto-to-crypto exchange". These exchanges don't deal with traditional payment methods like credit cards and banks.

Instead, these exchanges require that you deposit cryptocurrency FIRST (almost always Bitcoin) and then you can trade the cryptocurrency you deposited for altcoins (any coin other than Bitcoin).

What is the point of having these exchange types?

To explain the difference and why you need both, let's look at a coin called Cardano (ADA).

As of July 2020, Cardano is the seventh largest cryptocurrency by market cap.

Most Americans who are new to crypto use a platform called Coinbase to buy cryptocurrency, but Coinbase doesn't sell Cardano.

So how do you get Cardano then?

You must first use Coinbase--a fiat-to-crypto exchange--to buy BTC with your bank or credit card. Once you've purchased bitcoin, you need to send it to a crypto-to-crypto exchange, like Bittrex, and buy Cardano with it.

Custodial vs Non-Custodial Exchanges

The is another way to separate one exchange from another and that is how they handle custody and deposits.

In a custodial exchange, users deposit fiat or crypto into their account and use these deposits to make trades. Once they make the trade, the exchange holds onto the coins or dollars until the user makes a withdrawal request.