Choosing the right bitcoin exchange to buy bitcoins depends on certain factors. These factors differ from person to person.
The key elements to look for are the exchange rate, payment methods, speed of transaction, buying limit, exchange fees, customer privacy and security of the exchange.
I took a careful consideration when selecting these exchanges to put on the list.
Check the advantages and drawbacks of each exchange and select the one that suits your need.
Coinbase Bitcoin exchange review
Coinbase offers one of the safest and easiest ways to buy bitcoins online. They serve the US, Canada, UK and most of Europe market.
Coinbase is the world’s largest bitcoin broker offering the most payment options.
Customers can trade bitcoins with a bank account, Credit/Debit card, SEPA transfer, Interac Online, iDEAL, and many other payment methods depending on their geographical location.
The take the issue of customer identification and verification serious. Bitcoin users who love to use bitcoin anonymously dislike using Coinbase, after a court order made Coinbase released some customers private information to the US government for some alleged tax-related issues.
- Easy to use
- Competitive price
- Offers Online wallet
- Trusted by many
- Extensive verification process.
- Unavailable in most African countries.
BitStamp Bitcoin exchange review
This is no doubt an industry leader that has been in operation since 2011. Bitstamp does not buy or sell bitcoins but provides a trading platform to hold bitcoin while users trade among themselves.
BitStamp offers high trading volumes and accepts major currencies like the U.S. Dollars, Euros, Pounds and Swiss Francs for payment options.
The Ministry of Finance Luxembourg accredited Bitstamp exchange.
- High level of security
- Good for large transactions
- Buy with Debit Card
- Debit Card buys unavailable in some countries.
- Takes 2 to 5 business days to send cash for bitcoins to Users outside of Europe.
- Has limited payment methods.
Lakebtc.com Bitcoin exchange review
Founded in 2013, Lakebtc is a member of the big four Bitcoin exchanges globally known for offering high liquidity.
Lakebtc bitcoin exchange runs on a secure and quick network. They are a member of the Coindesk Bitcoin Price Index part of the multinational Ripple gateway developed by Ripple lab.
LakeBTC accepts EURO, Chinese Yuan, Japanese Yen, British Pound, Canadian Dollar and Australian Dollar as payment options.
Besides Bank Wire, other payment methods you can use are Western-Union and Money-gram.
- Cheaper that many exchanges
- High volume and high liquidity trading
- Trades EgoPay and Ripple also
- High level of security
- Bank wire takes 2 to 5 days
Btc-e.com Bitcoin exchange review
BTC-e exchange is one of the biggest places to buy and sell large chunks of bitcoin online. Offering one of the cheapest prices in the industry, BTC-e started operation in 2011 in Bulgaria.
Aside Bitcoin, they offer Namecoin, Dash, Ethereum and Litecoin exchange, as well as a chat room for traders to share ideas.
Recently, Btc-e.com added a new feature “Bitcoin Betting” on their site, something no exchange has done before. BTC-e fee is between 0.2 and 0.5% for each transaction done by customers on the site.
If you are new to bitcoin and Cryptocurrency trading, I suggest you trade with BTC-e because of their chat room where you can get good knowledge from top traders for free.
The site provides support for English and Russian languages.
- Accepts U.S. Dollar, Euro, British pound, Ruble
- Your USD deposits gets to your account within 24hours
- Low trading fees
- One of the best market price for BTC
- Allows withdrawal with Debit Card
- No withdrawals for new customer for the first 3 days of opening an account
Kraken Bitcoin exchange review
A respected big name in the Bitcoin Industry, Kraken bitcoin exchange started offering bitcoin services in 2011 from San Francisco.
They were hand-picked to assist MtGox liquidation and investigation because of their standard of innovation and security after the former Tokyo Bitcoin exchange got hacked in 2014.
Traders who want to buy a large volume of bitcoins usually go here. Kraken offers Bitcoin and ethereum trading, ripple trading, dark pool and leveraged margin trading.
In recent times it has started including some selected alternative Cryptocurrencies like Monero, Ethereum Classic, Augur REP tokens, ICONOMI, Melon tokens, Zcash, Litecoin, Dogecoin, Ripple and Stellar/Lumens.
- Innovative and secure platform
- Has proof of reserve
- Low fees
- Unsuitable for beginners
- High deposit fees when depositing small amounts
- Has limited payment methods.
Virwox Bitcoin exchange review
Virwox started as an independent exchange for trading Second Life Linden Dollars (SLL) founded since 2007. It’s very popular because of its feature of selling bitcoin with PayPal.
It is not a Bitcoin exchange as such. It is a virtual exchange that lets you buy bitcoin by converting your fiat currency to SLL and then to bitcoin.
It gives users an advantage of buying bitcoin without having to pass any verification test, making it a place to go for those who use the dark web and people who love to buy bitcoin anonymously.
- Offers a wide array of payment methods including Credit/Debit Cards, PayPal Express Checkout, Sofortbanking, Paysafecard, Skrill, and OKPAY.
- ID verification not required.
- High fees associated when buying bitcoin with PayPal and Credit Card because of multiple conversions. Since you convert to SLL first, and then to Bitcoin.
- Suspicious reputation.
Local Bitcoins exchange review
Local bitcoins exchange operate an over-the-counter (OTC) bitcoin trading for local currencies. It’s available in almost every country in the world and the best option for customers to buy with bank transfer or from someone in your neighborhood.
Localbitcoins offer one of the fastest ways to buy bitcoin with cash or bank transfer. They offer an escrow to hold bitcoins during trading.
On visiting the site, you will find a directory of local bitcoin buyers/sellers with their associated star reviews based on earlier trades.
Look out for traders with good profiles like 100+ trades and 95+ star reviews as those are the most trusted and reliable people to trade with.
- Offers a range of payment methods including PayPal and gift cards
- Charges a flat trading fee of 1%
- Fast way to buy/sell bitcoins.
- Higher prices when compared to other exchanges.
- Transaction depends on seller’s reputation.
- Quick response from support.
Other sites where you can buy/sell bitcoins if these exchanges are not available in your country:
- Cointree.com.au – For Australia, New Zealand. Buy bitcoins, Alt-coins and pay household bills with bitcoins.
- Zebpay.com and Unopay.com – For India
- Coins.ph – For those in the Philippines. Send money to any major bank or cash pickup center in the Philippines.
- Coinhako.com – For Singapore
- Coins.my – Buy bitcoins in Malaysia. Get free 1000 bits when you sign up and verify your account.
- Nairaex.com and Luno.com – For Nigeria And Africa. Receive NGN 100.00 worth of Bitcoin when you sign up for the first time and buy or sell BTC 0.10.
- Bitoasis.net – For Dubai and rest of UAE. Buy/sell bitcoin and ethereum instantly in UAE using credit cards.
Did I miss any good exchange for buying bitcoins that you use a lot? If so, I’ll love you to share with me and other readers in the comments below.
Also, share your experience with us if you have used any of theses exchanges. Thanks for reading!