Are you someone looking for fast and hassle-free ways to buy Bitcoins this year? You are certainly not alone, because, for a newbie, understanding how the crypto market works can be a tad challenging to say the least. With Bitcoins becoming popular by the day, more and more governments are now in a rush to pass regulations. So, to comply with anti-money laundering activities your exchange will demand proper ID proof before you can start trading. The whole process can be quite tedious and time-consuming in most exchanges and your account approval may take a while.
However, there are easier ways to buy Bitcoins in 2020 and these are places where you can go to enjoy a smooth buying experience:
- Coinbase: This is by far the most respected and sought after exchange platform in the US and it provides both a wallet and exchange in the same platform. You can buy Bitcoins and other crypto coins like Litecoin and Ethereum. Coinbase platform is recommended because it is secure and easily accessible. It employs two-factor authentication and ensures that data backups are there for user convenience. Most customer currencies are kept offline to minimize threats from hackers.
- Cash App: This is a mobile app for buying and selling Bitcoins free of cost. So, you can use Cash app to transfer funds to your family and friends easily. It was launched by Square, a big financial tech company making mobile credit card readers. However, unlike other digital wallets, you cannot have your Bitcoins outside Square; rather, it will be inside the Square Cash account and this will sell on your behalf. Owing to the invention of automated trading bots like bitcoin pro, the bitcoin trade is increasing day by day as they carry out the trading autonomously. Therefore it is imperative that bitcoin traders are aware of technological developments in the field of cryptocurrency.
- Coinbase Pro: Known as GDAX this is a trading platform having screens akin to Bloomberg terminals, and it charges fees ranging from 0.10%-0.30% depending on the trade volume. So, when you wish to use Coinbase with bigger trade volumes this is the best place to go. Funds stay insured and safe when you use Coinbase Pro and it is also insured to the tune of $250,000.
- Coin Switch: This platform is popular for exchanging between crypto coins. It is an instant crypto exchange allowing you to switch between more than 300 currencies crypto assets at excellent rates. Besides the exchange between crypto coins, you can also buy Bitcoins instantly using your credit card. The transaction fees are low and this makes Coin Switch one of the preferred places for buying Bitcoins. However, you need to get a digital wallet since this platform will not store your assets.
- Local Bitcoins: This is a P2P escrow service allowing you to buy and sell Bitcoins directly. You can do this securely and quickly with people residing in more than 249 nations. You can compare sellers and then choose one you wish to deal with. You can use payment methods like cash, PayPal, gift cards, etc.
- Coinmama: This is a digital wallet and an all-in-one exchange making it super easy for you to buy Bitcoins and some additional coins in Euros and USD. It caters to more than a million users spread across 188 nations. You can buy Bitcoins in small increments with only a few clicks. The fees are slightly high although real-time transactions are superb.