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Which site is the best alternative for buying Bitcoin?

In 2009 Satoshi Nakamoto published an article where he for the first time ever explained how Bitcoin would be created. It was detailed instructions on how the blockchains that create Bitcoins should be programmed and later used as a cryptocurrency online. Over the last decade, the worth of Bitcoin has increased and today worth of all Bitcoin is 156 billion US dollars.

If you are interested in buying your first Bitcoin it can feel a bit tricky. There are a lot of different sites where you can buy the coins and all these sites have their own fees. There are a few different things that affect the fees:

  • How you are paying for the coins.
  • Where you live.
  • How the sites perceive you as a buyer.

When people are choosing which site to buy their Bitcoin from they all have many different reasons for which site they choose. It is reasons like:

  • Security: When investing money in something it is important to feel safe in the purchase. Bitcoin is a digital currency and it is always a risk of bugs or hackers. It is therefore important to choose a site with a clean record.
  • How easy it is: It can be complicated to buy Bitcoins. Many beginners want to use a site where it is simple to buy a coin.
  • If you as a buyer can be anonymous: Anonymity is one of the reasons why Bitcoins are so popular. Buyers want to be anonymous and therefore it is important to find a site that offers complete anonymity. 
  • Community: A lot of the people that buy Bitcoins have it as a huge interest. They want to join a site that has a great and big community of other buyers.
  • Low fees: Of course, every buyer wants to use the site that offers the lowest fees. Nobody wants to pay more than they have to.

The different site that you can use

As we have mentioned before there are a lot of different sites that you can use for buying Bitcoin. Depending on your specific needs you should find the sites that suit you the best. We have listed our favorite sites and have given them a short review.

Coinbase

Coinbase is a broker exchange that helps you to buy Bitcoins in exchange for fiat currency. Coinbase is our personal favorite. This site is available in a total of 32 countries all over the world.

The first thing you need to do when using Coinbase is to set up an account. When you have done that you write how many coins you would like to buy and Coinbase handles the rest. The fee at Coinbase is around 1,49% of your total purchase amount. If you use a credit card the fee is a bit higher, around 3,99%.

Coinbase is a very easy website to use and perfect for beginners. It has never been hacked and almost 90% of all the funds are actually stored offline.

The downside to Coinbase is that they do not offer their users anonymity. In 2018 Coinbase gave up 13,000 accounts of their users to the American Taxman. So, if privacy is important for you, Coinbase might not be the best alternative. To read more, click here.

CEX.IO

This London-based broker offers its services to 99% of all the world’s countries. CEX.IO is also available in 24 states in the US. CEX.IO has low fees if you deposit money to an account on the site, if you use a credit card the fees are as high as 7%.

We would definitely say that CEX.IO is a safe platform to buy Bitcoin from. As a beginner, CEX.IO might be a bit too complicated and you should maybe use Coinbase instead.

Coinmama

Coinmama is a broker exchange that is very similar to Coinbase. Coinmama is based in Israel and offers it service to over 180 countries.

On Coinmama you can only buy Bitcoin. The majority of broker exchange offers both selling and buying, but at Coinmama you cannot sell your Bitcoin. You can also only pay with either a credit card or with Western Union Payment.

One of the big downsides with Coinmama is the extremely high fees. A total of nearly 11% for every purchase of Bitcoin. Instead, Coinmama offers a user-friendly site and for its users, they stay anonymous.

Summary

 The cheapest and most user-friendly broker exchange is Coinbase. That is the site we would recommend to any beginner. CEX.IO has the best trading options on its site and Coinmama offers its users the best alternative for anonymous.

If you would like to buy Bitcoin without any broker you can buy it for Peer-to-Peer. This means that you buy it from another person.

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