The 7 Best Places to Buy Bitcoin of 2019

First of all, need some background information about what Bitcoin is? It's a digital currency used mostly for online purchases and as an investment, albeit a very risky one. It is not sponsored by any government. Instead, it works through a system where people in the Bitcoin community can earn coins from “mining,” or using their computer to complete calculations. You can also buy them with dollars or nearly any other currency.

Bitcoin is highly volatile and not a place to invest funds you can’t lose. While there are some stories of people making a fortune on Bitcoin in 2017, many people lost as it fell from its peak. Some people think it is going to be worth $1 million or more while others, including Warren Buffett and JP Morgan Chase CEO Jamie Dimon, call the entire system a fraud ready to fall.

Still interested in getting a piece of the Bitcoin pie? Here are some pointers: When buying Bitcoin, you will need a place to store them. This can be an online digital wallet attached to the account where you buy and sell, a program on your computer or a physical device you plug into your computer.

You can transfer Bitcoin and use them for purchases at some rare stores on and offline. But when transacting in Bitcoin, beware of large transfer fees when going back and forth between coins and other currencies and even transferring to other digital wallets.

So, where can you buy Bitcoin? Read on to find the best places to pick up Bitcoin today.

01 Best Overall: Coinbase

Coinbase charges a variable percentage fee of one percent for U.S. transactions ($1 min, $50 max) from a bank account or Coinbase USD wallet. Purchases with a credit or debit card add on a 2.49 percent fixed fee.
The Coinbase wallet is very secure, accessed through the Web app or mobile app, utilizes two-factor authentication and keeps redundant digital and paper backups of data “in safe deposit boxes and vaults around the world.” Plus, cash balances are insured up to $250,000 against theft or a breach in online storage. Further, Coinbase holds 98 percent of customer currencies offline to keep them safe from malicious hackers. This is further evidence to why Coinbase is a leader in digital currencies in the United States.

02 Best for Low Cost: Robinhood

Your coins are stored in the same Robinhood account you use for your stocks and share a login. Robinhood is mobile first and just recently added a Web version, so it is best for people comfortable managing money from their phone or tablet. While you may need to login on the small screen to access your account, you can’t beat free!
The biggest downside is that Robinhood only works in 16 states for cryptocurrency trades, but it plans to add more in the future. But if you do live in one of those states, Robinhood Crypto is a great option to get started in Bitcoin or Ethereum trading.

03 Best for Versatility: Square Cash

Square is a huge financial technology company that includes many other services. Bitcoin is just a small piece of what they do. But with no fees, the price is right. Unlike some digital wallets, you don’t hold your Bitcoin outside of Square, it is held in your Square Cash account on your behalf to sell or withdraw. But if you do want to send your coins to another wallet, Square does offer that feature. Square limits purchases at $10,000 per week, but there is no limit to what you can sell.

04 Best for Low Rates in Other Currencies: Binance

Binance offers the option to trade coins into multiple currencies and supports digital currencies, including EOS, Skycoin, TRON, ICON, Ethereum Classic, Litecoin, Ripple, Stellar Lumens, Bitcoin Cash, plus a bunch of cryptocurrencies you have probably never heard of.
While this is platform offers a huge range of currencies at a low cost, there are some bugs reported with the Android mobile app and some users have reported delays withdrawing certain currencies. Binance is not insured, which may be a major concern to some, particularly after some irregular trades were detected and reversed in March 2018.

05 Best for Active Traders: Coinbase Pro

Most people trade less than $10 million per month and will fall into the 0.30 percent tier. If you want to try Coinbase but with much higher volume, this platform is the way to go. Because GDAX is now part of Coinbase, funds are safe and insured. Just like Coinbase, cash is insured up to $250,000 and the majority of coins are stored in physical form offline to prevent theft.

06 Best for Converting to Other Digital Coins: CoinExchange

While the website looks simple, it offers robust security and long-term support for currencies on the platform. Developers can take their Bitcoin to the next level with the CoinExchange API. The biggest downsides of CoinExchange are a lack of mobile apps, lower trading volume than some other platforms and vague security policies..

07 Best for Quick and Easy Transactions: Coinmama

While the website looks simple, it offers robust security and long-term support for currencies on the platform. Developers can take their Bitcoin to the next level with the CoinExchange API. The biggest downsides of CoinExchange are a lack of mobile apps, lower trading volume than some other platforms and vague security policies..