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Author Topic: Which are your best bitcoin exchanges for a beginner user?  (Read 345 times)
JonaFan
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May 12, 2017, 10:53:57 AM
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Hi guys, I'm looking for the best bitcoin exchanges for a new user with little technical knowledge.

After seeing the effect that the French election of E. Macron had on the price of bitcoin, I think that the time is right for me to finally invest.

I would be looking to buy 10 k usd worth of bitcoin with my card or bank account. Are there are good places to buy bitcoin, which accept either of these two deposit types, and that are easy to use, reputable, & safe? I work between Europe (the UK) and the US and have a mastercard & visa debit for both countries. I could also use my paypal to buy the bitcoins, but i'd imagine the fees would be far higher?
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kenndal
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May 12, 2017, 10:55:08 AM
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Good question. I've been using bitcoin since 2013 and range of good bitcoin exchanges has vastly expanded since. Security has not improved though, so be sure to remove your coins to an offline wallet after purchasing.

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Hi guys, I'm looking for the best bitcoin exchanges for a new user with little technical knowledge.

This site keeps an updated rating of all the top bitcoin exchanges: https://www.bestbitcoinexchange.io/ and gives very good advice. Use the column where it says "beginner-friendly" to get an idea of which place is best for your experience level.

As of May 2017, I would say that the following exchanges are well-suited for new users and have good reputation:

1. Coinbase - great for real newbies. Simple UI and easy to purchase with a card or bank transfer. Higher commissions. Insured deposits (don't let this tempt you into keeping your coins on their exchange).
2. Localbitcoins - good place to buy with cash and stay anonymous. Works well in every country globally. Nice opportunity to meet real life bitcoiners and chat. You can use bank transfer to buy online also.
3. CEX - ok for beginners with visa or mastercard. Fees are higher but it's very straightforward to use. You can buy with USD EUR GBP RUB. SEPA and wire transfer is possible too.
4. Bitstamp - a very reputable bitcoin exchange. Good prices. Just recently added card purchases for US customers too.
5. Blockchain.info - an online web-wallet that recently started acting as a trusted bitcoin exchange. Recommended for beginners because easy to purchase with card. European users only.
6. WeSellCrypto - you mentioned finding a good paypal to bitcoin exchange, well this place is decent. Only buy small amounts as fees are very high for PayPal - everywhere is the same.

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I would be looking to buy 10 k usd worth of bitcoin with my card or bank account.

My advice is for large amounts try to find an exchange that allows bank transfers, as fees are generally lower. Kraken is a very good bitcoin exchange with the lowest fees, but the user interface may not be adapted for beginners. Expect to pay at least 5 to 10 percent more if you buy 10 k USD of bitcoin with a bank card.

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I could also use my paypal to buy the bitcoins, but i'd imagine the fees would be far higher?

Correct. Avoid using PayPal to buy bitcoin unless you only want small amounts (under 25 usd). Fees can go as high as 40 percent more than what you would normally pay using a bank transfer.
SvenBomvolen
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May 12, 2017, 11:01:11 AM
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Good question. I've been using bitcoin since 2013 and range of good bitcoin exchanges has vastly expanded since. Security has not improved though, so be sure to remove your coins to an offline wallet after purchasing.

Quote
Hi guys, I'm looking for the best bitcoin exchanges for a new user with little technical knowledge.

This site keeps an updated rating of all the top bitcoin exchanges: https://www.bestbitcoinexchange.io/ and gives very good advice. Use the column where it says "beginner-friendly" to get an idea of which place is best for your experience level.

As of May 2017, I would say that the following exchanges are well-suited for new users and have good reputation:
1. Coinbase - great for real newbies. Simple UI and easy to purchase with a card or bank transfer. Higher commissions. Insured deposits (don't let this tempt you into keeping your coins on their exchange).
2. Localbitcoins - good place to buy with cash and stay anonymous. Works well in every country globally. Nice opportunity to meet real life bitcoiners and chat. You can use bank transfer to buy online also.
3. CEX - ok for beginners with visa or mastercard. Fees are higher but it's very straightforward to use. You can buy with USD EUR GBP RUB. SEPA and wire transfer is possible too.
4. Bitstamp - a very reputable bitcoin exchange. Good prices. Just recently added card purchases for US customers too.
5. Blockchain.info - an online web-wallet that recently started acting as a trusted bitcoin exchange. Recommended for beginners because easy to purchase with card. European users only.
6. WeSellCrypto - you mentioned finding a good paypal to bitcoin exchange, well this place is decent. Only buy small amounts as fees are very high for PayPal - everywhere is the same.

Quote
I would be looking to buy 10 k usd worth of bitcoin with my card or bank account.

My advice is for large amounts try to find an exchange that allows bank transfer as fee are generally lower. Kraken is a very good bitcoin exchange with the lowest fees, but the user interface may not be adapted for beginners. Expect to pay at least 5 to 10 percent more if you buy 10 k USD of bitcoin with a bank card.

Quote
I could also use my paypal to buy the bitcoins, but i'd imagine the fees would be far higher?

Correct. Avoid using PayPal to buy bitcoin unless you only want small amounts (under 25 usd). Fees can go as high as 40 percent more than what you would normally pay using a bank transfer.
This information will be helpful not only newbies. If you would ask me the same question about exchanger some time ago I would recommend Yobit, because of I use this exchanger only. But that latest time I am not satisfied with their work at all. Transfers of little amount bitcoins take very long time and I am actually loose profit. Now I am looking for another exchanger where all operations would be provided in time and all this sites that you suggested will help me, I hope.
JonaFan
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May 12, 2017, 11:43:51 AM
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Excellent reply thank you for the suggested sites Smiley I should bookmark this.

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Kraken is a very good bitcoin exchange with the lowest fees

I'm actually going to go with Kraken as I have a more knowledgeable friend who swears that it is the best bitcoin exchange out there. I checked out their FAQ and fees are far cheaper than on Coinbase, or CEX. The only disadvantage would be that I can't use a credit card on Kraken.

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Expect to pay at least 5 to 10 percent more if you buy 10 k USD of bitcoin with a bank card.

I would be ok with paying this extra amount for the convenience of using my card. It's also faster, as a bank deposit would take several days to confirm on the exchange.
kenndal
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May 12, 2017, 12:10:10 PM
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I would be ok with paying this extra amount for the convenience of using my card. It's also faster, as a bank deposit would take several days to confirm on the exchange.

You would actually be surprised. Some of the exchanges that I listed above have really fast deposit times for SEPA bank transfers (under 24 hours)
LeGaulois
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May 12, 2017, 02:45:30 PM
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Hi guys, I'm looking for the best bitcoin exchanges for a new user with little technical knowledge.

After seeing the effect that the French election of E. Macron had on the price of bitcoin, I think that the time is right for me to finally invest.

I would be looking to buy 10 k usd worth of bitcoin with my card or bank account. Are there are good places to buy bitcoin, which accept either of these two deposit types, and that are easy to use, reputable, & safe? I work between Europe (the UK) and the US and have a mastercard & visa debit for both countries. I could also use my paypal to buy the bitcoins, but i'd imagine the fees would be far higher?

I don't really advice you to pay your bitcoin with your card, because you will pay a higher fees. And I assume your are looking to make some profits from it.  Same with Paypal you will pay at a higher rate due to the risk of fraud (wich happen frequently honestly). If you can use your bank account to make a bank transfer, SEPA or SWIFT then it will be more appropriate in your case. Kraken is one of the most reputable Bitcoin exchange. And cash in or cash out, work fast in both case

mattermaster
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May 12, 2017, 04:51:47 PM
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There are many websites which provide you an option to buy bitcoins with your debit card. Below i am mentioning some of them:
Spectrocoin.com , Xapo.com ,Paxful.com , coinbase.com .


Be Like Bro
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May 12, 2017, 05:02:03 PM
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You might try https://www.poloniex.com/ But i don't know about their deposit methods. But i could assure that, its a good a exchange even for beginners to trade. And i'm using it since last year and i never had a problem yet!
JonaFan
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May 19, 2017, 03:38:29 PM
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This site keeps an updated rating of all the top bitcoin exchanges: https://www.bestbitcoinexchange.io/ and gives very good advice. Use the column where it says "beginner-friendly" to get an idea of which place is best for your experience level.

Yeah - after reading through it, they actually have a good list of places to get bitcoin for beginner users like me. It's my first time buying so I'd rather take the step to ask the experts in this forum.

Anyone here using Kraken for bank transfer purchase? Is it better than Coinbase, and in what way(s)?
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