Best ways to buy crypto in 2024
When it comes to buying crypto, there are plenty of things to consider. Indeed, although there are plenty of brokers to purchase crypto from, they are all different. So, while some may be highly reliable and secure, others may be much riskier. Therefore, taking the time to learn about the various platforms available is a great way to decide which broker to use. Here is a closer look at some of the top brokers to choose from.
Start Trading Crypto Now with ByBit!What are the best places to buy crypto in 2024?
When searching for the best places to buy crypto, there are various factors to consider. Here are a few of the most important ones:
Low fees
No matter what platform you use to trade crypto, the best platforms have low fees when compared to other platforms. While the amount may vary depending on which platform you use, the best of them offer free spot trading to their users.
Security
Another very important aspect of a crypto trading platform is its level of security. This is because the crypto sector is highly unregulated overall. Therefore, if you want to make safe trades, you must make sure that you are working with a safe broker that has various safeguards to protect your investments. Generally speaking, the best crypto exchanges are well-regulated and have many reviews asserting their safety.
User-friendliness
Lastly, user-friendliness is a very important aspect of finding the best crypto trading platforms. This is because the sector is so new, and thus, there is a learning curve to overcome before you can learn to trade effectively. Therefore, you should be searching for platforms that are known for their user-friendliness to improve your capacity to quickly learn how to effectively trade on the platform.
Top 10 places to buy crypto in 2024
If you are interested in finding the best places to buy crypto, you have quite a few options. The crypto sector is booming, and there are plenty of companies adding crypto services every day, while newer companies are also emerging with the goal of making money off of crypto trades while encouraging their users to educate themselves on the crypto realm to become more successful traders. Here are 10 of the best places to buy crypto in 2023.
Exness
Exness is one of the world’s largest brokers, known for its competitive trading conditions, high security, and wide selection of assets. The company serves over 700,000 active clients and processes a monthly volume exceeding $4 trillion.
While specializing in currency pairs, Exness also offers CFDs on stocks, commodities, indices, and cryptocurrencies. The broker caters to all experience levels with various account types – from cent accounts and social trading for beginners to high leverage and Expert Advisor support for seasoned professionals.
Exness holds multiple international licenses, including the stringent FCA and CySEC, ensuring trader funds are protected.
With features like 24/7 support, fast withdrawals, and analytics tools, Exness strives to provide an optimal trading experience.
Eightcap
Eightcap is a leading Forex and CFD broker, offering over 800 trading instruments, including currency pairs, cryptocurrencies, indices, stocks, and commodities. With tight spreads starting from 0 pips, leverage up to 1:500, and no withdrawal fees, Eightcap provides a competitive trading environment. The broker is regulated by top-tier authorities such as ASIC and FCA, ensuring a secure trading experience.
Comprehensive educational resources, advanced analytics, and innovative functionality such as code-free automated trading through Capitalise.ai and enhanced order execution with FlashTrader distinguish the platform from others.
Though Eightcap does not offer passive income opportunities or joint accounts, it is a popular choice for those seeking a reliable and feature-rich broker.
TeleTrade
TeleTrade is a global broker serving clients worldwide. They offer trading on Forex, indices, stocks, metals,cryptocurrencies, and energies. While lacking PAMM accounts and certain investment options, TeleTrade boasts a robust copy trading service, a strong affiliate program, and diverse account types (ECN, NDD, crypto). With sufficient leverage (up to 1:500) and spreads from 0 pips, the broker caters to various trading styles, including scalping, intraday trading, and medium to long-term strategies.
TeleTrade supports traders with market analytics, expert forecasts, an economic calendar, and a comprehensive education section on their website.
Bybit
Bybit is a leading cryptocurrency exchange specializing in derivatives trading. Its proprietary trading platform is user-friendly but caters primarily to experienced traders who are comfortable with advanced financial instruments. Integration with TradingView provides seamless market analysis and trade execution.
Bybit allows highly leveraged trading of up to 100x with a clear and transparent fee structure. For those seeking alternative investment strategies, Bybit offers copy trading programs for both derivatives and spot markets, enabling users to automatically replicate the trades of successful investors.
The exchange provides 24/7 customer support, a safe banking environment, and instant deposits/withdrawals. Additionally, Bybit offers a crypto debit card, allowing users to spend their digital assets on everyday purchases.
MEXC
The MXC cryptocurrency exchange (MXC.com) has been operating since 2018. The company is registered in Singapore, which is a loyal digital asset jurisdiction. The platform offers clients trading and P2P exchange services. The main specialization of the trading platform is to provide clients with crypto/crypto trading services with currencies such as Bitcoin (BTC), Ethereum (ETH), and Tether USD (USDT). The undoubted bright side of the platform is access to cryptocurrency ETF funds.
Binance
The Binance exchange is one of the largest cryptocurrency exchanges in the world with its headquarters in Hong Kong. According to the CoinMarketCap cryptocurrency portal, Binance holds the top spot in terms of aggregate indicators of the platform's daily turnover, the number of novices and active users, liquidity, and web traffic (ranking, queries, statistics in search engines, etc.). The exchange is also a cryptocurrency startup that has its own “native asset” used in the Binance ecosystem as the “basis gas” (payment internal unit). More about Binance Card
FTMO
FTMO is a prop trading firm offering experienced traders the chance to manage a funded account of up to $200,000 with a wide range of instruments including Forex, stocks, indices, commodities, and cryptocurrencies. To qualify, traders must pass a two-step evaluation process.
Beginners may start with a Free Trial account which has the same trading conditions as the challenge ones. Long-term traders are free to use a Swing Account that has no restrictions on holding positions over the weekend or trading during macroeconomic releases. The company offers trading with the most popular platforms – MT 4/5, cTrader, and DXtrade. The leverage is up to 1:100.
Additionally, FTMO is recognized for its educational resources and continuous support.
FxPro
FxPro is a well-established broker offering traders access to over 2,100 financial instruments across multiple asset classes, including Forex, stocks, commodities, indices, and cryptocurrencies. It is regulated by reputable authorities – FCA, CySEC and others.
The broker stands out with its focus on technology and offers an average order execution speed of 14-30 ms, setting a market benchmark. FxPro also provides an impressive suite of trading tools and educational resources, such as Trading Central analytics. The minimum deposit of $100, however, is higher than some competitors.
With a company capital exceeding 100 million euro, and a track record of reliability, FxPro stands out as a top-tier choice for traders looking for a secure and dynamic trading environment.
Forex4you
Forex4you caters to a wide range of traders, offering different account types, including cent accounts and ECN accounts with tight spreads from 0.1 pips. The broker provides leverage of up to 1:1000, order execution speed from 0.1 sec, and access to over 150 trading instruments, including Forex pairs, indices, commodities, and stocks. Its proprietary copy trading platform, Share4you, allows traders to earn additional income by sharing their strategies or copying successful traders. Additional features like cashback, bonuses, and partnership programs further enhance the trading experience.
Forex4you doesn't accept clients from the U.S., Canada, Japan, and EU countries, but it presents a compelling option for eligible traders seeking a well-rounded trading experience.
XM Group
XM Group is a globally recognized broker, operational in nearly 190 countries and serving over 5 million traders. The broker offers over 1,000 trading instruments, including Forex pairs, stocks, commodities, cryptocurrencies, and precious metals. With licenses from regulators like ASIC and CySEC, XM ensures a secure trading environment.
The company is committed to high-speed order execution without requotes, ensuring 99.35% of trades are completed nearly instantly. The broker's leverage varies by region, offering up to 1:1000 for some non-EU countries while maintaining strict compliance with European standards for others. The spreads start from 0.6 pips.
XM doesn't offer passive investment options like PAMM accounts but provides access to MQL5 copy trading and a VPS for algorithmic trading.
What are the cheapest places to buy crypto
There are plenty of cheap places to buy crypto. However, ByBit is considered the best international exchange, while Binance is the best in the US. This is because they offer free crypto spot trading, which means you can buy and sell crypto without any fee. Moreover, they have a wide variety of cheap withdrawing methods.
Bybit Fees - Bybit is known for providing an array of futures and derivatives instruments. With low trading fees, those trading futures are subject to a taker fee and maker fees are only 0.06% and 0.01%, respectively. ByBit Fees Review – Is ByBit Cheaper Than Binance?
Binance: Binance never charges deposit fees for crypto. However, when dealing with withdrawals, users pay a flat fee to cover the transaction costs. These withdrawal rates are determined by the blockchain network and tend to fluctuate. Binance Fees Review
How to choose the best place to buy crypto online?
If you are looking for the best place to buy crypto online, you will need to take some time to consider various factors. Here is an overview of some of the most important factors to consider:
Low Fees
Next, you will want to focus on low fees. Although most platforms offer relatively low fees for cryptocurrencies, some of them are much higher than others. For instance, some charge a transaction fee every time you buy crypto, while others do not. Make sure you take the time to thoroughly research these fees before you decide which platform to invest your money in.
Multilingual Customer Support
Another great feature of a crypto broker is multilingual support. This is especially good for those who are multilingual. However, it can also be helpful in situations in which someone may do lots of traveling. Also, multilingual support is a sign that the platform is more established and reputable.
Use Friendly App
Lastly, you want to ensure that the platform is user-friendly. This is a useful feature because rather than needing lots of guidance, many people are able to figure out crypto brokerages on their own. Therefore, you will want to check the user-friendliness level before investing in any particular platform.
8 Best Cryptocurrency AppsHow to buy crypto online
If you are ready to buy crypto online, here at the steps to get started:
First, choose a Platform: The first step to purchasing crypto is to choose a broker. There are plenty of cryptocurrency exchanges to choose from and various traditional brokers that will allow you to invest in cryptocurrencies.
Figure out Where You Will Store It: Next, you want to figure out where you will store your crypto. You can keep it in a hot wallet or a cold wallet. Alternatively, you can also allow it to be stored on the platform you purchase them from. Best Crypto Wallets Security & Fees Comparison
Purchase Your Crypto: After that, you will want to make your purchase. This involves deciding how much your budget will be and purchasing the cryptocurrencies you have researched thoroughly.
Manage Your Investment: Lastly, you must manage your investment plan over time. Determine how long you want to hold your crypto before selling and figure out what the signs are that it’s time to sell.
Best crypto wallets to save your crypto safely
If you are wondering which crypto wallets are the best for keeping your crypto safe, they are:
Coinbase Wallet: The Coinbase Wallet enables users to manage their own private keys. while also storing their crypto coins on their devices directly. There is no way to connect Coinbase Wallets to your bank account or complete other similar transactions that veer outside of the crypto realm.
Trezor: The Trezor wallet is considered by many to be one of the best cold wallets for those seeking security. Trezor hardware wallets are the safest and most resilient way to secure Bitcoin and cryptocurrency assets offline. In addition, Trezor wallets never expose your digital asset information to an insecure environment connected to the internet.
Luno Wallet: Luno Wallet is considered one of the best crypto wallets for beginners. This is because it is highly user-friendly, making it simple for even the newest investors to use.
Ledger: Ledger is considered the best cold wallet with Bluetooth. It is also one of the most secure ways to store your cryptocurrency overall.
Trust Wallet: Trust Wallet is considered the best simplified hot wallet. It is a non-custodial digital wallet that stores cryptocurrencies using hot storage.
Arculus: The Arculus is considered the best cold wallet with a hardware card. This crypto wallet is considered highly secure because it offers 3-factor authentication and provides investors with cold storage for crypto and NFTs while also keeping your private keys accessible to you solely.
Is it a good time to buy crypto now?
When it comes to buying crypto, many investors are struggling to figure out the best time to buy it. It depends on various factors, including your unique investment strategy. For instance, those who assert that now is a great time to buy crypto are operating on the ‘buy and dip’ principle. In other words, this operates on the assumption that price drops are temporary aberrations that often correct themselves over time.
Therefore, dip-buyers are investors that purchase cryptocurrencies when prices are down. They do so in the hope of exploiting dips by buying at a discounted price and reaping the rewards when prices rise again. Either way, crypto markets are considered highly volatile. Therefore, buying cryptocurrencies at any price, no matter how high or low the price may be, is risky.
There is no way to know how low or high prices may get. So, while buying the dip may seem like a potentially lucrative practice, it could also serve to be one of the worst investments you have ever made. Therefore, when you are buying the dip, you want to carefully consider the product you’re investing in and do some research on how the crypto coin has performed over time. Moreover, make sure that you carefully consider your investment budget. On the one hand, if you genuinely believe in the coin, you may want to invest a more significant amount in order to make more money. However, you should also be mindful of the fact that you could lose everything. Therefore, you should never invest more money than you can afford to lose.
FAQ
What is double spending?
Double-Spending is a term used to describe using the same crypto coin twice. This is essentially impossible when dealing with currencies such as Bitcoin, which has a 21 million set limit on the protocol, meaning that no more can be produced. However, this fraudulent practice may be possible with other less secure coins.
What are the benefits of investing in crypto?
Some of the benefits of investing in crypto are its a relatively secure sector, the transaction fees are typically low, it can be a great way to diversify your investment portfolio, and the transactions are considered relatively secure.
How is crypto stored?
Typically speaking, crypto is stored in e-wallets, or they can be held on the crypto exchange you purchased them from.
How do you safely trade cryptos?
Choose reputable platforms and make sure that you are only trading what you can afford to lose and that you have a safe location to store them in.
Methodology for compiling our ratings of crypto exchanges
Traders Union applies a rigorous methodology to evaluate crypto exchanges using over 100 quantitative and qualitative criteria. Multiple parameters are given individual scores that feed into an overall rating.
Key aspects of the assessment include:
User reviews. Client reviews and feedback are analyzed to determine customer satisfaction levels. Reviews are fact-checked and verified.
Trading instruments. Exchanges are evaluated on the range of assets offered, as well as the breadth and depth of available markets.
Fees and commissions. All trading fees and commissions are analyzed comprehensively to determine overall costs for clients.
Trading platforms. Exchanges are assessed based on the variety, quality, and features of platforms offered to clients.
Extra services. Unique value propositions and useful features that provide traders with more options for yield generation.
Other factors like brand popularity, client support, and educational resources are also evaluated.
Glossary for novice traders
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1
Broker
A broker is a legal entity or individual that performs as an intermediary when making trades in the financial markets. Private investors cannot trade without a broker, since only brokers can execute trades on the exchanges.
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Trading
Trading involves the act of buying and selling financial assets like stocks, currencies, or commodities with the intention of profiting from market price fluctuations. Traders employ various strategies, analysis techniques, and risk management practices to make informed decisions and optimize their chances of success in the financial markets.
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3
Cryptocurrency
Cryptocurrency is a type of digital or virtual currency that relies on cryptography for security. Unlike traditional currencies issued by governments (fiat currencies), cryptocurrencies operate on decentralized networks, typically based on blockchain technology.
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Leverage
Forex leverage is a tool enabling traders to control larger positions with a relatively small amount of capital, amplifying potential profits and losses based on the chosen leverage ratio.
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Investor
An investor is an individual, who invests money in an asset with the expectation that its value would appreciate in the future. The asset can be anything, including a bond, debenture, mutual fund, equity, gold, silver, exchange-traded funds (ETFs), and real-estate property.
Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO).