5 Best Places To Buy Bitcoin in 2023
Investing in bitcoin has never been more popular, and while there are hundreds of places that let you buy bitcoin, not all of them are created equal.
See: 3 Things You Must Do When Your Savings Reach $50,000
Some charge high fees, while others, sadly, are at risk of bankruptcy, or worse.
Finding a time-tested, secure place to buy bitcoin is more important than ever, especially with the recent news of several crypto exchanges and investing platforms freezing customer assets.
Best Places To Buy Bitcoin in 2023
GOBankingRates has reviewed dozens of the top crypto exchanges and investing platforms to find the best places to buy bitcoin in 2023. Here are the top picks:
Coinbase — Best place for security
Binance.US — Best place for low fees
Robinhood — Best for beginners
eToro — Best for bitcoin social trading
Cash App — Best payment app for buying bitcoin
1. Coinbase
Coinbase is the most popular crypto exchange in the U.S., and it boasts over 100 million users globally. Coinbase has been around since 2012 and is one of the longest-standing crypto exchanges available.
Coinbase allows you to quickly buy bitcoin with its super simple mobile app design, quickly connecting your bank account and letting you begin trading right away. The fees can be high (up to 0.60% plus a spread fee), but the platform is one of the safest places to buy bitcoin.
Plus, you can transfer your bitcoin off the Coinbase platform into a hardware wallet of your choosing, further securing your digital assets.
2. Binance.US
Binance is the largest crypto exchange in the world, and Binance.US is the U.S.-regulated arm of this massive exchange. With access to rock-bottom trading fees and even the ability to buy bitcoin without any fees, Binance.US is one of the cheapest ways to buy bitcoin.
Binance.US also carries over 150 other cryptocurrencies for trading, including ethereum, solana and dogecoin. With robust security and a built-in educational platform, Binance.US is ideal for new crypto traders who want access to the best low-fee crypto exchange around.
As with Coinbase, Binance.US also allows you to withdraw your crypto to your own hardware wallet for safekeeping.
3. Robinhood
Robinhood is a stock trading platform that offers commission-free trading and a slick mobile app. But it also offers access to bitcoin and a few other cryptocurrencies, and it does not charge any commissions on crypto trades.
Robinhood became popular with traders as it doesn’t charge fees for most trades, and beginners are able to quickly get set up and start trading without the complicated charting and trading tools of other brokerages. Once it added crypto, Robinhood became a one-stop shop for beginners investors.
Robinhood is regulated by the Financial Industry Regulatory Authority and offers FDIC insurance on cash balances. However, Robinhood Crypto does not insure cryptocurrencies and is not regulated by FINRA.
Robinhood has had its share of controversy surrounding halting stock trading and the way it gets paid (order routing), but it is still a solid way to buy crypto for beginners. And it recently became one of the first U.S. brokers to offer a digital crypto wallet, allowing you to actually take custody of your bitcoin.
4. eToro
EToro is another popular trading app that offers access to stocks, options, ETFs and cryptocurrencies. Users can also sign up for its CopyTrader feature, allowing them to automatically copy the trades of popular investors on the website.
EToro lets you invest in bitcoin and a handful of other cryptocurrencies with a flat 1% trading fee for buying and selling. Its mobile app is easy to use, but for more experienced traders, eToro offers a desktop platform with charting tools and advanced order types.
EToro also allows you to transfer bitcoin off its platform, but it is a bit of a cumbersome process, requiring an interim eToro digital wallet.
5. Cash App
Cash App is a popular payment app that now allows you to buy bitcoin and other cryptocurrencies directly within the app. Purchases can be made with your Cash App balance or linked bank account, and you can even send bitcoin to other Cash App users for free.
Cash App fees vary when buying bitcoin and include a spread fee as well. It may not be the most economical way to buy large amounts of bitcoin, but it is a very convenient way for Cash App users to invest in crypto.
And unlike Venmo, Cash App lets you transfer your bitcoin off the platform to your own digital wallet, with no network fees unless you pay for an expedited transfer.
Where Can You Safely Buy Bitcoin in 2023?
There are several ways to buy bitcoin, but not all of them are safe. Here are the three safest ways to buy bitcoin online:
Crypto exchange: While some crypto exchanges, such as FTX, have been shut down in recent years, there are several U.S.-regulated exchanges that offer a safe and secure way to buy bitcoin. These exchanges typically offer easy-to-use mobile apps, great liquidity (usually low spread fees), and an easy way to exchange U.S. dollars for crypto.
Brokerage: Some traditional brokerage accounts now offer access to bitcoin investing. While these investing apps are designed for stock trading, some have added in popular cryptocurrencies, such as bitcoin and ethereum. Most brokerage firms are FDIC insured and can be found through the FDIC’s BankFind Suite, making them a safe place to use your cash to invest in crypto.
Payment app: There are several payment apps that offer direct access to investing in bitcoin, making it easy to buy bitcoin with just a few taps.
You can also invest in bitcoin in other ways, such as cryptocurrency stocks or a bitcoin futures ETF, but if you want to buy the real thing, you will want to use one of the options listed above.
Bottom Line
Contrary to popular headlines, bitcoin is not dead, and it is still one of the fastest-growing assets on the planet. But with so many crypto platforms going bankrupt and pausing customer withdrawals, it is more important than ever to find a quality place to buy and sell bitcoin.
And of course, if you want to further secure your cryptocurrency, it is recommended that you transfer your crypto assets off any platform and onto a secure hardware wallet. This gives you complete custody of your coins and takes away the risk of any platform disappearing with your crypto.
This article originally appeared on GOBankingRates.com: 5 Best Places To Buy Bitcoin in 2023
