Midas
So you’re ready to buy your first bitcoins. But you don’t know what is the best cryptocurrency exchange. The world of cryptos is a tough place for rookies. Indeed, it’s so different than what we’re used to that one wouldn’t know where to start! But I got you covered! Indeed, I tried most crypto exchanges available these days myself. And I reviewed them, buying one of the most popular cryptocurrencies. Below are the results of my experiments.
If you want to buy and sell bitcoins instantly, register to this platform. And you won't be disappointed.
Getting started
First thing’s first. Before finding the best cryptocurrency exchange, make sure you’ve checked the 3 points below. And be aware that buying bitcoin and other crypto-currencies may be risky. So you should only buy bitcoins if you can afford to lose this money. Indeed, bitcoin is still an investment and nobody knows what the price will be tomorrow!
1. Learn about bitcoin
Bitcoin is the first crypto-coin invented in 2009 by Satoshi Nakamoto. And it’s both a payment network and a unit of account. Also, it’s exchanged through the Internet via a peer-to-peer protocol. For further details, read my dedicated article: what is bitcoin?
2. Get a bitcoin wallet
The first thing to do before finding the best place to buy bitcoin is to get a crypto-wallet. Indeed, without a bitcoin wallet and an address, you can’t store your coins.
While there are different solutions available, I like to use my Trezor wallet. It's user-friendly and extremely safe.
Once you have a wallet, you can create an address that will allow you to receive and store the purchased bitcoins.
3. Choose your payment method
A purchase of Bitcoin is an exchange between a certain amount of your currency and its equivalent in bitcoins. Depending on your platform, you can use different method payments, that I’ll review below. This will help you find the best bitcoin trading platform.
Credit card
Buying bitcoins with a credit card, or a debit card, is the easiest way to buy bitcoin. Many exchanges and brokers accept bank cards. And they’ll exchange fiat currency for bitcoins after a simple verification of identity (KYC).
PayPal
PayPal is a very common way to pay online. Therefore, many people want to buy bitcoins with PayPal. While you’ll usually get higher trading fees, it’s possible to buy bitcoins with PayPal on the best cryptocurrency exchange.
However, you should be aware that payments with PayPal are reversible. And those using bitcoins aren’t. As a result, allowing users to convert a PayPal balance into bitcoins is rather risky…
In Cash
Want to know how to buy bitcoin with cash? Maybe you don’t have any bank account, nor a debit/credit card. Or you may just want to buy bitcoin anonymously. Or you want to use the few bucks hidden under your mattress!
Buying bitcoin with cash is possible. There are several solutions available:
- During an in-person meeting with the seller
- At an exchange which sells bitcoins
Bank Transfer
Want to buy bitcoin with the money from your bank account? Wire transfer is accepted on the best cryptocurrency exchange platforms and sites that sell bitcoins. The only drawback is that you’ll have to wait for a few days before receiving your coins.
This payment method is the cheapest way to buy bitcoin. Most traders who purchase large amounts of bitcoin use it.
The process of purchasing bitcoins
Purchasing cryptocurrencies is mainly an exchange between your currency and bitcoins. After selecting the best cryptocurrency exchange, based on your payment methods, the process is generally the same everywhere. Also, you don’t need to buy 1 full bitcoin – you can buy a few satoshis (the smallest unit of bitcoin – here’s a bitcoin to satoshi converter). So, you can easily buy for 50 bucks of BTC.
Registration, validation, and KYC
Following your registration, most sites will require a minimum of details about you: Email, last name, and first name. And in some cases your address and telephone number.
Then, depending on where you live and where your exchange is hosted, you may need to show some ID and proof of residence. Indeed, you won’t be able to make any transaction otherwise… This is what we call KYC (Know your Customer).
Deposit and payment
Depending on your payment method, the purchase process may be longer or shorter. Generally, brokers allow you to buy bitcoins quickly by credit card, whereas exchange platforms often prefer bank transfer. And this may be troublesome if you want to get bitcoins quickly.
Withdrawals
To withdraw the bitcoins you’ve purchased, you need to give your bitcoin address. Most of the time, you can fill it out when you register.
Brokers usually send bitcoins directly to your address. But exchanges display your balance on their site. And then you need to request a manual withdrawal, to send them to your wallet.
Where to buy bitcoins?
Now that you know the best way to buy bitcoin, you need to know where to get some. And where to sell bitcoin, while we’re at it. You can get bitcoins easily and quickly on the internet. And there are two categories of vendors: The exchange platforms and the brokers. You can also swap bitcoins in person, with people you know or via a classified ad site.
The best place to buy bitcoin: Exchange platforms
The exchanges are marketplaces, where you can buy bitcoins under the principle of supply and demand. They’re the ones which determine the official price of bitcoin. If many people want to buy bitcoin, then the price will go up. And if many people wish to sell their bitcoins, then the price will go down.
These sites are the result of a disruptive innovation, which is shaking the financial system. Indeed, people can now change money without going to the bank!
The process is relatively simple: The platform connects buyers and sellers who want to buy and sell their bitcoins.
On a platform, you can place a bitcoin bid at the price you want. If a seller is ready to sell at your price, then your offer is processed. And you will receive the corresponding bitcoins on your account.
Furthermore, if you submit an offer to buy at the market price, you’ll instantly receive your bitcoins. Because your offer will match the resale price of the sellers at the time you make your offer to purchase.
Experts and traders usually use the best cryptocurrency exchange. Indeed, they can buy and sell several times during the same day, thus gaining on the volatility of the price.
The different types of exchange platforms
While some bitcoin exchanges change your currency right away, others require you to deposit money. And there’s a greater risk if you have to put money online first. Indeed, it’s better to use an exchange where there’s only a brief interval of time before your exchange takes place.
Exchange platforms requesting deposits have huge amounts of funds available. And they may scam everyone and close business at almost any time… Of course, I’m not saying that all the platforms requesting deposits are scams. But just that it’s riskier to use them. Therefore, the best cryptocurrency exchange shouldn’t require any deposit.
Finally, if ever a bitcoin exchange starts scamming someone, everyone will quickly know about it. And no further deposit will ever be made.
Another option: The brokers (or sales site)
The brokers are much more accessible to beginners or people who simply want to invest in bitcoin. But they’re more expensive.
Indeed, they’re companies reselling bitcoins they bought or mined, at prices approaching the official rate. And they don’t apply the rule of supply and demand. Because you buy bitcoins directly from them. So they’re free to offer the price they want…
The process is relatively simple, once again:
- Create an account + KYC
- Add to your cart the amount to buy in Bitcoin
- Pay for your order (same as on an e-commerce site)
- Receive your bitcoins on your wallet
Last option: Bitcoin ATM
For this one, you need to be lucky enough to have an ATM close to your place… But the crypto market is not mainstream enough yet. Chances are you won’t find a machine to buy your bitcoins!
Choosing the best cryptocurrency exchange
In this paragraph, I’ll tell you how to choose the best bitcoin trading platform. First, I’ll focus on the criteria I used to rank the different bitcoin exchanges. Then I’ll go a bit further with harder things to check. Finally, I’ll cover the risks of using these platforms.
My criteria
In addition to this list, there are also subjective criteria. For example, the experience I had with the best cryptocurrency exchange website. And exchange supports bitcoin is obvious, so I won’t discuss that below.
Privacy
One of the main advantages of bitcoin is privacy. Indeed, you can buy and spend this crypto the way you want, if you really want to. However, this fundamental feature of bitcoin may be affected by the exchange you choose. Indeed, some of them require you to submit your personal details and a copy of your ID to register. So you can forget about your privacy in these cases…
Buying limits
Most platforms, even the best bitcoin trading platform, set up buying limits, especially for new users. Therefore you can buy only up to their limits. And this can be really annoying when you’re ready to invest in bitcoin. However, you can sometimes remove these limits either by validating your account (showing some ID) or by simply waiting for a few days.
So you need to know how much you want to buy and how much you can buy. Then you can find the best cryptocurrency exchange. If you plan to buy large amounts, you have to make sure the platform accept such transactions.
Fortunately, there are market places to buy cryptos.
Transaction Fees
A coin is a coin. And the lowest the fee, the better for your wallet! While average fees for credit card purchases are about 4%, bank transfers are usually around 1 to 1.5%. And you need to know the exchange rate for each platform, to be able to compare them. The best place to buy bitcoin should have lower fees.
Speed
How fast will you get your bitcoins? Purchases by credit cards are often instantaneous, making it the fastest way to buy bitcoin. While those made by bank transfer can take several days…
Purchases in cash are pretty fast. But they can only be made physically, not online.
As a rule, most delays due to the slowness of the traditional banking system, not to crypto-currency itself.
Reputation
Maybe you should know that, in the past, many bitcoin exchanges have turned out to be a scam… But it was the beginning and users didn’t know what was the best cryptocurrency exchange. And now, with sites like mine, you can take time to learn before making a mistake.
For this criteria, it’s important to check how long the platform has been online. And if it’s regulated. Also, if there’s a good daily trading volume.
Other important things to look at
In addition to what I mentioned above, you should check if the exchange platform is regulated. And if it has provides good support which promptly responds to requests.
Finally, try to know more about the owners. While there’s no guarantee that it won’t change one day, you should not take it lightly. Where to buy or sell bitcoin? Where you feel confident to spend your time and money!
Risks to consider with even the best cryptocurrency exchange
Make sure you get a secure crypto-wallet and use it to store your bitcoins. Indeed, you’re responsible for your coins. And no one else is. I would hate to see you lose your precious coins!
Hardware wallets, like Trezor, cost a little. But they’re absolutely essential if you take the safety of your coins, seriously.
As I said before, you should never store your coins on an exchange! Even if it’s the best cryptocurrency exchange in the world. Because if you don’t have the private keys from your coins, they’re not yours. Simple as that.
The best place to buy bitcoin
Finally, here’s my ranking of the best cryptocurrency exchanges these days. And they’re reliable platforms where you shouldn’t get any trouble. They’ve been on the market for a while and boast millions of users.
It may be troublesome to try them all yourself, with the lengthy KYC procedures. So I’d recommend going for my number 1 – simply the best! And it’s also the cheapest bitcoin exchange…
1. Coinbase
The best cryptocurrency exchange
Coinbase is one of the most popular online brokers. Indeed, this American company, created in 2012, serves millions of users. So is Coinbase legit? Is Coinbase secure? I’ve been using it for a while and it looks like it is. But let’s review Coinbase.
Three years after the introduction of bitcoin, Coinbase decided to promote and be part of the open financial system. And so far it’s working well for them. Indeed, they have benefited from the growth of the bitcoin market to develop their services. And the site is often presented as “the Paypal of the bitcoin” since it greatly facilitates access to this crypto-currency. But bitcoin is not the only coin available. And you can also order ethereum and litecoin.
They have set three goals for themselves, which weigh in my Coinbase review. And these are to be:
- Trustworthy: Which is part of the answer to your question: is Coinbase safe?
- User-friendly: Which is what we’re expecting of the best cryptocurrency exchange
- Advocatory: Which will help you to enter the world of cryptocurrency
While their mission about bringing “more economic freedom, innovation, efficiency, and equality of opportunity in the world” may be part of their sales pitch, I like this approach of cryptocurrency. Of course, you’re here to make money and buy bitcoins at Coinbase. But all these cryptocurrencies also represent amazing opportunities.
How to register on the best cryptocurrency exchange?
While it’s very simple, the process takes time. And if you plan to buy bitcoins, ethereum or litecoins, you should prepare in advance. First of all, you need to click on this link.
And you’ll need to provide some basic personal information: First name, Last name, E-mail, and password. Don’t use a fake identity or a pseudonym. Because you have to follow the KYC to use their services.
Also, you’ll have to verify your e-mail address and provide additional information. They just want to avoid fraud and money laundering.
You will need to scan your ID. And to use your webcam too… So that their team can verify the authenticity of your document and your application.
When opening an account at Coinbase, you must provide this mandatory information before being able to buy bitcoins. Because Coinbase does not wish to allow anybody to launder money on the basis of the bitcoin – or to engage in other illegal activities.
How to buy and sell altcoins?
Coinbase payment methods
Their main payment method is via bank transfer. And depending on your country, you’ll be able to link your bank account to transfer money, or to send your money to a Coinbase account.
If you prefer the fastest way, you can use payment via credit and debit cards. However, it’s also more expensive…
A word on Paypal: You can only sell digital currencies as of today. So you can’t buy bitcoin at Coinbase with Paypal.
Coinbase fees and transactions
Anyone can easily buy bitcoins, taking advantage of affordable fees:
[wpsm_comparison_table id=”3″ class=”center-table-align”]
Coinbase buying limits
You should know: You will not be able to buy as much bitcoins as you want. But it’s the same with even the best cryptocurrency exchange sites these days…
Your account will be limited by weekly buying/selling limits. To find out about these, you can click on the “Purchase / Sale of bitcoins” tab and then on “Buying Limit”:
The limits imposed on you will depend on various elements:
- The age of your account
- Your history (and in particular the number of purchases already made)
- The verification steps (identity, bank account, credit card).
Want to buy more bitcoins immediately than what the buying limits allow you? Do not hesitate to order them on other competing sites. And if you’re looking for a Coinbase alternative, you can take a look at Cex.io and Coinmama.
Where does Coinbase offer their brokerage services?
Ok, my bad. Maybe not everywhere… Because we’re at the beginning of the cryptocurrency transition. And even one of the best cryptocurrency exchange sites is not available worldwide yet. But if you’re leaving in one of these countries, you’re covered!
[wpsm_comparison_table id=”1″ class=””]
Coinbase just secured a new round of funding from investors, so it should soon be available in other countries. Therefore, you should check their site if your country is not on this list yet.
Conclusion
As you can see, my opinion on Coin base is extremely positive. And that’s why I’ve been using it myself for some time now. It’s the best cryptocurrency exchange.
The site is simple to use and makes it easy to buy your first bitcoins. But if you have to hold a significant amount of bitcoin, you should get an independent crypto-wallet. Or use Coinbase’s multi-signature vault, at the minimum.
2. Coinmama
The best place to buy bitcoin
Coinmama is one of the best cryptocurrency exchanges in the world. And it’s available in several countries around the world. Furthermore, it’s one of the most popular platforms. But is Coinmama safe? You’ll get the answer below in my Coinmama review!
Coinmama is a property of NBV International, a Czech company. And NBV International is a daughter company of New Bit Ventures, an Israeli company. In addition, the Coin Mama is registered with FinCEN, which is extremely positive for a digital currency broker! That’s for the background.
I used their services several times when I needed to buy bitcoins rapidly with my credit card. And I was satisfied with them. While their fees may be a bit high, if you have to buy bitcoins with your credit/debit card, this is definitely a good option.
However, you can’t sell your bitcoins on Coinmama. Because it’s a broker, not the best cryptocurrency exchange. I read on their FAQ that it’s coming soon, so wait and see!
How to register at the best place to buy bitcoin?
Coinmama is a professional bitcoin broker. So the registration process is clear and user-friendly. First of all, you need to click on this link. Then fill in the registration form on the right with your email, first name, middle name, and last name. Don’t forget to note your password and select your country. And click on Register.
Now you just need to confirm your email with the link they sent you by email. And you can start buying bitcoins right away.
The next step to increase your buying limits is to verify your account. To that end, you’ll need to send them a high-quality image of one of your ID documents: Passport, ID card or driver’s license.
How to buy and sell altcoins?
Coinmama payment methods
Coinmama used to be very flexible with payment methods, offering Western Union. But now you can only buy bitcoins with a credit card or a debit card.
The advantage is that you can get your bitcoins instantly. And the drawback is that the fees are now higher…
Coinmama fees and transactions
I remind you that Coinmama is a broker, not the best cryptocurrency exchange. Therefore they sell at their own price, not at the market price. And their fee is 6.15% on each order, without including the additional fee for credit/debit card transactions… Which is 5.65%.
Coinmama buying limits
While it’s possible to buy some bitcoins with a limited verification (only giving your physical address), you’ll be limited to 150 USD. And if you go through their verification process, the limits are those of the payment processors:
- Credit card (daily): 5.000 USD/EUR
- Credit card (monthly): 20.000 USD/EUR
And the minimum amount you can buy is 60 USD.
Conclusion
The buying operations take between a few minutes to an hour. And the support is always available on the website to answer any questions you may have and assist you. So this is a real plus, especially if you’ve just started investing in bitcoin. It’s almost the best cryptocurrency exchange out there.
Despite their fees being high, the fact that you can buy bitcoin by credit/debit card easily is appreciable.
3. LocalBitcoins
One of the best bitcoin trading platforms
LocalBitcoins is one of the best ways to buy bitcoin and sell them between individuals. Payments can be made by wire transfer, PayPal, CB, cash, Western Union and so on. It’s reassuring to know that the guy who sells you coins is in the same city. And that you can meet him and pay him in cash. It is a bit CraigsList of Bitcoin and it is accessible to beginners.
The mission of the site is clear: to allow its economies to be placed in the bitcoin, “free from political uncertainties and arbitrary devaluations”.
LocalBitcoins is a bit special. Because the site itself does not sell bitcoins. It’s a sort of bit-exchange platform from peer to peer.
There are two types of transactions:
- online, i.e. remotely
- IRL, when both parties meet
Unlike most of its competitors, it only links buyers and sellers. They are then able to carry out transactions by themselves. You will thus be able to buy bitcoins anonymously.
You can easily find these proposals using their search engine, which is particularly easy to use.
There are offers that depend on the:
- amount to buy or sell
- currency
- payment means
- degree of authentication required by the user (validation text message and/or identity document)
How to register on LocalBitcoins?
Registration on the site is very simple. First, click on this link (it opens in a new tab). Then click on the “Sign up free” button.
You will then have to communicate certain information: username, e-mail, and password.
Do not hesitate to use a dedicated e-mail, in order to benefit from increased confidentiality.
You must then confirm your e-mail address. To do this, click on the link in the e-mail “[localbitcoins.com] Confirm your email to complete your registration”.
Your account is now verified. In addition, you have a wallet hosted on the platform to receive your Bitcoins (be sure to transfer your tokens to an external wallet).
How to buy and sell altcoins?
LocalBitcoins payment methods
This is one of the main assets of LocalBitcoins: the variety of payment methods offered. Indeed, each of the sellers of Bitcoins present on the platform can decide to accept the methods of payment that it wishes. So you can choose your seller depending on how you can pay for it.
There are all these payment methods (this list is not exhaustive):
- Cash (by mail or in person)
- PayPal
- Bank Transfer
- Western Union
- etc.
The only method of payment that is not offered? This is the payment by credit card. If you want to buy Bitcoins with your credit card, do not hesitate to visit a site like Coinbase.
LocalBitcoins fees and transactions
The site only charges reduced commissions: only 1% per transaction. But it’s actually more complex.
Because you will pay a higher fee, buying your bitcoins above market prices. The difference between their “normal” prices and the price at which you will buy them will fall into the pockets of sellers. They are free to offer bitcoins at the prices they want – and try to make them a lucrative activity.
And you will notice that prices tend to climb for some payment methods… An example? Bitcoins purchased with Paypal often cost a lot more.
The reason is simple: the seller takes a risk. The buyer could perfectly send a payment through Paypal, receive his bitcoins, and then attempt to cancel the transaction – in order to recover his sums. And once the bitcoins have been sent to the buyer, the seller will have no recourse to recover them.
This is not limited to Paypal – this is the case for most payment methods that can be “reversed”: they put a risk on sellers.
In order to guarantee the security of the sellers, LocalBitcoins recommends to them to privilege means of payments difficult (if not impossible) to reverse, such as bank transfers or the exchange of cash.
LocalBitcoins buying limits
Unlike the majority of exchange sites, LocalBitcoins imposes no limits. You can buy as many Bitcoins as you like, without having to restrict yourself.
Note however that the “big” sellers will necessarily have to verify their identity.
Conclusion
I recommend LocalBitcoins. It’s one of the best places to buy bitcoin. And it will allow you to buy bitcoins near you, sometimes anonymously. You will be able to find reliable sellers thanks to a well-thought-out evaluation system.
The diversity of means of payment is the other strong point of LocalBitcoins – which offers more than 60 methods to buy your Bitcoins. You will not have any excuse for not going to one of the best cryptocurrency exchange platforms.
4. Cex.io
Not the best cryptocurrency exchange, but a great platform
Cex.io is a British company which launched a bitcoin cloud mining platform in 2013. And the website quickly became the undisputed leader of bitcoin mining. But since then, it has largely succeeded in converting itself into one of the best bitcoin trading platforms. So is cex.io safe and legit? Read my cex.io review.
If you visit the cex.io website, you’ll find only a bitcoin exchange. Indeed, you can buy and sell bitcoins, but you can’t mine anymore. Because the company closed in 2015 what was once the biggest bitcoin mining pool.
As a result, cex.io is now only focusing on being the best cryptocurrency exchange, mainly for bitcoins and ether. And it’s one of the oldest exchanges on the market, with many advantages. Not only it’s easy to buy and sell bitcoin for individuals, but it also offers a more professional interface for real traders, with an API available.
A little like a Coinbase, Cex io integrates the entire value chain and allows a novice user to quickly invest in bitcoin. Therefore, users can also store their bitcoins and litecoins directly on the platform. However, I always recommend using your own wallet to store your coins. Indeed, it’s safer and you’re the one in charge of your coins!
How to register on cex.io?
It’s relatively easy to register on cex.io. Indeed, you have to start by clicking this link. Then click on the Register button at the top of the screen. And provide your email and a password for your account. Once you’re done, you’ll receive a message to confirm your email address. Click on the link Cex provided in the email and you’re all set: You can now buy and sell bitcoins! But you only have a Basic account (and its limitations).
So what are the other accounts? There’s a total of 4 account types for cex.io users:
- Basic – Buy and sell Bitcoins in a few clicks using your Visa or MasterCard
- Verified – Extend your limits and enable more payment options by verifying your identity
- Verified Plus – Get priority support and extended limits for your account with high turnover
- Corporate – Use a corporate account for your enterprise and enjoy custom conditions
How to buy and sell altcoins?
Cex.io payment methods
While 3 payment methods are available, you’ll face restrictions depending on your account type. With a Basic account, you can only buy bitcoins with a credit/debit card. But if you verify your account, and disclose your identity, you can also use bank transfer and CryptoCapital.
Cex.io fees and transactions
First of all, when it comes to fees, it’s all but simple… Indeed, there’s not only one fee. But a lot of different fees along the buying process: To deposit money, to buy altcoins, to withdraw coins, etc.
Therefore it’s a bit complicated to know how much cex.io fee you’ll be paying from the start. But the fee to buy bitcoin is 7%, the same if you want to sell bitcoins btw. Which means that if you buy for 100 USD of bitcoin, you’ll get only 93 USD worth of bitcoin.
While there’s no commission to deposit money via bank transfer or CryptoCapital, there’s one on credit card: 3.5% + 0.25 USD.
Cex.io buying limits
Once again, the buying limits of cex.io depend on your account type. Therefore, with a Basic account, you can buy bitcoins up to 300 USD daily and 1,000 USD monthly. And with a Verified account, the limits are raised to 10,000 USD daily and 100,000 USD monthly.
If you get a Verified Plus or Corporate account, you won’t have any more limitations. Oh yeah!
Conclusion
While not being perfect, Cexio offers one of the best cryptocurrency exchange on the market. It’s been around for a while now. And it’s trusted by thousands of users every day. Thanks to a user-friendly platform, even beginners can easily buy and sell bitcoins.
If you still have questions about cex.io, I’d recommend to visit their website and start a live chat with their support.
Finally, for those who have already bought Cex bitcoin, let me know what you thought about it below! And if you have any question or comment about this exchange, feel free to send me a message.
5. Coinhouse
The best place to buy bitcoin in France
The Bitcoin House is the best cryptocurrency exchange in the heart of Paris. You can buy your bitcoin and ethereum there directly. But it also has an online website called Coinhouse. Wondering if it is reliable? If you can buy your bitcoins safely? Here is my review!
La Maison du Bitcoin is a physical shop, located in the heart of Paris, at 35 rue du Caire. Bitcoins can be ordered in a so-called “exchange counter”. For that it is necessary :
- provide valid identification
- have a Bitcoin portfolio (if you do not have one, the Bitcoin House teams will help you create one using your smartphone)
It is then possible to exchange bitcoins for cash or to buy them with a blue card or a Neosurf card.
And for those who want to order from their device, the company gave birth to CoinHouse. The goal was to provide a platform to buy Bitcoins in a simple and secure way – to help beginners get started with this crypto-change.
How to register on Coinhouse?
It is very easy to create an account on CoinHouse. First, click on this link. Then click on the button “Create your account and buy Bitcoins”. You only have to provide your email address and choose a password. Then validate this information by clicking on “Registration”.
During the process, Coinhouse will send you an e-mail with the topic “Confirmation Instructions”. Click on the link it contains to validate your account.
You will then be able to log in to your account. Click “Verify Account”. You will then have to provide several documents, among them a:
- copy of your identity document
- selfie of you with this ID
- proof of domicile (invoice of Box Internet, electricity, etc.)
Once you have provided all the required documents, validate with the “Save” button. And now, the Coinhouse teams will review your KYC. It usually takes between 30 minutes and 24 hours during working days.
You will then receive a confirmation email that your account has been validated.
Please note that you won’t be able to buy bitcoins on Coinhouse without verification of identity. You will not only have to provide your identity. But you will also have to take a selfie with a piece of identification.
Because the site must simply comply with very strict regulatory obligations. It is thus forced to ensure the identity of its customers, and can thus limit fraud.
How to buy and sell altcoins?
Coinhouse payment methods
CoinHouse supports three payment methods:
- VISA and Mastercard (only compatible 3D Secure models)
- Neosurf prepaid cards (you can order them online)
- bank transfers
Note that Coinhouse does not allow, for now, to order with Paypal. On this subject, do not hesitate to consult this article to discover how to buy Bitcoins with Paypal.
Coinhouse fees and transactions
Bitcoins are offered at the price set by the Kraken site, plus a commission.
When ordering your Bitcoins by CB or bank transfer, the commissions that will be charged will depend on your total purchase volume since you signed up.
Here is a summary of the commissions for transfers:
[wpsm_comparison_table id=”6″ class=”center-table-align”]
And here are the commissions for payment by credit/debit card:
[wpsm_comparison_table id=”7″ class=”center-table-align”]
Coinhouse buying limits
Like most of the best cryptocurrency exchange sites, Coinhouse sets purchase limits:
- 500 € per day
- 2000 € per month
Note, however, that these limits can be increased. To do this, you have to apply to CoinHouse, who will be able to grant it according to your profile.
Conclusion
The main advantage of Coinhouse? It is extremely reassuring to be able to order on a French platform, whose headquarters is located in the heart of Paris. The customer service is also located in France and will be responsive to help you.
One can also cite the simplicity of the site, which will allow everyone to be able to easily get bitcoins or ethers. It’s not the best cryptocurrency exchange. But it’s definitely one of the best places to buy bitcoin.
Note, however, that Coinhouse does not currently offer an integrated wallet. You will, therefore, have to own your own wallet in order to get Bitcoins. However, it is advisable not to leave crypto-currency on a trading platform … and Coinhouse allows you to immediately take good habits!
Last thoughts
Now you know everything there is to know about buying bitcoins. And if you decide to start today, you shouldn’t have any trouble getting your hands on the gold of cryptos.
If you use a Trezor wallet, you will store all your coins and tokens safely. And then you can head to the best cryptocurrency exchange: Coinbase.
Finally, it’s up to you to trade on a daily basis or to just HODL! When I started with BTC, I used to visit sites to earn free bitcoins instantly. And I still have most of the satoshis I earned there!
This was my guide: Looking for the best place to buy bitcoin? Check these out! Stay tuned for more coming soon.
