Are you looking to get in on the Bitcoin craze for the first time after hearing Bitcoin crossed the $6000 mark? Are you already trading Bitcoin and looking to move to a new Bitcoin exchange? In either case, you have a wealth of options available to you. And in this post, we’ll help you find them.
Let’s take a look at some Bitcoin exchanges around the world. But first, for those who might be new to Bitcoin…
What are Bitcoin Exchanges?
Bitcoin is a cryptocurrency. To get Bitcoin, you’ll trade another currency for it. That’s most likely a fiat currency (the money issued and backed by your government, such as USD). But you need somewhere to do this.
That’s where Bitcoin exchanges come in. These are companies that facilitate the trading of another type of currency for Bitcoin.
When you choose a Bitcoin exchange, you’ll open your own account there. Then you’ll transfer money in, similar to putting money in a new bank account.
Once you have money in your Bitcoin exchange account, you can then use it to buy Bitcoin (and sell Bitcoin, essentially turning it back into your original currency, which you can then withdraw back to your bank account).
You can also exchange your Bitcoin to other cryptocurrencies (and back again).
Your Bitcoin exchange lets you manage an account, buy or sell Bitcoin, and keep an eye on the market trends as the price of Bitcoin regularly fluctuates.
Now, let’s get to a list of some of the Bitcoin exchanges you might opt to use in the United States, the EU, and Asia.
Bitcoin Exchanges in the US
Here are some popular US-based Bitcoin exchanges to get you started.*
Bitcoin Exchanges in the EU
If you’re based in Europe, these Bitcoin exchanges might be right for you.*
Bitcoin Exchanges in Asia
Finally, here are some Bitcoin exchanges based throughout Asia.*
Things to Consider When Choosing a Bitcoin Exchange
How do you know which Bitcoin exchange is right for you? Here are some of the things you should consider before creating an account with one:
- Which country is the Bitcoin exchange located in? You’ll likely want to find one based in your country. If not, be aware of different laws that might impact exchanges in other countries.
- What fiat currencies can be traded for Bitcoin on the exchange? (This is especially important if you’re working with an exchange not located in your country.)
- What kind of fees does each Bitcoin exchange charge for your transactions?
- Will the exchange let you purchase Bitcoin in the way you’d like to – bank transfers, credit cards, PayPal, etc.?
- How active is the exchange? The more active a Bitcoin exchange is, the more likely it is you’ll be able to convert your Bitcoin back to cash quickly if you ever want to.
- Has the Bitcoin exchange had any security problems in the past, or did they do anything else that damaged their reputation in some way? While you might not immediately let past problems rule an exchange out, exercise due diligence to make sure problems were resolved before trusting them with your money.
If you’re already trading Bitcoin, what’s your favorite Bitcoin exchange, and why? Which would you recommend to someone new to Bitcoin? Tell us in the comments below.
* All lists of Bitcoin exchanges are in alphabetical order.