Which Bitcoin Exchanges do you recommend?
There are loads of exchanges and we encourage you to shop around. However, when you are just getting started, shopping around may actually add to the confusion so we will make a recommendation of the way most of our customers have found easiest. When you get used to the Bitcoin process you may want to have a deeper look around to see if there are other providers more suited to you and your needs.
Our customers come from over 70 different countries around the world so we decided to recommend Coinbase because it is a massive company that operates in many of those countries. Most of our past customers have used Coinbase and the feedback has been very positive. That said, we can’t stress enough that there are plenty of competitors out there who want your business, we simply can’t test and recommend them all.
Many of the common questions you might be asking about Coinbase are answered on their support page. If you have decided you are going to use them then the first step is to open an account on their website. After that you simply need to get some money into your new account to buy some Bitcoins with.
One way to buy some coins is to use their ‘Buy/Sell’ option. They will give you a bank account number you can use to top-up your account with. You transfer some money with your bank and then it arrives on your Coinbase account. Once you have some money in your account, regardless of which currency you topped up with, you can immediately swap it for Bitcoins.
They also offer other convenient ways to buy coins, such as using a credit or debit card and they even allow PayPal in some countries.
Direct from your Coinbase account you can transfer Bitcoins to another person or company in much the same way you can transfer your own currency to a friend's bank account through online banking.
Do you recommend any other Bitcoin providers?
If you can’t or don’t want to open a Coinbase account or equivalent account from another provider or if you just want to buy Bitcoins anonymously then you should consider going to LocalBitcoins.com. From there you can find someone selling Bitcoins in your local area and then meet them to make the swap. However that is just one way to pay for your coins with LocalBitcoins.com. Check out their website to see many other convenient ways to buy coins, from PayPal to bank transfers and plenty in between.
One possible drawback with using LocalBitcoins.com is that you often will have to pay slightly more for the convenience. The exchange rate you pay to buy Bitcoins is often higher than you would receive if you were to use a conventional Bitcoin exchange.
Bittylicious are a great company to use if you are from the UK and want to quickly buy some Bitcoins. This company even has a facility that lets you go down to a local shop to buy the Bitcoins from them!
The important point is that you have plenty of choice on how and where you buy your coins so you are bound to find a solution that works best for you.
If you would like to see a big list of providers in your own country then we suggest you go to this Bitcoin Exchange Search Website and you can quickly see a list of companies that want your business. The best part about this tool is that they let you specify a country and preferred payment method to filter the list down to only the options that are right for you. Pretty cool!