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So you want to try your hand at the crypto market?
I’m glad that more and more people are joining this crypto revolution and believe that Bitcoin is a good store of value.
In fact, interest in Bitcoin trading has grown significantly amid the Corona financial crisis and the looming economic recession.
Generally, there are two popular methods commonly used to invest in Bitcoin:
1. HODL: This is a simple strategy where you buy and hodl for long-term regardless of the extreme price movements.
2. Day trade: This a very short-term trading where you buy low and sell high to make a quick, easy buck.
For advanced traders, you can also use margin trading to borrow funds from an exchange to trader larger amounts of a specific crypto asset. For example, if you have 100USD on Bybit, you can use 100x leverage, and trade as if you had 10,000USD. Margin trading offers higher leverage, which leads to higher profitability, but the risk will be also higher.
No matter which strategy you’re using, all traders want the same things, that’s to increase the value of their investment.
The first step to getting started with crypto trading is to look for a good exchange to work with.
With cryptocurrency trading platforms/exchanges, you can buy, sell and trade crypto 24/7, giving you an opportunity to maximize your trades.
There are a few important things to consider when it comes to choosing the best Bitcoin trading site/exchange:
- Safety
- Reputation
- Payment methods
- Transaction fees
- User interface
Taking into consideration the criteria above, here are the 6+ best websites for trading Bitcoin.
However, there’re always risks involved when it comes to any forms of investing- whether it’s gold, stocks, bonds or cryptocurrencies.
Before you start trading, always do your research, understand the risk, and set a goal for each of your trade to protect yourself from the mental and emotional stress of FOMO(fear of missing out) and FUD (Fear, Uncertainty and Doubt)
Whether you’re an experienced trader or someone who is experimenting with the idea for the first time, here are some of the best Bitcoin trading sites to help you grab massive returns from crypto trading.
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Where to Buy, Sell and Trade Cryptocurrency Online
1. Bybit – Anonymous Crypto Trading, No KYC
Bybit is a global cryptocurrency exchange that does not require KYC (Know Your Customer).
Founded in 2018 by Ben Zhou, registered in the British Virgin Islands, with headquarter in Singapore, Bybit is a fairly new and young company that has grown very rapidly, used by more than 400,000 unique users, from 117 countries.
While most cryptocurrency exchanges that require users to submit their personal data in order to trade, Bybit doesn’t. This means that anyone, from (almost) anywhere in the world, can simply sign up for a free account using email ID, deposit funds and start trading on Bybit exchange without ID verification.
They do, however, geo-block website visitors from specific countries including USA, North Korea, Iran and Syria. If you’re in one of the restricted countries, you can still use a VPN like BulletVPN and NordVPN to access Bybit.
Currently, Bybit offers two main options for trading:
- USDT perpetual: This is a linear contract settled in USDT. Since 1 USDT = $1 USD, calculation of profit/loss is more direct. For example, when trading 1 BTC and the price moves by 100 USDT, the P&L of the trader will be 100 USDT.
- Inverse perpetual: An inverse perpetual means that a trader needs to hold BTC/ETH/XRP/EOS which is deemed to be more volatile. The contract is traded based on the underlying cryptocurrency.
Bybit also features a clean and user-friendly layout, offers immediate feedback Chat live 24/7 with professional Customer Support Team in multiple languages (English, Chinese, Traditional Chinese, Korean, and Japanese).
As a crypto margin trading exchange, you can also use borrowed funds from Bybit to trade larger amounts of a specific financial asset. You can multiply profits up to 100x leverage with Bybit’s advanced leverage system.
Just like any other crypto exchange, there’s a trading fee incurred for every executed fee. Bybit charges a flat fee of 0.075% for market marker and offers a rebate of 0.025% rebate to takers.
Bybit is also available both on iOS and Android, allowing traders to trade easily on the go.
The best part?
Bybit is now offering $90 for new users. Claim your $90 bonus here and start trading on Bybit.
Bybit Pros:
- Anonymous Trading Accounts (No KYC)
- Easy to use platform
- Bybit’s mobile app is available on iOS and Android with full functionality
- Up to 100x leverage
- Low trading fees: 0.075% Taker Fee and -0.025% Maker Fee
- No withdrawal fee, only pay for miner fee 0.0005BTC
- No deposit fee
- High liquidity
- Exchange one cryptocurrency to another directly on Bybit
- 24/7 Live Chat Support
- $90 Welcome Trading Bonus for new sign-ups
Bybit Cons:
- US citizens are not accepted.
- Only cryptocurrencies are accepted for deposits
Launched in November 2019, Phemex is a relatively new cryptocurrency derivatives exchange that’s built by ex-Morgan Stanley executives.
They aim to bring professional banking level service and quality to cryptocurrency exchanges. And they even claim to be the fastest cryptocurrency exchange, 10x faster than traditional crypto sites, with a high-efficiency order matching engine that minimizes downtime and overload.
At present, Phemex offers two trading options:
- Spot trading: Instantly buy or sell cryptocurrencies (BTC, ETH, XRP, LINK), and traded against USDT
- Contract trading: BTC/USD, ETH/USD, XRP/USD, LINK/USD, XTZ/USD, LTC/USD, and non-crypto GOLD/USD trading pairs. Contracts are settled in the underlying asset and quoted in USD
Phemex also offers advanced trading features such as 100x account leverage. You can multiply your exposure to price volatility to generate higher returns.
What’s unique about Phemex is the exchange premium membership. It’s the first exchange in the crypto space that’s offering this membership feature. Users can subscribe to their monthly premium pass to access all of their services including zero-fee spot trading.
Consider paying a taker fee of 0.075% for each trade, this small fee really adds up over time. If you’re an active trader, it’s smart to get a premium membership to save maximum money.
Additionally, you can also create sub-accounts within an existing account for different trading strategies. You can try out long positions, short positions, trading bots in each sub-account.
For new users, you can get yourself familiar and test out all features with their simulated trading. This way, you can buy, sell, trade with simulated funds without the fear of losing money.
Phemex Pros:
- No KYC, trade anonymously.
- Up to 100x leverage trading.
- Built by ex-Morgan Stanley Executives
- Zero trading fee (Premium account)
- Free deposit fees
- a flat 0.0005 BTC for every bitcoin withdrawal
- Ability to create sub-accounts
- Phemex’s mobile app is available on iOS and Android with full functionality
- $72 Welcome Trading Bonus for new sign-ups
BitMEX (Bitcoin Mercantile Exchange) is the world’s leading cryptocurrency platform that launched its services since 2014.
Since it’s a derivatives platform, there’s no actual transfer of Bitcoin between buyers and sellers. Rather, BitMEX allows you to buy and sell contracts for cryptocurrencies combined with margin trading (aka leverage).
You can trade contracts for different cryptocurrencies at BitMEX:
- Bitcoin (XBT)
- Cardano (ADA)
- Bitcoin Cash (BCH)
- Ethereum (ETH)
- Litecoin (LTC)
- EOS Token (EOS)
- Ripple (XRP)
This P2P crypto trading platform is more suitable for experienced traders.
BitMEX Pros:
- Advanced margin trading services
- Leverage up to 100x
- Low fees
BitMEX Cons:
- Not suitable for beginners
- Only accept Bitcoin for deposit and withdrawal
(*You will receive a 10% fee discount for the first six months)
4. Bityard
Bityard is a Singapore-based cryptocurrency contracts exchange that aims to provide a safe trading environment and professional trading tools for its users.
Launched in November 2019, Bityard is a legitimate online crypto trading platform. It’s regulated by the American Money Services Businesses, Singaporean Accounting and Corporate Regulatory Authority (ACRA), MTR of Estonia for the European Union, and Australian Transaction Reports and Analysis Centre (AUSTRAC).
Getting started with Bityard is fast and simple. You can register a free account in 30 seconds and trade with as little as 5 USDT.
Bityard supports both Mainstream Cryptocurrency and OTC. To maximize your trading returns, you can choose from 10x to 100x leverage.
In addition to that, there’s a daily mining activity that allows users to earn a small amount of major cryptocurrencies (BTC, ETH, XRP, BCH, LTC, EOS, TRX, USDT) and Bityard coin (BYD COIN) every day, with just a click. You can then use this gift money to pay for trading fees or get excess income from listing.
Bityard Pros:
- No KYC is required.
- Only a one-time transaction fee of 0.05% for every position opened.
- Free Bityard coin BYD. Get BYD through register and trade.
- Flexible leverage options, anywhere from 10x to 100x.
- Super fast transactions
- Fully regulated in the USA, Singapore, Australia, and Estonia.
- 258USDT Welcome Bonus!
Bityard Cons:
- Relatively new, only launched a year ago.
No list of cryptocurrency trading platforms is complete with Binance.
Binance is one of the most popular and fastest-growing crypto exchanges on the Internet. Binance allows you to buy, sell and trade over 200+ cryptocurrencies, with highly competitive fees.
It’s suitable for both beginners and experienced traders.
There are two user modes to choose from:
- Classic interface: A simple and easy-to-use interface for beginners. Get a quick view of the market and trading pairs.
- Advanced interface: For experienced traders. Get full access to all advanced trading tools and charts.
Besides that, you can use the Binance Coin (BNB), a native currency on the exchange to enjoy up to 50% discount on your trading fees.
Instead of paying 0.1% regular trading fee, using BNB allows you to deduct 50% of the fee to merely 0.05% in the first year, according to the fee structure below:
You can start trading without KYC on Binance. However, if your daily withdrawal limit is more than 2BTC, you’ll need to complete the personal ID verification process
Binance Pros:
- Very low fees
- High liquidity
- Wide range of cryptocurrencies
- Ease of use, quick trading times
- Binance Futures -up to 125x leverage
- Binance ‘s mobile app is available on iOS and Android with full functionality
- Offer a suite of related crypto products: Binance Savings, Binance Loans, Binance Staking, Binance P2P trading, Binance DEX, Binance OTC, Binance Academy, and more
Binance Cons:
- KYC is required for higher trading limits
6. CoinSwitch – best instant cryptocurrency exchange platform
CoinSwitch is a little (bit) different from the other crypto exchange on the list.
Unlike Bybit and Phemex, Coinswitch doesn’t offer any margin trading. There’s no option to trade cryptocurrency contracts and assets with leveraged positions for maximum returns.
Rather it’s more suitable for users who’re looking for a simple, quick and hassle-free way to get hold a certain cryptocurrency.
With Coinswitch, you can easily and quickly trade Bitcoin and over 300 altcoins, with just a few simple clicks, without the need of creating an account.
Coinswitch acts as a mediator. Its robot integrated into some of the most popular cryptocurrency exchanges in the market like Binance, HUOBI, KuCoin, HitBTC, IDEX, Ethfinex and more to give you the best real-time price.
CoinSwitch’s biggest selling point is the simple, fair and flat fee of 0.0 -0.5% for each transaction. No additional commissions or withdraw fees. I think it’s considered minimal in exchange for the unforeseen risk and high volatility they bear on behalf of users.
Although CoinSwitch focuses on deals in crypto-to-crypto transactions, you are can also buy cryptocurrency using credit/debit card.
Here’s how it works:
- Use CoinSwitch to find the best exchange rate across a wide range of crypto exchanges.
- Enter the amount you want to exchange.
- Select the desired currency pair that offers you the most value.
- Provide your wallet address.
- Send your cryptocurrency to the given wallet address.
- That’s it. Wait for your coins and complete the transaction.
Note: You need to buy your own crypto hardware wallet first because CoinSwitch doesn’t store your coins on its servers.
I recommend Ledger Nano S or Trezor to keep your crypto assets safe.
Coinswitch Pros:
- Instantly exchange between cryptocurrencies
- Easy to use
- Suitable for beginners
Coinswitch Cons:
- No margin trading
- Not suitable for full-time traders
*Earn $5 when you complete a transaction of $100 on CoinSwitch here
Conclusion
There you go! 6 best cryptocurrency trading platforms to get you started.
If you’re a new cryptocurrency trader looking for an easy-to-use platform, then Binance is for you.
If you’re just looking for a simple and easy way to exchange cryptocurrency, then use CoinSwitch.
If you’re looking to get higher rewards, you can borrow funds from an exchange with margin trading. You can start with Bybit and Phemex.
Each crypto trading platform has different fees, supported countries, supported coins and unique fees.
Sign up for a free account and grab the welcome bonus, get yourself familiar with the interface and start trading.
Tips:
- Always turn on the two-factor authentification (2FA) and be more secure.
- I also strongly recommend you to use a reliable hardware wallet like Ledger Nano S or Trezor to store your crypto assets.
Since cryptocurrency exchanges have been highly vulnerable to thefts and hackers, it’s very risky to keep your digital currency using free wallet on exchange sites.