Where to buy bitcoin
Looking to add bitcoin to your investing mix? First, be aware that any investment in cryptocurrency carries extreme risk, so never buy more than you can afford to lose. You can purchase bitcoin from cryptocurrency exchanges and some brokerages. Many charge a percentage of the purchase price. Here are a few options.
Robinhood. The online brokerage wildly popular with millennials was the first mainstream investment broker to offer bitcoin in its Robinhood Crypto platform. Like its stock-trading platform, Robinhood charges no fees for bitcoin trades. You can also buy and sell ethereum, dogecoin and other cryptocurrencies.
Coinbase. A popular choice for U.S. investors because you can link your bank account. Coinbase also offers access to ethereum, litecoin and other cryptocurrencies. On each transaction, Coinbase charges a spread (an adjustment in the purchase or sale price of an investment) of about 0.5%, plus a fee.
Binance. The world’s largest exchange by volume for all cryptocurrencies, Binance charges a 0.1% fee for all crypto trades (some discounts are available), plus a withdrawal fee. Generally, you can only make purchases using cryptocurrency, though Binance did recently add the option to pay by credit card for an additional fee.
Gemini. This U.S.-based crypto exchange trades bitcoin, ether, bitcoin cash, litecoin and zcash. Transaction fees range from $0.99 to 1.49% of your order, depending on the size of the purchase or sale, plus a fee of about 0.5%.
Coinmama. This exchange trades in several cryptocurrencies, including bitcoin. Coinmama requires a minimum $60 purchase and charges a transaction fee of 5.9% (plus an additional 5% fee for credit card purchases).
eToro. Customers of this online brokerage can begin trading cryptocurrency for as little as $50, and its innovative trading platform lets investors mirror select traders with successful track records, move-by-move.
Author: Peter King