With the recent rapid turn of Bitcoin and the other cryptocurrencies into a mainstream area of interest, more and more people are considering the new currencies a viable option for payments and investment. If you have bitcoins and want to exchange them for dollars, euro or any other currency, or if you have assets in these currencies and you want to get money, the place to do these operations is a bitcoin exchange.
There are hundreds, if not thousands, of cryptocurrency exchanges out there and new ones are emerging almost daily. Needless to say, they are not equal. The main factors to consider when choosing a cryptocurrency exchange are its level of security, exchange rates, currencies they trade, payment options, and their reputation in the community. Here are five bitcoin exchanges worth trying.
1. Coinbase
Coinbase is one of the most popular exchanges for bitcoin, ethereum, and litecoin. It has been around for years. According to their site they have exchanged $20 billion in digital currencies. They serve only thirty-two countries, and their payment methods vary depending on the country, but basically for most countries they accept wire and credit cards. The fees of Coinbase aren’t the lowest. Additionally, they require ID verification, which for many users is a huge turnoff.
2. CEX.IO
Another large and popular Bitcoin exchange for you to try is CEX.IO. Its main advantage is the number of currencies and cryptocurrencies it serves. In addition to the dollars, euro and bitcoins you can find on almost any other exchange, CEX.IO trades with Russian Rubles, British pounds, Ethereum, Zcash, and Dash. They have trade limits, but even with a basic account (e.g. an account type that doesn’t require ID verification), some of the cryptocurrencies have no limits.
3. xCoins
xCoins isn’t among the biggest bitcoin exchanges; neither does it offer the most favorable exchange rates or fees, but what makes it interesting is the fact that you can sell or buy coins with PayPal in addition to credit/debit cards, bank accounts (ACH), and eCheck. xCoins isn’t exactly an exchange; it’s more a site where you can loan/borrow bitcoins instead of purchasing/selling them repeatedly. It’s a good choice when you have spare bitcoins or need them temporarily – in this case you lend/borrow them against a security deposit.
4. Bisq
Bisq isn’t as popular as the other exchanges on the list, but it has a few advantages that make it a good choice. First, it’s a decentralized exchange with lots of traded currencies and payment methods. Second, at least at the time of the writing this article, it was a really anonymous exchange, which is a very important factor for anybody who cares about his or her personal data and privacy protection.
5. Local Exchanges
If you are interested in buying/selling coins for your local currency and/or local payment methods, you can check what local exchanges are available. This you need to check for yourself because there are too many local exchanges to list. One good place to find local exchanges is LocalBitcoins.
Some of the local exchanges I have seen offer a not so beneficial rate for both selling and buying, but if you have assets in a local payment system and need to convert them to dollars or euro in order to use the international exchanges, you might lose more.
With the increasing number of bitcoin exchanges, I am sure there are better ones than those mentioned above. However, those mentioned above have been around for years and are used by millions of traders, so they are more stable and trustworthy. Do let us know your preferred Bitcoin Exchanges below in the comments section if it is not mentioned above.
