Places to reach cryptocurrencies.
While not everyone is sure that cryptocurrencies are here to stay, as a new asset class, cryptocurrency generates a lot of interest. If you're looking to experiment a little bit, or if you want to dip your toe into cryptocurrency investing, it's possible to find a platform that will allow you to trade cryptocurrency -- including alternatives to bitcoin. Here are 10 platforms to consider if you're interested in buying and selling cryptocurrencies.
One of the most popular places to trade cryptocurrencies and manage a cryptocurrency portfolio is Coinbase. The platform makes it easy to connect to your bank account, or even use a debit card to make purchases of several different cryptocurrencies. For the most part, you buy using U.S. dollars, and then sell the cryptocurrencies later -- hopefully after you've made a profit. There's a high level of liquidity on Coinbase, making it more likely that you'll be able to sell later.
This is another popular platform for trading cryptocurrencies. Binance is interesting in that you can use the platform to trade bitcoin for others. It's a bitcoin exchange that allows you to trade bitcoin against other currencies. When looking at quotes and making trades, the look and feel is similar to trading forex. It's available in the U.S., but you can't open a margin account.
Known as the premier social trading platform, eToro recently added the ability for some U.S. customers to trade cryptocurrencies. It's important to note, however, that cryptocurrency trading is only available in 32 states and territories, so you might not have access to the cryptocurrency platform if you aren't in one of the cleared states. eToro also offers a six-coin wallet in the U.S. that allows conversions between coins.
Kraken serves clients all over the world -- including in the United States. There are high limits, as well as a high degree of liquidity, making it possible for you to buy and sell fairly easily. This platform is also known for its low fees, as well as a number of features that you would see with other trading platforms, such as access to cryptocurrency futures trading and margin accounts. However, realize that some trading options might not be available to U.S. customers.
This is another well-known, easy-to-use platform to buy cryptocurrencies. You can use your fiat currency to purchase a variety of popular cryptocurrencies. You can get your coins instantly with a credit card purchase. It's important to note that Coinmama does have some of the higher fees. However, Coinmama does make it easy to see exactly how much of each coin you can get for common amounts, such as $100 or $500, and make an instant buy.
Gemini is a bitcoin exchange based in New York. However, even though it's based in the U.S., it's not possible to use the platform in every state. You might have to verify that you can use Gemini in your area before you begin. Gemini is also interesting in that it offers the Gemini Dollar (GUSD), which is basically U.S. dollars on the blockchain. It calls the GUSD the first regulated stablecoin in the world. If you're looking for something with a bit more regulation, this can be a solid choice.
One of the most unique features of Circle Invest is the fact that you can actually let the platform invest on your behalf, using one of its "collections." While you can buy coins on the Circle Invest platform using your U.S. dollars, it's also possible for you to let Circle Invest do the hard work by choosing a type of collection that works for you -- and they'll divvy it up between coins they choose. Circle Invest also offers a dollar-cost averaging option, similar to what you see with other investment brokers that offer automatic investing plans.
Abra bills itself as the simplest way to start investing in 30 cryptocurrencies. The app is easy to use from your mobile device and it allows you to buy partial coins, so if you want a piece of bitcoin, you can do that -- even though it's above $8,000 as of this writing. Abra also offers its own noncustodial wallet, so you can keep your coins in a secure location and easily move between assets.
Bitstamp claims to be the longest standing cryptocurrency exchange and it has a BitLicense, which is a virtual currency license created by New York state. You can buy and sell bitcoin and other cryptocurrencies, including ethereum and litecoin, using this platform. Bitstamp also offers a mobile app, which allows you to manage your wallet on your device. Additionally, Bitstamp is known for not charging deposit and withdrawal fees for cryptocurrency, which means you can send these coins around the world without paying anything.
With Changelly, it's easy to use cryptocurrencies to buy other cryptocurrencies. This platform helps you search the market for the best possible rates and trades, getting you the best deal. For example, you could trade litecoin for dogecoin and Changelly will match you with the best possible trade. You can also purchase cryptocurrencies with your bank card and start the trading process from there.
10 of the best platforms to buy and sell cryptocurrency.
-- Circle Invest
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