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Best Exchanges to buy Bitcoin 2022 Pros and Cons

By Burle M. 9 min read

The process of buying Bitcoin is just like any other coin in the crypto market. It is not something that you can directly buy from your bank account or through organizations. This may be possible in future but for the time being, you'll have to use a cryptocurrency trading site to convert your USD into BTC or other digital currencies. We are here to make this process for you as smooth as we can buy providing all the key details in this article. Let’s jump right into it.

Where to buy Bitcoin

Below are the popular crypto exchanges based on user experience,security,fee structure and supported coin, that you can use to purchase Bitcoin (BTC) in 2022.

Before moving forward i want to make it clear that the ranking of these exchanges are in no particular order. With that in mind - Let’s explore these crypto platforms one by one so that you can select the best cryptocurrency exchange to buying your Bitcoin.

1. Binance

Binance is well-known for its cryptocurrency-to-cryptocurrency trading services. Binance came onto the scene during the 2017 crypto craze and has since risen to become the world's leading cryptocurrency exchange. 

By trading volume, Binance is the world's largest online cryptocurrency exchange. The exchange is also one of the most rapidly growing venues in the cryptocurrency market today. You can easily buy and sell Bitcoin (BTC) using our step by step guide.

The exchange offers investors one of the most diverse selections of cryptos accessible on the market today. The currencies and tokens on sale range from the markets largest by market cap to some smaller and less well-known coins and tokens.

Getting Started with Binance

Users must first create an account in order to utilize the exchange. The procedure is quite quick and straightforward, and you do not need to verify your account for level 1, which has a daily withdrawal limit of 2BTC.

For level 2, which enables up to 100BTC every day, you must upload a picture ID and wait for approval. There are still greater restrictions, but you must contact them personally to arrange for them.

Follow the steps below to open a Binance account:

Step 1: Visit the Binance Website

Step 2: Click on the “Register” option in the upper right-hand corner and complete the relevant information. Binance will validate your account details throughout the registration process, which may take a few minutes.

Step 3: Enable 2-Factor Authentication.

Step 4: Select and Link you payment Methods.

Step 5: Deposit and Start trading.

How to buy Bitcoin on Binance

Binance has a rich collection of tools and dashboards that might be overwhelming. Its Buy Crypto page makes it easy to cut through the confusion and conduct straightforward transactions. It has a simple interface where you can buy, sell, or convert cryptocurrency.

1. Login to your Binance account and on the homepage click on the “Buy Crypto “Button.

2. You can purchase Bitcoin (BTC) using a variety of fiat currencies. Enter the amount of fiat money you wish to spend, and the system will calculate the amount of Bitcoin you can acquire.

3. Select the payment method and fill the required information than Continue.

4. Please double-check the payment information and costs, and complete your purchase within 1 minute, otherwise the amount of Bitcoin you may get will be adjusted depending on the current market price. 

5. You'll be taken to your bank's OTP Transaction Page. To validate the payment, follow the on-screen instructions. Following that, you will be able to see the acquired BTC in your Binance Spot Wallet immediately.


2. Coinbase Exchange

Coinbase was established in 2012 as a platform for sending and receiving Bitcoin. The firm has expanded to accommodate dozens of distinct cryptocurrencies and now employs over 2,700 people globally. Coinbase is a decentralised organization with no central offices. You can easily buy and sell Bitcoin (BTC) on Coinbase Exchange using our step by step guide.

The exchange has users in over 100 countries, and clients exchange over $327 billion every quarter. Coinbase oversees a thriving bitcoin ecosystem that serves 9,000 financial institutions.

It has two distinct trading platforms, as well as a separate bitcoin wallet service. You're likely to find all you need to create and manage a bitcoin portfolio or trading plan among the Coinbase offerings.

Getting Started with Coinbase Exchange

Users must first create an account in order to utilize the exchange. The procedure is quite quick and straightforward. You can open an account with Coinbase by following the easy steps outlined below.

Step 1: Go to Coinbase official website and click the Get Started button in the top right corner of the webpage.

Step 2: Enter your personal information and email with a secure password.

Step 3: Click the create account button after checking the box at the bottom of the form.

Step 4: Verify your supplied email address by clicking on the verification link that was delivered to your inbox.

Step 5: You must provide your cellphone number with the country code to complete the two-step verification process.

Step 6: Enter the code that was delivered to your mobile device and click the Verify button. If you haven't received a code, select the Resend code option.

Coinbase Exchange Pros

  • Cryptocurrency exchange that is safe and secure.
  • Simple and user-friendly interface.
  • Limits and liquidity are impressive.
  • Accepted in more than 30 countries.
  • Top rated best mobile app.
  • Advanced trading platform provides free cryptocurrencies to let you learn about new digital tokens.
  • Provides a Coinbase debit card that may be used to spend bitcoin anywhere.

Coinbase Exchange Cons

  • To buy cryptocurrency with a debit card, you must pay a charge of 3.99 percent.
  • The standard trading commission is 1.49 percent.
  • Trading instruments are limited.
  • There are no copy trading or social trading capabilities.
  • Crypto exclusively - no other assets, like as stocks, are available for investment.

How to buy Bitcoin on Coinbase Exchange

Follow our step by step guide below to start buying Bitcoin (BTC) on Coinbase Exchange:

1. Log in to your Coinbase account.

2. On the upper right-hand side, click Buy / Sell.

3. Select Bitcoin from the list of cryptocurrencies and click the Buy button.

4. Enter the amount you want to buy in BTC or your local money.

5. Choose a payment method (Credit card, Bank Transfer or Crypto).

6. To confirm your purchase, click Preview Buy (you can always click the back arrow to make a change).

7. If all of the information is accurate, click Buy to complete your transaction.


3. OKX

OKX crypto exchange, founded in 2017 and headquartered in the Seychelles, is a prominent cryptocurrency exchange that uses blockchain technology to provide clients with a diverse range of trading goods. Hundreds of tokens are available to clients in over 200 countries and you can easily purchase Bitcoin (BTC) using our step by step.

It allow users to purchase, sell, and swap multiple supported assets. It also allows you to lend and borrow specific coins, as well as join proof-of-work mining pools and earn crypto as a miner. OKX presently offers over 100 cryptocurrencies, as well as over 400 crypto trading pairings.

According to CoinMarketCap, OKX is now one of the top 20 cryptocurrency exchanges in the world by trading volume, and it has a global presence.

OKX Pros

  • Allows the use of a wide range of fiat currencies to establish an account.
  • Offers diverse range of services.
  • Hundreds of trading pairs with high staking APYs.
  • An easy-to-use buy/sell dashboard.
  • Online chat tech support that replies promptly.

OKX Cons

  • Very Complex fee structure.
  • US Citizens are not allowed.
  • There are no Demo accounts available.

 

How to buy Bitcoin on OKX

Follow our step by step guide below to start buying Bitcoin (BTC) on OkX Exchange:

1. Log in to your OKX Account.

2. Under the "Buy" tab, choose the fiat currency you wish to use and Bitcoin from the dropdown menu. Then, enter the amount of fiat cash you wish to spend or Bitcoin (BTC) you want to purchase.

3. Select your desired mode of payment (Credit Card, Bank Transfer or Crypto).

4. Your bought Bitcoin will be instantly deposited to your OKX account after payment is completed.


4. FTX

FTX is a cryptocurrency exchange with a wide range of assets. It is mostly used for trading crypto derivatives. FTX is well-known for its Bitcoin options trading. With 45 or more FTX leveraged tokens, this platform attracts the attention of hundreds of traders from all over the world. The crypto exchange offers a variety of features, including 101x leverage and 20+ perpetual swaps.

However, bitcoin traders in the United States are unable to use the site. FTX Exchange has a high amount of liquidity. It has the ability to back deals worth millions of dollars. Despite market instability, the exchange provides choices to its consumers. Overall, FTX provides the greatest products for expert crypto traders all around the world.

FTX Pros

  • Over 130 cryptocurrencies and 10 fiat currencies are supported.
  • Swap coins and fiat currency quickly and simply.
  • There are several marketplaces, which are ideal for futures traders.
  • Apps for iOS and Android are available.
  • Staking is offered on a few currencies, including FTT, which provides further benefits.

FTX Cons

  • The product is not available in the United States but you can use their US version.
  • There is no live chat assistance.

Getting Started with FTX

The signup procedure is basic and similar to that of other cryptocurrency exchanges. You can begin by doing the following:

Step 1: By selecting the "Register" tab at the top right of the home page. In the pop-up registration box that appears, enter your email address and password.

Step 2: To register an account and receive a confirmation email, click the "Sign Up" button.

Step 3: By clicking on "Account Security" and selecting Authy, Google Authenticator, or SMS, you may now safeguard your account.

Step 4: You can now deposit funds to trade; however, your account has a total withdrawal restriction of $1,000 until KYC verification is completed.

Step 5: To finish the KYC verification procedure and unlock larger withdrawal limits, go to the "Settings" tab.


5. KuCoin

KuCoin is a cryptocurrency exchange based in the Seychelles. The service provided by KuCoin cryptocurrency exchange is not limited to buying and selling crypto tokens or exchanging crypto tokens for Altcoins or fiat currencies. Furthermore, KuCoin's cryptocurrency loan service at unique interest rates varies from the rest of the world's crypto exchanges.

The platform is straightforward and simple to use. It is organized into stages for simple registration, following which one may begin trading. The number of cryptocurrencies and fiat currencies supported is extremely astounding. Furthermore, KuCoin provides 10x leverage for margin transactions, making it a popular exchange for passive profits.

KuCoin, being a crypto exchange with a global reach, is a practical choice that is accessible from most countries. Nonetheless, because KuCoin is a non-US-based exchange, US persons over the FBAR threshold must disclose it in FBAR filings.

Getting Started with KuCoin

Users must first create an account in order to utilize the exchange. The procedure is quite quick and straightforward.

You can open an account with KuCoin by following the easy steps outlined below.

Step 1: To begin, go to the platform's main website.

Step 2: Then, to access the registration form, click the "Sign Up" option.

Step 3: Fill your required information. Verify your supplied email address or Phone Number by clicking on the verification link that was delivered to your inbox.

Step 4: You must provide your cellphone number with the country code to complete the two-step verification process.

Step 5: Now the Account has been created.

How to buy Bitcoin on KuCoin

Do you want to know how to buy crypto on KuCoin? This is also really simple. Follow the steps below to buy Bitcoin (BTC) on Kucoin:

1.  Login to your newly created Kucoin Account, go to the Buy Crypto tab from the main menu.

2. After that, you must look for Bitcoin to purchase. To do so, type (BTC) or (Bitcoin) into the search box on the right side of the page.

3. KuCoin will then provide all of the possible trading pairs for the Bitcoin.

4. Enter the amount  of BTC you want to buy in crypto or your local money.

5. Choose a payment method (Credit Card ).

6. To confirm your purchase, click Preview Buy

7. If all of the information is accurate, click Buy to complete your transaction.


6. Huobi Global

Huobi Pro is obviously and trades with lofty goals, as seen by its present aggressive worldwide expansion plan. As a trading platform, the exchange has few competitors in the cryptocurrency sector, and the breadth of digital currencies and tokens supported is a genuine strength. The alternative HADAX market will also earn many followers, and Huobi made a wise decision.

The registration procedure for traders who are not from China, Hong Kong, or Singapore is currently more difficult than ideal, but as local versions of the exchange come up in the United States and other Western countries, this should improve.

Getting Started with Huobi Global

To create an account on Huobi Global Exchange follow these steps:

Step 1: Go to the official website and On the top right of the page, click "Sign up."

Step 2: Choose "Country," enter your mobile phone number in the "Phone" field, create a password, and then click "register."

Step 3: To complete registration, enter the verification code.

Step 4: To finish the KYC verification procedure and unlock larger withdrawal limits.

How to buy Bitcoin on Huobi Global

Follow the steps below to buy Bitcoin (BTC) on Huobi Global: First and foremost, please ensure that you have sufficient USDT assets in your balance.

1. Visit Huobi global website. On the home page, select Bitcoin, and then on the next page, click "Buy Crypto"

2. Within 45 seconds, enter the entire amount of money you want to spend or the total number of BTC you wish to acquire. Then, choose "Order." Next, select a payment option and transfer funds straight to the seller using the information given.

3. Then, using the payment option you selected, transmit the complete amount of money within the time period specified. Following payment completion, please click "Paid".

4. If all of the information is accurate, "Confirm" to confirm that you have finished the payment.


Other Exchanges to buy Bitcoin

Aside from using above popular platforms, there are variety of smaller cryptocurrency exchanges where you can buy BTC.

1. Crypto.com Exchange Join Now
2. BKEX Join Now
3. HitBTC Join Now
4. Bitget Join Now
5. ZB Join Now
6. LBank Join Now
7. Coinsbit Join Now
8. WhiteBIT Join Now
9. Digifinex Join Now
10. BigONE Join Now
11. Bitfinex Join Now
12. Phemex Join Now


Conclusion

Choosing the best cryptocurrency platform for Bitcoin (BTC) might be a difficult task, there are various factors that one should consider before selecting a crypto exchange. These include the fees structure, security, exchange features, and whether it is based on fiat or crypto.
Remember, once you have shortlisted some exchanges, do your research on each of them to identify the most appropriate for you.




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