One of the simplest Places to Buy, Sell and Transfer Bitcoins is at Coinbase.com. They also have some great Merchant Solution tools available to the public! We’re going to go over some of the basics of what you need to know about Bitcoin exchanges and then give you a list of some of the top marketplaces around.
What is a Bitcoin Exchange
Basically, a Bitcoin exchange is an online site that allows members to buy, sell or trade bitcoins. A lot of marketplaces exist on the Internet, but a small minority of them handle the bulk of all daily transactions. Being web based, you’ll need to have an Internet connection to join and make transactions, but for anyone who wants to buy or sell BTC they’re the best option available right now. This may change as more businesses begin to accept the virtual currency, but for now Bitcoin exchanges are where it’s at if you want to easily buy BTC or sell them.
Choosing the Right Bitcoin Marketplace
Quite a few different Bitcoin exchanges exist around the world. Before we list some of the more popular ones, here’s a a look at what you want to keep in mind before you make a decision about which one to use.
Security – The first thing you want to worry about is security. If a website doesn’t have contact info that is easy to find, it’s a good sign that they might not be reputable. Be sure to use your common sense when finding a Bitcoin exchange – i.e. if something sounds too good to be true, it’s probably false.
Location – If you’re in the United States, you’ll want to make sure you use a Bitcoin exchange that will allow you to withdraw funds into a US bank account. At the same time, if you’re located somewhere else in the world, you want to make sure you’ll be able to trade your bitcoins for actual currency.
Transactions – Additionally, you want to find a Bitcoin exchange that will be able to quickly transfer bitcoins to the currency of your choice. While MtGox was the leader for a while, some have been complaining about how long it takes to get funds to the US.
Top Bitcoin Exchanges
Here’s a look at some of the major Bitcoin marketplaces you can find online.
CoinBase – We already mentioned this one, but it’s one of the best out there currently so we wanted to mention it again for anyone who is know to Bitcoin.
MtGox.com – At one time MtGox was one of the largest Bitcoin exchanges in the world. It’s slipped from its number one spot, but is still a good choice for people around the world.
BTC-E.com – Based in an unknown city in Bulgaria, this may not be the greatest place to exchange bitcoins for other currencies. Also, you will usually get less for each BTC when you sell it on this marketplace.
Bitstamp.net – This exchange is really similar to CoinBase in a lot of ways, but they also work with people outside of the United States.
Cryptsy.com – The cool thing about this exchange is that you can trade BTC for any other cryptocurrency available today – and vice versa.
BTer.com – The speeds aren’t super great and you can only do low volume transactions, but this is another Bitcoin exchange you should know about.
If you want to learn even more about Bitcoin, including how to get the most out of exchange marketplaces online, be sure to check out our Bitcoin Basics eBook. It has everything you need to know – all in one place. You can surf the Internet for days trying to read everything we’ve gathered into one place for your convenience. Before you make a decision about whether or not you want to get involved in the Bitcoin universe, it’s important to know all the facts. We can help with that.