The best Bitcoin converters

Olga Weis

A Bitcoin converter is a digital marketplace where users can buy and sell Bitcoins. The converter is the middleman allowing trades in cryptocurrency to be made using traditional fiat money or any supported cryptocurrencies such as Ethereum.

Before trading in Bitcoin you have to be able to purchase it. You do this through a cryptocurrency converter which charges a fee of from 0 to 1%, in a manner similar to buying stocks. You will need to create an account on the crypto converter and will have to have your identity verified through a series of steps. Keep in mind that Bitcoins are not physical objects and like all alternative cryptocurrencies, are completely digital. Security needs to be a major concern when dealing with cryptocurrency. In the same way you would go about choosing a bank or opening an online brokerage account, you need to take certain factors into considerations when deciding on your bitcoin to cash converter.

Cryptocurrency trading is not currently regulated in most countries, making it even more important that you fully understand what services your converter is offering. Insufficient research can lead you to using a btc converter that is ill-suited to your needs.

One of the most important factors to consider is the extent to which various cryptocurrencies are supported by a given converter. There are over 4,000 different cryptocurrencies in use with new ones appearing regularly. You need to decide which cryptocurrencies you are interested in and then find a crypto converter that supports that currency. An example can be seen with Ethereum, which despite becoming more popular is still not supported by all bitcoin converters.

You should attempt to use a converter that speaks your language. The country that hosts your converter is important as well, as some less-regulated economies may pose extra problems if you encounter difficulties. A language barrier can add more complications to resolving a disputed transaction with long distance calls between diverse time zones. A converter local to your native country is preferred if possible.

You can maximize your profits by searching for a bitcoin to cash converter that charges the lowest fees. The converters are a business entity and therefore are out to make a profit, but they do not all charge the same fees. A small difference in fees can have a big impact over many transactions.

A critical point in a cryptocurrency converter is its attention to security. You plan on trusting this trading platform with your cryptocurrency in the same way you trust your bank to safeguard your physical money.

Some security features to look for include two-factor authentication, alerts through e-mail or SMS, e-mail encryption, and crypto-wallet monitoring. The availability of a smartphone app can enhance the usability of the converter but also opens another potential security risk in the event of poorly implemented mobile software.

One last point to look for is if your converter does a reasonable volume of trades. You want to see a high number of trading pairs with high liquidity.

Using these guidelines, let’s take a look at what we consider to be some of the best bitcoin converters.

1. Coinbase

Coinbase

This US-based crypto converter was founded in 2012, and it currently supports over 32 countries. Coinbase trades Bitcoin and the alternative cryptocurrencies of Ethereum and Litecoin. It is the world’s largest bitcoin converter with $20 billion (£15 billion) in currency exchanged. The Global Digital Asset Exchange was created by Coinbase in 2014 to meet the high volume needs of professional traders.

Coinbase features a mobile crypto wallet, offline storage and insurance for currency that is stored in its servers. British Pounds, Euros, and US, Canadian, Australian and Singapore Dollars are among the currencies supported by Coinbase.

Coinbase is popular with new and experienced traders for its fast trades and intuitive user interface. Cryptocurrency deposits and withdrawals are free, and a 1% flat fee is charged for purchases.

2. Gemini Exchange

Gemini Exchange

Gemini Exchange is also based in the US and was founded by the Winklevoss twins. They were awarded $65 million (£48 million) after suing Facebook founder Mark Zuckerberg over social networking. They have used that settlement to enter the cryptocurrency arena as venture capitalists and base their company out of New York. It is available in 45 US states in addition to the UK, Singapore, Hong Kong and South Korea.

Gemini has no deposit or withdrawal fee and charges both buyer and seller a low 0.25% rate on trades. It is limited to trading in Bitcoins and Ethereum and only supports US dollars as traditional currency.

An advantage of using Gemini is that it is a New York State limited liability trust company, falling under the regulation of New York’s Department of Financial Services. Both institutions and individual investors can also benefit from its accessibility to Wall Street’s financial markets. This allows Gemini to span both the traditional markets as well as newly emerging cryptocurrency opportunities.

Gemini makes gaining fast access to money for trades possible by allowing ACH transfers. One drawback to this converter is the fact that the interface is not easy for the novice cryptocurrency enthusiast to navigate.

3. Changelly

Changelly

Changelly is a cryptocurrency converter that supports a wide variety of crypto currencies. Some of the currencies supported include Monero, Dash, Bytecoin and DigitalNote. Changelly is your best bet if you are interested in trading with a less popular cryptocurrency.

MinerGate, a popular mining platform providing a merged mining pool across multiple operating systems, is the creator of this bitcoin converter. The focus of this application is to facilitate exchanges between different cryptocurrencies. Users can also buy cryptocurrency using either US dollars or Euros.

This converter is fairly new, starting in 2016, so has no extensive record as of yet. Fees are 0.5% on transactions.

4. Cryptopia

Cryptopia

Cryptopia was founded in 2014, and is based in Christchurch, New Zealand. It is an ambitious project that attempts to be an all-encompassing converter focusing on the user experience. Additional services such as a marketplace and wallet are offered and first level verification occurs quickly after only an initial email verification.

Fiat money trading is not supported by Cryptopia. This converter’s strength is in the number of different cryptocurrencies it supports That number is currently at over 400 and new currencies are added regularly. Its trading fee is one of the lowest around at 0.20% per transaction. Since it is so extensive, the site can be overwhelming on first use, so proceed with caution.



Conclusions

Among the plenty of cryptocurrency converters, you can choose the one, which suits you the most. You may use any of this list of best bitcoin converters in 2018.

When you choose, read reviews, analyze converter's security system and fees percentage. It is not a rule, that the higher fee means the higher reliability. You will make your daily transactions easier with the help of trusted converters.