Top 10 Bitcoin Only Exchanges – Bitcoin Magazine
Introduction
Bitcoin-only exchanges are platforms where people can buy or sell bitcoin using fiat currencies or stablecoins.
You can refer to our guide on “How to Buy Bitcoin” for more information on joining an exchange. Still, you usually need to register with some basic personal data and transfer fiat or cryptocurrency to the platform to start buying bitcoin.
Learning about Bitcoin is an important step you should follow before investing. So be sure to read our Bitcoin guide to understand what you’re buying and why it’s so important to keep your bitcoin safe.
Why Use a Bitcoin Only Exchange?
When people first understand Bitcoin, they usually like to stay away from the noise of myriad cryptocurrencies and focus only on Bitcoin.
Bitcoin-only exchanges exist because they recognize the value of bitcoin as sound money; they support the Bitcoin community and ecosystem without the distraction of inferior coins and the resulting negative implications that can come with them.
Which bitcoin exchange is safest?
Non-custodial, peer-to-peer exchanges are usually safer because custody of the bitcoin remains in your hands. Most exchanges provide high standard security, but cannot be 100% secure against the threat of hacks. It is always recommended that you transfer bitcoin to a hardware wallet after purchase to avoid the risk of losing your assets.
Top 10 Bitcoin Exchanges
1. River is a US-based, bitcoin-only exchange that claims to be very easy and secure to use, while also offering a ton of good educational material for understanding Bitcoin.
River charges fees based on how much bitcoin you buy, starting at 1.20%, but offers no fees for recurring purchases. River stores all bitcoin offline in secure cold storage and also offers customers to buy bitcoin miners.
2. Swan is River’s main competitor in the US and claims to be the safest platform to buy bitcoin. Swan offers similar services to River, with the main difference being the fees: Swan’s is 0.99% while River’s starts at 1.2%. They offer recurring daily, weekly or monthly purchases, which they make tempting due to a very competitive USD/BTC conversion rate.
3. CoinCorner is a Bitcoin exchange based in the Isle of Man, UK. They have over 2 million users in the over 45 countries they serve. Deposits and withdrawals are only available in pounds and euros. They have fixed transaction fees based on the amount processed.
Deposits are free in the UK and Europe; however, they have a flat fee of £25 for each different region. Withdrawals cost 1 GBP and 1 EUR, depending on the currency used. There is no fee to deposit or withdraw bitcoin.
4. Bull Bitcoin is a long-standing bitcoin-only exchange established in 2013 and seems to be a decent service to use from the start. There are no frills on the landing page, and all the important information you need to know about the service is displayed immediately. You can also use Bull Bitcoin to pay your bills online with bitcoin.
They are widely appreciated for their efficient customer support and have tiered transaction fees starting from 0.5% for CAD 100 to CA$1,000, up to 1.25% for transactions over CA$10,000.
5. Robosats is a peer-to-peer Bitcoin exchange that is ideal for onboarding new users as it is easy and fast to use. It requires no KYC as it is based on pseudonymous avatars that allow customers to trade bitcoin over the Lightning Network using only the TOR browser.
Users can also easily exchange Bitcoin on-chain for Lightning liquidity. Established in early 2022, the non-custodial exchange has a lot of room for improvement, but it is set to provide the prototype for a bitcoin-only exchange based on privacy and security.
6. Hodl Hodl is another peer-to-peer Bitcoin exchange that also offers peer-to-peer lending services. It is a non-custodial platform that does not require KYC or AML procedures. The exchange accepts almost all fiat currencies and many payment methods to start trading, including cash and bank transfers.
The way it works is simple: a contract is generated, and Hodl Hodl creates a unique multisig escrow. The seller deposits bitcoin directly from the wallet and agrees the payment method with the buyer. The seller releases bitcoin from multisig escrow directly to the buyer’s wallet.
7. Paxful is a Bitcoin exchange and digital wallet where customers can also use various digital currencies such as Tether, ether and monero to buy bitcoin. Apart from the typical bank transfers, Paxful offers a wide range of payment methods, including gift cards and airline tickets.
8. Based in Switzerland, Relai is Europe’s most accessible bitcoin-only investment app. It enables instant bitcoin purchases through SEPA payment integration, and customers can set up a weekly or monthly savings plan for as little as 10 EUR. Bitcoiners appreciate it because it does not require deposit, registration or strict KYC procedure. It is the perfect app for beginners who want to buy and HODL bitcoin because it is easy to use and provides a hassle-free experience.
9. Bisq is a decentralized peer-to-peer bitcoin exchange that allows anyone to buy and sell bitcoin in exchange for fiat currencies and other cryptocurrencies. It is not a company, but free software that does not require centralized servers and has no single points of failure.
Bisq does not require personal information or an associated bank account to use the platform, making it the perfect choice for those who want to preserve their privacy.
10. Cash App deserves a special mention, even though it’s not technically an exchange, but a peer-to-peer payment system that allows users to buy and sell bitcoin only, along with stocks.
The platform allows investors to transfer bitcoin to their wallet, although withdrawals are limited to $2,000 daily, or $5,000 within seven days. Cash App sets a fee depending on price volatility and market turnover volume, which is disclosed at the time of purchase.
Frequently Asked Questions
What is the best exchange for Bitcoin?
There is no one best, but you should be able to find a platform that meets your needs. If you’re looking for ease of use, better privacy, or enhanced security with a non-custodial service, you’ll find the right bitcoin-only exchange for you. Just follow ours guide above to have the best indication.
Which Bitcoin exchanges are the most reliable?
Bitcoin only exchanges, P2P platforms and exchanges that do not rehypothecate but maintain proof of reserves are generally more reliable than centralized exchanges.
Which Bitcoin Exchange Has the Lowest Fees?
Generally, payment apps like CashApp or Relai have the most competitive fees and are the easiest to use. However, fees vary widely, whether for withdrawals or trading, so it’s best to keep an eye on the exchange’s T&Cs to avoid surprises.
Summary
New exchanges appear regularly and become increasingly secure and easier to use, so we’re always on the lookout for the latest addition.
Especially in light of the dramatic events of 2022 with the collapse of many cryptocurrency services – notably FTX, Three Arrows Capital and Celsius – it is always recommended to use decentralized P2P platforms.
Regardless of the service you use, moving coins out of exchanges soon after an important trade has occurred is something even exchanges have been recommending for years, and it can never be stressed enough. Such a simple transfer from an exchange to a private wallet would have prevented massive losses in the past.
