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How to know which Bitcoin exchange to use

by , 23 June 2014

The downfall of Mt Gox, which was the largest Bitcoin exchange, didn't exactly help the reputations of other Bitcoin exchanges. So if you want to buy Bitcoins through an exchange, which one should you turn to? Which exchanges are the more reputable out there and which ones should you avoid? Read on to find out…

Bitcoin exchange #1: Bitstamp

This is the world’s largest Bitcoin exchange by volume. It founded in 2011 in Slovenia, but now operates out of the UK. A San Francisco based hedge fund, Pantera Capital Management LP, invested $10 million into the exchange earlier this year.

This appears a reputable exchange, David Zeiler in Money Morning US explains.

Bitcoin exchange #2: BTC-e

This exchange has become more popular since Mt Gox’s demise. But be wary. It uses third party banking services so it doesn’t have entries in official records. And its programmers are anonymous.

One plus is it accepts Visa and MasterCard.

Bitcoin exchange #3: Camp BX

This exchange is one of the older ones. It’s based in Georgia in the US. But the exchange’s site has endured lots of issues and many users complain about it. Probably worth avoiding.

Bitcoin exchange #4: Kraken

This exchange only came about in September last year. It’s also based in San Francisco. The exchange has tried hard to comply with any Bitcoin regulations that exist so far.

This year, it attracted $5 million from a European venture capital company and the founder of SecondMarket. And, quite notably, Bloomberg picked Kraken as one of the two exchanges that it will include for price quotes in its financial data.

Appears a reputable exchange.

Bitcoin exchange #5: CoinBase

CoinBase technically isn’t an exchange, but if you’re looking to buy a couple of Bitcoins it could be perfect for you. It’s an option for you as long as you don’t want to trade Bitcoins and just sit on them.

Not only can you buy and sell your Bitcoins through CoinBase, but you can also use it as a Bitcoin wallet. So you don’t have to download the wallet software if you don’t want to. (The wallet software is only compatible with PCs and Android smart phones.)

If you’re just entering the Bitcoin arena, it makes a great first stop.

So there you have it, how to know which Bitcoin exchange to use.

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How to know which Bitcoin exchange to use
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