Which Bitcoin Exchange Is Safest

Mar 4, 2021 | South Africa | 0 comments

Buying Bitcoin online can feel daunting, especially when you’re new to the whole industry. Here we will look at top exchanges that have never been hacked so that you can trade with absolute peace of mind. First we’ll run over a quick recap of what Bitcoin is, and then we’ll uncover which Bitcoin exchange is the safest and where you can head to in order to buy the world’s biggest cryptocurrency.

What Is Bitcoin?

Bitcoin is a decentralized cryptocurrency that took the world by storm a decade ago, and ever since. Launched in 2009 by the mysterious Satoshi Nakamoto (whose identity remains a mystery to this day), the digital peer to peer payment system was a far cry from the revolutionary product it would become. 

While it garnered attention from developers in the early phases and savvy tech investors the next, it wasn’t until 2017 that the world took notice. Mainstream media pounced on the “bubble” that was Bitcoin, reporting as it rose to highs around $20,000. Bitcoin was declared dead 397 times (don’t believe everything you read in the media) before and after this bull run, but eventually showed the world it’s true potential in 2020. 

2020 was a phenomenal year for Bitcoin, as the digital asset rose from the ashes of the pandemic and garnered the attention of Wall Street and institutional investors. The OG cryptocurrency hit one all time high after the next over the December 2020 and January 2021 period, and continues on a monumental bull run, this time supported by educated investors as opposed to individuals looking for get rich quick schemes.

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Which Bitcoin Exchange Is Safest Below we’ve outlined several exchanges that have top security measures and have not been hacked before. On occasion, hackers gain access to exchange’s private keys and are able to send the funds to their own wallet. While Bitcoin transactions are not completely anonymous, they’re pseudonymous to be exact, oftentimes the hackers are caught. Let’s dive into these top exchanges you can buy Bitcoin safely at.

Cex.io

Cex.io was first launched in 2013 as a cloud mining service, however over the years the platform developed into a fully fledged cryptocurrency exchange. The platform offers users access to the multi-currency exchange through desktop and mobile app facilities. The platform offers access to Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Dash (DASH), Bitcoin Gold (BTG), and Zcash (ZEC), along with several fiat options.

Traders can deposit money onto the platform through credit and debit cards, bank transfer and Neteller. The taker fees are between 10% – 25% of the volume being transacted, while the maker fees are between 0% – 16%.

Kraken

Dubbed the “best and most secure Bitcoin exchange by independent news media”, Kraken has built a strong and solid reputation in the crypto industry. Kraken was launched in 2011, early compared to most of the crypto exchanges operating today. Kraken also boasts the largest Bitcoin trading volume in Europe, and is a permanent fixture in the list of top 10 crypto exchanges. 

After Bitcoin, Kraken supports the trade of 16 other cryptocurrencies. Traders can access the platform through website and mobile app facilities, however the app is only available for iOS devices. Traders can onboard funds through bank transfer, and deposit fees are $10 or €10. Withdrawing incurs fees of $60 or €60, which is best suited to larger withdrawals.

Luno

Luno is a reputable exchange that remains untouched by hackers or illicit actors. The platform was designed in 2013 and offers traders a means to buy, store and sell cryptocurrencies. The exchange operates through desktop or a downloaded app, and gives traders real time access to the crypto markets. 

Onboarding is easy through their local bank transfer option, as well as free of charge. Withdrawing incurs small fees, which are waived to almost nothing if you opt to sell through the order book as opposed to through the wallet. The platform is reliable and well used with over 4 million users around the world.

Altcointrader

A local addition to the list, Altcointrader was launched in South Africa in 2015. The platform offers traders access to over 14 different crypto markets, through desktop, Android, iOS and Hawei trading apps. The platform has a dedicated team of diverse skills behind it (including SARS development professionals) so you know everything is above board with this platform. 

Depositing funds can be done through bank transfer, and are subject to 0.5% (max of R95.00) fees. Traders can also deposit through Zapper, however will be charged a 2% fee. Withdrawal fees are around 0.0005 BTC, depending on what cryptocurrency you are withdrawing. Withdrawing South African Rands incurs the same fees as the deposit.

Remitano

An Asian sensation that has recently launched on the shores of South Africa (early 2020), Remitano is a peer to peer trading platform that makes use of escrow services. The platform offers fast deposits and withdrawals, and a unique South African wallet for all users depositing ZAR.

Remitano charges 1% on all trades made on the platform, and also throws in a 50% discount for cryptocurrency bought but not sent within 15 minutes of the trade being accepted. Deposits can be done through bank transfer, as well as withdrawals. The platform offers a very competitive withdrawal fee of 0.0002 BTC. Remitano also does not charge any makers fees, another competitive advantage.

Buy, Sell And Trade Bitcoin Securely

Now that we’ve covered the burning questions of which Bitcoin exchange is the safest, it’s time for you to get your trade on. If you’re still feeling uncertain about anything, check out our excellent Bitcoin 101 guide or leave a comment below and we’ll gladly help. The crypto industry is an incredible place to be right now, and we have a feeling that its only going to get better.

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