HomeSafest Way to Buy Bitcoin 2022

Safest Way to Buy Bitcoin 2022

Last updated 26th Sep 2022

From financial institutions to everyday investors, more and more people are interested in buying Bitcoin. However, it’s important to stay safe while doing so, as there are thousands of online scams and fraudulent platforms. Therefore, we’ve researched the marketplace for the safest Bitcoin exchanges in 2022. Also, we’ll go over how to choose the best platform for yourself and the buying process of Bitcoin.

Safest Exchanges for Buying Bitcoin in 2022

Below you’ll find our top picks for the safest Bitcoin platforms in 2022. We’ve thoroughly checked these exchanges for their security, insurance policies, and customer satisfaction.

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What is a Safe Bitcoin Exchange?

A safe Bitcoin exchange is a digital marketplace where investors can buy and sell BTC using altcoins and fiat currencies. The platform acts as an intermediary between traders and takes a small fee for providing this service. Moreover, it uses an order book system to value coins based on the last trade set, making prices accurate. Users can also reduce fees by holding the platform’s native cryptocurrency or having a large 30-day trading volume.

How to stay safe while buying Bitcoin?

There are a few ways you can keep yourself safe when buying Bitcoin. If you're unsure which precious to take, below are some great guidelines.

  • Use Licensed Exchanges: Trusted and well-established exchanges have licenses to operate from government authorities. This can be a great indicator if you can trust the exchange platform since issued licenses are difficult to obtain.

  • Enable 2-step Authentication: Most platforms allow clients to enable 2-step authentication, adding another layer of security. The program works by cycling through random numbers every few seconds, making it almost impossible for hackers to get the correct code.

  • Whitelist Your Crypto Addresses: Whitelisting crypto addresses is crucial if your account gets compromised. By utilizing this feature, cryptocurrencies can only be withdrawn to your approved addresses preventing them from getting stolen.

  • Check the Exchange’s Security Technologies: Most Bitcoin exchanges have a dedicated page that showcases what technologies they use to protect your funds. Thoroughly research this page and only sign up with the platform if you are satisfied with their security measures.

  • Use Cold or Hot Wallets: After buying Bitcoin, you’ll want to withdraw it to a private software or hardware wallet because they provide more security. However, you must keep your private keys safe since this is the only way your funds can get stolen.

Types of Bitcoin Exchanges

Investors can use either a centralized or decentralized exchange to purchase Bitcoin. Both platforms are great for buying cryptocurrencies but provide vastly different services. Let’s examine them in more detail.

Centralized Exchanges

Centralized exchanges (CEX) use an order book for trading and pricing cryptocurrencies. These platforms are controlled by a corporation that oversees the whole operation. Therefore, they are responsible for keeping clients’ money safe by using various security technologies. Also, CEXs allows users to further enhance their protection by enabling 2-step authentication.

Decentralized Exchanges

Decentralized Exchanges (DEX) are platforms built on the blockchain and use smart contracts to operate. They use a liquidity pool system instead of an order book to value cryptocurrencies. In this case, the investors are responsible for keeping their money safe by using a platform that is verified to be trustworthy. Moreover, DEXs are perfect for buying Bitcoin anonymously since they do not require ID verification.

Payment Methods on Bitcoin Exchanges

Bitcoin exchanges have multiple methods for depositing money securely. Below you’ll find the most popular options.

Centralized Payment Methods

  • Debit and Credit Cards: Debit and credit cards are widely available and easy to use to buy cryptocurrency. Moreover, the exchange will save your payment details, making future transfers convenient.

  • Bank Transfer: This deposit method is fast and secure, perfect for when your bank card isn’t accepted. Before sending the money, ensure the reference number is correct; otherwise, the funds won’t reach your account.

  • eWallet: Using an eWallet is fast and convenient since most platforms save your payment details. Also, some online banking services like PayPal allow you to connect your bank card.

Anonymous Payment Methods

  • Cryptocurrency: Depositing money to a CEX is fast and cheap with certain cryptocurrencies. Also, this means you won’t need to convert your fiat currency to a stable coin before purchasing Bitcoin.

  • Bitcoin ATMs: Using a Bitcoin ATM is a safe and reliable way to acquire BTC. It requires you to insert fiat currency and write down your address of where to send the coins. Also, you can select the option to create a temporary private wallet.

  • Prepaid Cards: This payment method allows you to purchase Bitcoin anonymously since no ID is required. Prepaid cards work like regular bank cards, making them a convenient deposit option.

What to consider when choosing a Bitcoin Exchange?

When selecting which Bitcoin exchange to use, there are multiple factors to consider. You can use the criteria below as a guideline.

  • Security: The platform must provide multiple layers of security to ensure that your money is safe. You can see how they protect your investments by looking at their dedicated security page. Also, they should allow you to set up 2-step authentication and whitelist addresses.

  • Insurance: Established exchanges can provide insurance if your money gets stolen. However, the amount varies depending on your region. Also, some platforms provide insurance services where you can pay monthly or annually and have your money protected up to a certain amount.

  • Investment Opportunities: Most investors hold Bitcoin long-term since it’s predicted to gain significant value. Therefore, the Bitcoin exchange should provide investment opportunities like staking, lending, and liquidity pools.

  • User-interface: Navigating the exchange should be an easy process to provide convenience. Also, the trading interface must be user-friendly with easy-to-find features.

  • Smartphone Application: An exchange smartphone app can be very useful since you can manage your assets from anywhere. They allow you to trade, withdraw/deposit, and stake without needing to use a desktop computer.

How to Buy Bitcoin with a Cryptocurrency Exchange

Buying Bitcoin is straightforward when using a cryptocurrency exchange. They all have similar processes, so you can use the section below as a guide:

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Final Thoughts

Buying Bitcoin safely is effortless in 2022 due to the multiple established exchanges with numerous layers of security. Each Bitcoin platform has a dedicated page that showcases what measures they take to protect your investments. Moreover, they can insure your money up to a certain amount depending on your region.

We’ve mentioned the best cryptocurrency exchanges in 2022 that provide high levels of security, multiple trading pairs for BTC, and various investment opportunities. Remember that Bitcoin is a highly volatile asset, so create an investment plan before buying.

What are the safest Bitcoin exchanges?
How do I keep my Bitcoins safe?
Should I store my Bitcoin in a cold or hot wallet?
Stephen Ngari

Stephen Ngari

Stephen is a seasoned crypto and fintech specialist with industry experience. Having worked in tech, helping people send money globally and rollout solutions, he understands the impact that tech like blockchain brings to real world issues. He is passionate about crypto, writing and basketball.