Best Bitcoin Account 2024 | Open an Account Now!
Despite being a highly speculative and volatile digital asset, bitcoin has garnered the attention of investors all over the world. Some investors also believe that the new crypto asset class will play a central role in the future of finances.
If you are thinking of joining the bandwagon, you will need a reliable BTC account provider. In this guide, we take an in-depth look at the top 2 online bitcoin brokerages in the market. Read on to find out which one suits you best.
How to Open a Bitcoin Account in 3 Quick Steps
Don’t have time to read our guide in full? Follow the 3 steps outlined below to open a bitcoin account right now!
Top 3 Bitcoin Account Providers
Before we get into the nitty-gritty of bitcoin account providers, note that the term “bitcoin account” is somewhat a misnomer. As a decentralized currency, bitcoin does not need an account with a middleman to keep your holdings. Rather, you need to create a bitcoin wallet where you can store your bitcoin.
Here are the top 2 bitcoin account or bitcoin wallet providers.
1. Binance – Best for Seasoned Pros
Despite the fact that it was only founded in 2017, Binance has become a globally renowned crypto exchange site. The exchange offers more than 450 cryptocurrencies and has one of the fastest execution speeds in the market. On a daily basis, the site has over 300,000 active users, making it the second-largest crypto exchange by trading volume.
It seeks to cater to investors of all levels, offering a basic as well as an advanced setup for trading. For new traders, the basic platform offers a simple user interface, without the advanced trading features. The advanced setup, on the other hand, offers plenty of charting features and trading indicators.
The site offers a competitive trading fee of 0.1%, one of the cheapest in the market and if you use its proprietary coin BNB, it gets even cheaper.
When you open a bitcoin account on Binance, you would have the opportunity to create multiple sub-accounts, up to 200, under the main one. Here, you can manage additional accounts for family, friends and even clients. If you would like to trade as a legal entity, the corporate account allows you to do just that.
When you first open a Binance BTC account, you will start with the basic account, with a 2 BTC daily withdrawal limit. There are no deposit limits, there will be a withdrawal limit if your account is not yet verified. But when you verify your account, you get access to more features and have the withdrawal limits lifted.
If you would like to trade on the go, the Binance mobile app offers a compelling interface. It is accessible on both Android and iOS and has excellent functionality.
The Binance customer support team offers assistance in 7 languages and is accessible via live chat and an online support portal. Live chat is only accessible during restricted work hours and it may take up to 24 hours to get a response on the support portal. It also has an extensive FAQ section that covers most aspects.
Though it does not provide information on how it secures user funds, Binance’s response to a 2018 hacking attempt instilled user confidence. Automated systems raised alarm before the loss of any funds.
- Basic and advanced trading platforms for different levels of users
- Accessible on mobile
- Fast execution speeds and competitive fees
- Basic account setup might be complex for complete beginners
2. Coinbase – Best for Liquidity
Founded in 2012, Coinbase has its headquarters in San Francisco, California. Not only is it one of the best known exchanges globally, but it is also one of the largest. It has a user base of over 20 million in at least 42 countries across the globe.
The exchange is a reputable player in the market as it has the backing of well-known VC firms. These include Y Combinator, Andreesen Horowitz, Ribbit Capital, and Sozo Ventures.
In addition to bitcoin, the site supports 18 other cryptocurrencies and offers a wide range of deposit and withdrawal options. Its wallet is accessible on iOS or Android mobile devices. Besides storing your BTC, the Coinbase bitcoin account also allows you to track price changes as well as buy and sell the crypto.
Though the fees are not as low as on Binance, Coinbase’s fees are still competitive, ranging between 1.49% and 3.99%. They vary depending on the preferred payment method and country of residence.
There are strict limits when it comes to how much you can transact. The limits for trading will depend on the age of your account, whether or not the account is verified, your location, and the preferred payment method.
However, you can apply for a higher limit by verifying your phone number, personal info, and a photo ID. For verified customers, there is a generous $50,000 max for US users and $30,000 in Europe. Despite the limits though, the exchange offers remarkably high buying limits and liquidity.
Coinbase stores 99% of all user funds in cold wallets, and the rest on its servers. To ensure there is no margin for error, this 1% is fully insured. The exchange also has a cover from FDIC Insurance, with a $250,000 cap for every user.
Some of its wallet security features include two-factor authentication (2FA) and a multi-signature vault for large investors. The latter makes use of a three-key system, one in your possession, one shared and a third one in the custody of Coinbase.
A great highlight of having an account on this site is the Earn program. Under this program, you take free crypto courses and earn free crypto worth $166.
For more experienced users, Coinbase Pro (formerly GDAX) offers all the necessary bells and whistles. It supports BTC and a handful of other cryptos and its advanced features are remarkable.
Customer support is one of the areas that could use some improvement. On every page of the FAQ section, it has a chatbot on hand to answer queries. The team is accessible via phone 24/7, email and an online ticketing system. Email responses take 24 to 72 hours but there have been complaints of users getting canned responses not tailored to their issues. The huge demand has also resulted in phone support delays.
Another common complaint against the service has to do with the freezing and closing user accounts. The company is closely integrated with traditional banking regulations and as such, takes pride in legislative compliance.
It has a reputation for tracking how users spend coins and may close your account for a variety of reasons, including gambling, engaging in adult sites, contraband purchases, and a host of other reasons.
- High liquidity
- Accessible on mobile devices
- Robust security
- Poor customer support
Can I Create a Bitcoin Account with No ID?
Now that you have learned how to set up a bitcoin account, you may be wondering whether it is possible to create an account without an ID. The answer depends on the platform on which you want to create your account.
Regulated service providers are mandated by law to verify user identities.
You can try unregulated services like Switcher and Localbitcoins that do not require any form of identification during the account creation process.
Can I Create an Account and Buy Bitcoin Instantly?
The speed at which you get your BTC after purchase depends on the payment method you use. Bank transfers take much longer than most other methods, but if you want your purchase to reflect instantly, you could use such fast methods as credit and debit cards.
Note that the fast service comes at a premium since exchanges like Coinbase and Coinmama charge as high as 4% for credit and debit card purchases.
Should I Buy BTC?
In order to answer this question, let’s take a look at the state of the market and what this means for bitcoin.
There are many times when BTC seems set to hit new highs but then it takes a nosedive. Though it started the year on a bullish note, the price is now almost half of its January highs.
Fortunately, there will only ever be a total of 21 million bitcoin. With this finite supply as well as the increasing demand for bitcoin, BTC’s price is expected to increase not only this 2021 but also in the coming years.
Additionally, a lot of tech companies and institutions now see it as digital gold because of its perceived market value.
BTC Predictions for 2021
Bitcoin went through a dramatic roller coaster ride in 2020. What is its outlook for 2021?
Let us take a look at one major event that could affect bitcoin’s price in 2021:
In May 2020, the legacy cryptocurrency will be undergoing a halving event. This is when mining rewards reduce by half in order to reduce the pace of creation of new coins. The mining reward will reduce to 6.25 BTC from 12.5 BTC.
This means that fewer coins will be coming into the market, but in theory, the demand will remain constant. This should drive prices up.
The upcoming halving will be the third since bitcoin’s inception. During the previous two halving events, BTC price rallied. Many are expecting that the price rally will also happen this 2021.
Now that you know the best bitcoin account providers, simply choose one of them and create your bitcoin account today.
Remember to get a grasp of the general crypto market dynamics before making an investment. If you’re also interested in bitcoin trading, try out the demo accounts first before risking real money.
Why do I need a bitcoin account?As a digital currency, BTC does not exist in any physical form. So you cannot store it in any physical storage facility. Rather, you need a bitcoin account or bitcoin wallet to store the keys that give you access to your BTC holdings and allow you to transact.
How much do I need to deposit to have a bitcoin account?The minimum deposit will depend on the platform you choose.
What is a bitcoin cold wallet?A bitcoin cold wallet is a storage facility for bitcoin that operates entirely offline. A bitcoin cold wallet is a storage facility for bitcoin that operates entirely offline.
Can my bitcoin transactions be tracked?Yes, when you verify your identity during account creation, this makes it possible to link your bitcoin wallet address to your identity. Since all bitcoin transactions are recorded on a public blockchain, tracking transactions to a real-life identity is a breeze.
Can I access my bitcoin account using my smartphone?Yes, most providers have mobile applications.
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