About Blocktane. Easy Blocktane offers the simplest way to buy Bitcoins and other cryptocurrencies. Any first time user can buy their digital assets with a simple click. Seasoned traders have a robust, high performance platform with more features constantly being added. Jan 18, · One of the longest-running and most respected exchange platforms, Coinbase (its trading platform, GDAX), lets you conduct trades between bitcoin, Litecoin, and Author: Jon Martindale. The number of people who trade Bitcoins has increased. Later, with more advanced technology and smarter, fast transaction capabilities, there are many other cryptocurrencies which have entered the market. Even though the list is always emerging, the most popular among those are Ethereum and Litecoin, while the others are Zcash, Dash, Ripple and many more.
Trade bitcoin and other cryptocurrenciesHow to Buy, Sell and Trade Bitcoin
Bitfinex also offers several more options for your orders, such as OCO, aka One Cancels Other - placing a pair of orders with the understanding that if one order is completed the other is immediately canceled. Gemini and Poloniex are two other fairly prominent bitcoin exchanges that let you trade for ethereum, while Kraken also offers Dash and Ripple.
Trade fees vary from exchange to exchange. As always, none of these are recommendations for bitcoin exchanges to use, merely lists of known ones. Research the success and security of any exchange you're interested in; many have been hacked before.
Depending on which wallet you have and which currency you want to trade, you may need to first move your bitcoins to a different wallet. It's a little annoying, but not as inconvenient as you might assume. Coinbase allows for transfers both on desktop and via your phone. On mobile, you can also use your other wallet's QR code to send bitcoins. Maybe when you mean you want to trade bitcoins, you just want to trade them away.
You think it has peaked and you're never going to get a better investment, or you think you may as well pull out now before the losses get worse. Or maybe it's just stressful to watch bitcoin shoot up and crash down constantly and just want to use money again.
Whatever the reason may be, selling bitcoins isn't difficult. Many of the ways you bought bitcoin double as a place where you can sell it. All the exchanges mentioned above will let you sell bitcoin as well. Select where you want your money deposited to; often this is a bank account you already linked to the wallet when you first signed up. The time it will take for the funds to find their way to your bank account will depend on how long it takes for a sale to go through and how busy the exchange is when processing.
Direct trading websites like LocalBitcoins and Paxful connect buyer and seller directly without any additional third parties. The buyer deposits money into the seller's bank account and, upon showing proof, the seller can send the bitcoins from their wallet to the buyer's.
Some direct trading sites offer other methods of paying or accepting money, including gift cards and gift card codes, PayPal and Venmo. The idea of not needing a third-party exchange can admittedly be a tempting one, especially if you're worried about how secure they are. But direct trades come with plenty of risks, too. By putting you directly in contact with the buyer, they leave the method of trading up to you, including potential in-person exchanges, which are incredibly risky to do with a stranger.
Some of these methods can also be annoying, frustrating and more time-consuming than preferred, and if a buyer is unreliable, it can take even longer should you end up successfully selling them at all. Depending on your preferences on different factors when it comes to selling, you'll likely find a way that suits what you want. Just make sure to check how bitcoin is doing before you make the sale.
You never quite know where it'll be any given day. Or hour. Or minute. Securities and Exchange Commission. Accessed Oct. XRP Ledger. Facebook, Inc. Bitcoin SV. Your Money. Personal Finance. Your Practice. Popular Courses. Part Of. Bitcoin Basics. Bitcoin Mining. How to Store Bitcoin. Bitcoin Exchanges. Bitcoin Advantages and Disadvantages. Bitcoin vs. Other Cryptocurrencies.
Bitcoin Value and Price. Bitcoin continues to lead the pack of cryptocurrencies, in terms of market capitalization, user base, and popularity. Virtual currencies such as Ethereum and XRP, which are being used more for enterprise solutions, have also become popular. Article Sources. Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate.
You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy. Compare Accounts. The offers that appear in this table are from partnerships from which Investopedia receives compensation. Related Articles. Partner Links. Related Terms What is Namecoin? Since direct trades have a set price and you deal directly with your fellow trader, the process is slower and arguably more susceptible to fluctuations in value.
That can mean you get a better deal, but it might not. Although Paxful can be used to trade bitcoins for cash, gift cards, and bank transferred funds, it can also trade one cryptocurrency for another.
It supports Litecoin, Dash, Ethereum, and more — check the full list to see if the coins you want are supported. All cryptocurrencies are held in escrow so everyone walks away happy from a trade and it can be completed safely. For those a little uncertain about the process, Paxful offers its own support system to help you if you run into any problems. LocalBitcoins is primarily aimed at buying and selling bitcoin, but it does also support Ethereum at the time of writing.
It is even more hands-off than Paxful, so be aware that you will be responsible for the whole process, from providing a valid wallet address and completing your end of the deal in a timely manner. You may not find any listings at the time of searching, in which case using an alternative platform or waiting will be your best bet.
You can then enter a discussion to hash out a deal. What currencies should you trade for? Using an exchange The most automated and hands-off method for trading bitcoin for another cryptocurrency is through an established exchange. ShapeShift ShapeShift technically operates as an exchange, though it fits more of a middle ground between something like Coinbase and the more direct trade platforms.
Direct trades Much like when it comes to selling your bitcoin or other cryptocurrencies, if you would rather take a more direct role in the sale process, direct trades or peer to peer transfers are preferable.
Paxful Although Paxful can be used to trade bitcoins for cash, gift cards, and bank transferred funds, it can also trade one cryptocurrency for another.
LocalBitcoins LocalBitcoins is primarily aimed at buying and selling bitcoin, but it does also support Ethereum at the time of writing.