What is a Fiat-Crypto Exchange?
With the best fiat to crypto exchange platforms, you can easily change your fiat money (Pounds, Dollars, Euros etc) into cryptocurrencies such as Bitcoin, Ethereum, Litecoin currency and so on. On other kinds of exchange, you switch one type of cryptocurrency to another by, for example, buying Bitcoin Cash with Ethereum. For the latter, we’ve prepared a guide to crypto-crypto types exchanges. You might also want to read our guide to the best broker type exchanges and our explanation and guide to peer-to-peer exchanges.
The best fiat-crypto exchange sites give you a tremendous amount of flexibility. You can buy your first digital coins using the everyday currency that you are most comfortable with.
The Most Popular Bitcoin Fiat to Crypto Exchanges
Here are the best and most popular exchanges for turning fiat money into virtual currencies without any hassle.
This is a slick, reputable cryptocurrency broker exchange that is trusted by many users around the planet due to it being regulated and never having suffered a security breach to date. In our eToro review, we have explained that it is regarded as a social trading network and offers copy trading, with the option of switching fiat to cryptocurrencies to come shortly. You can visit eToro now to see for yourself what makes this platform different from the competition.
Advantages of eToro
– Highly regulated exchange- Trusted by millions of users in over 100 countries- Powerful copy trading features so that you can copy successful traders- Good range of cryptocurrencies and fiat currencies accepted- No known hacks or security weaknesses
Disadvantages of eToro
– Fiat to crypto transactions currently only available in the form of investments in cryptocurrency CFDs, but more options will be added later
Our Coinbase review points out that this is classed as the world’s biggest Bitcoin exchange and one of your best fiat to crypto exchange options. The Coinbase platform is also regarded as ideal for newcomers to cryptocurrencies because it’s very easy to use as well as secure.
Advantages of Coinbase
– Extremely easy for beginners to use- Multi-signature wallets allow you to keep full control over your Bitcoin- This fiat-crypto exchange also insures all deposits made on it- Simple, speedy process for sending money anywhere
Disadvantages of Coinbase
– Currently only available in GBP, USD, Euros- A weekly cap on how much cryptocurrency you can buy, which might put you off if you plan on making large, frequent purchases
The Changelly exchange is perhaps best known for being among the first exchanges that let people switch from one cryptocurrency to another. However, Changelly is also a fiat-crypto exchange broker, meaning that you get a great deal of flexibility in moving your money around from your everyday currency to Bitcoin, Ethereum coins and other cryptocurrencies.
Advantages of Changelly
– Covers an extremely wide range of crypto coins and fiat currencies – The service is available on a global basis- Very fast money transfers- Very easy to use site that doesn’t require the user to be a crypto expert
Disadvantages of Changelly
– USD and Euros are the only fiat currencies currently accepted- Fairly limited number of payment methods accepted
In our Coinmama review, we pointed out how this fiat-crypto exchange has gained a lot of users by offering a flexible approach for people all over the planet. The Coinmama platform is still a relatively small and limited exchange service but it does have some benefits that are worth taking into account.
Advantages of Coinmama
– No known security breaches at the time of writing- Highly flexible approach that suits different needs- Recently added new coins including Ripple, Bitcoin Cash, Cardano and Ethereum Classic- Visa and MasterCard credit cards are now accepted
Disadvantages of Coinmama
– Perhaps too simple for people who want to trade cryptocurrencies professionally- Fairly limited ways of paying for coins (no bank transfer or SEPA)
The CEX exchange has been around since 2013 and has grown tremendously in size in the last few years. As we’ve seen in our in-depth CEX review, they accept a wide range of different currencies and have a good selection of different ways of paying with fiat money too.
Advantages of CEX
– Strong security with no reported hacks or breaches to date- Credit card payments accepted- Margin trading with loss protection tools- Decent range of currencies, both fiat and crypto- Easy to use site and mobile app
Disadvantages of CEX
– The verification process can take a while to be completed- They have had customer support issues in the past, apparently due to a lack of staff
Do Fiat-Crypto Exchanges Suit Beginners?
A fiat-crypto exchange is a great type of service to use if you are making your first move into cryptocurrencies such as Bitcoin Cash, Ethereum and the Litecoin currency. This is because you can switch your fiat money to crypto coins very easily and safely.
Above all of the other options, eToro is a great place for beginners, for a number of good reasons. For example, it is an easy to use platform that anyone can feel comfortable on right away. The fact that it provides the CopyTrader function means that you can also easily copy the trades made by more experienced traders if you want to, while the social options mean members share advice and tips with each other.
Can You Day Trade on Fiat-Crypto Exchanges?
Day trading cryptocurrencies is a difficult way of trying to make money, but it can be done. On the best fiat to crypto exchange platforms you can buy and sell the likes of Bitcoin and Ethereum whenever it suits you. Given the frequent price fluctuations on these currencies, day trading is certainly an exciting way of trading.
Which Fiat-Crypto Exchange Should You Choose?
Choosing the right fiat-crypto trading platform is the first step towards successfully buying and selling Bitcoin and other currencies. The best fiat to crypto exchange sites we have looked at here all offer easy to use sites and a good range of options for switching between types of currency.
As far as your top choice goes, we would recommend signing up for eToro because it’s overall an excellent exchange to deal with. They make it incredibly easy for you to get started and also offer all of the different features that you might want to have access to.