Welcome to my article about the 10 best Fiat to Crypto Exchanges in 2021 along with pros and cons to each one.
Tired of not being able to seamlessly transfer your hard-earned fiat money into cryptocurrencies? Well, we don’t blame you.
After all, it can be a tricky and time-consuming process.
But luckily, there are many reliable fiats to crypto exchanges that have cropped up in recent years which make the process of trading one currency for another out of the equation, so that you can get on with what really matters – investing in some great cryptocurrencies!
In this article, we will discuss the best fiat to crypto exchanges and provide an introduction for those of you who may still be unfamiliar with them.
Hopefully, it will help you make a more informed decision when choosing your cryptocurrency exchange platform.
The Best Fiat to Crypto Exchanges
There are a few main types of exchanges out there: fiat to crypto, crypto to crypto, and fiat to fiat.
In this article, we will focus on the first two, as they are most relevant for everyday people.
For each of the following exchanges, you will be able to change your currency from ‘fiat’ (in other words, traditional money) into cryptocurrencies like Bitcoin, Ethereum, and so on.
This is usually done through a ‘pairing’ system in which you exchange money with an exchange that puts them in tandem with one another.
Crypto to crypto exchanges is slightly different.
They allow you to trade one type of cryptocurrency for another, so if you have Bitcoin and want to get Litecoin, you can swap them through these kinds of platforms.
This is great if one coin ‘takes off’ and you want to take advantage.
The next section will cover 10 of the best fiat to crypto exchanges to use in 2021 that are all safe to use and have a good track record.
Another great article: How to Earn Passive Income with Cryptocurrency?
Top 10 Best Fiat To Crypto Exchanges In 2021
In this section, I am going to cover the overall best Fiat to Crypto Exchanges that you can use based on user feedback and a multitude of reviews.
Binance is probably the most well-known crypto exchanges out there, and for good reason.
It has a simple but fresh design that is very easy to navigate.
It offers a range of fiats to crypto pairs and has its own internal coin (BNB).
Binance exchange is suitable for beginners, but there are enough advanced features to satisfy more experienced traders.
Binance was founded in China but is now based in Malta.
It uses a different time zone to the rest of the world with UTC +8, so it doesn’t get as busy as some exchanges.
Fun fact: this is also the reason you never hear about China-related hacks!
The exchange offers all of the popular altcoins and has its own internal coin (BNB), which can be used for fees or to vote on future development projects.
While Binance comes highly recommended, this section is all about the best fiat to crypto exchanges.
Some of the pros of using Binance are its simple and easy-to-use interface, as well as its great customer service.
Some of the cons of using Binance are high transaction fees compared to other exchanges, and the fact that it is based outside of Europe.
eToro is one of the newer options, with a really slick design.
It has its own internal coin (so-called eToro Coin) and you can trade that for cryptocurrencies as well as fiat.
It also offers interest on your deposits, but most people who use it are probably interested in the investment aspect and don’t care too much about the income side.
The exchange offers a good selection of altcoins and pairs, including many ‘niche’ currencies like those mentioned above.
What sets eToro apart from others is its focus on social trading, making it easier to connect with others all over the world – something which is not always easy when trading in cryptocurrencies via a different exchange.
Some of the pros to using eToro are the fact that it focuses on social trading, the wide range of cryptos available, and the fact that it is relatively cheap.
Some of the cons to using eToro are poor customer service when it comes to technical issues, high fees, and its relatively new status.
Kraken is a big name in the industry, with one of the best track records.
The exchange offers trading between fiat and cryptocurrencies as well as pairs of these. Kraken also has its own internal coin (Kraken Coin) for traders to use.
Like eToro, you get interest on your deposits, although it’s not quite as generous (0.0045%).
However, it might be worth using if you’re looking for a simpler and not so techie experience.
Some of the pros to using Kraken are that it is very reliable, great customer support, and the fact that it offers a wide variety of altcoins.
Some of the cons to using Kraken are that it can be overly complex for beginners, high fees, and the fact that some users have had problems making certain deposits.
BitBuy is based in Malta and is probably the ‘poster child’ exchange for a new generation of crypto investors who are looking to put their money into altcoins and not just Bitcoin.
It has a very simple but effective design, which is easy to navigate even if you’re a beginner.
Like many exchanges, it offers trading between fiat and cryptocurrencies, as well as pairs between some of the more popular altcoins.
It also has its own internal coin (Bitbuy Coin), which can be used for fees or votes on future development.
Some of the pros of using BitBuy are that it does offer a simpler interface than many other exchanges, as well as good liquidity.
Some of the cons of using BitBuy are that some altcoins are not available, as well as the fact that it is not available for those who reside in the US and Canada.
The Coinbase crypto exchange has made a name for itself through its simple interface and ease of use.
It offers a wide range of cryptocurrencies and has its own internal coin (Coinbase Coin) which can be used for fees.
The exchange is available in more than 30 countries, and along with the popular altcoins, also has many ‘niche’ currencies.
However, Coinbase is based in the US and sometimes experiences problems with payments as a result.
There are also withdrawal fees for some coins – this could become problematic if you swap to a coin that ends up skyrocketing, and then you want to cash out before all of your profits disappear!
Some of the pros of using Coinbase are its simple interface and its easy-to-use features.
It is also widely trusted, safe to use, and reliable.
Some of the cons of using Coinbase are that US users are required to pay high fees (around 1%), which can either be higher or lower than other exchanges depending on the coin and your location.
Another great article: How To Earn and Use Crypto Using the Brave Browser – All in One Step
The Coinmama exchange is one of the oldest ones around, and still has a great reputation for simplicity and reliability.
It offers a wide range of currencies and goes out of its way to make the process as easy as possible for new users.
Coinmama has an interesting feature where you can buy Bitcoin with different payment options and convert that into other coins.
This is great if you are not yet ready to use a pre-paid card but still don’t want to hand over your bank information just to get started trading in cryptocurrencies.
However, it doesn’t offer many altcoins and so it might not be the best choice for people looking for more obscure currencies.
Also, they charge a fee (7%) on top of the current exchange rate, which is higher than most other exchanges.
Some pros of using Coinmama are:
- Open 24 hours a day
- Easy onboarding process with clear instructions and phone support if needed
- Wide selection of payment options, including credit cards, Skrill, OKPAY, Paysafecard, and more. For the currencies that are not supported by the payment option you choose, Coinmama has agreed to allow users to use their debit cards to complete the purchase. You can check this out in your language here.
- Extensive coverage of FIAT methods (credit cards) for users who do not want to bind their money up immediately. Coinmama has recently partnered with Maestro and MasterCard so that users can purchase with a credit card in over 6 countries.
Some of the cons of using Coinmama are that they charge an extra commission every time you purchase.
You can also only purchase with Bitcoin and Ethereum. It also costs a small fee on top of the cost of the cryptocurrency.
Forex.com might be the most interesting choice in this list because it isn’t actually an exchange.
Forex.com is a forex broker and offers a wide range of currency pairs with the ability to trade 24/7.
There are many things to love about Forex.com, not least of which is that there are no account fees and you don’t need to open an account or provide your personal details to get started (although we’d still recommend doing that).
If you already have your accounts set up elsewhere, then you can log into your account with Forex.com and deposit fiat from a supported provider (most of the biggest banks).
Some pros of using Forex.com are:
- They can be used by people from almost any country.
- No commission or account fees.
- There are no limits on how many currency pairs you can trade.
- Available on web, mobile, or tablet. You don’t need to download the software to get started with your trades. Forex trading is available 24/7 (including weekends and holidays). You don’t need to sign up for a demo account, you can start trading with real funds as soon as you log in for the first time.
The cons of using Forex.com are: There is a chance that some altcoins may not be available in your location (you can check this here).
BitMEX is another forex broker, this one is based in Hong Kong.
It offers a wide range of currencies and gives users the ability to trade all day long with up to 100x leverage.
It has very low fees and very low rates, making it a great choice for beginners.
BitMEX has a bad reputation for being highly technical and not catering to beginners, but it is actually very easy to use.
You can quickly deposit funding into your account and start trading in a matter of minutes.
Some of the pros of using BitMEX are:
- High leverage up to 100x.
- Easy to start even if you’re new to crypto trading. Users can log in via their Hotmail or Gmail accounts and use their standard account settings without needing to change them.
Some of the cons of using BitMEX are: This is not an exchange that will appeal to all traders, as it is focused on high leverage trading and so can be more suitable for forex traders.
Mercatox is a decentralized exchange, so there is no need to hand over personal details or account information.
It has a wide range of altcoins and great liquidity.
It’s also a very exciting project in general, with lots of features and developments planned for the future.
It also has very low fees (especially considering that the exchange itself isn’t on an outside platform).
However, Mercatox is not yet fully functional, and it looks like it will be switching to an Ethereum-based system at some point in 2018.
Some of the pros of using Mercatox are the fact that you need to enter your wallet address when you first use the exchange.
This means that it can’t be used for those who don’t want to give their personal information out but also allows those who want to keep their private keys separate from their wallets.
Some of the cons of using Mercatox are that there are very few altcoins available and the only fiat available is in the form of ETH.
Changelly is a great choice if you want to trade cryptocurrencies for other cryptocurrencies.
It’s based in Europe, so you don’t need to find the right currency from your bank (or your country’s failed fiat system).
Plus, it doesn’t charge any fees, and it has very low rates too.
Changelly lets you buy bitcoins by sending a bank transfer to an external account.
If you have an account with a cryptocurrency exchange and want to sell coins there, then Changelly can help you out with that as well.
Some of the pros of using Changelly are the fact that it’s very easy to use, the fact that you can buy from banks and other exchange accounts, the low funding fees, and the low exchange fees.
Some of the cons of using Changelly are: It has a limited number of currencies. For example, there is no way to buy Bitcoin directly with fiat currency (it only sells them).
Notable Fiat to Crypto Service Mentions
If you are living in the USA, and are new to buying crypto, these might be a great option for you.
CashApp is a mobile app which allows users to request and receive peer-to-peer electronic payments.
The app also helps users transfer money on the go if they do not have an account with any bank.
CashApp also allows you to use fiat to purchase only Bitcoin, Bitcoin Cash, Ethereum, and Litecoin to either hold or send it to any wallet you wish to send it to.
Venmo is a payment service owned by PayPal.
It allows you to send money directly to friends or family through mobile apps, social media, and emails. All transactions are free of charge.
Venmo recently introduced the ability to purchase Bitcoin, Bitcoin Cash, Ethereum, and Litecoin to either hold or send it to any wallet you wish to send it to.
Another great article: ZebPay Review: Is It Safe, and How Does It Work?
The Three Types of Cryptocurrency Exchange
As we have mentioned several times already, there are basically three types of cryptocurrency exchange: decentralized exchanges, centralized exchanges and forex brokers.
Fiat to Crypto Exchanges Conclusion: Which One Is The Best?
So, there you have it. 10 Fiat to Crypto Exchange platforms that give you the ability to buy and sell crypto with fiat currency.
But which one is the best?
That is ultimately up to you to decide, but we suggest starting your search with Coinbase.
It’s very popular in the US and Europe, so it will be easy for you to find information about it online if you need to ask your questions.
You can easily link your bank account or credit card and start trading almost instantly if you wish, and Coinbase is very secure as well.
You can also get started with a demo account if you want (or don’t want) to put your real funds into the exchange right away.
With that said, I hope you enjoyed my article about the best fiat to crypto exchanges in 2021.
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