What are the best fiat to crypto exchanges? You may have different reasons to convert fiat currency to cryptocurrency but going ahead without proper knowledge of how exactly and where to do that will be unwise.
Fiat currency is that currency that comes in different forms that may not have any intrinsic value but is issued by the government and has value for trade. It comes in different denominations and classifications such as:
- JPY and lots more.
There are several ways in which you can convert fiat currency into crypto coins.
When you want to convert fiat currency to crypto coins, the first thing that you should do is choose a reliable crypto exchange.
There are several such exchanges available but all may not be reliable. Check out Best Crypto to Fiat Exchanges.
A reliable fiat to crypto exchnage will support converting local currency, charge reasonable fees, have a good and efficient customer support team, a simple user interface, and allow day trading.
A few of these crypto exchanges may be good for the beginners while others may be best suited for the experienced traders.
But, a good and reliable crypto exchange will be suited for both and will also have a high reputation.
Therefore, you must first find a trustworthy exchange from a large variety of crypto exchanges to convert your fiat currency into crypto coins.
5 Best Fiat to Crypto Exchanges
This article comes with some of the most reliable fiat to crypto exchanges both for the beginners as well as experienced crypto traders.
There are also lots of other crypto exchanges as well that also support converting crypto coins to fiat currency as well as from fiat to crypto coins.
If you wish to select one from them, make sure that you follow the checklist that follows the list of fiat to crypto exchanges in order to make the right choice.
1. CoinMama – High Limits
This is a fiat to crypto exchange that offers high limits as well as allows quick purchase of coins using a credit or debit card.
The verification process is quite quick as well. The most significant aspect of this crypto exchange is that it locks the rate of conversion on order.
And, all their operations are governed by consumer protection laws, which make it all the more reliable.
Once you create an account, you will be offered several options of amounts of coins that you wish to buy.
The amounts can range anywhere between $100 and $3000. You can even customize this amount according to your wish and need.
The variety of crypto coins include:
The rate quoted will be adjusted according to the market movements and it includes the transaction fees for using this platform which is about 5.9%.
However, if you want to make a purchase using your credit or debit card you will have to pay an additional fee for processing which can be up to 5%.
In order to make a purchase, your account will need to be verified and for that you will have to furnish a valid national ID proof such as your passport.
If the verification is successful, you will be allowed to buy crypto coins worth up to $15,000.
CoinMama has recently included a new feature. This will enable you to make a deposit through SEPA transfer to your account.
This will save you from paying the additional 5% as processing fee.
2. Bittrex – Large Variety of Altcoin Support
The useful and innumerable features of Bittrex makes it one of the most popular fiat to crypto exchanges.
It has been a long time favorite as a crypto to crypto exchange but the fiat currency support included recently is also good to make it a strong contender to make a place in this list.
The fees charged for transactions are comparatively low and competitive being 0.25% only.
The platform also offers a wide variety of crypto coins to choose from.
Though this platform may not be one of the best suitable ones for the beginners and have a pretty low customer support, this is a platform that supports making fiat deposits directly.
The Unique Selling Point of Bittrex is that it offers a large number of Altcoins. In fact, the number exceeds 500 and all these can be traded against Bitcoin.
As for the fiat currency, as of now, there are only 20 available options of coins that you will be able to trade with US Dollars.
However, you can make away with this limited amount of coins by transfering fiat into Bitcoin. This will open up more than 500 pairs of altcoins that you can trade on Bittrex using Bitcoin.
There are lots of professional crypto trading tools offered by this platform as well. These tools will be of immense help for you while trading since you can make proper trading decisions. These tools include:
In addition to that, you will also get to use a series of technical analysis tools as well which will make your trading more productive.
However, since its launch in 2014, it has garnered a lot of trust to rank highly among some of the major crypto exchanges.
3. StormGain – Zero-Commission Platform
StormGain is an all-in-one crypto platform that will allow you to trade with zero commissions while opening new orders.
This comprehensive platform is not only good to buy crypto coins but it also comes with a lot of useful features that that make it also good for:
- Storing the coins
- Trading them safely
- Exchanging them quickly
- Earning profits easily and
- Learning more about crypto coins.
All these can be done with a single tap on this platform that is easy to use. The features of this platform allow the users to:
- Buy crypto coins quickly using a credit card
- Make exchanges instantly
- Access the popular crypto coins easily
- Around the clock and fast accessibility and more.
You will be able to save a lot of money when you exchange crypto coins through this platform at low commission. This means you will earn more while paying less.
You will also be able to make much better trades when you use the advanced crypto trading tools offered by this platform that are easy to access.
These tools will ensure that your profit is maximized in each trade made by you. You can practice trading using their demo account and by making an investment of up to 50 K USDT.
In addition to that, you will be able to get up to 300x leverage which will help you to maximize your order volume and well as get the necessary funds for trading and make margin trading at the best way possible.
The StromGain app will enable you to trade from anywhere anytime through your mobile or you can also use the web platform for the same with equal ease.
There are also several other sophisticated trading features included in the platform which will make trading much easier.
All your crypto coins will be well protected when you store them in the secure wallet of the platform. This wallet is free to use and is quite user friendly with multi-currency support.
You can get access to the wallet instantly without needing to go through any lengthy verifications process after registering.
4. iq option – Award Winning Platform
You can make both deposits and withdrawals with ease and can choose your favored options from the multiple payments methods supported by his platform. It is quick and secure.
The minimum deposit requirement of this crypto exchange is quite low of $10.
You can download the app as well to get some free practice of trading on this advanced platform that supports Windows operating system or MacOS on desktop and mobile. They also offer prompt customer support 24/7 in multiple languages.
- Technical analysis
- Multichart layout
- Historical quotes and more.
A better risk management is assured by keeping you up to date with the current events on the crypto market making the best use of the price alerts.
The best part is that you can even customise them as per your needs. There are also other useful features that will help you to manage your profits and risks at the predetermined levels such as:
- Stop Loss Take Profit feature
- Negative Balance Protection feature and
- Trailing Stop feature.
You will also get a lot of help while trading from the large and knowledgeable trading community and the huge IQ Option community.
You will come to know about some of the most productive trading opportunities and ideas while discussing with the community members.
You can also use the Community Live Deals and Traders Sentiment features if you simply want to follow other traders.
5. eToro – Social Trading Revolutionized
This platform will allow you to join millions of traders and invest your fiat to buy crypto coins and discover ways to make better investments and smarter trading decisions.
You will be able to choose from a diverse range of assets over and above Bitcoin to buy, sell, and store – all on this single platform.
The platform will ensure that you have more flexible leverage while you trade with the ever-increasing variety of crypto coins.
Apart from buying and selling your digital assets on this platform, you will also get a lot of help in building your crypto portfolio.
Apart from that, you will get to enjoy some unique benefits that most of the crypto exchanges out there do not offer. One such unique benefit is the immediate implementation of market orders.
It is regulated by CySec and FCA which adds to its already robust security system that will protect your crypto coins.
Also, their top class security protocols will ensure that your privacy is maintained absolutely. Your data will never be shared by the platform without your permission.
eToro has really resulted in a revolution in social trading by connecting different crypto traders easily on a platform not only to discuss the trading strategies but also to copy some of the best trading portfolios of other crypto traders by using their CopyTrader technology automatically.
Tips to Choose Best Fiat to Crypto Exchange
The names in the list above are some of the major fiat to crypto exchanges to go for but you may go for others as well but make sure you do a proper research before you finalize on any one.
Now, when it comes to choosing one of the best crypto exchanges to convert fiat currencies into crypto coins like Bitcoin or any other Altcoin, there are a few specific factors that you should keep in mind.
Here is the checklist that will help you to do so.
The first and foremost thing that you should look for in a crypto exchange is its reliability.
This will ensure that you get what you need including faster and safer transactions. Therefore, spend some considerable amount of time on research and read the reviews of their clients.
However, the best way is to look up for reviews of those particular crypto exchanges you intend to choose in different third-party review sites.
These reviews will be far more authentic and impartial. And, always choose one with a lot of positive reviews and that which has been in the market for a considerable number of years.
- Methods and Support
Next, you should check out the methods of operation. This includes payment methods.
It should offer a wide variety of options to choose as a payment method according to your convenience. It may include Visa, MasterCard, Paypal, bank transfer and more.
Also, check their coins and currency support so that you find the coin or currency that you want to deal with. And, yes, do not forget to check out their signing up methods and its requirements.
Some crypto exchanges may need you to go through a lengthy and quite troublesome sign up and verification process to open an account with them.
Additionally, check that they have a good, reliable, responsive and efficient team to provide customer support and is easily accessible over phone, email, or Live Chat.
- Fees and Commissions
This is perhaps the most important factor that you should look for in a crypto exchange that supports converting fiat currencies to crypto coins.
The fees and commissions will surely be charged for your transactions because that is their way of income. However, it should be favorable and reasonable so that it does not eat up your profits.
There are lots of crypto exchanges that will even offer zero-fee trading but when it comes to withdrawals they may charge exorbitant amounts of money as fees.
The trading amount will however play an important role in determining the ultimate fee and commission amount.
Fees on smaller amounts may seem to be high but at the same rate it will be negligible when you deal with a large amount.
- Safety and Security
Since the entire thing works on blockchain technology and the ledger is visible to all of the users in a network, you should make sure that the crypto exchange that you want to work with has an advanced safety and security system in place.
This is also a factor that will raise your confidence on the exchange.
Additionally, since most of the crypto exchanges operate online, check their SSL certification. This will ensure that their website is secure to use.
Your convenience during operation matters. Therefore, make sure that the exchange has an intuitive and easy to understand user interface.
Even better, if the platform comes with several tools and indicators. This will make it much easier for you to make the right choice and more productive trading decisions.
Remember, the crypto market is open around the clock and therefore you may have to sit in front of your computer all day, and night, depending on the type of trader you are.
This is an important factor to look for because this will determine the rules and regulations applicable on your trades and exchanges.
Also, check whether or not the crypto exchange operates globally. Check their headquarters because most of the terms and conditions of the exchange will depend on the rules and regulations of that specific jurisdiction.
Remember, trustworthy crypto exchanges will be very strict especially in their verification process and abide by the rules laid down since their primary objective is to prevent money laundering.
- Other important factors
There are also a few other important factors to consider when you choose a fiat to crypto exchange.
Liquidity is an important factor and the higher it is, the better for you. Also important is the tax laws that are applicable for such trades since income from crypto trading is taxable.
Finally, check their speed of transactions so that the wait time is reduced significantly.
Choosing a fiat to crypto exchange should not be made in a hurry. There are lots of risks involved in it and most importantly you should make sure that there are no security breaches or legal issues. Choose one from the list to be safe.