5 Best Bitcoin Accounts in 2024

What Is A Bitcoin Account?

A Bitcoin account can refer to one of two things:

• A Bitcoin wallet, which is an application that allows you safely store, send, and receive BTC (like a bank account)

• An account with a trading platform that allows you to buy and sell Bitcoin using “normal” (i.e. fiat) money

There is almost always some crossover between these two functions, however. The vast majority of trading platforms include a Bitcoin wallet that allows you to store your coins, and most BTC wallets are connected to crypto exchanges so you can buy Bitcoin directly from them using fiat currency.

Being as both types of Bitcoin account largely serve the same set of purposes these days, we have included examples from both categories in this article.

How to Use a Bitcoin Account

It’s easy to set up a Bitcoin account, and we’ll walk you through how to set one up in this simple three-step guide.

1. Choose a Bitcoin account

Choose which Bitcoin account you want to open based on your personal requirements. See our guide above to see which one meets your needs the best, or get started with our top pick below.

2. Create a Bitcoin account and Make a Deposit

Sign up for an account by entering your personal details and contact information, then submit a photo of your ID and proof of address to verify your account (this is required due to global financial regulations).

Once you’ve been verified, make a deposit using your preferred payment method (availability will vary between platforms).

3. Buy Bitcoin

Once your Bitcoin account is set up, you can start buying Bitcoin. Head over to the “Buy” or “Markets” section, then select either Bitcoin or BTC.

Choose a trading pair with your native currency (for example, BTC/GBP for those in the UK), enter the amount you wish to spend, and then click “Buy” to complete your order.

How to Choose a Bitcoin Account

To recap, there are several factors you should consider when choosing which Bitcoin account is right for you. We’ll delve into some of these below.

• Fees – different platforms have different fees for buying and selling Bitcoin, so be sure to check out the full range of fees for each platform.

• Security – if you value security, consider getting a cold wallet like a Trezor. Otherwise, look out for accounts that offer 2FA.

• Extra features – some platforms, like Nexo, allow you to stake your Bitcoin for passive income. Others will allow for more advanced trading.

• User experience – if you are a novice trader, you will want to choose a platform with a welcoming, intuitive interface.

• Coins available – for traders who want to buy and sell coins beyond Bitcoin, a range of altcoins may be desirable. Binance is the de facto altcoin exchange.

• Customer support – new traders who are skeptical or nervous about investing will probably want to choose a platform with a good customer support offering.

• Payment options – if you want to buy with PayPal or a cred/debit card, make sure that your chosen exchange supports this.

• Privacy – make sure you sign up with an exchange that looks after your data properly. Avoid accounts that have suffered previous hacks.

Final Thoughts

In conclusion, when choosing a Bitcoin account, make sure you review your needs and choose a platform accordingly. Select a platform based on the type of account you need, as well as the individual features that you value the most.