Bitcoin has served as the benchmark cryptocurrency for the burgeoning crypto space since launching in 2009. From inception to date, the premier digital asset has shot up in value over nine million percent. This has spurred in the virtual currency by retail and institutional investors, with many seeking to open a Bitcoin account.
Given this growing market need, we have selected some of the Best Bitcoin account providers to buy and speculate on the digital asset price from your Bitcoin account. We also show you step-by-step how to set up a Bitcoin account within 5 minutes.
What is a Bitcoin Account?
Before we head down to the account opening process, we must define what a Bitcoin account is. Contrary to popular opinion, there is no such thing as a Bitcoin account, largely because Bitcoin is a decentralized virtual currency. This means owning Bitcoin does not require you to create an account with a bank or any government established institution.
Bitcoin wallet addresses are the only similitude to a traditional banking account. These are transparent and vaguely pseudonymous, meaning you cannot easily identify the owner of a wallet address. The most popular way to buy cryptocurrency like Bitcoin is through a crypto exchange or broker such as eToro and storing it in a digital wallet. This allows you to retain full ownership of your assets without any third entity playing a role in its security.
Another option available to own a Bitcoin account is to buy Bitcoin as a CFD product. CFDs (short for contract for differences) are financial derivatives that track the price of an asset at the time of the execution of an agreement and how much it cost at the end of the contract. This takes away the need to store the asset physically and does not consider the asset’s price at the expiration as it only monitors the difference in value at a specific period. Traders can also use the services of Bitcoin Profits, Bitcoin Trader and other popular Bitcoin robots to trade.
Although Bitcoin is not a conventional financial instrument, more traditional CFD brokers offer it a CFD product for investors unwilling to gain excess exposure to the volatile asset class. This makes Bitcoin an encompassing speculative instrument for both new and experienced traders.
In the section below, we will guide you on setting up a Bitcoin account on the best Bitcoin account providers for this year.
Best BTC Account Providers 2021
We’ve explained what a Bitcoin account is and how it works. This section will explore some of the best platforms that offer BTC accounts and set up an account easily.
Some of the service providers we would examine here offer Bitcoin Contract for Difference (CFDs), which means they allow you to trade the asset without owning it. Since you don’t own the asset, you don’t have to store them in a private wallet. Instead, your Bitcoin remains with the broker. This model implies that you benefit from the price movements of Bitcoin, and you can easily buy Bitcoin and sell it back to the broker without hassles.
1. eToro – Social Trading Exchange and Cryptocurrency Wallet
eToro is a regulated and reputable online broker for buying and selling cryptocurrencies.
The platform owns multiple licenses across several jurisdictions, making it the broker of choice for many Bitcoin investors. eToro is licensed to operate in the United Kingdom and the US. This online broker allows customers to buy Bitcoin and store it in their crypto wallets or trade Bitcoin CFDs.
The Bitcoin CFD option is limited to European customers only, at press time. eToro is a safe platform for investing and trading CFDs. The platform offers daring investors tight spreads, short selling options and even social trading. eToro is also set up for beginner investors. There are no complex charts or fuzzy buttons on the platform. The online broker also allows newbie traders to copy the movements of professional traders through its Copy Trading functionality.
- Easy setup of Bitcoin account
- Tight spreads
- Several funding options supported
- Limited cryptocurrency offerings
- Account is denominated in USD.
eToro – Best Overall Broker for Bitcoin Accounts – 100% Commission-Free
2. Bitcoin Trader – Best Bitcoin Robot Trader
Looking for an alternative to open a Bitcoin account and trade without experience? Look no further than the auto trading robot Bitcoin Trader. Bitcoin Trader has been on the scene since 2017 when it was created as a Bitcoin robot by Gary Roberts and it’s one of the best bitcoin accounts platform for newbies.
The software uses sophisticated algorithms to predict market movements and execute trades in 0.01 seconds – which is reportedly faster than any of its competitors.
Once it finds profitable trades, the robot would link you with reputable brokers to place your trades. What we love about the Bitcoin Trader is the zero fees required for setup. The trading robot has a demo account, so you can take it out for a spin without investing funds.
Once you’re comfortable with the platform and are ready to go, the platform would require a minimum deposit of $250 before the software kicks in. To get the best performance from this auto trading bot, the investors need to set up the auto-trade feature so the bot can buy and sell orders without human intervention. In terms of its win rate, Bitcoin Trader claims a 92% success rate. This might be too optimistic, as it’s not uncommon for bitcoin robots to miss out on certain trades.
- Suitable for newbie traders
- Swift BTC account opening
- High success rate
- No setup, deposit or withdrawal fees
- There’s no guarantee it would win all trades
3. Binance – Bitcoin Accounts with Low Fees
Binance is a popular exchange known globally for its numerous cryptocurrency offerings and low fees. The platform was created in 2017 and has grown into the largest exchange in the world. In terms of its Bitcoin account process, Binance offers low-fee Bitcoin accounts which are easy to open and maintain.
The platform is also notable for being the most affordable exchange to use due to its extremely low trading fees. You can access even cheaper fees when you open your Bitcoin account paying with the Binance Coin (BNB). Opening a bitcoin account on Binance is simple and straightforward.
You should be up and ready in three minutes. However, because the exchange is largely unregulated and often at odds with regulators, your funds might not be safe or secure. As compared with other regulated platforms like eToro, Binance might not be the safest option out there to open a bitcoin account.
- Quick bitcoin account opening
- Low fees
- Fast transaction fees
- Easy to use platform
- Platform is not regulated
- Limited deposit options
4. Plus500 – Bitcoin Account for CFD Trading
For cryptocurrency traders outside of the US, Plus500 is a trusted and popular broker that offers a swift bitcoin account opening process for CFD trading. Customers love Plus500 for its online share dealing account.
The platform is a low-cost alternative for traders offering 100% zero commissions and one of the best bitcoin accounts platform for traders.
Plus500 is also regulated in the UK by the Financial Conduct Authority and is a publicly-traded company on the London Stock Exchange. Plus500 allows trading in more than 2,000 financial instruments in numerous markets.
Investors can trade in shares, forex, index and cryptocurrencies. When you open a bitcoin account with Plus500, you’re opening an account to trade in CFD instruments. All the cryptocurrency markets offered on this broker come in the form of CFD instruments. This means you can long or short-sell Bitcoin. You can also use leverage of up to 1:2 when trading Bitcoin.
- 100% commission-free trading
- Open a bitcoin account in minutes
- Access to numerous financial instruments
- Mobile app trading
- Suitable for both newbie and professional traders
- Only CFD trading available
- Bitcoin can’t be withdrawn
How to Create a Bitcoin Account
Now that we know what a Bitcoin account really is and isn’t, it is time we show you how to create one of a few of our top choices. We are kicking off with social trading leader eToro. Follow the steps below to get started in 5 minutes.
How to Create a Bitcoin Account on eToro
Step 1. Open an account
Navigate to the official website of eToro and click on ‘Join Now.’ You will be redirected to a signup page where you will need to supply your first and last names alongside a username, mobile number, email address, and a password. You can skip this process and signup with your Google and Apple account below the signup form.
Step 2. Upload ID
As we noted earlier, eToro is regulated by a retinue of tier-1 bodies which means you will need to complete a know-your-customer (KYC) process to have your Bitcoin account verified and ready for deposit. This process can easily be completed online. All you will need to do is upload a copy of your driver’s license or government-issued ID card. You will also need to submit a copy of your recent utility bill or bank statement to complete the verification of your Bitcoin account.
Step 3. Make Deposit
Funding your Bitcoin account is entirely up to you as eToro offers a plethora of ways to do this. To fund your account, click on the ‘Deposit’ icon and select your preferred payment method.
You can choose from:
- Debit/credit card (Visa, MasterCard, Maestro)
- Local bank transfer (country-specific)
- International bank wire
eToro charges 0.5% as fees. The platform accepts a minimum deposit of $50 for US residents and $200 for other regions.
Step 4. Transfer your Bitcoin
Once your deposit is confirmed, the requisite amount of coins will be deposited into your Bitcoin account. You can choose to hold it in your portfolio or transfer it. This depends on you. If you choose to transfer it to an external wallet, we recommend using the eToro cryptocurrency wallet. This comes with the added advantage that you don’t need to memorize or jot down your passphrase as eToro Bitcoin wallet only needs your username and password to access your Bitcoin account details.
How to Create a Bitcoin Account on Capital.com
Step 1. Create a free Bitcoin account
Creating a free Bitcoin account on Capital.com is super-easy and fast. To do this, click on ‘Trade Now’ on the official Capital.com website. On the signup page, you will be asked to provide your full name, nationality, home address, DOB, national insurance number, and a verifiable mobile number.
Like eToro, you can fast-track this process by signing up with your Facebook, Google or Apple account.
Step 2. Verify your ID
To do this, submit a copy of your official passport or driver’s license. You will also have to show proof of residence by submitting a copy of your utility bill or bank statement. All these can be completed online by taking a snapshot of the relevant document.
Step 3. Fund your Bitcoin account
After your Bitcoin account has been verified, you can now move on to make a deposit. You will need to meet a minimum deposit requirement of $20 or GBP through all supported payment options except for bank transfers which will be $250 to get started.
Step 4. Start Trading your Bitcoin
And that is all there is to create a Bitcoin account on Capital.com. The next step will be to start trading your Bitcoin. Capital.com only offers CFD trades which means you cannot store your BTC on the account or digital wallet.
How to Create a Bitcoin Account on Plus500
Opening a Bitcoin account on Plus500 is child’s play and can be completed in a matter of minutes. Given that it is a publicly-listed broker on the LSE, you can be assured that your Bitcoin account funds and details are secure. To get started, do the following:
Step 1. Open a Free Bitcoin Account on Plus500
First things first, you will need to create a Bitcoin account to be able to have one. To do this, navigate to the Plus500 website and click on ‘Start Trading Now’ on the homepage. This will direct you to a signup form where you will need to provide your full name, permanent home address, nationality, DOB, mobile number, and email address. You will also be asked to provide details about your tax status.
Step 2. Upload Relevant Documents
Plus500 is a regulated entity which means you will need to complete the KYC process to proceed to the next stage. Although this can still be side-stepped for a time, your Bitcoin account will be placed on a restriction and you will not be able to transact above $2,200.
If you intend to buy large amounts of coins with your Bitcoin account, we recommend uploading copies of your driver’s license or official passport as well as your utility bill or bank account statement to prove your place of residence.
Step 3. Fund your Bitcoin account
The next step is to make a deposit. To do this, select from either buying Bitcoin with PayPal, credit/debit card or a bank wire transfer. Plus500 does not charge you for making any deposit, but you will need to deposit up to £100.
Step 4. Select a Market to Trade
Once the deposit is complete, you can head over to the market segment you wish to trade on. You can navigate by using the filter box on the left hand of the screen and select from stocks, forex, commodities, or cryptocurrencies.
Or you can just search for the financial instrument if you already know which asset you want to trade.
Step 5. Place your Order
Once you have selected the crypto market, all that remains is to place a market order. This can be done by selecting ‘Bitcoin’ and clicking the ‘Buy’ or ‘Sell’ button. Remember to take some safety measures by inputting your stop-loss and take profit levels before completing the order.
How to Create a Bitcoin Account on Binance
If you are wondering how do I open a Bitcoin account on Binance, then you are in the right place. All you need to do to get started is to follow the steps below:
Step 1. Register
The first step will be to visit the Binance website to create a Bitcoin account wallet on your web browser. Once there, click on the ‘Register Now’ button to proceed to the signup page. Here, you will be asked to either create a Bitcoin account with your email or mobile number as shown on the example page below.
You will be asked to provide an email address, choose a password, and a mobile phone number. Once complete, click on the ‘Create Account’ to open the Binance webpage.
Step 2. Verify your Bitcoin account
Although Binance is not a regulated broker, you will still need to complete the KYC process to unlock a set of features like peer-to-peer (P2P) and more deposit and withdrawal limits. To do this you will need to submit a government-issued ID card or driver’s license and complete the facial recognition process. This takes a few hours to complete.
Step 3. Make deposits
After your documents have been verified, you can go ahead and fund your Bitcoin account. To do this, Binance offers support for bank transfer, credit/debit cards and P2P. Select the credit/debit cards and P2P options for instant Bitcoin purchases.
Then input how much Bitcoin you want to buy and complete your purchase order. Even though Binance does not have a minimum deposit bar, you will need to have a minimum of $10 to complete any purchase on the platform.
Step 4. Trade your Bitcoin
Now that you have Bitcoin in your Binance account, you can choose to hold it in your spot wallet and wait for the price to appreciate and then sell it off or head over to the Futures Trading section and trade it. Binance operates much like a traditional broker and all you need to do is either click on the ‘Buy’ or ‘Sell’ button to trade Bitcoin. You also get the added perk of setting your entry price through the limit order.
Also, remember to set your stop-loss and take profit levels before clicking on the relevant buttons.
If you have been with us all the way, you should know that we have debugged the concept around owning a Bitcoin account. As far-fetched as this idea sounds, many people still go around thinking they need to own a Bitcoin account before having access to the premier digital asset.
This is untrue and we hope we have been able to point out why. Nonetheless, taking 100% responsibility for safeguarding your Bitcoin funds can be daunting for a lot of crypto newbies. This is why we recommend using an online broker to help you safeguard your funds as well as your details.
The brokers we have highlighted are top-rated and heavily supervised by some of the most recognized global regulatory bodies in the industry. This ensures that your Bitcoin funds will not fall into the hands of bad actors. For our best Bitcoin account provider to use, we recommend using social trading leader eToro due to its all-embracing crypto offering.
eToro – Best Overall Broker for Bitcoin Accounts – 100% Commission-Free
What is a Bitcoin account?
Bitcoin account does not exist as the digital asset is decentralized meaning it cannot be stored in a traditional bank account. To get Bitcoin, you can either use a crypto exchange or a regulated broker.
What is the easiest way to open a Bitcoin account?
The easiest means to open a Bitcoin account is with a regulated broker. Once you make a deposit, you will be able to buy Bitcoin.
What payment methods can I use with a Bitcoin account?
You can select between more traditional payment rails like bank wire transfer, credit/debit cards, PayPal, Skrill, Neteller, and several others.
How do I top-up my Bitcoin account?
This can be done easily if you are working with a regulated Bitcoin account broker. All you need to do is fund your account through any of the supported payment methods. Another option would be to transfer more Bitcoin from an exchange into your private wallet.
Can I withdraw my Bitcoin from a CFD broker?
No. This is because CFD trades do not allow you to own the underlying asset which means you never had Bitcoins in your wallet. You can only trade the price differences between the beginning and end of the CFD trade.