Where to Buy Bitcoin Safely in 2024

TL;DR: Buy Bitcoin from a regulated exchange with strong security practices, then transfer to a hardware wallet for long-term storage.

Key takeaways

Use established exchanges with regulatory compliance, insurance, and a track record of security.
Enable two-factor authentication (2FA) and use a unique, strong password.
Move Bitcoin off the exchange to a hardware wallet like Ledger for long-term holding.

What to look for in an exchange

Not all exchanges are created equal. Before signing up, check for:

Regulatory compliance — Is the exchange licensed in your jurisdiction? Regulated exchanges are more likely to have proper security and insurance.
Security track record — Has the exchange been hacked? How did they handle it? Look for exchanges that use cold storage for the majority of funds.
Fees and spreads — Compare trading fees, deposit/withdrawal fees, and the spread between buy/sell prices.
Payment methods — Does the exchange support bank transfers, credit cards, or other methods you prefer?

Several exchanges have earned strong reputations for security and ease of use:

Coinbase — US-based, publicly traded, beginner-friendly interface. Higher fees but good for first-time buyers.
Kraken — Strong security record, lower fees, supports many countries. Good balance of features and cost.
Gemini — US-regulated, insured, clean interface. Popular with security-conscious users.
River — Bitcoin-only, US-based, automatic recurring buys. Great for long-term stackers.

Research each option and choose based on your location, payment preferences, and fee tolerance.

Choose an exchange — Pick one that's available in your country and meets your needs.
Verify your identity — Most regulated exchanges require KYC (Know Your Customer) verification.
Enable 2FA — Use an authenticator app (not SMS) for two-factor authentication.
Start small — Make a small test purchase to learn the process.
Withdraw to self-custody — Once you're comfortable, transfer your Bitcoin to a hardware wallet like the Ledger Nano X for secure long-term storage.

Don't leave significant amounts on an exchange. Exchanges can be hacked, freeze accounts, or go bankrupt. Your keys, your coins.