There’s a reason why one Bitcoin unit is worth over $60,000. Cryptocurrency like Bitcoin has so sought after that a variety of buying and selling options have arisen outside of traditional trading websites.
One example of this is the many Bitcoin ATMs that are springing up all over the place. While these devices do add a layer of convenience, they can also tack on a lot of fees to your transactions.
As such, it’s important to find the best Bitcoin ATM provider possible. But how do you do this? Simple: you read this article. In it, we’ll go over our shortlist of the best ATM providers available near you. Let’s get started!
What is a Bitcoin ATM?
Before we dive into the best Bitcoin ATM providers it’s important to first understand what the machine is and how it differs from a traditional ATM. A Bitcoin ATM is essentially a cryptocurrency exchange.
That means that you can purchase and sell your Bitcoin at this physical location. Typically the device also comes with a cash dispenser, scanner, and computer that tracks the transaction. Some ATMs also let you exchange other cryptocurrencies or gift cards. To access a Bitcoin ATM it’s important for you to first get a Bitcoin wallet.
When you purchase Bitcoin the price is dependent on the exchange rate. Because the ATM is connected to the computer this rate is updated in real-time.
Bitcoin ATM Fees
The only downsides to Bitcoin ATMs are the fees that come with them. Due to regulatory costs, ATM owners need to charge large fees on transactions to run them. Sadly, these fees have remained high even as more competition enters the field.
If the ATM provider is large, then economies of scale can lower the average transaction fee to 7% or 8%. However, this is often only available in non-United States markets.
If you are using an ATM in the US, then you shouldn’t be surprised by a 15% to 20% transaction fee. Until cryptocurrency maintains a more secure legal status, we can likely expect these large fees to continue.
The Best Bitcoin ATM Provider
To use a Bitcoin ATM you will need to be charged a percentage fee for your transaction. As such, it’s important to look for ATM providers with the best fee rates. However, as we mentioned, these rates can change from ATM to ATM.
As such, convenience, usability, and versatility should also be factored into your decision when choosing a provider. To help you out we’ve organized a list of some of the best Bitcoin ATM providers.
With over three thousand five hundred ATMs in the United States, Coin Cloud is a great option for people who don’t have cash. This is because Coin Cloud allows individuals to use debit and credit cards to purchase the many different types of cryptocurrencies available.
On top of that, they also offer some excellent promotions. For example, you can get $25 worth of free Bitcoin when you purchase $150 in Bitcoin at one of their locations. All you need to do is use the promo code CLOUDCOIN at the checkout.
There’s a lot of reasons why you should like Byte Federal. For one thing, the ATM provider has a higher daily limit than many other providers. With Byte Federal you can convert up to $21,000 of cash to coin every day.
You also don’t need to worry about safety when handling such a big transaction. Thanks to AML and KYC security policies these machines are secure and provide instant verification. And, Bitcoin isn’t the only thing that this provider has to offer.
Byte Federal offers a staggering number of trading options. At these ATMs, you can buy or sell everything from gold to gift cards. With more options being added all the time Byte Federal is truly one of the more versatile options out there.
Finally, Byte Federal builds their fees into their rates. As such, you’re never surprised by a hidden fee.
The biggest benefit that comes with Bitcoin Depots is the sheer amount of locations. If you’re looking for a Bitcoin ATM in the United States, then odds are you’ll be able to find a Bitcoin Depot.
The company operates over three thousand ATMs out of forty-five states. What’s more, the locations are easy to access and are operational twenty-four hours a day seven days a week.
Bitcoin isn’t the only type of cryptocurrency that the ATM offers either. There are dozens available, so they’ll probably have what you’re looking for. Because of their extensive locations, Bitcoin Depot also has excellent customer service. So, if you encounter a problem, then it can easily be addressed.
If you value your privacy heavily, then you might want to consider going with Coinsource. Coinsource promises that they will never sell any of your information to sketchy third-party buyers.
The provider is also good at identifying potential scammers that act like Coinsource before they can cause serious damage. On top of that, the provider also offers some pretty great low rates. However, this can change slightly from location to location.
Want More Content? Keep Exploring
We hope this article helped you answer the question, What is the best ATM provider? As you can see, there is no one answer to the question. The fact is that there are lots of good providers out there. And, as long as they’re credible and have fair rates, then they’re almost certainly safe.
Just make sure that they’re credible and follow proper security procedures to protect your transactions. So, find a Bitcoin ATM today so you can get the cryptocurrency that you deserve.
Did you enjoy this article? If the answer is yes, then you’re in the right place. Keep reading to find more topics that you’re sure to love.