Best Exchange to Buy Bitcoin
Choosing the best exchange to buy Bitcoin is very hard work. Your first step into the crypto-currency world occurs through an exchange. There are mainly two types of exchanges.
The first type of exchange is called fiat exchange. This exchange allows the direct transfer of US Dollars, Euros, and other government currencies to be traded in a crypto-currency market.
The second type of exchange is Cryptocurrency to Cryptocurrency exchanges that allow other cryptocurrencies to be traded and linked with each other. The most common pairing exchanges are Ethereum and Bitcoin.
You will need certain exchanges, depending on the type of cryptocurrency you are trying to obtain. To obtain most of the cryptocurrencies, you need to use both types of exchanges. This is because of laws and regulations around some cryptocurrencies that make it difficult for fiat exchanges to sell them.
What is Cryptocurrency exchange?
These exchanges are websites where crypto coins can be bought, sold or exchanged for other digital currency or some traditional currencies like US Dollars or Euro. For the people who want to use or trade cryptocurrency professionally and have access to trading tools, you need to use an exchange that could require your ID to verify and open an account.
Types of Exchanges
1. Trading platforms:
These trading platforms automatically connect buyers and sellers. This means that you can buy from the people who placed an order on the site without even communicating with them directly. It takes a small fee for the service.
These are the sites that simplify the process to allow you to buy crypto-currency through this at a predetermined price. The process is usually simple when you buy from broker sites but it is expensive also.
3. P2P platform:
This can help connect buyers and sellers directly to negotiate on a price. This site provides a wider array of options like payment methods, supported countries etc. For example LocalBitcoins, Paxful.
4. CFD Platform:
From this exchange, you will like to stay away from. CFD means “Contract for difference” and it means you are betting on the price of Bitcoin in the future instead of owning it. It is very easy to use a platform.
Before Choosing an Exchange, Make Sure for These Features
Before selecting an exchange, make sure the exchange you want to select allows full access to all the platform tools and functions in the country you are residing in.
Some exchanges support a wide variety of payment methods and others support only wire transfer. The payment method that allows a buyer to get money back such as credit cards or Paypal involve higher fees. This is to ensure the seller to cancel the payment after getting cryptocurrency. The payment methods that can be reversed like wire transfer, are cheaper.
Three kinds of fees are taken on these platforms like deposit fees, transaction fees,
and withdrawal fees. Each fee is different and it affects the total amount of money you
receive in the end.
Some exchanges charge low fees but exchange rates are higher. This depicts
that fees are hiding in the exchange rate
The buying limit depends on the payment method and identity verification
level. If you aim to buy a large number of Bitcoins, some exchange will not be relevant to
their low limits
Is the exchange well known in the Bitcoin community? How well the
support is provided to it in the process? Have there been a large number of complaints
against a Bitcoin exchange? Keep in mind that no exchange is without negative reviews. It is
also important to consider the volume and content of the reviews.
Type of Buyer You Are
All people have lots of different reasons for choosing where and how they buy Bitcoin. Here are some of
the most known reasons:
There are many popular platforms that allow people to send money directly to each
other without a bank or without sharing personal details. This process is called anonymity. For
many users, anonymity plays an important role in buying Bitcoins.
Many buyers prefer to buy cryptocurrencies and blockchain technology. They want
to involve in crypto community.
Ease of Use:
How easy is to buy cryptocurrency is important for a crypto beginner. New buyers
find a place where buying Bitcoin is simple
Everyone needs to be safe while making a purchase. Some ways of buying bitcoin are
safer than others.
There are many best platforms that provide very good features and advantages to the buyers. Here are
It is advisable that a new buyer needs to consider each and every pros and cons of the exchange
platforms and every feature provided by the platform. The best exchange to buy Bitcoin is provided by
In the end, what matters is which company is reliable and you are happy with the charge of a
transaction. Consider a platform that provides hassle-free services.