Best bitcoin exchange | Where to buy bitcoin?
So you’re finally ready to buy your first bitcoin. But you don’t know where to start. No worries, I got you covered! Indeed, I tried and reviewed most exchanges available these days. And here are the results of my experiments: You’ll know what is the best bitcoin exchange. Keep reading.
Where to buy bitcoin?
If you want to buy bitcoin, there aren’t that many choices available: You need to visit a currency exchange platform. Indeed, a currency exchange platform allows you to change fiat currency (dollar, pound etc.) into cryptocurrency (bitcoin, ethereum etc.). And you can also change a crypto-currency into another crypto-currency…
These exchanges are a disruptive innovation , which are shaking the financial system. Indeed, people can now exchange money without going to the bank!
How to choose the best place to buy bitcoins?
Here are all the criteria I used to rank the different bitcoin exchanges. However, there are also subjective criteria. For example, the experience I had with the exchange website or the contact with their after sales service.
One of the main advantages of bitcoin is privacy. Indeed, you can buy and spend bitcoins the way you want. However, this fundamental feature of bitcoin may be affected by the exchange you choose. Indeed, some of them require you to submit your personal details and a copy of your ID to register. So you can forget about your privacy in these cases…
Most platforms set up buying limits, especially for new users. Therefore you can buy bitcoin only up to their limits. And this can be really annoying when you’re ready to invest into bitcoin. However, you can sometimes remove these limits either by validating your account (showing some ID) or by simply waiting for a few days.
So you need to know how much you want to buy and how much you can buy. Then you can find the best bitcoin exchange. If you plan to buy large amounts, you have to make sure the platform accept such transactions.
Fortunately, there are market places to buy large quantities of bitcoins. But not yet for any other altcoins…
A coin is a coin. And the lowest the fee, the better for your wallet ! While average fees for credit card purchases are about 4%, bank transfers are usually around 1 to 1.5%. And you need to know the exchange rate for each platform, to be able to compare them. The best bitcoin exchange should have lower fees.
How fast will you get your bitcoins? Purchases by credit card are often instantaneous, while those made by bank transfer can take several days… And cash purchases are pretty fast. But they can only be made physically, not online. As a rule, most delays due to the slowness of the traditional banking system, not to crypto-currency itself.
Maybe you should know that, in the past, many bitcoin exchanges have turned out to be scams… Ever heard of Mt. Gox? But it was the beginning and users didn’t know what was the best bitcoin exchange. And now, with sites like BestBitcoinAlternative.com, you can take time to learn before making a mistake. For this criteria, it’s important to check how long the platform has been online. And if it’s regulated?
What are the different types of bitcoin exchange platforms?
While some bitcoin exchanges change your currency right away, others require you to deposit money. And there’s a greater risk if you have to put money online first. Indeed, it’s better to use an exchange where there’s only a brief interval of time before your exchange takes place.
Exchange platforms requesting deposits have huge amounts of funds available. And they may scam everyone and close business at almost any time… Of course, I’m not saying that all the platforms requesting deposits are scams. But just that it’s riskier to use them. Therefore, the best bitcoin exchange shouldn’t require any deposit.
Finally, if ever a bitcoin exchange starts scamming someone, everyone will quickly know about it. And no further deposit will ever be made.
What are the important things to look at on an exchange platform?
In addition to what I mentioned above, you should check if the exchange platform is regulated. And if it has a good support which promptly responds to requests. Finally, try to know more about the owners. While there’s no guarantee that it won’t change one day, you should not take it lightly.
What are the risks to consider with bitcoin exchanges?
Make sure you get a secure crypto-wallet and use it to store your bitcoins. Indeed, you’re responsible for your coins. And no one else is. I would hate see you lose your bitcoins! Hardware wallets cost a little money, but they’re absolutely essential if you take the safety of your coins seriously.
As I said before, you should never store your coins on an exchange! Because if you don’t have the private keys from your coins, they’re not yours. It’s as simple as that.
The best bitcoin exchange
This was my guide: Best bitcoin exchange | Where to buy bitcoin? Stay tuned for more coming soon.