Choosing the best site to buy and sell bitcoins
Being well-versed with how to buy a bitcoin is an essential
first step to enter the cryptocurrency market. However, knowing which exchange
platform to choose for bitcoin trading can be one of the most important first
steps. As you will be investing your funds in the exchange you choose, make
sure to select the best site to buy and sell bitcoins.
Here are the top things we recommend you to review prior to
making your decision to choose a bitcoin exchange platform:
The country where the exchange is located
The laws and regulations pertinent to cryptocurrency vary
country to country. Thus, it is important that you know the cryptocurrency
investment rules in your country and also where the exchange is based out of.
It is recommended that you buy bitcoins in your home country.
Despite the exchange platform being based in your country,
it may accept other countries’ currencies. Most exchanges provide a detailed
information about their trading pairs and what currencies they accept or do not
accept. Make sure that you check the trading pairs offered by the exchange that
you are considering choosing for bitcoin trading.
The payment process
Different exchange platforms have different modes of
payment. Find out if you can pay with cash, credit cards, wire transfer,
PayPal, and more. Choose an exchange that offers a payment method that works
best for you. Also, make sure to take into account your privacy levels, for
example credit cards may be a less private way of paying for bitcoin purchase
compared to cash transactions.
Order book volume
An order book consists of the list of buy and sell orders
that are being offered on the exchange platform. The best site to buy andsell bitcoins will usually publish its order book. A higher volume means
that people are choosing the exchange for cryptocurrency trading and the
exchange has liquidity.
Although order book volume is a crucial indicator, it does
not mean that the exchange that does not publish its order book is not legit.
It may not have that function yet or it may have a smaller volume compared to
other big exchange platforms.
Transaction processing speed
The speed at which exchange platforms process transactions
vary from exchange to exchange, but it is good to know how long will you have
to wait before the bitcoins are transferred to you after purchase. The best
exchange to buy and sell bitcoins is usually designed to process
transactions at a fast pace.
Do not forget to check if an exchange offers locked-in
pricing, which means that the price you buy bitcoins at, is the price you will
be charged even if your bitcoins are transferred to your account in a few days’
time.
Security
This is one of the most important things that cannot be
overlooked. Find out if the exchange is HTTPS or HTTP. For any exchange to have
a secure protocol, it has to be HTTPS. Furthermore, find out if the exchange
offers secure logins and two-factor authentication (2FA).
User anonymity
Being completely anonymous during cryptocurrency trading can
be a bit difficult, unless you buy from a person-to-person marketplace by
paying in cash. Make sure to check if the exchange that you are considering to
choose follows Know Your Customer (KYC) and Anti-Money Laundering (AML) laws in
your country. If yes, you will have to share some identity information with
them prior to purchasing your bitcoins.
Investing in cryptocurrency helps you to make money, but you
need to choose the right exchange platform to benefit from your investment.
Considering these points will not only help you to select the best site to
buy and sell bitcoins but also prevent you from becoming a victim of any
scam.
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