Do you want to buy Bitcoins? Knowing how to buy Bitcoins is a very important step in joining the crypto-train. However, identifying a good Bitcoin exchange, I would say, is also important. Since you are going to invest your money in Bitcoins, I think choosing the right one to buy becomes critical. Don’t you think? Ok, let us see what this good Bitcoin exchange is all about.
We will look at some Bitcoin exchanges and some criteria you can look out for when choosing any Bitcoin exchange. Note that these are just suggestions to guild you in making the right choice. But make sure to do your own homework and research because things can change based on the market or exchange.
What country is the exchange located in?
If not being told. You ought to put in mind the location of an exchange market you want to buy from. Not only may laws and regulations vary from one country to the other. Buying Bitcoin from an exchange based in your home country is highly recommended.
What mode of payment is acceptable?
Is it easier paying with credit cards or cash and the exchange doesn’t trade with cash? This is one of the things you just have to look into before deciding which exchange to buy Bitcoins from. Taking your time to plan out what mode of payment would be convenient for you and save a lot of headaches and crisis along the road.
You would also want to make sure that the exchange fees are not unreasonably high compared to the rest of the market. Fees do vary from one exchange to the other. Some exchanges just charge more additional fees on top of the bitcoin transaction fees. So do look out for cheaper exchanges before choosing any.
An order book is simply just a ledger or a list containing all top or outstanding orders or uses to record the interest of buyers and sellers. Though in the absence of an order book, doesn’t mean the exchange is not legit. It just might not have that feature yet.
How quickly do you get you Bitcoins after purchasing?
This might not of great importance to some persons. But it is actually good to know how long it will take you to get your bitcoins after you purchase it.
This should also be a thing of concern too, don’t you think? Knowing if the exchange is secured is very important and should not be overlooked either. Does the exchange offer secure logins along with two-factor authorization? These are just a couple of things you should look out for before selecting an exchange.
Not becoming a fraud victim should be your highest priority. Avoid scam exchange that is designed to steal from you. A background checkup is recommended, before choosing an exchange.
Here are some popular Bitcoin exchanges you can go check out:
- Coinbase:- world’s largest Bitcoin broker. Available in US, UK, Singapore, and most of Europe.
- LocalBitcoins:- a peer-to-peer Bitcoin exchange. Buyers and sellers agree to trade terms, and LocalBitcoins makes sure the trade goes through with no problems for both parties.
- GDAX:- is an exchange that supports not only Bitcoins but some other digital currencies like Litecoin and Ether.
- Wall of coins:- is a peer-to-peer Bitcoin exchange that makes it easy to sell and buy Bitcoins.