Thursday, December 21, 2017

Choose the Best BTC Exchange: For You

 Choose the Best BTC exchange: for you

Understanding how to buy bitcoins is an important first step in getting started with digital currencies. However, knowing which bitcoin exchange to choose may be the most important first step. Since you will put money into bitcoin and exchange it from where you purchased it, making sure you choose the right bitcoin becomes crucial.

In this guide, we'll walk you through the top items in our list, and we encourage you to review before deciding to choose a Bitcoin exchange. Remember, these are just suggestions to help you make the right decision. Finally, things can always change according to the exchange and the market. But it is very encouraging to do your homework first.
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Exchange in which country?

It is important to understand the fundamentals of your country and exchange, as laws and regulations may vary from country to country. It is usually advisable to buy bitcoin in your country. To see the full list of exchange rate countries, go to Buying Bitcoins, then select your country from the drop-down menu to get started.

Exchanges can accept multiple currencies despite their country of presence or absence. Make sure you check the rules; usually, the terms of the postal exchange and the unacceptable currencies are exchanged on the terms of service.

How to buy Bitcoin?

You can pay by wire transfer, cash, credit card, PayPal, etc. Use the method that works best for you at your convenience. Be sure to consider your privacy level, for example, credit card may be the least private method, not a cash transaction.

Exchange fees

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You will want to ensure that the exchange fees are within reasonable limits and will not be higher than in any other market. Expenses can change overtime hours, from exchange to exchange. Some exchanges charge additional fees for bitcoin transaction costs.

Order book

Most deals with a decent customer base will publish their orders. The order is simply a list of pay and sell orders provided by the exchange. Large orders are one indicator of how people use the exchange and the exchange has liquidity. Although this is an important indicator, an exchange that does not place an order does not mean that it is not legal, it may not yet have this feature, and / or have smaller volumes than other larger exchanges.

Is the exchange transparent?

The fully transparent exchange will post cold storage addresses or review how to validate bitcoin reserves. Bitcoin auditing is a good way for exchanges to prove to their clients that they are liquid and can pay for all bitcoin exchanges without decimals.
How quickly will you get the bitcoins after purchasing them?

This may vary person-to-person, but it’s good to know how long before the bitcoin will be sent to you after purchase. Make sure to also check if the exchange offers ‘locked in’ pricing; meaning that the price you buy at, is the price you will be charged for even if the bitcoins take a few days to arrive.
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Is anonymity important to you?

Staying completely anonymous is difficult, unless you buy locally from someone in cash through a person-to-person marketplace. Make sure to check if the exchange follows Know Your Customer (KYC) and Anti-Money Laundering (AML) laws in your country. If they do, then some identity information will have to be sent to them before buying.

Security is paramount 

Knowing the exchange is secure is very important and shouldn’t be overlooked. Is the exchange site HTTPS or HTTP? For it to have a secure protocol it must be HTTPS. Does the exchange offer secure logins along with two-factor authentication (2FA)? These are just a couple things to think about before selecting an exchange.

Is the exchange reputable?

This is an important question that can only be answered by discussing it with your peers. If you want to make sure the exchange has good customer reviews, search for feedback about the exchange on internet forums such as the Bitcoin Reddit or the Bitcoin Forum. If you can’t find any feedback about it, ask in those forums if your peers have used it and what their experience was.

Avoiding fraud

Not becoming a victim should be a high priority. This means avoiding any scam exchanges that are designed to steal from you. Please read our guide to avoiding Bitcoin fraud for more details.

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