Tips for Choosing the Best and Reliable Bitcoin Exchange!!!
Do you want to buy bitcoins? Then, find the reliable bitcoin exchange where you can happily buy the bitcoin for a low price and sell when the price of the bitcoin goes up. Nowadays, many people are showing interest in trading bitcoins.
It has become a hotcake now to earn a whopping amount of money in a short time.
However, you must have extensive knowledge of this type of trading before you take a plunge into this world. It avoids you from losing the hard-earned money.
The first step to start with the bitcoins is to know where you have to buy this digital currency.
When you buy this and add to the wallet, you can use it for shopping online and offline. With the overwhelming number of bitcoin exchanges in the market, it is always challenging for beginners to choose the best exchange.
As you would be spending money to buy bitcoins from the exchanges, you make sure that you choose the right one.
There is a checklist that you must keep in mind when selecting the exchange like profit-secret. This checklist will guide you on the right path.
Moreover, let you take a wise decision of choosing the one that is profitable for you.
Table of Contents
When you are planning to buy the bitcoins in an exchange, you always need to know about the exchange.
You can do rigorous research about it online to learn in which country it is established and is it following all the rules and regulations that are set by the country. The bitcoin exchange rules vary from country to country.
It is always recommended to buy the bitcoins only in the home country. Though the exchange is not in the home country, the one you are going to use must accept different currencies.
You also need to check the terms and conditions where the exchange would publish about the currencies that they would accept.
Also Read: Common Misconceptions About Bitcoins
Mode of buying bitcoins
There are different modes through which you can transfer the money in exchange for bitcoins.
The mode of payments that are accepted by the bitcoin exchanges can be wire transfer, PayPal, cash, credit card, and more. You can use the payment mode that is highly convenient for you.
You choose the payment mode that assures high privacy. It is best to make payment through cash than paying through a credit card.
You also have to check the exchange fee that is charged by the bitcoin exchange thoroughly. The exchange fee differs from one exchange to another exchange. However, do not go for the exchange that is charging you with the skyrocketing fee.
The fee would change from time to time in the same exchange. There would be additional fees that are added for every bitcoin transaction.
Order book volume
The exchanges that have a good customer base would publish the order book. The book is where you can see the price of buying and selling the bitcoins clearly on that particular exchange.
The higher volume order book indicates that many people are buying and selling in the exchange, and there is high liquidity.
However, the exchange that is not publishing any of the order books does not mean that they are illegitimate.
It can be that they would not have this feature or they have smaller volumes of exchanges compared to the other bigger exchanges in the market.
The exchange you are going to choose must be transparent in showing up the information such as the cold storage addresses. They should also provide you with the audit information on how they are going to validate the bitcoin reserves.
The bitcoin audits are an effective way to gain the trust of the customers by showing them the customers and liquidity. It also has the sales that happened in the bitcoin exchange.
Duration to get the bitcoins into account
The time it takes to get the bitcoins you have purchased into the account varies from person to person.
However, you learn how long it takes for the bitcoins to get into the account. You have to inquiry about this. You also have to check whether the bitcoin exchange is offering any locking in the price.
This means that the price at which you buy the bitcoin is the same price that they would charge when bitcoins arrive at your location.