Buying and trading Bitcoins has become a popular option for many people, but choosing a suitable exchange is just as crucial as buying coins. To get started, you need to know what exchange you are using. Some exchanges let you buy bitcoins directly with a credit card or bank account. Others don’t support that option, and you will need to use an e-wallet instead. You can visit http://bitcoin-smarter.com if you are looking for a reputable trading platform that will help you earn more profit.
After that, you must determine what features you need and don’t. Are you looking for an exchange that offers a mobile app? Do you need a user-friendly interface? If yes, then you should know that there are a lot of such platforms available all around the internet and hence, it might be quite daunting for you to settle for one among all.
But what is the best Bitcoin exchange and how to use? To answer these questions, we will look at some considerations to look for before choosing a bitcoin exchange platform.
Find A Reliable Bitcoin Exchange
One of the best ways to find a reliable Bitcoin exchange is to look at reviews. You can see what others have to say about a particular Bitcoin exchange by visiting their website and reading through their customer reviews.
Number of Coins You Can Buy
One of the most important things to consider when choosing a Bitcoin exchange is how many coins you can buy. Entire bitcoin game in the trading platforms depends on the supply in the market and the demand that the public have for it. As more people join the market, the currency’s value increases, driving up demand.
The same goes for bitcoin exchanges. As more people start using their services, more people want to buy and sell bitcoins through them. You should wait until there is more bitcoin demand before purchasing many.
Look For Trustworthy Bitcoin Exchanges
As mentioned earlier, there are many Bitcoin exchanges out there. Some are trustworthy, while others are not. It is essential to do your due diligence before using a Bitcoin exchange. Regulations are the prime things which you should check before getting indulged in a particular platform. The company must adhere to specific standards to protect its users and the wider Bitcoin community.
Another important consideration is whether the Bitcoin exchange is licensed. Some countries require that Bitcoin exchanges be licensed to operate. This helps to prevent money laundering and protects consumers from fraud.
Find The Best Pricing
If you plan on using Bitcoin to purchase goods and services online, you should avoid using a Bitcoin exchange that takes too long to process transactions. Another thing which you should be concerned about is to ensire that the exchange platform supports your present currency or not. And not all of them accept payments in all the currencies that are commonly used around the world.
Check out the prices The fees charged by bitcoin exchanges vary from one to another. Some charge small fees, while others charge larger ones. Generally, if the prices are smaller, it is a better deal. You can buy a few more bitcoins per day.
For example, if you buy 1000 USD worth of bitcoins and pay 0.1% in fees, you would have $10 worth of BTC after 10 days. If you purchased that same amount of bitcoins and paid 0.5%, you would have $5 worth of BTC after the same period. Fees are usually expressed in terms of “fractional amounts” of Bitcoin.
For another example, if you buy 1 BTC for $300, you will pay $30 in fees. This is equivalent to 0.03 BTC, or $3. Most bitcoin exchanges will let you choose the price that you want to pay, so you can avoid paying too much.
Minimum Purchase Limits
Some Bitcoin exchanges are designed to provide a certain amount of liquidity to the market. If a market has a high volume of transactions, it is necessary to set a minimum purchase limit.
Conclusion Hence, after going through the above article, it must be clear to you that bitcoin exchanges do hold a vital position in your trading game. Thus, a vivid research on each of the shortlisted platfdorms will help you determine the best fit.
