Bitcoin Forum

Bitcoin as a Cryptocurrency is making ways and directly or indirectly creating some kind of part time job for people while still strengthening the economy and increasing the purchasing power of people when converted to fiat. Many now see bitcoin as a good platform for either temporal or permanent investment platform being optimistic about the price of bitcoin in future. Bitcoin is making ways like I said earlier and it’s awareness and importance is on the increasing scale. The demand for bitcoin in my locality is very high, literally everyone want to buy bitcoin and I get lots of Dm everyday from friends and even people I don’t have close relationship with all are seeking for bitcoin.

I’m considering taking these maybe as a alternate way of keeping myself more engaged and making little means for myself but here is the problem I noticed everyone demanding for bitcoin are interested in the rate at which you are willing to sell. I can’t buy at a higher rate and you expect me to sell at a cheaper rate or favorable rate to you all because I want to be a good vendor/trader.  I don’t know where best these post belongs to but I just want to be advised by  members of the community to suggest to me a source where I can buy bitcoin at a cheaper or fair rate so I won’t be at the loosing end after transactions.

You can literally try any platform you like - P2P platforms, centralized exchanges, 'Currency Exchange' section on the forum and more to buy bitcoins. For a beginner, you can use - Preev website to get the real-time price of bitcoin. This website has pretty good algorithm and shows the most appropriate bitcoin price. Then check whether the exchange you have picked has sell orders close to the Preev price, if yes, then the exchange is okay to use (note: also make sure exchange is legit and not shady before trading).

Moreover, sell orders are usually higher than the current bitcoin price because that's how market works. If you want to buy at lower prices, just place a buy order at lower price (slight lower than Preev price). You will not be able to buy bitcoin instantly but if your price is right, your order will get clear eventually.

And important suggestion - Don't try the services which let you buy bitcoins directly with credit/debit cards. First, they charge insanely high fees (upto 20%!!). Second, you are always at risk of getting your bank account freeze.

You're not alone on this, I also get similar request seeking for huge amount of bitcoin to buy but what discourages me from continue negotiating with them is the rate they're offering to buy. The demand for bitcoin is increasing and so is the exchange rate of dollars per Naira. Currently it seems Binance is selling at N493 per dollars, now you don't expect anyone buying that high to sell for lower rate, that'll just be wrong business.

The truth is bitcoin is now costly in Nigeria, best you can do is to inform your potential buyers on what the official rate is and give them your desire selling price. Communication is key, as far they trust you they might still patronize you. I do this often and it favour me. Be very cautious on the cheap offers you'll see online as 99.9% of the time this are scammers hoping to take advantage of you.

Also don't be too greedy, you will drive away customers. I see people selling at outrageous prices, and most individuals contacting you are only hoping to take advantage of you, get the coins cheaper from you and sell them on this bigs exchanges that support Naira to make instant profit that's why they seek low rate.

Centralized exchange are the best exchange to buy bitcoin. It is so easy but mostly you need to do KYC which is not ideal if you wish to keep your identity on private while buying bitcoin. Actually there are exchanges that can help yoi out and that you can also consider the decentralized exchange. If you wish to know more about bitcoin exchange then you can use the google search engine for best bitcoin exchange or a rank of bitcoin exchange based on marketcap volume.

You can search for cryptocurrency exchanges by filter. By the way, you can use this tool (https://cryptogeek.info/en/compare), it helps you compare the exchanges and choose the most suitable one for you.

https://blockspot.io/
https://www.cryptowisser.com/exchanges/

The first site is cool and you can filter it by country. Good or bad exchange, you need to withdraw your bitcoin if you are not trading. It is a basic prevention for on-exchange losses. Whales do it so why you don't? Especially why not if you are a bitcoin holder and don't trade your bitcoin?

Peer to peer or OTC markets can give you better rates but more risks when you are trading on P2P or OTC market. It is not help you to get anything if you save 50% by 10 trades, and lose all 50% savings with 2 trades with scammers. You will get nervous.

buy Bitcoin enough on an exchange that you think is good,
many exchanges are good in my opinion and why do you bother looking for them?
no Binance, Bitrex or Upbit, you can buy Bitcoin there, very easy to use, don't worry.

you can buy Bitcoin on CEX like Binance...
The fees that Binance offers for takers/makers are very cheap, I dare say it is the cheapest. In addition, KYC is not required for withdrawals under 1 Bitcoin to your personal wallet, making it easier for you to maintain privacy.

There are many exchanges in the market that are good, such as binance and kucoin, but in order for you to withdraw at least 2BTC and above it needed KYC so I think, get ready your valid ID, you may also buy in PayPal if you want. But I rather suggest to choose in the TOP5 list in coinmarketcap or coingecko for your reference, here are the top 5 as of now: (source: coinmarketcap)

1. Binance
2. Coinbase Pro
3.Huobi
4.Kraken
5.Bitfinex

You may choose the best exchange as well in terms of users activity or I mean their features, what they offers, how much are the fees, and many more.

In binance, as you may know, they have their own coin called BNB, and recently BSC (Binance Smart Chain) comes into the cryptoworld, so far it is the TOP1 and it is still improving since 2017, Huobi is good as well, even kucoin is not there, I trust kucoin so much, I made different transactions in there and it all went good so far. You need to consider website security above all.

Yeah I think binance is the best because that's what I always use and it has never failed me before

When I thought Binance was the best exchange because they had a large transaction volume, many users, the fee features were quite cheap, especially if you held BNB there were special rules, besides that they were also very innovative, the security system from Binance itself is still still good.

Well, services allowing you to buy/sell bitcoin in terms of $ always lets you know how much BTC you're going to get in return of your entered $$$ amount.
Besides, no one will be providing you the exact rate that CMC is showing so all OP needed is to compare several exchanges/services to get the closest price to CMC listing or even less that that.

The disadvantage of using your DC/CC is forex mark up charges which is normally 3-5% varied from banks to banks. But there exist banks that provide ~0.5% forex mark up charges. So, if you are getting a good rate directly with card, you would want to go with such low forex mark up cards. On top of that, as @webtricks said, you have chance of getting your account freeze but it is not 100% likely.

I recommend you consider buying bitcoin at exchanges in your country, I think there are a lot of exchanges on local forums, they are cheaper and lower fees. P2P payments, you can use binance or remitano, you can set a reasonable price and buy it easily.

In the second post it was written that you can use any exchange to get interested. I partly agree with the author of this post, but you also need to think about the safety of your funds and therefore you should choose a time-tested cryptocurrency exchange. I advise you to use this tool (https://cryptogeek.info/en/compare). It helps you compare the exchanges you are interested in and choose the most suitable one.

I would say 5-10% rate would be good for you to make a profit, if they are not tech savy enough to do something as simple as buying bitcoin (which they should be capable of) that means you could potentially charge them a bit more to do it yourself.

Let's assume they want to get 100 dollars worth of bitcoin, you charge them 110 dollar and that extra 10 dollar would be both your profit, but also the costs as well because buying and selling bitcoin has costs as well like fee's and so forth. That is an example I could give with 100 dollars, but do not make it 10% forever, like if they want 10k, do not charge them 11k, that would be way too much, cap your profit at around 100 dollars so that you wouldn't need to look like you are screwing them over with your charge.

It is much better for everyone to buy and sell Bitcoin on their own country's exchangers using their own exchangers and it is much easier to use their own country's exchangers.  Buy and sell Bitcoin, then the exchangers in your country will go a little higher and will bring the reputation of each country, such as Binance, a good exchanger.

This gonna be the answer OP. You don't need to go far and wasting your time searching for an exchange platform.
These suggestions not only saves your time but also lessen your risk in buying Bitcoin since we know that there are a lot of scam and phishing sites surround us.

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You don't need to have them all, just choose one or two, that being fined.
I have Binance and Kraken, and I stick to them.

This is very helpful not only to OP I think I'm getting bias on this but for me one of the best is the binance because they have a good and active support at the same time is they have a faster transactions they have the number of blocks also they don't require a KYC for just a 2 BTC below which is good to me too I'm not a big time trader so why not grab this kind of opportunity.

For now I would like to explore other than the binance to experience a different environment.

Trading, speculation is risky and sometimes you need to accept a loss in your trade, but I have a way to minimize that loss. The first plan will be that you need to buy a lot of USDT to meet everyone's buying and selling needs, when there are people who need to buy your Bitcoin, you will buy it from the exchange and send it directly to their wallet; I recommend you to use Trust Wallet because dep or withdraw fees are very cheap. Therefore, you will receive a higher fee.
Absolutely do not buy and hold Bitcoin now because it will be risky, maybe its price will crash at any moment.
The second plan is that you only offer trading for USDT, XRP or LTC. All have very cheap withdraw or dep fees and very fast transactions, so it is both convenient for transferring coins and also receives a higher fee difference, and less risky when trading Bitcoin (because sometimes transaction fee is suddenly soaring).

You can use any crypto exchange that you like to use but I suggest that always choose the trusted and reliable exchange for the safety of your funds and for better trading experience. As what other have said, Binance is the best crypto exchange that you can be use, easy and trusted with lower transaction fee than the other exchange.

Let me recommend an exchange for you, Binance has proven to be the best among all the Exchanges that I know. Have been trading there for almost 3 years now. And I have never regret doing that. It's a nice place to trading your Bitcoin. In one of my account there, I was able to trading my btc for gain, and with this rise in Bitcoin lately. My btc wallet is smiling right now. It's also giving me joy. I can guarantee you if you trading using the Exchange you are not going to regret it.

As everyone mentioned above, you can use exchanges like Binance etc, but they too need id verification in order to convert cryptos to FIAT.
In the alternative way you can also try P2P trades. But again they are risky and there is always chance of getting Scammed.
So it's always better to choose reputable exchanges in order to trade BTC.
It's also fast and legal way to buy Bitcoins.

Nowadays it is very easy to buy Bitcoin, and there are even many reputable and trusted exchanges that have emerged.
Since I want to trade Bitcoin with fiat pairs, I prefer CEX to buy Bitcoin. But the weakness of CEX is having to do KYC
verification, but I don't mind this. As long as my Bitcoin is safe and can cashout directly to our bank account at any time,
it is not a problem for me to do KYC procedures.

Bitcoin as a platform? This is the first time to know someone said that BTC is a platform. Can anyone explain it?

Well, actually about the exchanges, we have coin market cap and CoinGecko in which we can compare the price of BTC based on each exchange, However, it also needs to consider the fees to spend when we are going to withdraw if you are looking for lower price of BTC and sending to higher price of BTC in exchanges. The fees commonly charge high so that you must consider it.
the way to know is by not only following other people but doing yourself analysis. You can find any exchanges of Bitcoin In that case, you need to buy it and then wait until the price rises up. No one will sell at a lower rate if the price of BTC is now increasing.

There are many top exchange where you can buy bitcoin with suitable prize. Before buying bitcoin check out some point. One of the first things to consider when searching for the best bitcoin exchange is; how safe are both the website and server. A trustworthy bitcoin exchange providing transparent data about coins in cold storage (more on this later). It is also a good to look for available currency pairs: example looking to trade bitcoin for USD, Euros, or other fiat currencies. The location usually gives an idea of what is on offer. However, the largest bitcoin exchanges usually have many options for buying bitcoin with government issued currency and altcoins.
Best exchange are
Binance
Kucoin
Mx
Coinbase
Yobit

Specifically you are aiming for an exchange where you can buy bitcoin at the lowest rate. Make a list of some reputable and good exchanges and make a comparison on which platforms are offering most of the cheapest btc price. Here's the updated lists (https://hackernoon.com/list-of-50-top-cryptocurrency-exchanges-for-2020-ag1h44f9) of crypto exchanges that you may want to do your own comparison and research.

Of course, it is more important to consider the most secured exchange where you can entrust your bitcoin. You may also consider lowest fees.

You know no one can control Bitcoin price so no one can determine the price of Bitcoin. So, if you are really interested in Bitcoin to buy then you can use any reputed crypto exchange site, like as Binance or Kucoin.
Yes, there is one more way to buy Bitcoin at a reasonable price using P2P service. Many of the exchange offer for P2P trading. You can see on the exchange whether is available or not in your country. Because all countries are not supported at all exchange for P2P trading.
If P2P trading is available for your country then you could buy Bitcoin at a lower price then-current price.

That is so tough, 50's are on the list which gives ample time for OP to choose one.

Well, those fees really matter but for now, probably all exchanges are increasing fees that barely to find you are offering low fees. If I'm going to choose which one, I'll gonna choose those who have a huge market volume and that Binance shows it already. And besides, we can't question also their reputation coz most traders and investors are using this platform for quite a long time.

I won't recommend that option, not that Binance exchange isn't a perfect or reputed exchange but what the OP is inquiring about, can't be achieved with Binance as their trading value is very high above other platforms as far as peer2peer exchange are considered. You can only profit if you're buying from other trading (peer2peer) exchange and selling on Binance exchange.


This isn't my first time seeing such description. Some even call bitcoin a blockchain, it's kind of confusing at first but as I looked deeper it became clearer that its a misunderstanding from their point and the community isn't making it any easier for them. Bitcoin is merely a currency and the network it operate on is the platform.