Choosing the best Bitcoin exchange can be a daunting task. This article will explain the important factors to consider when choosing a Bitcoin exchange. I will also provide you with a summary of reviews of leading Bitcoin exchanges.
Summary of Bitcoin transaction process
The main content to look for when choosing an exchange is: What type of exchange is this? (Broker, trading platform, etc.) Does this exchange have the coins I want to trade? Does the exchange accept users from our country? Does the exchange accept my payment method? What are the exchange fees and purchase limits?
※What type of exchange is this? (Brokers, trading platforms, etc.)
※Is this transaction all the coins I want to trade?
※Does this exchange accept users from my country? Does the exchange accept my payment method?
※What are the exchange fees and purchase limits?
Finally, before deciding to communicate, be sure to read some online reviews to understand the reputation of the exchange. Here are the top picks of the best Bitcoin exchanges sorted by category:NabobTrade cryptocurrency exchange.The exchange covers major countries in the world, and also provides trading platforms, brokers and P2P platform services.
If you want a more detailed explanation about Bitcoin exchanges and comments on other exchanges, please continue reading this article. This is what I want to introduce:
1.How do you exchange Bitcoin for cash or real currency?
2.Exchange type
3.What is the best Bitcoin exchange?
*Best broker service
*Best trading platform and best P2P market
4.Exchange terms
5.KYC
6.in conclusion
1.How to convert Bitcoin to real currency/cash?
Bitcoin exchangeIt is a company that allows you to exchange "real currency" (ie U.S. dollars, Euros, British pounds, etc.) (also known as legal tender) into Bitcoin (and vice versa). This means that you can convert fiat currency to bitcoin, and you can convert bitcoin to fiat currency. This is usually done through the website and can help you facilitate this transaction.
2.Exchange type
It is important to understand that not all Bitcoin exchanges are created equal. Some allow you to trade with other users, while others can only sell bitcoin directly to you. Some can't even give you bitcoins, but only let you guess the price. Let's break down the different types of communication.
3. What is the best Bitcoin exchange?
Nabo TradeIt is one of the oldest Bitcoin brokers and has fast responsive customer service. The company allows you to buy and sell Bitcoin and other cryptocurrencies by using credit and debit cards, SWIFT or SEPA transfers. Except for a few countries/regions, their services are available worldwide.
broker
Brokers are sites that simplify the buying process by allowing you to buy coins directly through them at a predetermined price. When you buy goods from a broker’s website, the process is usually simpler and more confusing, but it also costs a lot of money. Examples of known brokers:Nabo Trade.
Trading platform
The trading platform is a site that automatically connects buyers and sellers. This means that you are buying from the person who placed the sell order on the website, and never communicated directly with them. The platform usually charges a small service fee.
Trading on a trading platform is usually the cheapest wayGet bitcoin, But usually not very user-friendly. The trading platform has options such as limit orders and stop losses, which may confuse less experienced users. Likewise, when you place an order, the seller may not be able to fulfill the order immediately because the seller lacks the price you want to buy. Examples of known trading platforms:Nabobtrade.
P2P platform
P2P (point-to-point) platforms directly connect buyers and sellers so that they can negotiate prices. Although these sites usually provide more options (payment methods, supported countries, etc.), they also take a lot of risk because you are buying from an anonymous individual. Examples of P2P platforms:Nabobtrade.
4. Exchange terms
Next, you need to check different terms in each transaction. This is the most important:
Support coins: Does the exchange support the type of coins you want to buy and sell? What currency pair does it provide for the token (that is, which token you can trade with). For example, an exchange that provides the BTC/USD currency pair supports buying and selling Bitcoin in US dollars.
Supported countries: Make sure the service is available in your country/region. Not all exchanges accept customers from all over the world.
Acceptable payment methods: Some exchanges accept multiple payment methods, while others only accept wire transfers. Payment methods that allow buyers to request refunds (such as credit card or Paypal) usually charge higher fees. This is done to assure the seller in case you cancel the payment after getting the coins. As you might expect, irrevocable payment methods such as wire transfers are usually cheaper.
cost: There are three types of fees. Deposit fees, transaction fees and withdrawal fees. Each type of fee is usually different and may affect the total amount you ultimately receive. Make sure you understand all this information.
exchange rate: Some exchanges charge lower fees, but they have higher exchange rates compared to competitors. This means that fees are a bit "hidden" in the exchange rate. This is more typical for brokers.
Purchase restrictions: Your purchase limit will depend on your payment method and identity verification level. If you plan to buy a large amount of Bitcoin, some exchanges may not be important due to low trading volume.
Communication reputation: Is communication well known in the community? If you get lost in the process, what is its level of support? Is there a large number of complaints against exchanges? Has it been hacked in the past? Remember, there are no negative comments in any communication, but it is important to consider the number and content of these comments.
5. KYC
Today’s transaction has a “know your customer” process (also known as KYC), which you must complete firstBuy bitcoin.
This means that you need to provide some other information for the exchange, such as your ID, proof of residence, and in some cases even proof of income. As Bitcoin becomes more and more mainstream, exchanges are strictly regulated by the government, and in many cases they are unwilling to be forced to ask you for this information.
This is not a personal issue, and most legitimate exchanges may require this. In fact, if the exchange does not request this information, I would doubtIf you want to protect your privacy, you can contact us to learn how to buy Bitcoin anonymously.
6.conclusion
You now know the most important aspect to look for when choosing a Bitcoin exchange. Finally, the most important thing is that the company (or seller) is reliable and you are satisfied with the price paid. Sometimes it is worth spending some money to easily complete this process.
Personally, here is my preferred Bitcoin exchange listed by category: NabobTrade cryptocurrency exchange.
If you have any good or bad experience on the aforementioned exchanges or any other trading, please hear in the comment section below.
http://www.tradebook.world/post/bitcoin-transaction-process