Many novice investors and crypto traders think about where to buy bitcoin profitably. This article will analyze which platforms it is possible to buy the most popular cryptocurrency today and tell you how to choose a suitable place to purchase and not lose money.
There are two main types of exchanges for buying cryptocurrencies: exchanges and exchangers. We will briefly tell you about each of them.
Cryptocurrency exchanges
A cryptocurrency exchange is an online platform where sellers and buyers of cryptocurrency place their offers. The Bitcoin exchange rate is formed based on supply and demand fluctuations; it is always moving. To buy bitcoin profitably on the exchange, you will have to spend time. At the same time, it exchanges with low commissions and broad functionality, so they are in high demand among professional investors and traders.
To buy cryptocurrency on the exchange, you need to register and confirm your identity; you will not be able to trade anonymously. You can have your wallet on the cryptocurrency exchange; however, for security reasons, it is better to keep small amounts on it; you plan to trade because sales often become a target for hackers.
The top global exchanges today include Binance, Huobi, and Coinbase. There are popular exchanges with a Russian-language interface: Binance, OKEx, BitMEX, StormGain, etc.
It is worth noting that the largest exchanges in the world usually have hundreds of instruments and a fairly complex interface. For a newcomer, far more critical are a low minimum purchase amount, the availability of a demo account on which you can try your hand, and an understandable interface. Therefore, it is better to start with smaller exchanges, which are easier to understand: BitMEX or StormGain are perfect for jumping.
There are hundreds of instruments on the most prominent exchange Binance. Most of them are useless for a newbie.
Cryptocurrency exchanges
Unlike exchanges, you can buy bitcoins profitably from the site owner. The advantages of exchangers include:
- The speed of transactions. Usually, it is a matter of minutes.
- Straightforward iSupposeerface. Suppose the exchange functionality requires specific skills.
- Profitable rate. But it is worth noting that there are often hidden fees that can be pretty high. Before confirming the transaction, see how much you get, and calculate the commission.
- A lot of options for exchanging and recharging.
It is essential to pay attention to the reputation of the exchanger. A little-known site with an attractive rate is better to prefer a reliable old player, which processes thousands of exchange requests every day. “Mine” is reverent about its long-standing reputation, so we provide customers with a fast and profitable exchange, and technical support works like clockwork.
Exchange site selection criteria
A few rules will help you choose an exchange or exchanger where you can profitably buy bitcoin and not give your money to scammers.
1. Choose well-known and trusted services: with ample reserves, working for a long time, and having good reviews. Don’t buy offers of bonuses at registration and other attractive promotions from little-known players – fraudulent schemes can hide behind them.
2. Use aggregators. For example, CoinMarketCap will show you a rating of cryptocurrency exchanges by reserve volume, and BestChange will sort exchangers by exchange rates.
3. Using such sites will save you from manually searching and checking sites. In addition, exchangers and exchanges are reviewed before being included in the list of aggregators, which increases your chances of not getting into trouble with scammers.
4. At BestChange, you may sеlect the currency pair you are interested in and then sort out suitable exchangers by exchange rates, reserves, or reviews.
5. Study the conditions of transactions: limits, nuances of payment execution and verification, time of funds transfer, and peculiarities of withdrawal and account verification. It is not uncommon that you need minimum effort to deposit and buy cryptocurrency, but you will have to go through multi-day authentication to withdraw. It is better to find all the details “on the shore.”
6. Check the quality of technical support. You can send a test appeal and evaluate the speed of response and the quality of answers.
7. Read reviews. They are available both on the sites themselves and on aggregators. It is best to check both of them. What matters is the total number of reviews and the percentage of negativity.
How to prepare for buying bitcoin?
1. Choosing a site where you can buy bitcoin profitably is not enough to protect yourself from fraudsters and loss of money.
2. Get a cryptocurrency wallet. You can set it up in the site’s interface when trading on the exchange. However, crypto-enthusiasts do not recommend storing significant funds at online venues. It is much better to have so-called “cold” wallets not connected to the Internet. With online access, it’s enough to have the right amount of money for a specific transaction. Read more about the types of cryptocurrency wallets in our article.
3. When you have decided on an exchange or exchanger, go to the site of the site and check its address. Scammers can copy sites of famous exchangers or businesses, deceiving gullible users.
4. Read the site’s terms: rates, deposits and withdrawals, the timing of transactions, and so on.
Ensure the device is secure: viruses, spyware, and suspicious browser extensions can lead to the loss of money.
5. Decide how much you are willing to spend. It is better if, at first, it is an amount you are ready to part with.
Summary
- You can buy bitcoins at two significant types of exchanges: exchanges and exchangers.
- At the exchangers, the chance of finding an offer at a rate you are interested in is higher, and the average lower commissions. However, you will have to spend time registering, verifying your account, getting acquainted with the exchanger’s functionality, and searching for a deal with the parameters you are interested in.
- Exchangers are ideal for a quick purchase of cryptocurrency. There is no need for verification, and the entire process takes minutes.
- Get a cryptocurrency wallet to store your bitcoins regardless of your exchange platform.
- Check the site’s reputation, and read reviews and terms of transactions.
- Watch the security of the device you buy bitcoins from.
