Would you like to choose amongst some of the best bitcoin exchanges in the world?, well is not that difficult. Here on bitcoinfella I’ll show you the best ways to choose a bitcoin exchange and stick to it. but first you need to understand what is a bitcoin exchange and how does it work.
What is a bitcoin exchange?
A bitcoin exchange is digital platform where people can buy, sell, and trade various cryptocurrencies with each other or with fiat currency. Bitcoin exchanges also allow users to open a bitcoin wallet and store bitcoins.
Some of this platforms allow buyers and sellers to meet and trade cryptocurrencies for a profit.
Types of bitcoin exchanges sites:
A broker bitcoin exchange is a exchange that sells bitcoins on it’s platform. This platforms operate like the ordinary eCommerce store, where you can buy a product and receive the items on your door.
Accept here you are buying cryptocurrency, mainly bitcoin. The bitcoins are then loaded on your dashboard wallet. You can then withdraw them to your chosen safe wallet or you can use them to buy something else online.
Peer to Peer Exchange
The peer to peer bitcoin exchange platform are also very popular. This platforms allow users to buy bitcoins from each other.
It acts as the middleman between buyers and sellers. If you have an ex amount of bitcoin and you would want to exchange them for cash then this type of bitcoin exchange is the best.
You can trade your bitcoins for a profit, they often allow you to set your own amount. Then you will meet a buyer, someone who wants to trade with your.
The safe peer to peer cryptocurrency exchange are the ones that acts as Escrew. The buyer wont access the bitcoins until they show proof that they have send the ex amount of funds to your account.
Bitcoin trading platforms are huge in the industry, they allow users to trade bitcoins with altcoins.
You can also trade bitcoin with fiat currency in this platforms.
The most common altcoins include Ethereum, Litecoin, Ripple, Dash, Dogecoin, Bitcoin Cash, Monero. While if you want to trade fiat currency you can use USD, CAD, EUR, GBP and JPY.
You often require trading skills to trade in this platforms so that you can minimize your looses.
What to look for when choosing a bitcoin exchange:
Check for reviews
The exchange reputation is always important. Check for reviews online to see how the company is doing.
If many people are pleased with it’s service then the exchange is doing a good job. To find reviews go on google search or youtube and type the name of the company plus the name “review”.
Or you can find them on bitcoin forums,
First thing you would like to look at it, is the bitcoin exchange company based in your country. If they are not based in your country then they should operate.
Is always good to choose the one in your country because it will be easy to fund your account.
Some bitcoin exchange companies need identity verification, but is easy to verify your account. You might be instructed to upload a copy of your identity card or any of the authority documents.
Another thing you should look at are the fees. Some bitcoin exchange companies charge ridiculous fees.
You should always compare the transnational fees so that you wont get over charged.
Choosing the best bitcoin exchanges includes looking at the payment methods.
There are several payment methods used, Credit Card/Debit Card, Bank Deposit, PayPal, Wire Transfer or any other.
A bitcoin exchange might have multiple payment methods. Some of them will require identity verification, keep that in mind.
Some exchange companies have buying limits which it might be lower than the one you are looking for.
So check if they have deposit and/or buying limits, the payment methods can also be the the determining factor.
My first experience with a bitcoin exchange:
When I first start in bitcoin I used altcointrading, which was the first bitcoin exchange in South Africa.
Although they are based in my country(RSA),I would fund my account easily, it was easy to buy bitcoin from them.
But their fees were very high while their support was not up to standard. For me they had the worse exchange rate compared to other.
As I gained experince in crypto currency I had to stop using their service.
That’s the reason why I had to find the best bitcoin exchanges in South Africa in order to continue using bitcoin.
A list of best bitcoin exchanges:
Luno has offices in Singapore, South Africa, United Kingdom, Malaysia, Indonesia, and Nigeria. This makes it a international exchange and it has been in business since 2013.
You can buy bitcoin even if you are outside of the above mentioned countries. The fees are low to nothing and you can choose your payment method based on your country or use a bank transfer.
Go to luno
Coindirect is a peer to peer cryptocurrency exchange that allows users to buy cryptocurrency. You can buy over over 40 cryptocurrencies at Coindirect.
Coindirect is was firstly created for countries like UK, South Africa, Nigeria and Kenya.
This exchange was launched in late 2017 and allows users to buy bitcoin and other currencies in over 130 countries in the world.
Coindirect support local currencies meaning you can buy bitcoin using your country’s currency.
Go to CoinDirect
Cex.io is a bitcoin exchange that allows users to buy bitcoins and ethereum for a low fee with credit card. The payment methods include debit card, credit card, wire transfer and cryptocapital.
The Cex.io exchange is a safe place to buy bitcoin due too the security features in it.
Go to Cex.io
Virwox is a not a typical bitcoin exchange, you can buy bitcoin with paypal, credit card and other methods. But before buying bitcoin you need to buy SLL(Linden) which is a virtual currency used in the system.
You then convert that SLL into bitcoin. It operates globally and you can withdraw bitcoins and other currencies to your chosen wallet.
A setback in virwox is that it can take up to 24 hours to receive your bitcoins. If you want your bitcoins immediately then choose another bitcoin exchange.
Go to virwox
Coinbase is one of the most popular bitcoin exchange in the world. It works well for US citizens, it allows users to transfer funds to their bank account.
If you are not a US citizen you might want to look at other bitcoin exchange sites because you wont be able to transfer funds into your local bank account.
Localbitcoins is a online marketplace where people around the world can buy bitcoins.
Is a also a peer to peer exchange where buyers meet sellers to exchange currencies.
You can use any payment method from Credit card, PayPal, Bank Transfer and others.
Localbitcoin charges 1% for every transaction you do on their platform. Also they are less scams on this marketplace since localbitcoins works as Escrew.
Go to Localbitcoins
Bitstamp is a cryptocurrency trading platform where users can trade altcoins. This exchange was launched in 2011.
You can trade from fiat currencies like USD, EUR and other altcoins like ripple, litecoin, ethereum or bitcoin cash.
If you are an advance trader then this exchange is good for you. The deposit fees(0.05%) and exchange fees are low compared to other exchanges.
Go to Bitstamp
Kraken is another of the best bitcoin exchanges in the world. Just like Bitstamp, Kraken is also a platform where users can do day trading. You can trade in the Kraken anywhere in the world.
It includes the USD, EUR, JPY, CAD and GBP. You can also trade with other altcoins like Litecoin, Dash, Zcash and more.
Kraken fees are one of the lowest in the industry, the fees start from 0.26%, which is better compared to some exchanges.
Go to Kraken