To get started in the Bitcoin space, you must first know how to buy Bitcoins. But the most important decision you’ll have to make is choosing the right Bitcoin exchange. Read on for tips to help you choose the best Bitcoin exchange:
1) Know the country in which the Bitcoin exchange is located
It’s important to know the country in which the Bitcoin exchange is located because laws and regulations vary from one country to another. Experts recommend buying Bitcoins in your country. Regardless of the country in which the exchange is located, make sure you read their terms and conditions to know the types of currencies they accept.
2) Payment options accepted by the Bitcoin exchange
Different Bitcoin exchanges have different payment options that they accept on their platform. Read through their fine prints to know the types of payment options they accept. Choose an exchange that offers a payment option that is convenient for you. Some of the most common payment options offered by major exchanges include credit cards, wire transfer, bank transfers and third-party payment options like PayPay.
3) Find out the Bitcoin exchange fees
Make sure to find out the exchange fees stipulated by the Bitcoin exchange you choose. Some exchanges impose high fees that can impact your profitability. Do a cost-benefit analysis to see if the fees charged to exchange your Bitcoins are well worth it. Beware of some exchanges that charge extra fees besides the transaction fees. This underlines the importance of reading the fine prints and talking to a customer support personnel to get details of all the charges.
4) Consider transparency of the Bitcoin exchange
Transparency is key to any transaction online. A transparent exchange will show all cold storage addresses. They will also audit information related to verification of Bitcoin reserves. Bitcoin audits assure customers that the exchange has liquidity and they can take care of all Bitcoin exchange sales. Bitcoin audits also assure customers that the exchange doesn’t run a fractional exchange.
5) The time frame to get your Bitcoins
Know the time it will take for the Bitcoins to be sent to your wallet after purchase. These days, people don’t have the luxury to wait for even a day to receive their Bitcoins. They want to receive their Bitcoins in a matter of hours.
Other very important aspects you should contemplate when choosing a Bitcoin exchange include security, anonymity, and reputation. Your priority when exchanging Bitcoins is not to be scammed. And the best way to ensure that is to follow these tips.