With over 200 cryptocurrency exchanges operating around the world, it can be overwhelming trying to find the right place to buy Bitcoin, Litecoin, Bitcoin Cash, Ethereum, or many of the other leading cryptocurrencies in the world.
For the inexperienced cryptocurrency buyer, brand recognition is everything. A few minutes searching the internet for the best cryptocurrency exchanges to use will quickly turn up a few good names that appear again and again. However, there are some factors you should consider before you sign up, as different cryptocurrency exchanges may appeal to different needs.
Before you choose a cryptocurrency exchange where you want to buy and sell Bitcoin, ask yourself some of these questions.
1. Is The Exchange Trustworthy?
Lack of regulation in the cryptocurrency world has led to an abundance of fraudsters and scammers. The nature of decentralized transactions involving no middle man as there might be with a stock, bond, or ETF, means you have to trust the exchange you’re using.
New exchanges pop up every day and most of them operate without any rules. It can feel like the wild west out there, with many exchanges accepting no obligation to replace your digital funds if they’re lost.
In 2019, there are enough established cryptocurrency exchanges like Bitbuy and Coinbase that there’s no reason to trust a fly-by-night operation.
2. What Cryptocurrencies Can You Buy?
Not all cryptocurrency exchanges offer the same coins. One way to narrow down your options is finding out which cryptocurrencies you’re interested in buying and finding exchanges that offer them.
Some exchanges may offer only a limited number of cryptocurrencies, while others can offer a broader range. When you’re starting out, decide which currencies you’re interested in and why.
3. What Are The Fees?
Cryptocurrency exchanges have a lot of different ways of charging you. They do, after all, need to make money somehow. Fees may be charged on currency deposits and withdrawals, as well as when buying or selling cryptocurrencies. One quality you may want to look for is an exchange that doesn’t charge fees for withdrawing cryptocurrency itself. This allows you to move cryptocurrency to a wallet or make online purchases without having to pay extra fees for it.
Fees can fluctuate wildly from exchange to exchange, with some going as high as 10% or even more, so do your research carefully.
4. What Are The Payment Types?
Can you pay directly with Interac, Flexepin, or other ways to deposit money that work for you? If you’re trying to snap up cryptocurrency while it’s on an upward swing, timing is everything, and banks don’t always make it easy for you to deposit into a cryptocurrency exchange.
One cryptocurrency exchange that allows you to pay with Canadian Interac is Bitbuy. They’ve simplified and sped up the process of depositing Canadian funds into a cryptocurrency exchange.
5. Are There Country Restrictions?
Can you use the exchange from the country where you live? Even if the exchange does allow you to buy Bitcoin and other cryptocurrencies in your home country, check to find out if you can make purchases in your home currency. You don’t want to have to pay an exchange rate on top of cryptocurrency transaction fees.
Whether you’re new or an expert cryptocurrency trader, it may be time to start buying cryptocurrency at Bitbuy to enjoy lower fees and easier transactions involving Canadian currency. Find a cryptocurrency that’s trustworthy, charges lower fees, and that sells the cryptocurrency you want. There may be a better option out there for you.
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