Exchange Platforms – How to Buy Bitcoin
Cryptocurrency exchanges are very easy to access with an internet connection. And day-by-day more exchanges are becoming available.
The problems are that some exchanges are not trustworthy, and others have bad technical standards which are a problem as they would be prone to hacks.
The infamous Mt.Gox exchange hack has seen many people lose their Bitcoins which never came back nor the exchange gave any remedy.
Whenever choosing a Cryptocurrency exchange for trading, understand the reputation, popularity, and resilience of the platform.
The Bitfinex exchange is also a victim of hackers. But the exchange gave an equivalent value of temporary tokens and repurchased them reducing the loss for the traders.
It is known as the planet's biggest exchange platform in terms of trading volume and has good fame.
A lot of currency pairs are available for trading. US Dollar is the primary fiat currency that can be used to purchase any cryptocurrencies. Or if you have any supported Cryptocurrency, you can directly transfer to the account on the exchange and can start trading. Only fiat currency deposits and withdrawals require a fully verified account.
Availability of a fiat currency for deposits depends on the country you have registered from or verified the account.
An API is available. If you want to use your charts and interface rather than what the exchange provides, you can integrate and customize the platform using the Bitfinex API.
The fee structure depends on the volume you trade in a thirty-day period. For more details follow this link.
The clients for Android, IOS, and windows are available for trading.
There is no deposit fee. And trades take a fee of 0.1%. There is a withdrawal and depends on the currency or token you are withdrawing. Follow this link for detailed fee structure.
Binance also have a basic trading screen and advanced, the basic is more easy on the eye for new users.
More than ten million customers around the globe have availed the services of Coinbase. But it is best used as a web wallet than for the superfast trading.
Many online merchants accept direct payments and provide subscription-based services directly using your Coinbase account.
It only supports three currencies namely BTC, ETH, and LTC.
With a total of 4.5mill visits a month it is a pretty known exchange platform. CEX.IO is a British company established in 2013; it allows users to trade Bitcoin and Ethereuem with USD, EUR, GBP, and RUB.
The system is easy to use and allow you to invest with a minimum of 0.01BTC (at the time of writing this lines around 50$). CEX.IO was also known for owning one of the biggest mining pools, in 2014 they alone supplied 42% of the mined Bitcoin worldwide, but in late 2015 they discontinued the cloud mining saying it is not profitable anymore. I have calculated the CEX.IO reviews that I could find and reached a disappointing 2.5 stars, I read some reviews, and I do believe that most of the complaints are coming from the high verification they require when purchasing like your ID photo, this creates slow handling from the site on approving new accounts.
With over 10.5mill monthly visits LocalBitcoins.com is more known and more used than CEX.IO. LocalBitcoins is a Finnish company established in 2012. It had suffered a massive security breach in April 2014 where 30 Bitcoins have been “set free” by hackers. Since than the platforms operates nicely and offer an easy way to buy and sell Bitcoins for USA citizens.
As for the online rating for the company, I again read some reviews about the quality of sellers. The online review gave only 2.8 Stars. I do believe that two rules should get you away from all scams. When you buy Bitcoins, approve the transfer when possible, and when you sell Bitcoins, always transfer the money after the money has reached your account.
With just over 3mill monthly visitors Exmo.com is the smallest between the 3 exchanges and also the youngest, I have found a few good reviews and a few bad one's nothing too major. Unlike the other 2 exchanges I mentioned here, you can buy several different coins like Bitcoin, Ethereum, Dash, Litecoin and some other less known coins.
Let us know if you have been using an exchange for day-to-day trading, and having a good fee structure.
To summarize no matter what platform you use, in the end, make sure you always follow the rules of each exchange to avoid losing money for any mistakes that might happen.