Back in 2014, MT Gox was the largest bitcoin exchange in the world. They were handling more than 70% of all the bitcoin transactions in the world. In February 2014 they suspended trading, took the website offline, and filed for bankruptcy. Every MT Gox user lost their money.
Welcome to 2020. Today, if you want to buy bitcoin, you have hundreds of exchanges to choose from. Making the choice is not easy, especially if you’re new to the cryptocurrency industry. Even though crypto isn’t quite as much wild west as it was 6-7 years ago, there are still plenty of bad players in the game. You don’t want to send money to a “coin store” which goes offline or rips you off with the fees and prices.
There are 5 very important attributes you should evaluate when choosing the exchange to purchase bitcoin from:
• Geographical coverage – Is it even available in your country? An exchange that is perfect for someone in the US might not be the best option for somebody in Africa or Europe. Due to government regulations, it’s not easy for exchanges to be active in every single country in the world.
• Payment methods – Can you even use your payment method? One exchange might be great for buying coins with bank transfer, while completely lacking the ability to buy bitcoin with a credit card. Different exchanges have different payment methods available.
• Delivery speed – If you pay now, when will you get the BTC? Looks like bitcoin is pumping and you want to buy fast? Well, then there’s no point to send money to an exchange overseas with an international wire transfer, which can take up to 5 business days. In that case, you want to use a payment method with instant delivery.
• Fees – How much are you paying in fees? This can add up when buying a lot of crypto.
• Founders – Can you find info on the founders? There are a lot of scam companies in the crypto industry with the sole intention of stealing your money. If you can’t find info on the people behind the exchange, you need to ask yourself “why?”.
This seems like a boring task – researching all those crypto exchanges before you are finally able to invest in bitcoin. That can take hours!
Fortunately, buybitcoinsmart has done all that research for you! All you need to do is choose your country. You will then see a list of all the best exchanges in your country. Finally, you can purchase some of that digital gold safely, without having to worry about your money being stolen or getting ripped off on fees.
Once you have your bitcoin, make sure to withdraw it from the exchange into your own crypto wallet. Have no wallet? You can read the buybitcoinsmart crypto wallet guide to help you pick the best wallet and store your crypto safely.
Check out the website here: https://buybitcoinsmart.com/