How to safely buy Bitcoin .
Where Is the Best Place to Buy Bitcoin and Cryptocurrencies?
Now that Bitcoin become mainstream a lot of people are thinking to buy a portion of a Bitcoin or maybe Ethereum, the second biggest crypto in market capitalization.
Some of them see it as an investment, some others as a retirement plan and others want to play it hard and start trading.
One of the reasons Bitcoin went mainstream, besides the announcement of Elon Musk that Tesla has convert 10% of the holdings to BTC, is that PayPal will give his clients the ability to buy some cryptocurrencies directly from the platform.
Furthermore Master card announced that is planning to support some digital assets on its network by the end of this year. The move would allow merchants to accept payments in cryptocurrencies.
Is it a good move to buy Bitcoin and other cryptocurrencies from there?
In my humble opinion the answer is definitely NO.
Why?
For a lot of reasons. Some are ideological, like the fact that cryptocurrencies were build to escape from the status quo of the Banks and the centralized financial services. Practical reasons are that it will be more expensive and probably they will never give you the keys that control your cryptos.
So, what is the best way to aquire cryptocurrencies?
It is through an exchange. You must create an account and pass KYC (Know Your Customer), a standard procedure where you must provide some documents to prove that you are who you say that you are. Normally it is a copy of your ID or Driving License.
Right now there are more than 300 hundreds exchanges from where you can buy and trade cryptocurrencies. That are a lot of places to choose from.
A lot of people who already are familiar uses coinbase. I was never a fan of coinbase because it is more expensive and doesn’t have a lot of cryptocurrencies compared with other exchanges.
My favorites exchanges are Kraken, Binance and KuCoin. All of them are in the top 10 of the best exchanges based on traffic, liquidity, and trading volumes.
Kraken is one of the safest exchanges I know and is never been hacked. It supports around 60 coins and you can trade crypto for Fiat money directly. Of course there are pairs (markets) to trade crypto to crypto.
Binance is the biggest exchange right now and supports more than 300 coins with over 1000 pairs (markets) to trade directly. One downside is that there is no live chat to support the customers.
KuCoin is another giant exchange with over 250 different coins and 550 pairs (markets). I was surprised with the immediate help I got when I needed, through the live chat. One of the reasons they won me as a client.
KuCoin and Binance have low fees, 0.1% for both buying and selling and Kraken slightly more (0.14% for buying and 0.16% for selling) but the percentage is reduced if you trade more.
When it comes to buy Bitcoin, Ethereum or Litecoin, you can find them almost in all exchanges. If you want to buy some other crypto(altcoins), have in mind that more than 2000 cryptocurrencies exists, so you must to find an exchange that support it. Best change to find it, is in Binance or KuCoin.
Finally after buying your crypto you will store it in a safe place. You can find what you need to know in my other article here, it’s all about wallets.
I write about a lot of things including cryptocurrencies. If you like to hear news from me, stay in touch.
Kraken, no referral
