Once crypto enthusiasts decide to buy crypto assets, they get many choices and fall under the influence of a range of sources and information. Nowadays there are multiple exchanges, which enable users to purchase crypto using fiat with their credit or debit cards. It is complicated to point out one unique variant of purchasing cryptocurrency, but it is still possible to analyze pros and cons of the most popular ways.
The list of exchanges
There are four main services for those who are eager to buy crypto currency: crypto exchangers, crypto exchanges, Telegram-bots and ATMs. Crypto exchangers have a lower rate than exchanges and commission. At the same time, they help to buy the minimal number of coins, have integration with different payment systems and high protection at operating. 60cek, 365cash, Obmen-Bitcoin.ru, and Matbea are just some in the list of crypto exchangers. If users are looking for a way to find the most profitable price, they are to use crypto exchanges. The most profitable rate and the possibility to buy crypto coins in any quantity.
The greatest disadvantage of this way of purchasing is commission and sometimes even hidden costs, though all the exchanges announce their absence. The crypto exchanges that are recommended to use have the following names: Binance, KuCoin, EXMO, and YoBit. Very common in Telegram app and a quick way for mining Bitcoin is Telegram-bots. However, they operate only on specific occasions and full of fraud. Rarely crypto users apply to ATMs, but it provides minimal fraud risk.
Transfer of funds
In order to transfer money with the help of exchangers, users have to fill in the information with the name of the currency, name, and sum of the necessary cryptocurrency. The service shows the sum of exchange including the commission for the service. The transaction completes in a while and no registration is required.
Because of their competitive market, crypto exchanges propose different options and users need to take into account the availability of trading pairs of currency and commissions for transactions. However, the crucial point is safety of the chosen exchange. It is a must to check its history to prevent poor experience in the future. For many operations users have to provide additional personal information and pass verification.
Then they can simply make exchanges from the bank card inside on the platform itself. Some exchanges cooperate with electronic payment systems whose priority is instant payment. The global crypto exchange is Binance, the Chinese platform is considered to be the biggest crypto exchange in the world in the terms of volume with daily turnover of $6b. Binance supports only cryptocurrency, it is impossible to buy crypto coins for fiat on the platform.
If you choose ATMs as a payment system, you use the easy and quick way to buy and sell Bitcoins. ATMs provide the exchange of Bitcoins for cash and vice versa. They do not connect to a bank account and instead connect the user directly to a Bitcoin exchange. Some of them do not even require disclosing your identity, there is no necessity to provide facial or fingerprint identification. The procedure of cashing out Bitcoins does not take much efforts as well. However, the average transaction fee is around 9% that is higher than exchangers and exchanges.
There is one more additional way to buy cryptocurrency, but the least safe. Users have an opportunity to exchange with other users. The special service Localbitcoins is a platform for such buying and selling operations. Crypto enthusiasts find great deal of choice of proposals and price range; what’s more there no hidden costs and extra fees. However, Bitcoin is the only option to buy.
Storing cryptocurrency
Crypto users are always in danger to lose their digital coins as a result of computer failure, theft or loss of keys. In order to prevent the misfortune, there are several types of crypto wallets : computer programs, mobile apps, online platforms and hardware devices. The best option for desktop is Electrum. It is a kind of wallet that stores Bitcoins in a set of encrypted files on user’s laptop or computer. Among the benefits of using it is quick access to the wallet.
Concerning crypto wallets online, one should mention the Blockchain wallet, which is at the top of the list. Users get crypto wallets with the full control over the assets and the protection against unauthorized access. At the same time, mobile applications are getting popular; they are more convenient to use.
Mycelium is a name of a mobile-only Bitcoin wallet providing Android and iPhone versions. There is no desktop interface, but they guarantee the greatest security and anonymity. One more type of wallet to describe is physical devices and Trezor is worth mentioning. The Trezor wallet is a device that plugs to user’s tablet, phone or computer to get access to the coins. The main point here is to keep frauds from stealing user’s digital assets.