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Are You Ready To Buy Bitcoin? Which Crypto Exchange?

There are a lot of different platforms or exchanges to use when you are ready to buy your first Bitcoin. First of all, you need to have a wallet. You can easily download it in the App Store or in Google Play. We have listed a few platforms you can look into before you start, to see which one you like the most. Happy buying!

Safello

Safello allows users to purchase and sell Bitcoins through an online marketplace powered by blockchain technology. Regulated by Finansinspektionen (Swedish Financial Supervisory Authority) Safello provides a reliable means of buying and selling crypto in smooth transactions at industry-leading rates. In the European market, Safello runs a bitcoin exchange and related services. Once users have signed on to the Safello network, all the relevant Bitcoin services they need can be accessed by customers including Ethereum and XRP transactions. Safello allows European users with a bank identification number to bypass the lengthy onboarding process with a widget.

Safello product has expanded from b2b to b2c services. To assist everyone to monetize their cryptocurrency audience, Safello introduced a Brokerage-as-a-Service model. The Safello Business product is a widget and/or API where owners of apps and websites, with just a few lines of code, may become brokers themselves.

Safello is a Fintech start-up based in Stockholm that provides a straightforward and user-friendly cryptocurrency trading network with 165,000 customers and a purchase volume of more than SEK 800 million. Safello is concise and enables you to buy straight away with ease. Following a proof-of-concept collaboration with Barclays, Safello made international news in 2015, rendering it the first crypto player worldwide to affiliate with a global bank to discuss cryptocurrencies. Established in 2013 in Sweden, with a secure, efficient and user-friendly platform, Safello is driving crypto adoption to new users.

 

Bt.cx

Launched in 2012, BTCX supports Bitcoin and Ethereum exchange, with fiat finance solutions for the Swedish Krona and the Euro. It also provides an express exchange service, allowing trades to be done in a matter of minutes between digital and fiat currencies. An easy to navigate website with 12 hour support. With its “express” exchange facility allows you to buy up to 1000 Euro per week which can also be bought in express time.

BTCX has expanded business in 2015 by launching “ Swedish Bitcoin Embassy” to educate the public. The educational activities of the organization, registered with the Swedish Tax Authority and the Swedish Financial Supervision Authority, have developed into what more closely resembles blockchain consultancy services, providing lectures for 24,990 or around $3,000 Swedish krona.

 

Bitfinex

A platform where you can buy a lot of different cryptocurrency from the same platform. It is not the easiest website and might look overwhelming, but with the real time information on the site, maybe for the dedicated one who wants a lot of information. Bitfinex was founded in 2012, Hong Kong. It has since become one of the biggest crypto-currency trading platforms. The system is usable in three languages: Russian, Chinese and English. 

It is worth remembering what the platform provides its users in order to appreciate Bitfinex more thoroughly. Bitfinex offers access to peer-to-peer lending, an OTC market and margin trading on a wide variety of digital tokens, in addition to a suite of specialized trading features and charting tools. The only way to replenish an account without fees is just through Bitcoin.

 

NordXE

NordXE is a digital investment platform for conventional investments, cryptocurrencies and other digital assets and licensees digital assets for corporate services. By putting together the features of many trading platforms, NordXE unites all kinds of exchangeable digital assets into a single, regulated and trustworthy platform.

NordXE was established in 2019, Finland, NordXE offers a fully regulated exchange for which it has obtained a license from the Finnish FSA (FIN-FSA) for virtual assets, allowing for the trading of all forms of assets, except securities.

 

Coinmotion

Provider of an online Bitcoin trading platform, Coinmotion enables Bitcoins and other digital currencies to be bought, sold and stored by both customers and suppliers. Their services are available in the EU, the EEA countries and Switzerland. Coinmotion has limitations on purchasing, selling and transferring since consumer transactions are carried out in real time, i.e. customers may submit bitcoins and withdraw euros instantly.

The company has robust security features, including 2-factor authentication and cold storage of multiple signatures for customer funds. Coinmotion (formerly Prasos) started in 2012, jyväskylä, Finland. Coinmotion has a very good reputation and a strong base of clients, as of 2019, Coinmotion has over 60,000 European clients.

 

Kraken

Kraken is an exchange of cryptocurrencies where registered users can exchange cryptocurrencies. However, Kraken not only allows trading between cryptocurrencies, but these digital assets can also be exchanged with fiat currency. Kraken provides options not usually available in other exchanges, such as dark pool and OTC trading, margin trading and futures trading. Some of these features may be daunting for newbies, but they are highly regarded by expert traders.

Kraken is one of the first exchanges to keep their customers’ money secure using proof of reserve audit, while 95 per cent of all Kraken deposits are stored in cold, offline wallets. In the case of hacks or server crashes, most of the funds are secured. Based in San Francisco, this platform is perfect for those who want advanced trading services. Established in 2011 by Jesse Powell, Kraken is renowned for its wide range of features, low transaction fees and high-quality security.

Kraken operates throughout the United States (with the exception of New York) and Canada. It also works in Japan and the European Union. Other key features of Kraken include its 24/7 live customer support, high liquidity and industry-leading safety protocols.

 

Binance

If you take into account the scale of trading with an estimated trade volume of $1.5 billion per day, Binance is the largest cryptocurrency exchange. As it only directly deals with crypto-based assets such as Bitcoin, Altcoins or ICO tokens, Binance is known as a centralized cryptocurrency exchange broker. Without even providing some paperwork to validate their account, users can easily swap their coins and tokens. However, unverified accounts have a limitation on the withdrawal of 2BTC/24hrs.

Binance is a crypto-to-crypto platform and for fiat currencies like USD or Euro, you can not cash out your crypto currencies. You can only convert crypto coins to other crypto coins and withdraw them to digital wallets. It takes about thirty minutes to one hour for the blockchain ledger to be updated for your withdrawal. After a few minutes of the blockchain update, you can receive the funds in your chosen wallet.

Binance, the Malta headquartered exchange, originally launched in China decided to move to a more cryptocurrency-friendly environment. Binance is not currently registered with any legislative board.

 

Coinbase

Maybe not the best landing page, but yet so good. Coinbase has a step by step before you get started and also tells you how much time it takes to get started. Coinbase is known to be one of the largest crypto exchanges in the world. Coinbase is a digital currency broker’s exchange where you can buy and sell Bitcoin and a few other cryptos. It’s different from conventional currency markets since it helps you to purchase crypto using fiat currencies. Coinbase, of course has a lot of critics inside the crypto community, a lot of people complaining they have high fees, but it’s still the only crypto exchange that has become a household name.

Founded in 2012, Coinbase is one of the most well-known cryptocurrency platforms globally and has more than 35 million users in over 100 countries who trade various cryptocurrencies including Bitcoin, Ethereum and XRP.

 

Conclusion

If you purchase it, each exchange has different rules for what you can do with your Bitcoin. Some encourage customers to pass their Bitcoin to an unaffiliated wallet that they can use to exchange with others but some encourages users to keep their crypto on the site and sell it out in cash. The benefits are that they are retail-friendly, user friendly, some of the drawbacks are that they may have large fees.

The big downside is security. You can lose your Bitcoins, if your phone gets hacked or your password is stolen or lost. It’s critical that you always copy-paste addresses for cryptocurrencies. They are case-sensitive and complex strings that consist of numbers and letters. Don’t attempt to manually type them, since you are at high risk of making a mistake. There is no way to recover it if you send your crypto currency to an incorrect address.

 

Image: Gerd Altmann 

*Disclaimer: Fyggex, does not give any guidance, advice or recommendations to neither invest or not in any available normal currency or cryptocurrency directly or indirectly via any trading platform, exchange or provider. Our sole purpose is to make you aware of the related real or potential risks and opportunities so that you can make your own research prior to any financial decisions you may want to take. Past performance and position are not a guarantee of risk-free future returns.

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https://fyggex.com/2020/12/03/criticism-on-bitcoin-why-it-is-not-all-perfect/

fyggex.com/2020/07/14/coinbase-major-u-s-cryptocurrency-exchange-to-go-public/

www.coindesk.com/why-a-swedish-mp-is-joining-bitcoin-exchange-btcx