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Factors to consider while choosing the bitcoin exchange

Do you want to take a plunge into the bitcoin world? Do not know where you have to buy the bitcoins? Then, you can learn about the best places to buy bitcoins from the professional bitcoin traders. These people can suggest you the right places where you can get bitcoins in exchange for money. One of the reliable places where you can buy bitcoins and trade using bitcoins is bitcoin exchanges. There is a myriad of bitcoin exchanges available in the virtual world. You can buy the digital currency from any of these after doing the due diligence or research. No one wants to take the wrong step of choosing the illegitimate exchange. When you are spending your hard-earned money to buy bitcoins, ensure to check a few of the aspects that can declare the legitimacy of the bitcoin exchange. 

Here are a few factors you have to consider while choosing the talk-business.co.uk bitcoin exchange 

Country of the exchange

The first thing you must check is in which country that bitcoin exchange is located. This is the most important thing you have to learn. The rules and regulations imposed on the bitcoins vary from country to country. It is better to go ahead buying the bitcoins from the home country. There are a few exchanges that accept different types of currencies. So you can choose the exchange that is accepting your country’s currency to buy bitcoins. The exchanges list out the currencies that they are going to accept.

Payment modes that are accepted

There are different payment modes through which the payment is accepted by the bitcoin exchanges to buy the bitcoins. You have to check whether or not the payment mode you want to use is available with the bitcoin exchange company. The different payment modes that are offered include wire transfer, PayPal, cash, etc. You also have to consider the privacy levels before you pick the type of payment mode suitable for you. For instance, a credit card is never considered to be the highly secure mode of payment.

Exchange fees

The exchange fees that are charged by the bitcoin exchanges are within limits and are not whopping. The fees would change from time to time and from one exchange to another exchange. Few of the exchanges would also slam some of the other fees along with the transaction fees. You have to read the terms and conditions thoroughly.

Order book volume

The exchanges that have a good customer base would post their order book on the website. The order book has the orders that you can buy and sell and offered by the exchange. When there is a huge volume of the order book, it is a clear indication that many people use the exchange. The liquidity of the exchange is also high. However, the exchanges that do not publish the order books are not meant to be illegitimate. Few of the exchanges have a low customer base. They would have smaller volumes of orders. 

Transparency

The exchanges that would maintain transparency would publish their cold storage address and provide the audit information to validate the bitcoin reserves. The bitcoin audit is an ideal way to prove to the customers that their bitcoin exchanges hold high liquidity.

The duration takes to get the bitcoins.

You also have to check how long it takes for the bitcoins to get into the account or wallet. The duration may vary from person to person. So, ensure to check the locked-in pricing too. You need to ensure that the price you have purchased is the same price that the bitcoin exchange would charge you on the day of you receiving the coins.

Security

Another critical aspect is that you have to check when you are planning to buy bitcoins from the bitcoin exchanges. The site can be HTTP or HTTPs. The HTTPs is a secured protocol that encrypts the data.

There are a few exchanges that offer you with the two-factor authentication. You also have to check this point to choose the right one.

Reputation

The reputation of the exchange can be learned by reading the reviews or from bitcoin professionals. You can learn the pros and cons of each exchange and choose the one you find viable for you.

READ  Different Ways to Store and Access Your Bitcoin
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