The Bitcoin proposition may be intriguing and may lead to an interesting future, yet what about the present?
Sure, having, hodling, and spending Bitcoin from time to time is a lot of fun, however, to get there, you must first buy some. To do that, you must deposit your hard-earned fiat money on a chosen cryptocurrency exchange. What exchange though?
Unfortunately, there have been cases in recent years when such online platforms simply shut down. Whether it was, a hack behind the event or just an old fashioned Wild Wild West runaway, the users never recovered their funds.
That’s why is it very important to choose wisely and only trust the best of the best, without even considering the noise different marketing campaigns will throw at you, on a daily basis.
Obviously, that is why you have to read the next several paragraphs. We’ll give you a basic blueprint of what to do and how to choose the best cryptocurrency exchange for you.
The best way to start is by realizing the strong interconnectivity between the cryptocurrency exchange and where you live.
For example, you can’t just choose any Bitcoin platform if you live in the US. The US law is very restrictive and demanding with companies operating in the financial & trading sector. Avoid exchanges that do not have the licenses the US financial authority - the US Securities and Exchange Commission (SEC) - requires. A good bet for an American is Coinbase or maybe Gemini. Both are based in the US and both have extensive experience in the industry.
The same situation applies to South Koreans and Japanese. The two markets have national licensed cryptocurrency exchanges that target the specific citizens of South Korea or Japan.
For those located in the EU, a good choice would be a popular and renown platform that can provide the user with the ability to withdraw via the Single Euro Payments Area (SEPA) payment system. With SEPA, your withdrawal request could hit your bank account in a matter of hours (up to 24), no matter the sum. On the other hand, an EU citizen could face delays when withdrawing USD via the traditional banking wire system.
The next important questions you need to ask yourself before committing to one cryptocurrency exchange or another are these: what’s my plan? What do I want to achieve with Bitcoin?
Are you planning to actively trade Bitcoin & cryptocurrency while spending some, from time to time? Do you want to actually invest important sums in Bitcoin? Then, you will probably need a popular and renown crypto exchange like Coinbase or Kraken. Prepare your ID & proof of residence if you choose those platforms. Verification is a MUST nowadays, given the current, international KYC (Know-Your-Customer) and AML (Anti-Money Laundering) legislation.
For a more diversified crypto portfolio, you can also go with Bittrex or Poloniex. You’ll have plenty of trading spots to choose from.
If you are a more casual Bitcoin user, you can also try popular eWallets Skrill & Neteller to buy cryptocurrency. Moreover, you can sell on their platform when the time is right and cash out with a profit.
Be wary though! If you buy Bitcoin via Skrill or Neteller, you won’t be able to use it to fund your BetBTC account, for example, or transfer it to your secure wallet. You can only send BTC to another verified Skrill/Neteller user.
Another crucial recommendation has to do with a USD-pegged ‘cryptocurrency’ that is Tether or USDT.
You probably may have heard of Tether and not in a good way. There are still many uncertainties concerning the way Tether operates so it’s best to avoid it, at all costs.
Furthermore, avoid cryptocurrency exchanges that list BTC & crypto in USDT and NOT USD! You do not want to mess with such platforms as they will NOT offer you the possibility to deposit or withdraw real cash. Since they are one way or another ‘unbanked,’ they only work with Tether or other fiat-pegged cryptocurrencies.
Since you most likely don’t want to invest heavily in the industry, just stick to the best exchanges that offer fiat deposits & withdrawals like Kraken, Coinbase, or Bitstamp. We cannot stress enough: if you want to sell your bitcoins, always sell in USD, EUR, KRW, JPY, or other real fiat currency.
Now that you have chosen your preferred cryptocurrency exchange based on our recommendations, it’s time to secure your bitcoins.
It’s always wise to transfer your crypto funds out of the exchange and into a secure wallet like a hardware wallet, for example. Remember your private keys, your bitcoins! This way, you won’t have to worry about a possible hack in the middle of the night or about an unexpected platform shutdown that could leave you empty-handed.
Also, make sure you increase your account security by activating the two-factor authentication. To find out more about the steps you need to take, read our own Secure HODL Crypto Or How To Stop Worrying And Enjoy Bitcoin Gambling blog post. In addition, for true financial freedom and sovereignty, take a look at our Own Your Financial Future By Becoming A Fully-Fledged Independent Bitcoin User article.
Since you have already made up your mind about the cryptocurrency exchange you’re going to use in the future, it’s time to have some fun with Bitcoin, not just HODL. Be sure to transfer some of your BTC to BetBTC online casino and play your favorite high-adrenaline games.
Roulette, slots, blackjack, baccarat, live games, virtual sports, we’ve got it all. Just make a deposit & start playing. You never know what the next spin or card could bring you.