Buying Bitcoin used to be really complicated when Bitcoin came into the picture. Not everyone was aware of how to operate a cryptocurrency exchange and where to store Bitcoin after. This guide will help you understand all the key points you should know when you want to buy Bitcoin instantly and safely.
1.Use a different, private network: Public WiFis are a big no-no. When you’re trading cryptocurrency, make sure to do it over a private network which is completely secured. Not only can hackers steal your information over a public network, but you could also become the victim of an unscrupulous website.
2.Use an offline wallet: Hardware wallets and paper wallets are generally considered the safest. If you don’t have one yet, consider buying one. This will keep your holdings safe in the long run. Do not store your coins on the online exchange. Exchanges are susceptible to hacks and users generally don’t see a penny of their investment afterwards.
3.Do not tell anyone: You may feel like you want to announce it to the world about your Bitcoin purchase. Don’t. This is how you become a target of a scam or a phishing attack. This include friends and family too.
Now that you have the basics down, let’s dive right into how you can buy Bitcoin instantly.
You need a reliable, secure and trustworthy cryptocurrency exchange. There are several to choose from as Bitcoin is traded on almost all exchanges given how old and popular it is. There are other ways to purchase Bitcoin like going to the ATM or using websites to find people near you willing to sell but these are time-consuming methods.
To identify the right cryptocurrency exchange, here are a few pointers:
1.Resources: Since, this is your first time making a Bitcoin purchase, do they have enough resources letting you know how to go about the site and buy Bitcoin safely. You may also want to spend some time reading up about cryptocurrency in general. So, you need an exchange that you can associate with in the long run.
2.Secure: Is the exchange secure? Have there been any hacks? If so, how did the exchange respond? These hard-hitting questions will help you examine if the exchange that you are considering is the right fit for you.
3.Exchange rates: This goes without saying but are you able to get the best exchange rate. Whether you purchase Bitcoinwith your local currency or buy Bitcoin with credit card, you should be getting the best possible exchange rate.
4.Reviews: What are the users saying about the exchange? This is pretty easy to find and should also lend some credibility to their operations. If you are unable to find any reviews, move on to another exchange.
You’ll find that there are plenty of exchanges that fit the bill like Changelly, Binance, Coinbase but CoinSwitch has the best exchange rates since it fetches rates from all the exchanges in the world.
The safest way to buy Bitcoin without divulging any information is to get a pre-paid credit card and use it on CoinSwitch. CoinSwitch also recommends the best wallets for you to store your coins in.
CoinSwitch also allows you to buy Bitcoin with Ethereum by completing an exchange in minutes. While other exchanges require you to set up an account, CoinSwitch allows to check the exchange rates and perform transactions without asking for any private information.
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