Technology

What is the cheapest way to buy Cryptocurrency?

Cryptocurrency, people treat her differently. Someone believes that the future belongs to her, someone is sure that this is another financial pyramid. It’s hard to find someone who has never heard of her.

The first cryptocurrency appeared almost 10 years ago. But the real excitement around this digital currency appeared not so long ago. Many of us, one way or another, have thought about how to buy cryptocurrency. Bitcoin is the most widespread and promising currency, and it was its emergence that laid the foundation for other cryptocurrencies (Ethereum, Ripple, Litecoin, etc.). Which cryptocurrency to buy is up to you.

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So how can we acquire this digital gold? There are not so few options for where to buy cryptocurrency.

Where to buy cryptocurrency?

Buy cryptocurrency in the exchanger

Everything here is simple to the point of banality. Need a cryptocurrency now? Just a couple of clicks and you have the cryptocurrency. 

However, due to commissions, this method is more expensive compared to the exchange.  Most often, exchangers are arranged so that in the I “GIVE” field you indicate the amount of currency that you will spend, and in the I “RECEIVE” field you will see the amount of which cryptocurrency is growing the fastest that you will receive after the exchange.  One of the main advantages of this method is its efficiency.

Buy cryptocurrency on the exchange

Most people believe that buying virtual currency on the exchange is the most profitable and optimal option. Basically, stock exchanges work on the same principle. The user registers, deposits funds into the account, creates an application (order) for the purchase of the required cryptocurrency and waits for its execution.  After that, the funds are credited to your exchange account.

Few crypto exchange:

  • Binance;
  • Bestchange; 
  • Kraken; 
  • Kucoin. 

The bottom line: which method of buying cryptocurrency should you choose?

Until recently, it was not easy for the residents of Belarus to buy bitcoin, especially for rubles. The only option was dubious exchangers with often extortionate fees. However, with the legalization of cryptocurrencies at the end of 2017, everything changed: now completely legal crypto-exchanges operate in Belarus, which, moreover, offer much lower commissions than in an exchanger: for example, on FREE2EX, replenishment of an account by bank transfer is completely free, and buying BTC from a card  will cost less than 3%.

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The most profitable way – cryptocurrency exchanges

The most favorable rates for buying and selling cryptocurrencies can be found on exchanges. In fact, these are the same exchange sites, that is, an intermediary that only allows you to trade very quickly so that traders and brokers can earn on the rate jumps. Listing of the largest exchanges by daily trading volume can be seen on the same CoinMarketCap. 

Exchanges differ in what pairs of cryptocurrencies are available for trading, what are the exchange fees for internal operations, as well as for depositing and withdrawing funds to the exchange. Comparison of 35 different exchanges, relevant for October 2017, can be read, for example, here. Experienced traders also look at the history of the site – whether it was hacked, whether there was a threat of bankruptcy.

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The most popular exchange in the CIS is the Ukrainian EXMO. You can enter dollars, euros, rubles or hryvnia into it, and then exchange them for cryptocurrency. EXMO’s daily turnover is about $ 200 million.  Email is also required to register.

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Hi, I’m Prabhakar. I am a fan of technology, education, and entrepreneurship. I’m also interested in reading and digital marketing. I have 5+ years of experience in digital marketing.

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