This guide can take a peek at the very ideal cryptocurrency foreign exchange programs, specifically emphasizing fiat-accepting cryptocurrency exchanges.
In order to start investing in cryptocurrencies and tokens, you before all else will need to start a merchant account at a cryptocurrency exchange. A cryptocurrency market is only a platform that eases cryptocurrency trading among numerous sellers and buyers. We notice it may be intimidating to check which market is good or that isn’t, and this article will guide you on the best fiat-accepting cryptocurrency exchange platforms currently in the store.
Step-by-Step Process of Cryptocurrency Trading
If you’re new to the cryptocurrency store, you’re before all else step would be to find a fiat-based cryptocurrency exchange that allows you to deposit your local money. Due to strict regulations, all fiat-accepting exchanges require you to verify your account before depositing your funds. You must complete the ‘Know-Your-Customer’ (KYC) process by submitting your identity proof and any other personal information.
You should find an exchange in your domestic country before all else to convert money from your bank account into Bitcoin, the base currency.
It is important to note that not all crypto exchanges accept fiat money; some exchanges only allow you to deposit coins (most commonly Bitcoin) to buy other alternative coins. Bitcoin is the most popular crypto that is offered on almost all cryptocurrency exchanges and represents the gateway to buying other coins. Fiat-accepting exchanges usually only offer a small number of coins and have a lower store liquidity than cryptocurrency-only exchanges.
If you’re keen on purchasing any other altcoins and tokens, you must do the following:
Step 1: Open a domestic cryptocurrency exchange in your country and verify your account (submit identity proof)
Step 2: Deposit funds from your bank account to your crypto exchange account and start purchasing Bitcoin
Step 3: Open a crypto exchange account that offers a variety of other coins. Usually, these exchanges do not accept fiat deposits and only allows coin deposits
Step 4: After verifying your account, transfer the Bitcoin that you’ve bought from your local exchange to your new crypto exchange and you can start purchasing other coins with your Bitcoin
Best Fiat-Accepting Cryptocurrency Exchanges
Let’s take a look at some of the fiat-accepting cryptocurrency exchanges we’ve ranked according to safety, regulation, fee, payments and the level of trust.
Many trusted investors backs Coinbase and because of this, it is used by millions around the world. The argumentation Coinbase is on top of the list is that it is the most reliable and well-known trading platforms in the world.
Coinbase is currently available to users in more than 30 countries, also is the largest broker of bitcoin. Customers have various payment methods to buy cryptocurrencies – via a bank account, SEPA transfers and other modes of payment.
- A comfortable way for new users to buy
- Higher liquidity and purchasing limits
- Currency stored here is backed by Coinbase insurance
- A considerable amount of reputation and security
- Mediocre customer service support
- Payment methods are limited
- Limited countries supported
Second on the list is Cex.io, which provides a broad range of services when using bitcoin and other cryptocurrencies. The exchange platform allows users to trade fiat currency with cryptocurrencies and vice versa comfortably. CEX offers to purchase of bitcoins for a little fee via credit cards. Customers can also make purchases for free with bank transfers.
For users looking to trade professionally, the exchange platform offers personalized and an easy to use trading dashboards and margin trading.
FOrthe beginners, CEX offers a brokerage service which will help them in more straightforward ways to buy bitcoin and other cryptocurrencies that are more or less when compared with the store rate. With the website of Cex.io being safe and intuitive so that the cryptocurrencies is stored in the secure cold storage.
- Purchase of Bitcoins with a credit card for low fees
- Decent exchange rate
- Great worldwide support
- Highly reputed exchange platform
- Comprehensive verification process to boost purchasing limits
- Customer support is average
- Depositing cryptocurrencies on the platform is expensive
LocalBitcoins is a peer to peer(P2P) exchange platform with buyers and sellers located in over thousands of cities around the world. LocalBitcoins is used as an escrow account, where buyers and sellers agree on the equal trade terms.
With LocalBitcoins, you can meet traders that will purchase or sell bitcoins in cash, send money through PayPal or even deposit money at the bank branch. The sellers are charged a commission of 1% who set their own exchange rates.
LocalBitcoins has a rating system, which rates every trader with a reputation rank and openly displays their past activity.
- One of the most private and secure ways to buy cryptocurrencies
- Instant Transfers
- User-friendly and simple to use for beginners
- Various payment methods to purchase cryptocurrencies
- No ID required
- There have been cases of scams; caution is a must
- When purchasing with cash, fees are generally higher
- The restricted amount of buy
- Exchange rates are high
This guide focuses on the top fiat-accepting cryptocurrency exchanges, and though we recognize that there are hundreds of other exchanges, the ones we’ve picked did well in various factors such as security, fees and level of public trust. Users are strongly advised to arm themselves with relevant knowledge in cryptocurrencies and trading, given the sheer amount of scams and fraudulent schemes that currently exist in the unregulated cryptocurrency store.
Beneficial Resources To Get You Started
If you’re starting your journey into the complex world of cryptocurrencies, here’s a list of useful resources and guides that will obtain you on your way:
- Crypto Guide 101: Choosing The Best Cryptocurrency Exchange
- Guide to Bittrex Exchange: How to Trade on Bittrex
- Guide to Binance Exchange: How to Open Binance Account and What You Should Know
- Guide to Etherdelta Exchange: How to Trade on Etherdelta
- Cryptocurrency Trading: Understanding Cryptocurrency Trading Pairs & How it Works