Exchanging Bitcoins

Bitcoin

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Choose an exchange service.

The easiest way to get bitcoins is by using and online exchanger. The way an online bitcoin exchanger works is very similar to the way currency exchangers works. All you have to do is register online and do the conversion from your fiat currency to bitcoins. You can find a lot of online bitcoin exchangers, the best option for you is to select the one where you’re located. Here i’m going to provide you a list of the most stable an well-known online bitcoin exchangers:

CoinBase:

Probably the most popular one. This exchanger will provide you exchange services, wallet creation and bitcoin trading. They even have mobile apps so you can buy or trade your bitcoins more conviniently.

Circle.

By creating an account there, you’ll be able to store, receive, send and exchange your bitcoins.

Xapo.

This company will sen you a debit card, so you can send your bitcoin in your prefered fiat currency.

Some exchange services allow you to also trade Bitcoins.

Some of these echange services will let you trade your bitcoins. There are Bitcoin excange services that limit you the amount of buying and selling bitcoins per day. Most of these exchangers and wallet systems store digital and also fiat currencies for you, very similar to what normal bank accounts. These exchangers and wallets are very good in case you desire to get into trading and don’t necessary need to have total anonymity.



Provide proof of your identity and contact information to the service.

Once you join and online bitcoin exchange service, you’ll need to provide your personal information, in order to create your online account properly. Several countries require members to meet anti money laundering requirements, thus you’ll need to provide proof of your identity. You need to be aware that online bitcoin exchangers won’t provide you the same level of protection banks can. In other worlds, you may not be protected against hackers or receive reimbursement, in the event that the online bitcoin exchanger goes aout of business. This totally depends on the exchanger of course, some have stronger security systems that others and some are more financially stable than others.

Buy Bitcoins with your exchange account.

Once you finish the set up of your online bitcoin exchange service account, you’ll need to link it to your bank account, so you can send and receive funds, between both platforms. Moving funds from your bank to the online platform and vice versa, may entails a fee. You need to read all the information regarding this matter in the online exchange platforms and in your bank platform help/faq sections. There are exchangers that allow you to make a deposit in person to their bank account. One way or the other, it’s very advisable that you select an online exchange platform, located in your country, some exchanger may even limit their members to sign up only if they reside in the same country they are located. There’re anyways exchangers that let you transfer money to overseas accounts, keep in mind that the fees may be higher if you choose to proceed this way plus it may entails a delay to have your funds available.

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