Buying Bitcoins through an Exchange – Sanz Prophet

Buying Bitcoins through an Exchange - Sanz Prophet

The easiest and most evident choice is to open an account at Coinbase. You will have to verify your identity by uploading a few documents. Merienda you are verified you can transfer money via handelsbank transfer. If you have a European passport you can do a SEPA transfer for zero toverfee but you can only transfer Euros (spil of this writing). If you are U.S. based you should be able to use Dollars. Merienda your money arrives you can instantly buy Bitcoin, Ether or Litecoin. There is one minor catch. There is a petite toverfee charged on top of the spread. Not a big overeenkomst but for a trader it is a no-go.

Bitcoin Exchanges

So if you are a trader you budge on to Coinbase’s flagrante exchange, Gdax.com. You can login with your Coinbase credentials and voila you get access to natural bid/ask order book. You may need to further verify your account to trade on the exchange.

One problem I have with Coinbase is that it does not permit E.U. based clients to deposit U.S. dollars.

Related movie: Litecoin Regains Strength!!! Winklevoss Brothers Add Litecoin To Their Exchange!


So moving on I attempted Bitfinex. The interesting thing with Bitfinex is that it permits margin trading spil well spil margin lending. Te other words you could not only trade on a reasonable margin but you can lend out money and get rente, much higher than you would te any bankgebouw. Bitfinex also trades numerous altcoins, so it seemed like a reasonable choice, at the time, for a smaller diversified account. After going through an utterly detailed verification process I wasgoed approved very quickly. No wonder… The next day Bitfinex announced it will not permit customers to withdraw funds te currencies via Handelsbank transfer. This story is still unfolding spil of today (17/Five/2018)

There are a loterijlot of other exchanges one can use. I wasgoed interested te ones that are regulated ter the U.S., so Gemini and itBit seemed interesting. Both exchanges look like they are setting up for institutional level, over-the-counter trading where one side could eventually be a regulated investment fund or te Gemini’s case the ETF the Winklevoss twins are attempting to set up. Gemini claims a 25 BTC ondergrens trade, so itBit seemed better for someone kicking off out. Moreover at ItBit, a “maker” pays 0% toverfee. A maker is someone who places a limit order and waits for the market to come to him, thus providing liquidity. This sounded good to mij. The process of opening the account and verifying wasgoed effortless. The wire transfer had to go through Two U.S. intermediary banks and get to the Singapore based headquarters (for non U.S. customers) and wasgoed a bit complicated. Remarkably, it did go through ter less than a day and the toverfee wasgoed a reasonable $Ten plane. Itbit does not have a fancy UI te terms of trading charts and other goodies and only supports Bitcoin trading ter U.S. dollars, but it seems safe. One thing I am beginning to see is that one never indeed know who is safe, so spil always, it is best to diversify.

Another exchange that has large U.S. dollar volumes is Bitstamp. It usually carries a better price on BTC/USD than other exchanges and is also one of the few exchanges that you can buy Ripple with USD.

Cryptocurrencies markets vs stock/futures markets

Coming from a traditional investing environment, there are some glaring realizations spil one starts the investment process te digital assets.

2 thoughts on “Buying Bitcoins through an Exchange – Sanz Prophet”

  1. The fact that accounts have to opened and closed, is BAD NEWS no matter which way you think about it.

  2. Any idea if brits using GBP will be able to use Gemini with competitive exchange rates? Or will access for grits remain poor? Obviously Gemini will use USD.

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