Cryptocurrency is a digital payment system; this doesn’t rely on banks to verify transactions. This is a peer-to-peer system that can enable anyone anywhere to send as well as receive payments
After you have completed your extensive research about how to get started with cryptocurrency and have finalized a type of coin to buy, the next step in this process is to select an exchange. There are nearly as many options to choose from to take this decision as well.
There are a few established exchanges as well as many new ones. Having an idea of what you plan to do with your cryptocurrency will allow you to pick the best platform. You should\ have to take into account, how often you want to buy and sell coins, whether dealing in futures is an option. You should also consider how important privacy and control are when it comes to managing your virtual money.
If you are on the search for an app to trade your crypto, we have got you covered there, too.
We have provided you with six options to consider for opening up an account and joining the world of decentralized finance. If you have concluded that the financial risk and potential environmental impact of this investment are acceptable. It is relatively easy to buy established coins such as Bitcoin and Ethereum, however, the process becomes complicated for newer coins such as Bonfire and Safemoon.
Best platforms for buying crypto including Bonfire, Dogecoin and SafeMoon
If Bitcoin is the widely-known cryptocurrency, Coinbase is the widely-known exchange. This platform was founded in 2012, it also went public this year. The platform offers insured wallets for investors as well as traders. Though the platform has an easy-to-use interface, there is a disadvantage, it is that the user does not control the keys to the crypto wallet, which some users perceive to be a potentially fatal flaw. Coinbase Pro has a cheaper fee structure along with more options for advanced users. Coinbase charges higher fees for users who use the basic model.
The company carries data breach insurance. Investors’ cash is stored in bank accounts, these are also insured by the FDIC. This provides more protection against scams than many other trading platforms may be faced with.
Binance Smart Chain
Binance is an established exchange that has a high volume of trading. This was built to use the Binance Chain to enable smart contracts. As per the white paper that describes BSC, this considerably new service combines the high performance of the native DEX blockchain with a friendly smart contract function. The service combines Deputy Proof of Stake with Proof of Authority to validate transactions. This is a distinctive approach.
BSC is one of the ways to buy the new Bonfire coin. Buyers have to purchase Binance coins to be able to purchase Bonfire.
BitMart is one of the newly opened exchanges. This opened in 2017. The platform is a digital asset exchange/cryptocurrency exchange. This uses a multilayer and multicluster architecture. The exchange sells a wide variety of coins, the buyers can use fiat currency as well as cryptocurrency to buy virtual money. Few of the sites require all transactions to be completed in virtual currency.
BitMart was one of the first exchanges to list the SafeMoon currency before it had gathered a lot of momentum.
The platform also has a token of its own, named the BitMart Token. This is based on the ERC20 standard. Owners can use this token to vote on new projects as well as qualify for a discount on trading and transaction fees. The platform has an application as well. There are a few U.S. states as well as countries that do not allow their residents to use this platform, so check the site for that list before you sign up.
Bisq builds on the fundamental idea of cryptocurrency by offering a peer-to-peer, decentralized, and non-KYC Bitcoin as well as a crypto exchange. KYC is a fundamental element of the traditional banking system as it relies on proof of identity to access accounts. Using this platform, only the user touches the funds. Bisq is available to anyone who owns a computer or a smartphone. It offers more than 25 payment options, along with an app for Android as well as iOS. This design is best for people who are searching for privacy, or people who don’t have government-issued identification, as per Investopedia. The platform is not designed for active trading. Its transaction speeds can also be slow.
This platform offers its user the option to buy Bitcoin futures instead of the currency itself. What does this mean? This means speculating on the future price of the cryptocurrency, without having to own any of the coins. Two benefits of trading in futures are as follows-
The futures contracts are traded on an exchange regulated by the Commodity Futures Trading Commission. And futures are settled in cash, so the buyers do not have to have a crypto wallet, as per Investopedia.
The firm provides all of the standard investment services, including Bitcoin futures. The firm also provides individual, retirement, trust as well as institutional accounts.
If you are looking forward to using a familiar financial manager for your cryptocurrency speculations, Charles Schwab offers Bitcoin futures, as well. Schwab customers with a futures account have the ability to trade in certain Bitcoin futures products. Customers also have the ability to trade certain over-the-counter trust products. The firm does provide a warning that these products “can be expensive with higher operating ratios and other significant risks.” The company also predicts that U.S. Treasury Secretary Janet Yellen might introduce more regulations onto the cryptocurrency market. The reason being she had mentioned the virtual currency as a concern during her confirmation hearing back in January of 2021.
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