The best cryptocurrency stock service. Where to deposit cryptocurrencies?
Buying Bitcoin has never been this easy. All you have to do is visit a cryptocurrency stock to be able to make transactions using virtual money. An Stock service also makes it possible to buy other digital currencies in just a few minutes, like Ethereum, Binance Coin or XML. Which stock to choose, though? Where to trade Bitcoin at the most convenient price?
How to buy a cryptocurrency?
Plenty of Internet users are interested in cryptocurrencies and looking for information about them online. Only a small handful of them, however, decides to buy bitcoins or other, less popular digital currencies. Why? Because they are not convinced about virtual money. They are worried about making bad investment decisions, they have their doubts about the security of cryptocurrency transactions. They don’t know where to buy BTC (the most popular cryptocurrency in the world).
The issues related to the stability of such systems as Bitcoin or Ethereum have already been discussed in our other articles. Below we will focus on brick&mortar and Online stock that make it possible to purchase digital currencies. What should be the characteristics of a good cryptocurrency stock service? What factors are worth taking into account when choosing a Bitcoin stock? And is it necessary to open an account, like in a bank? Or maybe it’s enough to just provide an e-mail address?
Cryptocurrency stock – buy Bitcoin!
You can buy cryptocurrencies at big stocks, but if you’re not an investor and don’t have experience using virtual money yet, it would be better to use dedicated stock. Actual stocks are mostly for experienced players who make money selling BTC. A cryptocurrency stock is a definitely better option for someone who’s never dealt with them before. It’s a place where you can exchange traditional to digital currencies – or vice versa. All kinds of transactions are usually conducted over the Internet, but there are countries with brick&mortar stock operating. All we need is a cryptocurrency wallet.
Regardless of whether you choose an online or brick&mortar stock (they don’t differ in how they operate), this will be your first step in the world of cryptocurrencies. Before that, it’s a good idea to do some research on what the exchange rate is, how often it fluctuates, what conditions it. The most reasonable route is to compare the offers of different stocks and choose the most convenient one. Either way, stocks ensure better security than exchanges, and the transactions are performed fast and hassle-free. You will have no difficulties exchanging USD for Bitcoin, Ethereum or other virtual currency, wiring the money or entering a BLIK code. There are services that don’t even require you to have an account. The digital currency will get into your wallet in a flash.
How does a cryptocurrency stock work?
A cryptocurrency stock doesn’t differ that much from money exchanges where traditional currencies are traded. A platform of this type offers buying and selling of virtual money. You can pay in either a traditional currency or another cryptocurrency accepted by the venue. The transactions don’t require any intermediaries. All you need is a cryptocurrency wallet.
Every stock has its own method of calculating the exchange rates, which is why the quotes at different venues might differ, depending on the adopted counting method. The platforms of this type make their money on spreads, which are the differences between the buying and selling rate of a cryptocurrency. On top of that, some stocks charge commissions on their customers for the transactions or withdrawals performed.
In order to use an stock, first we need to register an account with them (only some of the services don’t require it). Which means we need to provide the wallet address, e-mail and receive a message with an activation link. After activating the account, you can use all the functionalities available on the website, which is selling or buying bitcoins (or any other cryptocurrency), looking up the exchange rates and staying up to date with industry news.
Transactions for bigger amounts make it necessary to verify your personal data, which means that in case of bigger transfers you might actually need a scan of your ID. After depositing funds in the account you can use them as you please. There is no philosophy to it, which is what makes cryptocurrency stock perfect for beginners. They don’t come with quite as many difficulties as operations on a real exchange.
Bitcoin stock – online or brick&mortar?
Bitcoins, Stellar or Ethereum, as well as any other cryptocurrency, can be exchanged both with online and brick&mortar stock. It’s a good thing, however, to know the difference between these two types of stock and how they operate on the market.
Performing a transaction is easier at a brick&mortar stock office. Buying BTC or other cryptocurrencies here consists of exchanging traditional currency, such as USD or Euro, for virtual money. The digital funds go to the wallet, which might come in a digital or physical form (a hardware wallet ensures higher security). Buying cryptocurrencies at a brick&mortar stock office also comes with the advantage of allowing the buyer to remain anonymous. Performing a transaction doesn’t require the customer to open an account or reveal their identity by disclosing personal data (the only exception is operations for very high amounts). Which makes it fast and secure to exchange money this way. The only thing you need to provide is your wallet address.
The number of brick&mortar stock offices is relatively low, however. As of now, brick&mortar currency exchange points are usually only available in the major cities of a particular country.
The market has been dominated by Online stock, which are available anytime, anywhere, as long as you have Wi-Fi. Using an online platform should not cause any difficulties. Executing a transaction, however, often requires registering an account with the service, which also implies identity verification, something not everyone might be comfortable with. The funds get sent directly to the wallet specified by the buyer. The transfer usually doesn’t take long, unless the service owner cuts corners on fast payment methods and doesn’t have many bank accounts to offer that you can deposit the money to. The transfers take way longer if the stock has an account in a different bank.
Online stock are incredibly easy to use. Their main advantage is being available 24/7, but not only that. Online stock usually have the best exchange rates on the market to offer. Not to mention not all of them require registration and disclosure of personal data as long as the transaction doesn’t exceed a specified limit.
What’s the difference between a cryptocurrency stock and a cryptocurrency exchange?
Bitcoin stock make a great alternative to big exchanges. Both make it possible to exchange Bitcoins and other digital currencies. These platforms, however, differ from one another in a fundamental way – not just in terms of requiring verification.
The advantage of dedicated stock is simplicity. Using such services doesn’t require having extensive knowledge on investing or knowing the exchange mechanisms. The only thing you need to do is select the currency you want to sell or buy, and then make a deposit (in USD or in other traditional currency). No nuclear science. Which makes cryptocurrency stocks where you can buy BTC, ETH or XLM a great option for beginners who are not yet familiar with exchanges. Are you not familiar with the market? Do you lack adequate knowledge? Then buy BTC from stock.
The main thing in favor of big exchanges is more favorable exchange rates. The price for a digital currency is usually lower at exchanges than with dedicated stocks (usually by about 2%). Why? Because the price of a cryptocurrency for stocks is determined by their owners, who make money on spreads (which is the difference between the buying price and the selling price). That’s why, when it comes to bigger investments, a more profitable option will be an actual cryptocurrency stock.
Bitcoin Stock services: what to take into account when choosing one?
A growing number of people is using cryptocurrencies, which results in a growing number of stocks that make it possible to buy or sell virtual money. Someone who has never dealt with stock offices before might have a hard time choosing one. That’s why it’s a good thing to know what to take into account when comparing the offers.
The most important thing is security of the transactions performed. A professional bitcoin stock – be it brick&mortar or online – should come with all the standard security measures used for operations of this kind. Adequate protection should also be applied to personal data and the funds in the wallet.
Another important thing besides security is the cryptocurrency exchange rates. Since these are set by the owner, they usually differ more or less from the exchange rates set by other services. Which makes it a good idea to compare the offers before making a purchase.
Also not without significance is the number of cryptocurrencies available in the offer. Such currencies as Bitcoin, ETH, IOTA or Monero are the absolute minimum. The more the better, although one should keep in mind that not every currency can be purchased from stocks. A less known network that has just entered the market and without much success might not be available.
Another noteworthy factor is the amount of fees charged by an stock for executing a transaction. Sometimes it happens that a company offers exchange rates that are convenient to their customers, but they charge astronomical commissions. That’s why, if you wish to use services offered by Bitcoin exchange agents, first check the table of all fees you will have to pay.
Last but not least, the quality of customer service. It’s an important yet the least appreciated factor. In certain situations it might become necessary to consult the technical department. If the number is not available despite numerous attempts, the company clearly doesn’t care about their customers. Quick response time is very important. In case of this kind of inconveniences, one could expect that the transaction security quality will also leave much to be desired. One unquestionable advantage is support on the service’s website that allows to quickly solve the most common problems.
Another important issue is the available payment methods. A company that offers a wide array of options in this area (bank transfer, PayPal, BLIK) has higher chances of winning customers over.
An stock is a great alternative to cryptocurrency exchanges. It allows to buy the most popular cryptocurrencies in the world. Not just bitcoins (BTC), but also other digital currencies available on the market. You have different payment methods to choose from: traditional transfer, BLIK, PayPal etc. In order to make a transaction, you need to have a special cryptocurrency wallet (we have already written about it on our website).
It will allow you to quickly, in just a few minutes, buy and sell virtual money. You will find plenty of different Online stocks that have buying and selling bitcoins in their offer, while also serving the Ethereum or Stellar networks. In our view, it is better to use stocks online – mostly because they offer lower exchange rates. The verification requirement doesn’t apply to all places, although transfers of very high amounts are checked out of necessity.