Bitcoin Exchange is similar to the ways other currencies are traded. Bitcoins are also bought and sold at a flexible price against the value of other currencies. The price of bitcoins varies from time to time as it is based on the law of supply and demand. Hence, the higher the demand and the lower the supply, the price of this virtual coin will surely soar high. Actually, there is an instance sometime in March 2013 where its exchange rate in the first week is 1BTC equals to $35 and within only 6 weeks it rises to 1BTC for $250. Here are some of the top Bitcoin exchanges in the market today:
Bitstamp prides itself for allowing transactions 24/7 and for opening its trading platform to other currencies like euro, British pound, and Swiss franc besides the US dollar. Based in Slovenia, this Bitcoin exchange accepts an array of deposit methods other than Bitcoin payments like Wire Transfer, EU Bank (SEPA), Ripple, and AstroPay. Moreover, it provides different ways to exchange fiat to BTC—Instant Order, Limit Order, and Stop Order.
Kraken is a California-based Bitcoin exchange that caters for various markets as evident in the 12 trading pairs available on its platform. It takes pride in its stringent security measures, which are highlighted by two-factor authentication, master key, PGP public key, as well as its KYC/AML policies. Transaction fees are also one if its key selling points at only 0.2%.
Bitfinex maximizes the services traders may acquire on its platform. A Bitcoin exchange powered by the new AlphaPoint features, it also offers margin trading and provides liquidity. Moreover, it regularly undergoes security check and has its database backed up once a day to ensure maximum protection. Despite the recent Bitfinex hack incident, which only a significantly small share of its total trade volume was illegally acquired, this Bitcoin exchange doubles and even triples its security to ensure a safe trading place.
BTC-e is a Bitcoin exchange available in English, Russian, and Chinese languages. It is the Bitcoin exchange for users who transact and own different fiat and cryptocurrencies. It supports the British pound, euro, Chinese yuan, Russian ruble, Bitcoin, Litecoin, Terracoin, Namecoin, Novacoin, Peercoin, Feathercoin, and Primecoin. Likewise, it offers its PAMM Service to all serious traders and investors geared toward earning profits.
BTC China is one of the most well-known Bitcoin exchanges in the market. It trades BTC/CNY, LTC/CNY, and LTC/BTC, and its platform is optimized to function even on mobile devices, specifically the iOS devices. An online exchange for the Chinese bitcoiners, BTC China is now among the largest trading platforms in the world.
Bit-X stands out from the other Bitcoin exchanges because of several reasons, but its primary distinct quality is that it is a licensed cryptocurrency trading platform that supports BTC, LTC, USD, EUR, and GBP. It also has its unique Bit-X Bitcoin debit cards, which is also the first card of such kind to come with a cashback system.
Bitcoin Exchange happens in Bitcoin Trading Markets. Yes, there are several trading markets that allow people to buy bitcoins. The most famous among these bitcoin sites is Mt.Gox which is considered the world’s largest bitcoin exchange. It handles about 54% of all bitcoin transactions as of July 2013. Moreover, Mt.Gox has been in the bitcoin domain for almost 3 years since its establishment in 2010. Other popular sites include Bitstamp, Intersango, as well as BTC-E.
There are simple processes you must follow in order to acquire these digital currencies through bitcoin exchange. First thing you must have is bitcoin address. In order to get one, you must have a Bitcoin wallet. You can check our page about bitcoin wallets to know the sites where you can get them as well as the kind of wallet suitable to your needs and wants.
After getting a bitcoin wallet, you can now go to the Bitcoin Trading Market of your choice like CEX.io–which can be instrumental in promoting Bitcoin gambling in Latin America–and make an account and order for bitcoins. Then, you have to make a payment in the bank and within 3 to 4 days, you will receive your bitcoins. However, you must take note that the bitcoin exchange you have chosen is reliable since you will be entrusting your money to them. Here are several things you must consider in choosing the right bitcoin trading market:
– Transaction Fees
Since the process of buying and selling bitcoins has charges which became the incentives of the trading markets, you must be keen in looking at this aspect. The transaction fees are expressed in percentage and sometimes it can get expensive. Hence, you must choose the trading market that offers the lowest percentage of transaction fees.
Being an unregulated currency, for sure, in every location, there are laws that you must comply with; therefore, it is important to consider the geographic location of a trading market. For more information on the legalities of the use of bitcoin, please visit our Bitcoin gambling legal page.
There are risks wherein exchanges are attacked; hence, you must make sure that your chosen bitcoin exchange is accessible anytime and anywhere. The most popular tool to measure this aspect is called the host-tracker. You just have to enter the URL of the exchange you wish to check and this tool will try to access it from its different partners all over the world.
It is an important aspect to look at so you can make sure that your ability to sell without the price being affected causing it to decrease is assured.
Bitcoin Exchange plays an important role for you to get started with bitcoins. Hence, you must see to it that the aside from knowing how it actually works, you have to make sure that it is a good one by considering the aspects mentioned above.