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COINBASE is currently the largest US-based cryptocurrency exchange on the market. It is headquartered in San Francisco.
Buying cryptocurrency on the platform is fairly simple. The first thing you’d have to do is to sign up for a Coinbase account. This will provide you with a place to store your bitcoin as well as fairly easy payment methods to convert your local currency such as USD or EUR in a bank account into or out of Bitcoin or any other of the supported cryptocurrencies. You can even incorporate a debit card or a credit card into this process for credit or debit.
Once you have created and verified your account, you will have to connect your bank account and then a credit card, debit card or debit cards. There are certain verification steps that you would have to go through in order to be able to fully utilize your account using a credit card.
Coinbase allows you to connect your bank account through your credit or debit card, which is quite convenient if you want to buy or sell with credit or debit. This allows you to purchase digital currencies seamlessly with your bank account and use them with a credit card or debit card, for example.
Once all of the above is done and you’ve gone through all the boring administrative work of the bank account, credit card, debit cards, gift cards, hardware wallets, wallet address, your private key, gift cards, you can buy or sell cryptocurrency without any issues. The platform will also display real-time currency exchange rates of Bitcoin, USD, and EUR, depending on the currency you prefer.
Binance is a cryptocurrency exchange. In fact, it’s the largest one in the world by means of traded volume and it has been dominating the market for the time being.
To trade cryptocurrency on Binance, you must first deposit it in your designated cryptocurrency wallet like one of the many hardware wallets with a private key. The exchange supports a broad range of different digital assets, so you don’t have to worry about compatibility.
While the exchange supports predominantly digital assets, it also allows fiat-to-crypto trading in selected regions. Bitcoinist reported in October that Binance opened its first fiat-to-crypto exchange in Uganda. The company has also partnered up with a Southeastern Asian venture capital giant Vertex Ventures to open a fiat-to-crypto exchange in Singapore.
If Binance does not support fiat-to-crypto trading in your region, you can withdraw bitcoin, Litecoin, Ethereum etc. from your Coinbase account and then deposit into your Binance account. Once you’ve done this, you can begin exchanging them for different types of cryptocurrencies.
The way it works is fairly simple. First, you would have to choose the cryptocurrency you want to trade and then see the available trading pairs (e.g. BTC/ETH).
For instance, if you want to buy Ethereum, you would be able to do so with Bitcoin, Litecoin, and an array of different digital assets as well. The platform will show you the current exchange rates for the selected cryptocurrency pair and will execute your transaction when your price target is reached.
KRAKEN is another cryptocurrency exchange used to buy or sell cryptocurrency. Unlike Binance however, it does allow funding of your account via fiat currencies. So, the first thing you’d have to do is to open an account.
Once you are done, you need to navigate to the Funding page of Kraken and select the deposit option and go to the USD (or EUR for Europeans) page. If you haven’t already, you should accept the domestic USD deposit Terms of Service.
After that, you should select the option to do a US domestic wire bank transfer in order to copy your domestic USD deposit wire transfer details.
The next step would depend on the bank that you are using for the bank transfer. But essentially you would have to provide the displayed information on your Kraken deposit to your bank regarding the wire transfer. The bank transfer will then transfer credit to a credit card or the funds directly from your bank transfer account to your USD account on Kraken.
Once the bank transfers are complete, you will be able to buy or sell cryptocurrency, buy bitcoin, and trade on the platform. It’s a cryptocurrency exchange just like Binance and you would have to select the trading pair of buyers and sellers you want to engage with.
The exchange rates are updated in real-time based on the current market conditions while displaying the order book volume with buyers and sellers, as well as bank transfers and their fees.
Note: Cryptocurrency and fiat withdrawals typically depend on the level of identity verification you provide to the exchange. The more documents you submit, the larger the amount will be that you can withdraw on a daily basis. Binance, for example, allows withdrawals of up to 3 BTC daily for the most basic ID verification level.
Skrill is a well-known international payment processor and payment method. There are a few different platforms which allow you to use Skrill in order to deposit money and buy cryptocurrency. One of them is BitPanda. The main benefit of the trading platform is that it has fairly low transaction fees and it does accept Skrill. Virwox is another popular trading platform that accepts Skrill.
There are a few different ways to buy crypto with PayPal’s payment method. In any case, you’d have to find a platform which supports this payment processor.
One platform you can use is LocalBitcoins. However, it is essentially the same thing as if you are buying with cash, just that you’d be depositing your money through your PayPal account. Another platform for payment methods that you can use is Paxful, which is basically the smaller version of LocalBitcoins.
Non-US users can use the trading platform eToro. There are a few important things to consider when we consider how eToro is different from normal cryptocurrency exchanges, which allow you to buy crypto. eToro won’t let you convert your Bitcoin to any other cryptocurrency or to send them to someone else – you would only be able to change them back to fiat currencies.