An introduction to buying cryptocurrency
Cryptocurrency betting has become a popular new way to place bets and anyone can partake in it. Buying cryptocurrency can prove to be a bit confusing for newcomers since they are not familiar with the process.
First, make sure you do the research into what crypto you wish to buy and then set up a cryptocurrency wallet. Once you have a wallet to store your crypto and know which crypto you want, it is time to finally start buying.
Picking the right site to buy cryptocurrency from is an important step. To learn about some of the best cryptocurrency sites out there check out our top 5 sites for buying cryptocurrency below.
Coinbase
If you are looking for a trusted and well-established site to buy crypto for betting, then look no further than Coinbase. The Coinbase platform is safe and simple to use, making it a beginner-friendly crypto platform. The buying process is straightforward and there are plenty of payment options you can use.
To make matters even simpler, Coinbase also has a crypto wallet that you can immediately store your crypto in. Since Coinbase is quite popular it does have a rather large userbase, however, the site still manages to process transactions in record time.
The transaction fee at Coinbase is a bit more expensive than other exchanges with an average fee of 1.49% for any purchase of $200. Although you may use credit and debit cards to purchase crypto you’ll receive a massive 4.99% fee on any order. Coinbase also offers customer support but it has proven to be a bit slow at times.
The fees that are added to large orders or credit and debit card purchases might be enough to turn some away from Coinbase. Despite this, Coinbase is still a reputable, secure, and trusted company which is why it is at the top of this list.
Kraken
Kraken is an easy to use site that will help you learn buying and investing. The site’s resources to help guide you in understanding the cryptocurrency world are a major plus.
When it comes to betting with crypto you need to stay on top of exchange rates to make sure your crypto still has value. Kraken makes it easy to manage your portfolio so you know which crypto to keep buying and which ones to sell.
Be sure to know that Kraken will hold your crypto wallet’s address on their record. This might worry some crypto holders while others don’t mind, just make sure to trust your gut feeling. Users have also reported that transaction times are quite slow with some orders taking 30 minutes or more to process. Sometimes an order can fail completely requiring the user to submit it again.
There are some concerns regarding wallet addresses being stored on Kraken records and order wait times can be a pain too. In the end, the guidance Kraken offers to newbies and its easy of assessing your crypto assets still make it a top choice.
CEX
The CEX platform specializes in executing any transaction in the least amount of time possible. They also pride themselves on the strong security foundation that allows them to be resistant to most forms of major cyber attacks. You can enjoy unlimited withdrawals of your crypto which makes it an excellent choice for those who want to start crypto betting.
Similarly to Coinbase, CEX allows users to pay for their crypto with several choices of payment options. Every financial report a user generates from CEX will provide them will full transparency so they receive only accurate and true information.
Although CEX is a fast and secure site for purchasing crypto, be aware that they are a bit limited in their crypto selection. Even though the CEX crypto library isn’t as big as others, they still offer a lot more than Bitcoin. CEX also tends to charge a pretty high fee when conducting transactions, so be sure to take notice of this before completing any orders.
CEX certainly appears to be a powerhouse of a crypto site with its lightning-quick transactions, enhanced security, and unlimited withdrawal features. Its smaller crypto selection and high rates definitely are somethings to keep in mind if ever making a purchase.
Changelly
If you are looking for a crypto site where you can stay relatively anonymous on then Changelly is for you. Changelly does not require you to give out your name or any other personal IDs other than your email address. The platform is universal with users from all over the world making it a great option for crypto betting regardless of where you live.
Users are also free to use credit/debit cards for crypto purchases. There are also no minimum or maximum limits to crypto orders which gives users complete freedom. Changelly also can be converted into a widget, allowing it to be incorporated on other sites for exchanging cryptocurrency.
The amount of freedom that users have with Changelly might be attractive to experienced users, but overwhelming if you are a crypto newbie. If you lose your account information it might be difficult to get it back since Changelly doesn’t accept personal IDs and has limited security measures. There are also limited trading functions that might cause problems when placing bets.
Changelly is definitely for users who have some experience in the crypto world so you might want to check out another option if you are new to the scene. The features Changelly has along with keeping each user’s identity a secret is definitely impressive and has landed it at number four.
Bitfinex
One of the oldest exchanges in the cryptocurrency market is the Bitfinex platform. It may have a somewhat complex appearance, however, there are several guides and instructions right on the site to help anyone get started. You can also install Bitfinex mobile apps for Android and iPhone so you can purchase crypto even on the go.
The Bitfinex platform has an interactive interface so users can adjust and monitor any graph in real-time. Bitfinex will also leverage your trading so you get the best rate at any specific time. Since it is a peer-to-peer trading platform, you can interact with other traders who may want to purchase your crypto.
A major limitation of the Bitfinex platform is that it is not available in the United States. If you are an American citizen you might want to forget about Bitfinex. You will need to verify your account with a government-issued ID, which will take roughly 15 – 20 days to complete. One other major point to be aware of is that the site was hacked back in 2016. Professional crypto traders are still wary of the site’s security too.
Bitfinex is a flexible platform that provides users with trading information in a way anyone can understand. Its online guides are a nice resource for newcomers to get started with not only cryptocurrency trading but also using their platform. Since it has been hacked before and there is a long wait time to get your account running it has been placed in the number five spot.
Conclusion
When you finally find the crypto exchange that is right for you it is time to start placing some bets. If you are looking for a trustworthy platform that is great for crypto bets then be sure to check out Thunderpick.
Thunderpick accepts cryptocurrencies as well as standard money as ways to deposit and offers complete security and fast withdrawals on any winnings.