Since its appearance in 2008, Bitcoin has been gaining the number one position as the best received and accepted cryptocurrency. Today, the percentage of capitalization that it offers within the market, continues to set the standard, well above that of any other digital currency.
In more than a decade of existence, the first Bitcoin (BTC) investors have made a sky-high return. That helps qualify BTC as one of the best options when it comes to profitability, both long and short term.
On the other hand, we want to review what a Broker is, since for some people, it seems to be synonymous with unbalanced or out-of-regulation deals. However, today there is an updated criterion in this regard, and it seems that hiring their services would be an excellent option. To find out about it and also if you want to know where to buy Bitcoin, read on.
What are the steps to follow to buy Bitcoin?
The first step is to choose a secure, licensed platform. You must register, that is: obtain a username and password. Many of these platforms ask you for a minimum deposit, to start. You will also have to enter your personal data and validate your identity, for example by uploading a profile photo, your ID, etc. If we express it as a check list:
- Choose a secure platform
- Complete the registration (enter data and validate your identity)
- Make a minimum deposit for account operating expenses
And voila: you can start shopping now.
Although you use third parties for the buying and selling processes, you will need one or more wallets where you can store your crypto. Take into account that depending on the Exchange platform or the Broker you choose, there are conditions of use that may vary.
Where to buy Bitcoin?
As already mentioned, there are several platforms, with different characteristics, that are available on the internet. But these platforms can be of two types: Exchange, or Brokers. These are the two sites where you can buy Bitcoin.
That is so, in the digital or virtual case. But a third option would be: specialized ATMs. In some European countries, for example Spain, you also have the option of using ATMs to acquire this cryptocurrency.
It is important that you know that there are not many Broker options that allow you to buy BTC, which can narrow your options. However, there are very good ones available, such as the eToro page, which is well reviewed by its users, so it is highly recommended.
In the case of exchanges, Binance is emerging as one of the strongest and most reliable options, although there is also Coinbase, with a good ranking. You must choose your option based on your own needs, and that is something that will require some strategy or planning. For example, ask yourself: are you going to buy Bitcoin with SLP? Or with another crypto, like Ethereum? Maybe with euros or dollars? The list of questions can be lengthened in that sense.
The example also serves to illustrate that the currency that you will use to buy BTC can influence your decision making, that is, it can determine which is the best platform -be it Direct Exchange or Brokers for you.
How to buy Bitcoin?
In order to buy Bitcoin, you first need an electronic account or virtual wallet. There are several online options for this, which in turn can be grouped into two categories. There are, on the one hand, Exchange platforms -such as Binance-, and on the other, there are Brokers, to which we will devote more attention in this article.
Brokers in this case act as intermediaries. Hiring intermediaries can be something that generates distrust in first timers. Perhaps it is important to remember a little of the context in which we are situated: the evolution of the world of finance in the digital age and the rise of the cryptocurrency market.
What is a Broker?
In the past and still today, in some countries affected by the high costs of living, some lenders – who have arisen from the need to create structures that operate in parallel to traditional banking, and outside their policies – have been involved in situations of injustice to applicants in greatest need
Brokers and cryptocurrencies
However, in the context or field of cryptocurrency mining and also currency trading, lenders or Brokers as they are more popularly known, are a tool, not only everyday, but widely recognized for its benefits and virtues. Times have changed and this is yet another of the modern twists of the era of the digital revolution.
Their job is to quote currencies – for example, BTC – in real time, offering you the best rates. Paying their service -that is, their commissions-, could be seen as an insurance in which you invest to save time that you would require in learning to operate directly in the market, or trial and error that can be expensive, especially when it comes to recognize potential scammers. Let’s say that hiring the Broker gives you an extra margin of security.
Its service is paid with minimal commissions, which remain so, in order to guarantee its sustainability over time, and its popularity in the foreign exchange market, as well as its competitiveness with the Exchange.
Exchange houses, as they are better known in the world, charge higher fees per transaction. On the other hand, Brokers allow you to buy BTC without fixed commissions, and there are other benefits that we can count on.
What broker can we recommend?
We have put together a summary list of the most recommended Brokers, which are also available for Spain and Latin America, and which offer low deposit rates:
- eToro (minimum deposit of € 50)
- Markets (€ 100)
- Capex (€ 250)
- XTB (€ 250)
They all share one feature: that they have a Cyprus Securities and Exchange Commission (CySEC) license. This commission is the highest financial authority of Cyprus, and is authorized to offer its services to all the countries of the European Union.
The explanation of why the nationality of this company is relevant is as follows: in Cyprus, unlike many other EU countries, its financial institutions have specialized in CFDs (Contracts for Difference), in addition to options binary all-or nothing.
As this, the CySEC is a company legally registered in an EU country, it is obliged to comply with the rules established by the MiFID (Markets in Financial Instruments Directive), so there are clear guarantees that protect the interests of consumers and investors. CySEC is in charge of regulating the financial markets and also guarantees their security and transparency.
When it comes to buying Bitcoin, it is important to do some serious research if you are starting from scratch, to avoid placing your mutual funds in unscrupulous hands. Hiring the intermediary services of the Brokers appears on the scene as an excellent recommendation.
The digital age and its relationship with electronic banking and crypto mining is just beginning to take the first steps in a long history. Information, today more than ever, is at our fingertips and also of the key questions that we know how to ask.