Bitcoin Exchanges
OK so there are a number of exchanges out there that will allow you to trade a number of different Cryto and Fiat currencies. I am only going to tell you of the ones that I have personally used and can comment on. Although I do hope to cover a lot more as I experience them.
CEX.IO
Short for CryptoCurrency Exchange, cex.io was the first Bitcoin exchange I used for the sole reason that you can use your Credit or Debit (Visa or Mastercard) to buy Bitcoin. Also it is in no way a small exchange, on the day of writing the exchange had turned over 95 Bitcoin within 24 hours with a USD value of $21,500 (at current exchange rate).
What is good about this exchange:
- It works on an order system - meaning you can place an order at the price you want to pay and when someone comes along and want to sell at that price you will get the best deal.
- You can deposit fiat currency - cex.io lets you deposit in USD or EUR but accepts all VISA and Mastercard Credit or Debit cards. I personally used my VISA debit card from Australia and works fine (even instantly).
- You can trade in all the top CryptoCurrencies - at the time of writing they traded, BTC, LTC, DOGE, DRK, NMC, AUR and many more.
- You can transfer BTC in - if you already have BTC and want to trade it for USD you can transfer it into your cex.io account and go nuts.
- You can buy Cloud Mining - they have trade-able GH/s, meaning you can buy some Cloud Mining power and reap some dividends from it.
Whats not so good:
- Verification for use of fiat currencies takes time - mine took about a week and a half.
- Cloud mining is currently suspended - Cloud Mining for cex.io has been suspended due to a low Bitcoin price, they take a 10c fee per GH/s meaning the price has to go up to $320 before it become profitable again.
A little more good news:
- With the Cloud Mining being suspended the price per GH/s has dropped massively. Meaning if your patient you can horde a ton of GH/s for cheap and when the price goes up, your laughing.
Fees
cex.io charges a 0.2% fee and what appears to be the standard "miners" fee for all Crypto withdrawals.
BTC-E
BTC-E is by far the most popular Bitcoin exchange, a comparison: cex.io turned over 95 BTC in 24 hours. In one 30 minute block, BTC-E turned over 767 BTC!!
Whats good about BTC-E:
- You can trade in fiat currency - although you need to use one of several money brokers or money exchange services. These require extra sign ups.
- You can trade in different fiat currencies - currently USD, RUR, CHN, GBP and EUR.
- It has a good offering of CryptoCurrency - an number of the most popular crypto's.
- MetaTrader4 support - just set and forget with MetaTrader let it do the work for you.
Whats not so good:
- Because of the high volume (and likely MT4) - there seems to be a lot more fluctuation in price on BTC-E.
Fees
Fees are between 0.2% - 0.5% on all transactions, this seems to include withdrawals.
CoinSpot
This one is for the Aussies. CoinSpot is an Aussie exchange that allows you to make deposits directly using any Westpac branch straight into their account. It allows you to trade in a number of popular Crypto's as well as AUD.
The best part is that the site seems to ignore the current market value of Bitcoin and all prices are slightly higher (or lag behind other markets) meaning that, if your quick enough, you can make a bit of extra cash on trades.
Fees
CoinSpot (understandably) has some fees that are a little higher with:
- 0.8% on buying with AUD.
- 0.4% on selling for AUD.
- 0.1% on BTC markets.
- Free Withdrawal to Aussie Bank.
- Free Withdrawal to Wallets.
- $20 fee for withdrawal to International Bank.
Conclusion
So that is my review of a number of Bitcoin exchanges, by using this info you can obtain your first Bitcoin and either choose to trade them on these exchanges or use them for the purposes in some of my later posts. In any case, I hope that I have helped someone on there way to making your self a lot more financially independent.
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