Cryptocurrency has long been a hot topic with those keeping track of advanced technological development. Since its launch, Bitcoin has reached an all-time high as an alternative to “real money.” At this day and age, this particular cyptocurrency price index is being monitored worldwide. This article focuses on how to pick and buy Bitcoins in Benin.
Things you need to know before buying Bitcoin
Taking any serous step requires critical thinking and thorough analysis beforehand. Same applies to buying cryptocurrency. Prior to buying Bitcoin you have to be aware of several important ins and outs, given the current Bitcoin market value.
- Cryptocurrency value has been historically quite volatile. In retrospect, Bitcoin price chart shows both sharp value increase and dramatic downfalls in a relatively short space of time. This reads as a high-risk investment, and you may end up being out of pocket. It is advisable to keep a close watch on market upswings in order to get the best price.
- It is important to take your cybersecurity very seriously. You need to come up with a decent plan for your personal data online protection, and avoid using rogue websites offering cryptocurency discounts.
- Bitcoin transactions cannot be reversed. Once transmitted on the Bitcoin network transactions are not reversible. Please make sure you double-check the recipient’s address prior to sending Bitcoin payments.
- Bitcoin does not guarantee anonymity. There is a widespread misconception that cryptocurrency transactions are anonymous. If untraceable transactions are of primary importance to you, you should focus on other cryptocurrency types.
- You are not exempt from tax withholding. In Benin, cryptocurrency is regulated by the federal government. Bitcoin is taxed as an investment, and is treated as a currency. Bitcoin mining is also subject to taxation.
Popular Exchanges to Buy Bitcoin in Benin
CEX.io lets you purchase bitcoin with a credit card, SEPA transfer, ACH bank transfer, cash or AstroPay. Purchases made with a credit card give you access to your bitcoin immediately. CEX.io works in the United States, Europe, and certain countries in South America.
We may receive compensation when you use CEX.io. Please visit CEX.io for its exact pricing terms.
- Support for many countries and regions
- Low 0.2% trading fee
- Established and trusted exchange
- Verification process is extensive, requiring much personal information (including a photo) and incurring a long delay
- GBP market lacks liquidity
Yobit is a cryptocurrency exchange offering more than 100 cryptocurrencies that can be traded directly on their website. Although the trading platform is internationally oriented, only three languages are available: English, Russian and Chinese.
The provider’s focus is clearly on illuminating the prices of the individual cryptocurrencies from all sides as far as possible and making them available to customers on the website. The website could be slightly more informative, it’s not that easy to prepare a detailed test report on crypto trading platform Yobit. Nevertheless, we have highlighted a few points that might make it easier for you to decide whether you want to give the altcoin broker a try or not.Our first look is at the provider’s seriousness.
After all, every user wants to be able to rely on a secure trade that really washes the return into their own wallet. In recent years there have been some dubious offers on the market, but YoBit is clearly not one of them. The provider offers great protection for its users and works reliably and seriously. In our eyes, doubts about the correct way of working are superfluous.
- Good Liquidity
- Many smaller coins tradable
- Bad support
- Transfer fees can be quite high, depending on the coin and amount
EXMO is a UK-based cryptocurrency exchange which launched in 2013 by its parent company, EXMO Finance LLP. It is one of the largest cryptocurrency exchanges in Europe, with an average monthly trading volume of $ 1.5 billion. Even though the EXMO exchange offers lower liquidity than others, such as BitMEX, it is a good choice for inexperienced traders to start their cryptocurrency trading or investment.
- Low user fees
- Several cryptocurrency asset pairs to trade, giving the user the power of choice
- To their credit, Exmo has a good communications outlet. The blog publishes constant updates about what happens with Exmo
- US Clients not accepted
- Many exchange downtimes have been reported
- Deposit and withdrawals come with conditions which keep changing. Traders can never tell what they may wake up to
Established recently in mid-2017, Binance is new cryptocurrency exchange that is geared towards crypto-to-crypto trading. The platform is based in Shanghai China and is headed by Changpeng Zhao. The exchange also recently opened a branch office in Shibuya-ku, Tokyo. Although just founded a few months ago, Binance is already making waves in the cryptocurrency trading community. The exchange offers an impressive range of Cryptos and Altcoins such as BTC, ETH, LTC, and Binance’s own crypto called BNB, for trading at very competitive fees.
- Wide selection of cryptocurrencies
- Advanced trading platforms
- Competitive fees
- IOTA available for trading
- No support for Fiat currencies
- No live chat or phone support