Cryptocurrency Exchanges

Cryptocurrency exchanges are one of the main ways to buy cryptocurrencies. In addition to cryptocurrencies, you can also use so-called Bitcoin ATMs, which are essentially bank machines designed for buying and selling cryptocurrencies. We operate one of these Bitcoin ATMs at our headquarters.

How to choose a crypto exchange?

There is a wide range of cryptocurrency exchanges available. When choosing an exchange, fees, advanced trading functions (such as trading on margin), the types of cryptocurrencies available, and reputation are important factors to consider.

There are massive exchanges that trade in billions of dollars and smaller exchanges. Generally, larger exchanges are safer for trading (as they have more resources and are less likely to disappear or be rebranded under a different name). Additionally, larger exchanges typically have sufficient liquidity, so you can easily buy and sell your cryptocurrencies even during sudden price drops or spikes.

Some of the most well-known and popular cryptocurrency exchanges include Binance, Bitfinex, Coinbase, Kraken, and Coinmate.

Some exchanges have mobile applications that allow you to buy and sell cryptocurrencies anytime, anywhere.

Some exchanges also offer the ability to set up automatic regular cryptocurrency purchases, which can simplify the process of saving in cryptocurrencies using the DCA strategy.

How to send money to a crypto exchange?

After registering on a cryptocurrency exchange, you will be given a trading account, usually in USD or EUR, to which you must send funds from your bank account before making a purchase. However, some exchanges may offer direct purchase of cryptocurrencies using a credit card, but this depends on the combination of the exchange and your bank, and our experience has shown that some banks may reject payments for certain types of cards.

Therefore, you will need to first exchange your money with your bank, or if you have an account in a foreign currency, transfer the funds from there to the cryptocurrency exchange. Most exchanges have an account in the European Union, so the transfer is usually made through a classic SEPA payment. However, keep in mind that the transfer may take several days, so it is important to have the funds ready on the cryptocurrency exchange before making a purchase.

For higher volume purchases, it is important to remember that such a trade may not be possible until your identity has been verified. The cryptocurrency exchange may request a copy of your ID, driver’s license, or a statement from your bank account, among other documents, to verify your identity before allowing you to make a purchase.

How to withdraw money from a crypto exchange?

The withdrawal of funds is done in the opposite way as their purchase. Therefore, you first sell your cryptocurrency for EUR or USD. These resources can then be used again to purchase another cryptocurrency, or you can request their withdrawal in FIAT currency back to your authorized account through a transfer.

Keep this in mind when using a crypto exchange;

When choosing an exchange, don’t just look at the lowest fees – there’s usually a reason for them. It’s better to choose a stable and long-standing exchange with a good reputation.

Always remember that your cryptocurrencies should be stored on a hardware wallet in the ideal case. Cryptocurrencies stored on an exchange long-term cannot be considered safe.

If you are new, use an exchange with an interface available in Czech (Binance) or one with very simple interface (Coinbase).

Be very careful with professional trading tools such as margin trading and advanced trading orders. Their improper and non-expert setup can easily lead to losing your entire balance.