How to buy crypto with fiat currencies

buy crypto with fiat currencies

A big number of trading sites offer to purchase Bitcoin and other altcoins as well as Electroneum for US Dollars and Euros, and other traditional currencies, both from a card, and from e-wallets and bank transfer. 

There are four main ways to purchase cryptocurrency including Electroneum for fiat:

1) Regular exchange services

Many users see the advantage of using their services as they guarantee anonymity, i.e. while placing an application, a customer does not need to undergo verification. However, this is also the main risk. Exchange services are small private organizations which operate in the “gray zone” of the law, and all transactions are carried out “on trust”. 

2) Regulated crypto exchanges

So far, not so many trading platforms on the market allow purchasing crypto for fiat. This is due to the uncertain legal status of exchanges as the banks and processing systems are reluctant to work with the crypto business, fearing problems with regulators. The regulated exchanges make an exception. These sites have all the necessary licenses and allow to sell and buy cryptocurrency for US Dollars and Euros. Keep in mind that such exchanges work only with the most-sought after crypto coins like Bitcoin or Ethereum. So, you probably need to check etn to btc price, buy BTC first with fiat money and convert to ETN.

Legal exchanges require passing verification and this is probably an only drawback they have. But they usually offer better exchange rates than in exchange offices, since it is formed on real trades with a large amount of liquidity.

3) P2P exchange services

P2P platforms provide customers with the opportunity to deal with private sellers: the site only acts as an intermediary. Anyone can publish their offer and choose a convenient payment method: the platform charges a commission of 1%. In addition, merchants often apply additional fees when shipping to cards from certain banks or outside the merchant’s region. In total, the commission may turn out to be higher than on an exchange or in a regular exchange service.

4) ATMs and Terminals 

ATMs and terminals with the ability to buy digital assets with fiat are still not a common practice. Nevertheless, the situation is developing rapidly. 

What is the best way to purchase cryptocurrency with fiat? 

It all depends on the priorities of each particular trader. If security and a profitable rate are the key issue – or if you need documentary confirmation – then you should spend 15 minutes on verification on a legal exchange, and subsequently constantly enjoy all the advantages.

If your goal is to maintain privacy and you are ready to put up with increased risks and delays, then choose a regular online exchange service. 

Liquid exchange announced that from November 5, Electroneum will be traded on its platform in pairs with the Euro. In the long term, this will lead to a decrease in the volatility of virtual coin quotes and Electroneum will be able to observe an increase in trading volumes, which usually leads to a powerful increase in quotations.

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