With a small population of 1.3 million, Estonia, a member nation of the European Union is technically the most advanced, digitalized society in entire Europe. Popularly known as the birthplace of Skype, Estonia is rated highly for its economic freedom and ease of doing business. Being a Bitcoin-friendly, the Estonian government has imposed a relaxed taxation policy on the cryptocurrency exchanges. Thus, backing the crypto industry to flourish in the country.
Your first step to the world of cryptocurrency is finding the right crypto exchange software, it is a means of buyers and sellers to interact directly to trade electronic currency. Theoretically, one can easily that the crypto exchange is very much similar to the stock exchange.
To get started with investing in digital currency, you’ll need to download the dedicated software or App, then create your user account. Since you are buying Bitcoin in Estonia, you’re required to get your KYC done by providing valid ID proof to your exchange website. When you have created your profile, the next step is to choose your preferred payment mode and purchase Bitcoins. You can either buy directly using your debit/credit card or a third-party payment gateway such as Paypal. You can opt for as per your convenience.
With so many exchanges in operation in Estonia, owing to the government’s favorable policy, deciding on the right one seems like a big hassle, but you can ease it out by adhering to the below-mentioned guidelines:
As you buying Bitcoins in Estonia, it is a no-brainer to prefer a crypto exchange software that is based in Estonia. When you’ve narrowed down on the top-rated exchanges, look for the address section, if you’re unable to find one, then it is a red flag.
If you don’t know where the exchange is located, you won’t be able to find the right jurisdiction, in case anything goes wrong.
Check the Relevant Policies
The next step is to make sure that your cryptocurrency exchange adheres to the policies and regulations by the Estonian government. If you want to store Bitcoins in the wallet, then you’ll have to ensure that the exchange has the wallet license, otherwise, you may have to deal with legal hassles later on.
Another key factor to mull over when choosing the best cryptocurrency exchange is knowing the market reputation. All you require is to conduct quick Internet research, you’ll be able to zero down on the right exchange for you. It is best to speak to your representative of the crypto exchange to ensure that the website is valid, and not unethical.
As you’ll be providing your banking and personal details to the cryptocurrency exchange, you’ll have to know what security features they’ve implemented to lower the risk of fraudulent activities. Ideally, it is highly recommended to go with a cryptocurrency exchange that maintains the majority of the assets in the offline mode.
While you’ll be getting the convenience of buying bitcoins instantly with your credit card, you might have to pay a high price for it. So, thoroughly, surf the website of the cryptocurrency exchange to know what the per-transaction fee is. Read the terms and conditions of the exchange, and ensure there is no payback on bitcoin buying. Also, check the daily transaction volume of the exchange is to ascertain that it is credible in the market.
If you know someone in your known who has the experience of buying & selling bitcoins, then ask them to provide you with worthy reviews and ratings.