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How do I buy Bitcoin?

Bitcoin Exchanges

Bitcoin exchanges are companies that produce a live marketplace for buying and selling bitcoin. Customers will deposit bitcoin or fiat money in their accounts and place different order forms which are listed on an order publication managed by the exchange. Some exchange offer easy limit orders, while others offer advanced order types like stop loss orders and margin trading.

With an account using a bitcoin market is like having a seat on the NYSE. Bitcoin trades are great for day dealers and institutional traders that trade bitcoin full time. They frequently need an advanced understanding of financial markets to utilize properly. Agents

Bitcoin Brokers

Bitcoin brokers are people and businesses that take purchase and sell orders and execute those orders on an exchange on behalf of the customers. The broker will often receive a fee for their service and the client is going to receive the bitcoin they placed an order for in exchange.

If having an account at a bitcoin exchange is similar to having a seat in the NYSE, then doing business using a bitcoin broker is similar to having an electronic *Trade or Charles Schwab account. The advantage of employing a broker is simplicity. The customer asks for a quotation, places an order, also receives what they asked for, and the agent eliminates the complexity of dealing with an exchange.

OTC Markets

Bitcoin OTC markets are "off-the-books" decentralized trades which occur through face-to-face meetings and distant transactions. In a face-to-face , the buyer and seller will meet in a designated time and place and swap cash for bitcoin for an agreed-upon pace. In distant exchanges, the transaction is coordinated by telephone, email, or another distant communication method. Following a price is agreed upon between seller and buyer, the purchaser will send an electronic money transfer to the vendor and the seller may send the bitcoin to the purchaser's bitcoin address.

OTC markets are useful for buying bitcoin with money or buying large blocks of bitcoin at a guaranteed cost. These trades protect against"slippage" that may occur when purchasing considerable amounts of bitcoin within a market.

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