Guide to buying BitcoinsBuying crypto coins can be a daunting task for many people.
In this guide we will explain how you can do it.Luckily, there are companies like Coinbase , Bitpanda or CEX.IO that have made the process simple and fast.Before you start it is IMPORTANT that you have a Bitcoin portfolio because some of the companies require a portfolio.The choice of a wallet also ensures that you have control over your crypto coins.Read our guide to know the best portfolios.How do exchange sites work?New users will find a wide variety of exchange sites and portfolios that offer the possibility of immediate purchase of Bitcoins or other crypto-coins.Most of them are aimed at trading professionals , and some of the portfolios have limited buying and selling capabilities.If it is the will to provide personal information such as proof of identity ( proof of identity ) and proof of residence, you can use the exchange and portfolio sites that we suggest in this guide.The personal information you provide is necessary because any company that interacts with the financial system in Portugal or in any country needs to follow rules, such as: Know Your Customer (KYC) and Anti-Money Laundering (AML).Unfortunately in Portugal there are still no sufficiently credible entities that we can suggest for a direct purchase of Bitcoins.
However, it is possible to buy from exchange sites abroad.Call for attention to exchange companies and portfoliosDespite all the information they provide to these companies, it is important to remember that they do not have the same protections as banks.For example, there is often no insurance if the company leaves the market or is stolen by hackers, as was the case with Mt Gox .But fortunately, nowadays Bitcoins exchange companies are starting to appear regulated, as is the case with Bitstamp in the European Union .Bitcoin does not have legal status of currency in Portugal, and the authorities generally do not know how best to approach situations of robberies of Bitcoins.
In the past, exchange companies have restored customer funds after a collective robbery at the company, but at this stage they are not legally obliged to do so.In addition, if a personal wallet theft occurs due to a security lapse on your part, there is no guarantee that it will recover your funds because it is the user's responsibility to protect the access data.With this in mind, avoid storing your Bitcoins or other crypto-coins on the exchange sites, it is not the most appropriate and safe place to do so.
Always opt to store in a wallet or other wallet hardware where you can control your keys.
