1. Are cryptocurrencies illegal?
Depends on the jurisdiction you are in. In most countries around the world crypto assets are not illegal. The use of cryptocurrencies is usually banned by totalitarian governments, especially when there is fear of inflation when it comes to the national currency. However, the point of cryptocurrencies is that they cannot be banned by centralized authorities. No bank or financial institution can stop two people from sending each other Bitcoin – so making cryptocurrencies illegal doesn’t mean that they disappear. It just proves the need for them, as well as their utility. Furthermore, due to their anonymous nature, proving that someone has or is using cryptocurrencies is actually quite difficult.
2. How can I buy crypto?
There are a number of ways to buy cryptocurrencies, the most popular among them being via a so-called ‘cryptocurrency exchange’. Luckily for you, we have set up a list of the best crypto-exchanges in the world in terms of fees, liquidity, security, ease-of-use, etc.
3. Can I withdraw my money anytime?
If you have your money on an exchange, you are dependent on the exchange’s withdrawal policies. Sometimes you may need to undergo additional KYC procedures in order to be able to withdraw large sums of money. The good news is that if you are concerned with the cryptocurrencies’ fluctuating prices you are usually able to convert them into the so-called ‘stable coins’ that are pegged to national currencies such as the US Dollar.
4. Is there a minimum amount of money I can invest in crypto?
In general – no, however, each exchange may have different terms in that regard. In the case of Binance, for example, the minimum amount of crypto you can buy via debit/credit card is 15$.
5. What is the difference between centralized and decentralized exchanges?
There are hundreds of cryptocurrency trading platforms in existence. Some of them are centralized, while others are decentralized, meaning that there is no central authority that monitors the registrations or the management of funds on the platform. Instead, they are governed by code. For the time being, most of these exchanges are not very user-friendly and they do not allow the deposit of fiat money onto them.
We are presenting you with detailed reviews of some of the largest centralized exchanges in the world that allow you to invest money seamlessly via debit/credit card or bank transfers.