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How can I know which Bitcoin services to trust?

Bitcoin isn’t regulated at all – which is why we love it. It runs on free market principles. That is great but with is also come some risks. The biggest risk is using a bitcoin service that you shouldn’t have trusted. No one wants to lose bitcoin because some shady website stole it from them. However, Bitcoin is all about coming up with solutions to problems without involving the authorities, and you will be happy to know that bitcoin enthusiasts have come up with the solution to this problem at all.

The Best Bitcoin Exchanges

You don’t need to go out there and do lots of research to find out which services you can trust – you can just visit the Best Bitcoin Exchanges website. The website has an updated list of trusted exchanges. You can use any of these services without worrying. The website also has lots of other interesting information – such as whether an exchange is beginner friendly or not. You should check out some of the exchanges on the list and see which one works for you.

Coinbase

Coinbase is one of the biggest and most trusted exchanges in the world, and for good reason. You don’t need to trust them just because they are experienced. What we love about them is that their system is designed to keep your funds safe. The biggest difference between Coinbase and other exchanges is how purchasing bitcoins work. With other exchanges you pay them the money from your bank account and they hold the bitcoin for you. This means that you are trusting them with your bitcoins.
Coinbase never keeps your bitcoins. Instead you link it to your bank account and then to your bitcoin wallet. When you buy bitcoin, the order is placed. When the time to process the order comes, the money is taken from your account. When the bitcoins arrive they are placed in your own wallet, instead of Coinbase servers. This means that you are always in full control of your bitcoins.

Local Bitcoins

Local Bitcoins is easily our favorite website to sell and buy bitcoins, and if you are just starting out then you should start here. Local Bitcoins is very different from most other exchanges. It is a P2P exchange – a peer to peer exchange. Most other exchanges keep the bitcoins and then allow others to buy them. At Local Bitcoins you get to buy bitcoins directly from someone who has them.
The best part is the fact that this exchange is truly ‘local’. When you go there to buy bitcoins you will be matched with the bitcoin seller closest to you. It is a great way to discover the local bitcoin community. You may find someone who lives nearby, someone you can easily trust. They also have great security measures as well as dispute resolution solutions.

Bitsquare

Bitsquare is unique because it is an exchange that is completely decentralized, but it is only for true bitcoin aficionados. Come here once you have been trading bitcoins for a few months and understand all the technical terms and technologies involved.

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