Best website to buy bitcoins on the OTC-market – safest way to buy bitcoins online
BTC OTC Buying on the OTC-market
1. Your Privacy
Over-the-counter services are rightfully considered the most convenient way to buy a large amount of bitcoins. While this is certainly true, it misses another important point – that is, it also allows you to buy BTC privately.
However, those of you who’ve already looked for a private way to purchase bitcoins already know that the subject is a bit of a mess, so we’ll probably need a short crash course on the matter.
An over-the-counter deal, referred to as OTC BTC for short, is a process of two parties entering a contractual relationship via an escrow agent. In plain language, this means that you can buy and sell bitcoins from someone else directly, and all the information about the deal will remain known only to the two of you.
There is an important caveat – the Know Your Customer (KYC) laws. Current regulations require that all financial operations, including Bitcoin transactions, are conducted between parties with a known identity. This is why you need to upload some form of ID before you are allowed to purchase bitcoins online with a credit card, debit card, or bank transfer.
This does not mean, however, that your privacy is compromised. All it takes is checking the service’s Terms and Conditions to know that your personal data, as well as all deal details, is not shown to anyone unless it is required by law. To sum up, OTC is among the fastest and most private ways to buy bitcoin.
2. Limits: What is the minimum deal?
The deal limit is a condition that may be baffling even for experienced cryptocurrency users. Most online exchanges keep them as low as possible to attract small-scale customers.
Big brokers, on the other hand, tend to focus on large deals and set a threshold for the minimum purchase. It is not uncommon to see bitcoin trading sites that start trading from $200,000 or even $500,000 worth of crypto.
This condition can look like an unnecessary barrier to buying bitcoins easier, but in reality, it actually plays in your favor. To buy bitcoins quickly from an OTC broker, you’d want their order book to having matching offers.
Naturally, you’ll go to the website that you think has a list matching your needs. Since the books are kept private, the minimum limit is your best bet.
Here at Thejingstock, we try to keep the entry barrier as low as possible so you could buy bitcoins easily without having to spend your entire savings. This is why we have a minimum limit of $50,000.
This opens the possibility to buy some bitcoins for individual investors while leaving the door open for major investors who trade a lot of bitcoins on a regular basis.
3. How fast can I buy bitcoins?
OTC cryptocurrency services are often portrayed as the fastest way to purchase bitcoin. In fact, there’s a good chance you have already stumbled upon claims that they allow you to buy bitcoin instantly.
In reality, though, the deal closure can sometimes take days to complete. So if time is an issue, there is a couple of things to sort out.
An OTC deal is a contract between two parties who are connected by an intermediary. In a nutshell, if you want to sell 20 BTC for $7000 each and you find someone who is happy with buying bitcoins at this price – the deal is closed, and both of you receive your funds.
You will probably find crypto in your Bitcoin wallet in a matter of minutes (because this is how fast bitcoin payment is).
The biggest drag is the transaction of fiat currencies, which need to undergo a lengthy verification procedure in one or several banking institutions. In other words, if you need to buy bitcoins with cash, you need to be ready for at least some delay.
However, this drawback is not exclusive to OTC services – a traditional exchange will be subject to the same limitation. Fiat aside, though, working with a broker is probably the fastest way to purchase BTC.
4. What about Thejingstock fees?
Experts and customers are quick to proclaim bitcoin the best money in existence in part because it is so cheap to use. Buying bitcoins will still incur some fees, though. A cryptocurrency exchange, for instance, would bill you for each bitcoin purchase, and then again for withdrawing it from the website to your bitcoin wallet.
OTC services, which specialize in large-scale deals, try to lower their fees as much as possible.
To understand all factors at play, we need to take a closer look at how we calculate the fee. In basic terms, our brokers will take a share of each successful deal they close.
The size of the commission is calculated depending on the conditions of the offer and the cryptocurrency market.
The large size of orders means that we can charge as little a fraction of a percent for deals with the highest limits. This allows our clients to enjoy the best bitcoin price at the market without incurring additional expenses.
5. Payment Methods
Now that bitcoin is traded 24/7 and enjoys the recognition of major financial authorities, the biggest question is “How can you pay for the bitcoins?”
Different services offer different sets of options, with some choosing to forego fiat entirely and accepting payments in crypto only.
Others go the opposite route, with the possibility of buying bitcoins with cash or cash deposit. Finally, if neither is suitable, you can still buy bitcoins with a bank account/transfer.
So, with all the advantages of cryptocurrencies, why buy bitcoin with a credit/debit card? The main reason is availability: most people still find the blockchain extremely complicated, while a credit card is something everyone is familiar with.
So those who look for an easy way to buy bitcoins will probably stick with the familiar payment methods. For this reason, we work with several major financial institutions so you could enjoy an easy way to buy bitcoins.
Next Steps: Fill Form to Initiate BTC Purchase on the OTC-market
Once you have taken hold of the essentials, you can proceed with OTC trading. The first step is to purchase bitcoin or get bitcoins in any other way, like mining or collecting enough on various cryptocurrency faucets.
Once you have enough to cover the minimum amount, you can create an order. How complex this procedure will depend on your answer to “where do I buy bitcoins.”
If you have settled with the exchange, you will most likely have to place an order and fill in all the details yourself, then wait for it to execute.
In the case of a bitcoin broker, all you have to do is fill in a form and, well, wait for it to close. The difference, of course, is that now you are leaving the task to a professional who is interested in helping you buy bitcoins on the best terms possible.
The only problem is that to a first-time customer, the form can feel overwhelming, so let’s look at what you actually submit. There are essentially three categories of information. First, there are the deal details, like how much you would like to buy and at what price.
This section is meant for the broker to help you find the best deal. Second, there’s the preferred transaction method, where you specify how you would like to receive your funds. This section may include preferred banking institutions or similar payment options.
Finally, there’s your personal data. This part may seem intimidating due to privacy concerns but is, in fact, necessary to make the purchase compliant with the Know Your Customer (KYC) laws. In other words, once you fill the form, all that is left is essentially watch how your deal is closed.
When is the Good Time to Buy Bitcoins?
Now that you can buy bitcoins online 24/7, the important question is “When?” The cryptocurrency market is still in its infancy, and wild price swings are still common. Should you decide to trade at such a time, you may end up spending all your money and getting only a fraction of coins.
To put it simply, there is just one thing that influences the price of bitcoin, and that is demand. The more people decide they want to buy, the higher it climbs. The tricky part is that demand itself is formed by a multitude of factors, from information in the media to days of the week and national holidays.
Those of you who have tried to find the best way to buy bitcoins are already familiar with advice such as “buy on Mondays, sell on Saturdays” or “Avoid paydays.”
Chances are you have already tried to purchase bitcoins based on these recommendations and learned they aren’t exactly flawless.
This is because the market is not a clockwork. Knowing the right time takes a lot more effort than simply following a random “Buy Bitcoin Now!” notification from a service with a catchy name and no credentials.
Fortunately, there is an alternative. You can entrust the decision to professionals who analyze the market on a daily basis. In this light, the safest place to buy bitcoins is a service where you are given quality market insights and expert advice.
Does Buying Bitcoin with Bitcoin OTC Broker take a lot of time?
To those who value their time, the question “Where can I buy bitcoins online?” boils down to “How fast can I close the deal?” Filling out the form on an OTC service may seem like a drag, especially the first time you do it.
Fortunately, this is probably the lengthiest part of the process. Once you are done, the broker takes care of the rest. You may even receive a suitable counter-offer instantly and finalize the purchase in a matter of minutes.
To be fair, this is not always the case. Sometimes the broker will have to specify some of the details of a trade. Other times there will be no matching orders in the book.
Finally, there may be a close enough deal available, so you might negotiate a price with the seller and settle on a compromise. In this case, the broker will help the parties reach an agreement.
At this point, you might start wondering why to buy bitcoins from an OTC broker at all. Well, for starters, cryptocurrency exchanges are subject to these same issues.
On top of that, you will probably spend some time waiting for a quite lengthy withdrawal procedure. Even placing an order would require some fiddling with settings. To sum up, buying from a broker is still among the fastest routes to buy cryptocurrency.
Who can purchase bitcoins?
Before you start thinking about where you can buy bitcoin, there is a larger question of whether you can buy it at all. Fortunately, the likely answer to that is “Yes.”
Contrary to what you may have heard, both buying and owning cryptocurrency is completely legal and not restricted to any privileged group. In fact, you are far more likely to be eligible for purchasing bitcoins than any other financial asset.
There is an important caveat, though. Each jurisdiction frames cryptocurrency differently when integrating it into its regulatory framework.
Basically, even after finding the safest way to buy bitcoins, you may end up violating the laws of your country (or a country through which your money passes). This is not very likely when you buy bitcoins USA or a similarly tightly-regulated environment.
Still, you will be better off consulting a tax lawyer or other professional from a relevant field.
Can I buy bitcoins anonymously?
The issue of anonymity is among the most misunderstood aspects of cryptocurrency.
Despite being trumpeted at one point as the untraceable currency used for illicit activities, bitcoin has since been used by law enforcement for tracking criminals. Illegal activities aside, some people are genuinely concerned with their privacy when asking “Am I anonymous when I buy?”
The first thing to understand is that bitcoin itself is not anonymous – it’s pseudonymous. In plain language, this means that a bitcoin wallet, or address, while not reveal your name, can still be tied to some identity.
In other words, your privacy depends on the discretion of the intermediary who handles the transaction.
When you buy bitcoins online, you are required to present your credentials, so in the strict sense, those bitcoins are already known to belong to you.
The technical sophistication of cryptocurrency is both an advantage and a drawback. On the one hand, it offers unprecedented transparency and lightning-speed transactions at virtually no cost, something that is impossible for traditional banking institutions.
On the other hand, it can be confusing to the point where it becomes overwhelming for an average user.
All bitcoin transactions occur on the blockchain – essentially a sophisticated public ledger.
The most important thing to understand the blockchain is that nobody is in charge of it (no, not even the miners), so each participant is ultimately responsible for their funds. In this sense, it does not really matter where to buy bitcoins online – they end up in the same place anyway.
This also means that once you’ve lost your coins – they are gone for good, and there is no authority in the world that can return them to you or cancel the transaction.
Note that other cryptocurrencies operate based on the same fundamental principles. In case you wonder “Why do I need to buy bitcoins before buying most altcoins?” – there’s your answer: unless you are tech-savvy, getting a hold of the basics before diving headfirst into the world of crypto is always a good idea.
If there’s a single factor responsible for the popularity of bitcoin, its price is the most likely candidate. Its stellar growth in recent years attracted a host of traders eager to make money.
At the same time, it convinced the authorities that it is a force to be reckoned with. However, it remains somewhat unpredictable, discouraging some people from joining the ranks of traders and crypto enthusiasts.
Here is a primer for you: if you feel that the price of bitcoin is an unpredictable mess – seek professional advice (also, you are probably right).
Many websites provide automated prediction mechanisms as guides, and OTC brokers will offer market insights as a part of their services.
If, on the other hand, you are confident with your predictions (or simply feel lucky) – probably not bet all your money on it just yet.
Try your strategy on a trading simulator, create a small order to see if you are right, and, most importantly, don’t hesitate to ask a professional. As you can see, the best place to buy bitcoins is the website that offers some kind of guidance and insight.