How to buy BTC In Czech Republic (2021)
With Bitcoin reaching new all-time-highs in 2021, many buyers are looking to enter the market for the first time. We’ve put together this simple guide to help you do so safely and securely.
Check out the steps to buy bitcoin in Czech Republic below:
- Choose the exchange: Choose your pick from our list of Top crypto exchanges in Czech Republic.
- Register + KYC: Register on the exchange and go through the KYC process. The most popular exchanges use automated Know Your Customer services.
- Deposit fiat & buy bitcoin: Depending on the payment method this step can take minutes, all the way up to 5 business days (for example if you want to deposit with international bank transfer). Choose debit or credit card payments if you want to skip the funding process and are willing to pay a bit more in fees. Otherwise, once the money hits your account you are free to purchase BTC.
Top crypto exchanges in Czech Republic
See elaborates explanations and descriptions of the different exchanges and what to know before you choose one HERE
4 Extremely important things to look for when choosing your exchange:
There are incredibly large amounts of scammers and hackers in the crypto space, due to the decentralized nature of cryptocurrencies. It has been extremely important since day 1 to do your research before buying Bitcoin and the need for analysis is becoming more crucial every single day. You don’t want to feel your palms sweat and anxiety take over as you realize your hard earned money is gone. As you might have already read, more than $11 Billion worth of crypto has been stolen since 2011. Read Top 5 crypto scams and how to avoid them to learn how to keep your crypto safe.
Being decentralized, thus having no central entity, Bitcoin has no support number you can call if you lose your coins.
If your crypto is stolen, it’s usually gone for good!
If you manage to avoid the scammers, you are still vulnerable to high fees from rogue exchanges. This is the wild west and if you are not careful you can lose your money.
- Geographical availability: Is it even to possible to use the exchange in Czech Republic? Due to increasing government KYC (Know Your Customer) and AML (Anti Money Laundering) regulations it’s difficult for companies to do business in a lot of countries simultaneously.
- Payment Methods: Is the type of payment you need available? Some exchanges let you purchase Bitcoin with a credit card in Czech Republic, but not with a bank transfer. Peer to peer exchanges let you find crypto sellers for cash, but can take a lot of time to do the transaction.
- Delivery Times: Time is money. How fast do you need to get your coins from the moment you land on the exchange’s website? If you need the coins fast, you need to pay with credit or debit card for instant payments. If you need to deposit EUR via SEPA transfer, you might need to wait 1-2 days for the deposit to hit your account. Are you trying to buy bitcoin with cash in Prague city center or in the countryside near Teplice? You’re going to need a p2p (peer to peer) exchange for that.
A lot of exchanges take ages to go through the KYC process, possibly losing you days before you can finally make the purchase. By then you might have lost a good entry opportunity. Some exchanges listed in our Top exchanges to buy BTC in Czech Republic list allow you to buy Bitcoin anonymously without KYC verification in very small amounts (~$100).
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