I write this in memory of the frustrations I went through, when I was starting my journey in Bitcoin and Crypto-currency (hereafter referred to as Crypto). I didn't know where to turn to for information; the only person I knew who was already in the game, I used to give money to invest on my behalf... and from the look of things, he was out to frustrate my en-devours, so that I'd go back to relying on him smh I digress.
I have divided the information into 4 different categories, starting with the most expensive. I have personally used ALL means to acquire Crypto-currency.
Buying from platforms that encourage Arbitration. eg localbitcoin.com, localetherium.com, coinmama etc Arbitration is the business of buying at a cheaper price elsewhere and selling for a premium. The sellers is these platforms add a profit margin to their purchase price, and advertise the resultant selling price. There is no guideline as to profit margin, market forces come into play. For example Zimbambwe's localbitcoin.com offers the highest price for Bitcoin in the world! In my opinion, these are the most expensive to buy crypto.
Buying from Foreign exchanges with a local presence like Remittano, Belfrics etc. These are foreign based exchanges that have set-up shop locally. They have bank accounts with local banks, where you can deposit your fiat (Kenya shillings/dollars), with the same credited to your exchange account with them. They also have a (skeleton) staff personnel to address issues arising like verification, delays etc. Buying here is slightly cheaper than what you'll get from the 'mavericks' in the first group
Buying personally from local Miners and Arbitrators who sell privately, bypassing the Escrow services offered in group 1. By far the riskiest of all. Escrow is a service where both parties are assured of a clean deal. An Escrow will take money from the buyer, pass information to the seller, who sends the coins to the buyer... upon confirmation of receipt of the coins, escrow releases the funds to the seller. Where Escrow is not present, the deal is based purely on trust. Many have lost their money trying to cut corners. However, from networking I've come across trustworthy and reliable traders whom I wouldn't hesitate to recommend. That, and the fact you find an investor, not particularly in arbitration, who only want to liquidate his/her holding for one reason or the other. Even I, have wanted fiat (Kenya shilling) for personal use, and have had to liquidate a coin or two.
Buying from Foreign Exchanges that accepts fiat eg Kraken, Bitstamp Coinbase etc Register an account in said exchange, get verified (sometimes takes in excess of a week), send money via swift to their foreign based accounts, usually in dollars, wait for them to confirm and credit your exchange account. The pros here are the wide array of coins one can purchase, that one can take a safe haven in USDT when the market is correcting, and prices are relatively lower as compared to other mentioned avenues. the cons are the time and convenience constraints.
Happy hunting, my brothers and sisters
Wow! How do I upvote this? Learning how to be a steamer
Thank you Sir, for visiting this space. To upvote, there's a little arrow pointing up just below the write-up, in-between when it was posted and reply buttons. Your enthusiasm has encouraged me to share what I know.
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I got ya. This post is cool. Let me Re-post