COINMAXIMUS – THE TRUSTED BITCOIN GUIDE
Bitcoin and cryptocurrencies is a nascent market with a growing interest by innovators, investors and the curious. This site explains bitcoin and cryptocurrencies, how to buy and sell, and simple investment strategies that you can use to realistically maximize your earnings. To be honest, investing in bitcoin and cryptocurrencies does not come without risk. In the past few years, the value of bitcoin has had its ups and downs, but we make it easier for you to find the best buy and sell exchange that offers the best service for you. In choosing the right path to buying and selling bitcoin, you will maximize your investment returns.
In looking for a bitcoin cryptocurrency exchange by far the most important attribute is trustworthiness and honesty! It is a core aspect of choosing a cryptocurrency exchange. But not only is it important to choose the right cryptocurrency exchange, it is equally as important that you find a site that you can trust – a site that is giving good honest reviews.
You see, more often than not, cryptocurrency exchanges, foreign currency exchanges, and other forms of brokering agencies are exaggerating (if not falsifying) their volumes, services and quality.
Hence our site, CoinMaximus, pride ourselves in giving you the real, honest and trusted review of cryptocurrencies, the exchanges and other accessories such as wallets, that are needed to invest.
We want you to invest with confidence and assurance, that you have selected the best cryptocurrency exchange possible. And with a mixture of good fortune, a strong strategy, we hope this will lead to a good investment outcome.
The last thing you want, is to choose an exchange that is ripping you off with transaction fees and poor exchange rates. This will eat into your earnings that you can ill afford to lose. Or worse still, you buy into a ponzi scheme, the music stops and your hard earned invested capital is lost!
CoinMaximus provides trustworthy and honest cryptocurrency exchange reviews with concise summaries of pro’s and con’s. There are simply some cryptocurrencies that you should flat out avoid, as well as exchange sites that are simply too risky to use. There are some that are well hidden scams, and others that have sloppy controls and do not protect their users from cyber attacks.
We compare and review the exchanges fairly, honestly, without influence or inflating figures.
Trust us to give you the honest review of the world of digital currencies.
Invest and Trade with Digital Currencies with our Help
- Join us and discover the top cryptocurrency exchanges that are safe and secure to transact with
- Learn easy investment strategies that will help give you the best chance of success
- Read our honest reviews of cryptocurrency exchanges
- Be aware of the legality and tax rules in your locality
- Be informed of the most up-to-date cryptocurrency news
CoinMaximus is the ultimate guide for beginners to professionals, that provides for quick and easy bitcoin and other digital currency information. It is direct and not sugar coated with a sales pitch. We are the leading site that calls it as is. True and honest reviews for cryptocurrency exchanges without the jargon, without the inflated volumes and dollar values, and real pain points that you should be aware of. To provide simple strategies that you can follow, which aren’t quick win schemes but help protect your capital, How-to-Guides to execute these strategies, and Top tips and tricks that are more common sense that leading you down the path of blowing your digital or fiat money away.
For new comers to the world of digital currency, it can be daunting just to get started. With little or no experience, where should you begin? Start with us, look through the CoinMaximus site as we hold your hand through every step of the way. We provide you with easy to read guide that contain alerts, warnings and explanations. We advise how to spot and avoid the scams, and to avoid the exchanges that get hacked due to weak controls. Use deposit and withdrawal methods and how to make the most of the transaction methods without losing out to outrageous fees.
For the hardened, seasoned cryptocurrency trader, we support you with strategies that you may not be aware all, and how to preserve and extend your capital. First and foremost is to protect your capital, and definitely avoid a strategy that involves transaction fees and poor exchange rates that eats away at your earnings. In many ways, investing in cryptocurrency assets or even any financial asset (like stocks and shares) can be seen as a form as gambling. Sometimes it needs a fair amount of luck, but just like gambling it’s about protecting your capital and ensuring that you can enjoy the journey for as long as possible. And who knows, you may come out on top and make a good decent profit.
Overview of Buying Bitcoin and Crypto
Often new Bitcoin traders and investors simply don’t know where to start. It can be really confusing and daunting, because let’s face it, everything is online! If you are like me (before I got started), with being more comfortable with seeing and feeling goods before buying, then anything that requires online transaction is like “clear as mud”.
So, to make it easy for beginners, we outline in simple steps required to purchase your first bitcoin:
- Choose and purchase a digital wallet. This is needed to store your bitcoin (just like a real physical wallet for cash).
- Choose an online Bitcoin exchange. An exchange will sell bitcoin to you.
- Open an account with the exchange
- Make a deposit to your account at the exchange. Make sure the exchange can accept your trading fiat currency, for example USD, CAD, AUD, NZD or EUR.
- Make your purchase!
- Receive your bitcoin virtually in the form of a “receipt”.
- Transfer your bitcoin to your wallet. (Do NOT leave it on the wallet of the exchange)
1. Wallet for Bitcoin and Cryptocurrencies
The first thing you need before you even start purchasing Bitcoin is to have a wallet. But Stop! Don’t go out and buy a Louis Vuitton wallet or purse! A wallet for digital currency behaves like a real wallet with storing your cash, but because the currency is digital, it is actually the software coding, that you are storing. So a nicely designed and shaped piece of leather that holds paper and metal coins is no longer of use. It is hardware and online (cloud) storage that is important to us!
Below we list the best Wallets to use, before you start buying bitcoin. There are pro’s and con’s to each. So if you want to read more about each wallet, click here for more info.
2. Bitcoin and Cryptocurrency Exchanges
Once you have a wallet, then you need to find an exchange. Bitcoin and cryptocurrency exchanges can be either centralized traditional exchanges like a bank that changes currency for you, or decentralized and peer to peer where there are no middlemen. By far the most popular are the centralized traditional online exchanges. They have lower fees, and generally are more liquid. As a result, this will give you more bang for your buck, lower fees to eat into your investment, better exchange rates due to higher volume, and greater stability because of higher liquidity.
Which Bitcoin and Cryptocurrency Exchanges are Honest?
By and large most legitimate Bitcoin and Cryptocurrency exchanges are honest in most aspects. But where, they ALL tend to “exaggerate”, is their volume of transactions – both in quantity and in dollar value. Why? Because, by nature investors will generally seek a bigger exchange than a smaller one. A larger exchange will have the perception of economies of scale, a better platform, less latency, better exchange rates and lower transaction costs. It can also be interpreted as safer, secure and trustworthy.
Exaggerating volumes is not directly a detriment to investor. But it does distort, who truly is leading the market with the most investors and traders.
Can any cryptocurrency exchange be trusted?
The infancy of the cryptocurrency world has led to an inordinate number of scams, ponzi schemes and of course hacks. Without proper controls, unguarded exchanges are open prey to cyber attacks. Hackers can easily gain control and steal bitcoin and cryptocurrencies stored online by the exchange. Investors and traders of the exchange, are undoubtedly angered when this occurs, because often they place their trust in the exchange to have the proper cyber security implemented.
But on top of that, the most common question asked, is whether the owners and operators of the exchange can they themselves be trusted. With a lack of transparency, and sometimes obtaining licensing and regulations in territories that have questionable controls, then it may be asked, what is the real business of the exchange! Is it a front of a scam?
One of the most common scams is therefore when an online exchange is in fact a front for con artists. Investors and traders deposit their money with the exchange with the intention of receiving bitcoin in return. But, they end up with NOTHING! Many scams abound on the internet. You may have seen emails highlighting how much bitcoin has risen, selling the glory of easy, quick and amazing profits! Do NOT click on the link for these emails, even if they appear to be supported by celebrities or trusted members of the public. These are scams. Email marketing for bitcoin that promises easy, quick, safe and incredible returns are to be avoided at all costs. Delete the emails and report them as scams.
Can a licensed and regulated cryptocurrency exchange be trusted?
This is a very good question. It’s has only been in the past few years that many countries and jurisdictions within countries like the US, are getting serious about regulating the industry. But as we know each country (and state or province) can and usually work independently of each other. Heck, even sometimes the local counties may even operate with their own set of rules and laws.
Having a license and regulated cryptocurrency exchange DOES NOT MEAN that it is safe and secure. Some jurisdictions, such as Malta, is a haven for exchanges for obtaining licenses. There are two main reasons for this. Firstly, the regulations and compliance requirements are less stringent. Secondly, there are tax concessions for the exchange when they make a profit.
3. Opening an account with a Bitcoin Exchange
Each Bitcoin Exchange will have a similar process when opening an account. Where they vary is the level of Know-Your-Client (KYC) information required to first establish the account.
In opening an account, they will ask for the basic information such as:
- Name
- Address
- Date of Birth
- Contact details – email address, contact number
Additional information that some exchanges require are:
- Social ID number
- Driver’s license
- Passport
- Utility bills
- Bank or credit card statements
KYC information is extremely important for exchanges to ensure that Money Laundering, illegal activity, or tax evasion is not taking place.
If you intend to find an exchange with lax KYC requirements, then don’t read further on this site. We do NOT condone any illegal activity or tax evasion, and would prefer that you find those exchanges through other means.
For investors and traders who are law abiding, it is in your interest to use an exchange that has strong KYC requirements because this means they are meeting regulatory and compliance in a jurisdiction that wants to protect you.
4. Deposit at the Bitcoin and Cryptocurrency Exchange
If you have used online payments for the purchase of goods and services, then you will be familiar with process.
Many of the top bitcoin and cryptocurrency exchanges offer a wide variety of deposit methods. They will accept credit card, direct debit and credit, wire transfers, bank transfers, PayPal, other e-wallets and of course cryptocurrency transfers.
Depending on the type of deposit method used, it could take several minutes through to several days.
We strongly recommend using a deposit method that is common, tried and tested, even though it may incur a higher transaction cost. There is a reason why the common and reliable deposit method costs more, and that is because they invest in technology to ensure your money is safe, secure and protected from unwanted cyber attacks.
5. Storing Bitcoin and Crypto in a Wallet
Once you have purchased your bitcoin and cryptocurrency, move it to your wallet. Do NOT leave your cryptocurrency in the hands of the exchange. Although the occurrence of an exchange being hacked is becoming less prevalent, there is still a risk. Why be exposed to this risk, when you can easily move your cryptocurrency to your own wallet which is more safe and secure.
Exchanges that offer the service of storing cryptocurrency for you, park your money in a wallet that is connected to the internet. In other words, the wallet allows for easy access by you (because it is connected to the internet). But this also leaves your wallet also accessible by hackers!
That is not to say that if you move your crypto to your own wallet (that could also be connected to the internet) that you do not face the same exposure. However, I guarantee you, that a would be hacker would be more interested in hacking into an exchange that holds hundreds of millions of bitcoin than targeting you.
FAQ
Is it possible to actually make a profit with investing in cryptocurrency?
Yes, you can profit through trading in bitcoin and cryptocurrencies. It is true that many investors and traders have made an enormous amount of profit through bitcoin and cryptocurrencies. Having said that, there are also many who have lost money. Cryptocurrency trading is the same as any other financial asset. Whether it be real estate, property, the stock market, parking your money at a bank, these all come with risks. Some are riskier than others, with ideally, the higher the risk, the higher the potential return.
Should I invest in Bitcoin?
Investing in Bitcoin is a great way for beginners to get started. Bitcoin is by far the most liquid of all cryptocurrencies and therefore offers investors the best exchange rates. Nearly all exchanges buy and sell Bitcoin, creating a market that is transparent and accessible.
What about other cryptocurrencies? Should I invest in them too?
A great way to minimize risk is to diversify. Diversify means to buy several different financial assets, so that if one turns bad the others (hopefully) are not impacted. If you spread your investment among several different cryptocurrencies then you are spreading your risk. In selecting which other cryptocurrencies to choose from there are many aspects that should be considered. Volume, trustworthiness, longevity, sustainability, very much all related to the ability of the coin to be used as a form of payment or receipt for goods and services.
About Us
My name is Phillip Wong. Started from the seeds of curiousity, through to day trading, I want to share my personal experience and knowledge that I have gained with you. I hope this sites helps you avoid the mistakes that I have made, use the tips and tricks that I have found, have fun with investing in Bitcoin and cryptocurrencies.