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Advantages of buying Cryptocurrency on a Local Exchange

Eva Liberg
January 17, 2023
2 min

Purchasing cryptocurrency on a local Norwegian crypto exchange, like NBX, can offer several advantages over buying from a foreign exchange.

Here is why:

  1. Regulations compliance: Buying cryptocurrency on a local exchange means you are subject to your country's regulations. This can provide security, ensuring that the exchange operates within legal boundaries and that local laws protect your cryptocurrency holdings.
  2. Local currency support: Using a local exchange can avoid the potential headaches of converting your money into a foreign currency. Transactions on a local exchange are typically conducted in Norwegian kroner (NOK), so you won't have to worry about currency conversion fees or exchange rate fluctuations. This applies to SEK, DKK, and EUR, as these fiat currencies are also listed on NBX. 
  3. Better customer support: Local exchanges often have customer support teams that are more accessible and able to provide support in your native language. This can be particularly beneficial if you run into issues with your account or transactions. When it comes to NBX, you can contact the support team by using the direct contact form, or you can join our Discord channel, where you have official NBX members as admins able to answer your questions you may have about cryptocurrency, cryptocurrency price, news, markets, new projects, and more. 
  4. Better security: Local exchanges must comply with the country's regulations, making them a safe option for investors. Furthermore, it is easier to track the exchanges operating within the country and detect any suspicious activities.

In conclusion, buying cryptocurrency on a local Norwegian crypto exchange like the Norwegian Block Exchange (NBX) can offer several advantages over buying from a foreign exchange. It ensures compliance with regulations, better customer support, and better security. It also eliminates the need for currency conversion and exchange rate fluctuations.

Here is a step-by-step guide on how to buy cryptocurrency on NBX:

  1. Create an account on the NBX website: Go to the NBX website and click the "Sign Up" button. Choose between Google, Apple, and Email. Norwegian customers can also choose Vipps.
  2. Verify your identity: To comply with KYC/AML regulations, you must verify your identity by uploading a government-issued ID and a selfie. For Norwegian customers, you can use an electronic bank ID. 
  3. Deposit NOK, SEK, DKK, or EUR to your account: Once your account is set up and verified, you can deposit one of the accepted currencies into your account. This can be done by transferring money from your bank account. 
  4. QuickBuy: Instead of depositing money into your NBX account, customers can choose between credit or debit cards to immediately buy cryptocurrency on the platform. Norwegian customers can also select Vipps as a payment method. 
  5. Find the cryptocurrency you want to buy: Use the NBX platform to search for the cryptocurrency you want to buy. You can view the current market price, trading volume, and other information about the cryptocurrencies listed.
  6. Enter the amount you want to buy: Once you have found the cryptocurrency you want to buy, you can now choose to use advanced trading or QuickBuy. QuickBuy allows you to buy cryptocurrency quickly and easily. Either by card, Vipps, or by using the fiat funds you have transferred from your bank to your NBX account.  Or, you can use advanced trading to choose between market or limit orders. Market orders are orders to buy or sell at the current available price. While a limit order allows you to specify a future price at which you want to buy or sell a cryptocurrency. 
  7. Confirm the transaction: Review the details of your transaction and confirm it. The cryptocurrency will be added to your NBX account once the transaction is complete, and you will receive an order confirmation in your email once it's done.

This text is intended to inform and is not an investment recommendation.

Eva Liberg
January 17, 2023
2 min
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