In this post, we take a look at ‘Mercado Bitcoin’ Alternatives and offer alternative solutions for those who want to buy Bitcoin in a convenient and cost-effective way.
The South-American continent has seen a tremendous rise in its interest towards cryptocurrency and a more decentralized financial system.
Especially for bigger countries like Brazil, the need for a cryptocurrency exchange arose before Bitcoin became a household name.
For that reason, Mercado Bitcoin was created. The Exchange’s name, which stands for Bitcoin Market, is considered to be the biggest cryptocurrency exchange in Brazil.
In order to create an account, you will need to have a Brazilian ID. Therefore, we are unable to get a first-hand experience of its key features and purchase process.
Nevertheless, we did our research and read a large number of reviews on the web, to help us get a better understanding of the exchange’s pros and cons.
We also reached out to a number of different people in our network who do have an account on Mercado Bitcoin and asked them for an opinion.
So, if you are thinking about using Mercado Bitcoin, or looking for the best Bitcoin alternative exchange, this post is a must-read.
Why choose a ‘Mercado Bitcoin’ Alternative?
If you are comparing exchanges hoping to find an exchange with lots of payment options and ease of use, you may need to start looking for alternatives.
While Mercado Bitcoin is currently the mainstream option for the Brazilian public, it does have several drawbacks that need to be addressed:
- Only Brazilian citizens can sign up on the platform
- Account verification is often slow
- The exchange does not accept credit cards
- There is a very limited amount of payment methods
Having said that, let’s take a look at these drawbacks in more detail:
1. Only Brazilian citizens allowed
The main disadvantage of many locally specialized exchanges is the fact they don’t accept foreign clients.
Of course, this is not an issue for Brazilians.
- But what if you can’t sign up due to your ID?
- What if you are a resident but not a citizen?
In this case, Mercado Bitcoin is not your best choice and you should start looking for Mercado Bitcoin alternatives.
2. Slow account verification
While performing our research, we came across many individuals who complained about the processing speed of verification documents.
These individuals fulfill all the registration criteria and still did not manage to complete their registration process. Upon asking for help from the support team, they received no answer to their emails.
As we can’t test the service for ourselves, it is impossible to give you a clear answer and you will have to perform your own research.
3. Does NOT accept credit cards
Mercado Bitcoin does not accept credit or debit cards on its exchange.
When looking at the current relationship between Brazilian financial institutions and cryptocurrency, we can easily see why the exchange has decided to impose this measure.
4. Limited amount of payment methods (and currencies)
Bitcoin Mercado allows its users to purchase cryptocurrencies using either Wire Transfers or other cryptocurrencies.
If you decide to opt for a wire transfer, keep in mind that the only supported currency is the BRL.
If it’s clear to you that it’s time to seek Mercado Bitcoin alternative – we got you covered.
Just keep reading.
What Should You Choose Instead?
There are many exchanges that help you purchase and sell your cryptocurrency in a fast and private manner.
However, the best exchanges are the ones that provide fast transactions, allow for complete control over your funds and support a large number of countries.
And the exchange that fits these criteria, is Paybis.
What makes Paybis a better exchange?
Paybis has recently taken the spotlight as one of the best cryptocurrency exchanges available. And with the title come many benefits for users of this exchange.
Here they are in short:
- Paybis allows registrations from over 180 countries.
- ID verification takes only a few minutes
- Allows purchases with credit cards (with high limits)
- Paybis has a great support team.
- Funds are sent directly to your wallet
- It is easy to use
So, having said that, let’s explain these facts in further detail:
1. Allows for worldwide registrations
Paybis supports 180+ countries and allows users to exchange cryptocurrencies with more payment methods than any other exchange (14, including credit card, several digital wallets, and bank transfers).
2. Fast ID verification
When trying to make a purchase that requires ID verification, Paybis users will go through KYC process. This usually takes 10-20 minutes to complete.
If users have already verified their identity, or if they complete transactions that do not require ID verification, transactions will usually take 5 minutes to complete.
3. Allows purchases with credit cards (with high limits)
Verified credit card purchases on Paybis allow for higher buying volumes. You are allowed to purchase $20 000 per day or $50 000 per month simply by verifying your governmental ID.
For more information on the limits and the verification process, click here.
4. Responsive support team
Paybis has a strong, multilingual support team that works around the clock (24/7) to support all of the exchange’s users.
With a customer satisfaction rating of 9.3, according to Trustpilot, it is probably the most trusted exchange in the World, always ready to solve any problem that may arise.
5. Sends funds directly to your external wallet
Furthermore, Paybis will not hold your funds on its exchange after a purchase is completed.
Instead, funds are sent directly to the wallet address you provided. This step is different at Mercado Bitcoin, where users have to request a withdrawal and pay an additional fee for it.
Paybis has an easy-to-use interface that can be used by investors of all levels.
On top of that, there is a lot of information in multiple languages (English, Spanish, Brazilian Portuguese, Italian, German, French, Russian), to help you understand the buying process.
In case you still have questions after attempting to place an order, Paybis’ customer support can walk you through the process step by step.
Ready to make a choice?
Above we have listed a few reasons to help you choose the best Bitcoin alternative exchange for your needs. From here, the choice is yours.
In order to help you out, we have created a table that outlines the features of each exchange. Based on the information from above, you should be able to get a better overview to make the right decision:
|Verification process||1-3 days (according to reviews)||20-40 minutes|
|Supported Payment Methods||2||10|
|Bitcoin buy methods||Wire transfer, cryptocurrency||Bank transfer, wire transfer, credit card, Perfect Money, Payeer, Neteller, Skrill, Advanced cash|
|Bitcoin sell methods||Bank transfer (potentially risky due to current legislation)|
|Bank transfer, wire transfer, Perfect Money, Payeer, Neteller, Skrill, Advanced cash, Amazon gift card|
Feel free to give us more information regarding Mercado Bitcoin and help us improve this post based on your comments below.
It’s time to get some Bitcoin!