Cryptocurrencies are becoming increasingly popular as the world revolutionizes. It’s time to figure out how to buy cryptocurrencies in the right way to make the most out of it.
Below are the easy steps you can use learn how to buy bitcoin?
Get Started With Bitcoin
There are a few things you need to know when you begin buying Bitcoin to use it safely and escape common mistakes.
- Bitcoins cannot be fabricated or distorted.
- You can use them for money transactions at very low cost, to anyone and anywhere in the world.
- For Bitcoin, you can control the money solely on your own without working through a third party like a bank or Paypal.
- It is not possible to reverse or repay Bitcoin transactions. Just companies or individuals you know should be concerned with it.
- For a valid Bitcoin transaction, it must be reported before it has happened, but preferably 6 + times until it becomes permanent.
- Bitcoin isn’t confidential. Transactions are kept on the network openly and indefinitely, ensuring that anyone can see every Bitcoin address’s balance and deposits.
- By accepting them as a payment for goods and services or buying them from a friend or someone near you, you can get bitcoins. You can also acquire them directly with your bank account from a cash exchange
- There is an increasing range of Bitcoin companies and distributors worldwide. To help trustworthy companies achieve more exposure, you can use Bitcoin to pay for them and score your experience.
- The Bitcoin industry is constantly changing, and a lot of Bitcoin news services remain up-to-date.
Step 1: How To Get A Bitcoin Wallet
It’s easy to set up your first Bitcoin wallet. Many smartphones, laptops, and hybrid wallets of great quality are available online.
Way to a Bitcoin Wallet:
1. An Atomic Wallet (iPhone, Android) smartphone wallet.
2. Acquire bitcoins from a relative as a good or service purchase or acquire bitcoins from one of the many cash exchanges.
3. If you make the decision to store large quantities of bitcoins and want to know that they are absolutely safe, use Armory.
Here are the top picks for a bitcoin wallet. To know more, you can check out our YouTube channel.
Best Overall: Coinbase
Coinbase is one of the stress-free ways of purchasing, selling, and owning digital currencies, making it to the top place on the list. You can link an American bank account with Coinbase, and effortlessly send money into or out of your wallet. You may use the money to buy and sell, or convert them to new ones. Coinbase is currently supporting Bitcoin Cash, Ethereum, and Litecoin in addition to Bitcoin. There are persistent reports that other currencies such as Ripple are also receiving support from Coinbase.
Although Coinbase’s big upside is that it is user-friendly, this is tempered by some security concerns. Until one time, Mt. Gox was the largest Bitcoin and another currency network. That was until almost half a billion dollars in consumer money were stolen and destroyed. But Coinbase learned from the loss of Mt. Gox and has very stable safety in place, updating and enhancing the entire user experience regularly.
Best for Security: Trezor
Trezor is very distinct from Coinbase, a complete platform for trading. Rather, it is more like a place where you can keep your bitcoins. Trezor is a physical device that links your coins to your pc, tablet, or phone. The Trezor wallet acts as a password manager, 2fA tool, and several helpful apps for multiple currencies.
This wallet gives some security against missing keys and apps, but you should benefit from the tragic experiences of others and ensure it doesn’t happen again. The whole aim of this Bitcoin crypto wallet is to prevent anyone else from thieving your Bitcoin, hence you can presume that retrieval is not essentially an easy to execute.
Best for Desktop: Electrum
Electrum is a digital wallet, meaning that your coin is collected on your laptop or desktop computer in a set of encrypted files.
The major advantage is that you can easily get going to the mining running on your machine and place your Bitcoin. But if that computer crashes, gets lost, or ends up hacked or corrupted in a house fire, you might miss your coins. The software facilitates a retrieval procedure and provides you with a typed or handwritten set of keys to build a functional “cold storage.”
Best Online: Blockchain
Virtual currencies and Bitcoins can be stored in a software called “Blockchain.” This software charges a minimal fee, which then helps to accept and send Bitcoins. In this, Lumens Stellar, Ethereum, Cash BTC, Bitcoins and a lot more are covered. In order to preserve your wallets, Blockchain recommends finishing the three functionalities in your account. The three functionalities are email verification, two-factor authentication, and a password backup requirements. The best part of Blockchain is that it always backs up your money for safety purposes.
Best for Free Buying and Selling: Robinhood
Robinhood, which began as a free stock payment system, has grown by adding roles and other kinds of investment tools. It includes cryptocurrencies such as Bitcoin. Robinhood is a website as well as a cash exchange similar to Coinbase, so it’s all in one wallet. Now, though, you cannot send coins to another wallet from Robinhood.
Robinhood was initially a mobile platform, but for many of its stock trading customers, it has a desktop version too. The cost is what distinguishes Robinhood from the others: it’s free. When buying or selling Bitcoin, there are no commissions, just like on the platform for stocks. The characteristics make some people believe that it is risky and unsafe. However, the point to note is that if it is safe and secure for stocks, it must also be safe and secure enough for your coins!
Best for Intuitive Desktop Use: Exodus
Exodus is a much more better-looking and intuitive to use software wallet, and is also similar to electrum. Even though it is quite distinct in-terms of looks, it offers alike security benefits. There is no account setup requirement, so just there is only your money and wallet. Be vigilant with this device, but also be mindful that Exodus protects private keys and other valuable security tools.
Best for Mobile: Mycelium
Mycelium is a Bitcoin wallet that offers only mobile friendly versions for both, Android and iOS. There is no desktop interface, but for its mobile app, Mycelium claims that it has “bank-level security,” which has third-party integrations such as Trezor. It also provides you privacy and holds your Bitcoin in your wallet wherever you go.
Step 2: Choose the right Bitcoin trader
The best places to make first purchases of Bitcoin are Cash exchanges. There are several markets of differing efficiencies out there. Some are less trustworthy than others, and some may be very small, so to begin with, it is crucial to choose the correct trade.
Binance is the largest and one of the fastest-growing cash exchanges for bitcoin that created the largest network around it. Binance, as a centralized cash exchange, has opted for a quite different methodology to grow the venture. It gives decent discounts as well to regular dealer. Even though the procedure is quite straightforward and quick, you will first have to log in with your credentials to get yourself registered with Binance.
Another crypto, a native coin, has being introduced by Binance that you can H.O.D.L for a longer period of time. It is called B.N.B. Binance’s fee structure is also exclusive; they charge 0.1% as the starting standard fee, which is much less than what other competitors charge. In addition, if you continue holding the B.N.B token, 25% rebate is offered on your trading activities.
- Very less fees
- Special discount for frequent traders
- Customers can’t deposit funds using traditional methods.
Coinbase is the main Bitcoin (BTC) trader in the world. It is an easy and fast way to buy bitcoins, Ethereum, Litecoin, and many other coins for new users. Coinbase serves users in more than 30 nations, including the U.S, Europe (apart from Germany), Britain, Japan, Canada, and Australia. Customers in the countries mentioned above can buy cryptocurrency via debit card, bank transfer, S.E.P.A. transfer, and more.
- High availability and limitations of purchasing
- An easy way for beginners to get bitcoins
- “Quick Purchase” option is available with a debit card
- Bank transfer will take up to 5 days to complete
- Coinbase can monitor how and when you use your bitcoins.
Coinmama allows you to buy bitcoins, Litecoins, Ethereum, and many other coins with a credit or debit card from users in almost every country. They charge a fee of approximately 6 percent per use. Customers in Europe can also buy cryptocurrencies at a lower fee with S.E.P.A. swap.
- Works in virtually every nation
- Reputable and trustworthy broker
Some of the highest fees bitcoin brokers with credit / debit cards
CEX is one of Bitcoin’s most successful cash exchanges. Their rates, which is one of the industry standards, are only 0.25%. Protection is top-notch with multiple accepted payment forms.
CEX also funds USDT, a must-have for any Bitcoin-based trade. All big crypto trading platforms like Shrimpy, 3Commas, to name a few, have sponsored C.E.X. In all countries around the globe and 31 U.S. states, they offer their services. Launched in 2013, the organization has branches in the United Kingdom and the United States.
- Competitive trading fees.
- High card fees.
It is a cryptocurrency and cash exchange, located in the United States that provides you with the possibility of exchanging 190 plus cryptocurrencies each time. They are in-line with the existing U.S laws and are well planned as well so that the crypto consumers don’t have to worry about their monies’ protection.
It operates one of the world’s biggest volumes of BTC trade from all cash exchanges. You will have to register and sign in via your email address to get going with Bittrex. However, in order to draw money, a KYC has to be done. It is done by uploading the Identification documentation, contact number. Furthermore, for better service, two-factor authentication is needed.
Two kinds of accounts are supported by Bitrex:
- Basic account allows you to withdraw money that is up to the worth of 3 BTC/day.
- Advanced account allows you to withdraw money up to the worth of 100 BTC/day.
Bitrex, a crypto only, platform ensures that you cannot deposit fiat currencies like USD, E.U.R, GBP, etc. Due to this, their fee is the same for everyone. In addition, they allow access to trading facilities such as Chandeliers and Crosshairs, which are considered better and advanced. It is beneficial for the newbies as the interface is easy and quote simple – creating no troubles for users, especially beginners.
- Large amount of coins
- Amazing customer support
- Lengthy registration process
Poloniex, till date, is the best in terms of trading volume, promoting cryptocurrencies and It’s best to get going on Poloneix as you can deposit some cryptocurrency or U.S.D.T. (Tether dollars) and start trading.
This is the perfect Cryptocurrency and cash exchange for you if you’re investing with Altcoins.
- Many altcoins tradable
- Margin trading altcoins
- High liquidity
- No advanced order types
- Poor customer support
- Hacked in 2014
Kraken is based in San Fransisco, U.S., and is considered one of the largest Bitcoin and cash exchanges. You can trade with Kraken using other cryptocurrencies such as Etherium & Zcash as well.
It’s quick to get going, requires only 1-2 days to check, and is available to people in all countries and continents. You can finance your wallet with a number of currencies such as USD, Canadian Dollars, Yuan and Euros. Bitcoins, Litecoin, Dogeocoin are the types of cryptocurrencies that can be used to finance wallets.
As mentioned, it takes 1-2 days to check and if you do not mind waiting, Kraken is a fantastic option to start trading with Bitcoin!
- Reasonable trade fees.
- Customer support isn’t responsive
- Account verification is slow.
Bitstamps, the first completely licensed cash exchange, is another famous cash exchange, which allows you to buy bitcoins by using your credit or debit cards. The difference between Kraken and this cash exchange is that it has a better G.U.I that Kraken, which provides an iOS and Android app. It then creates the ease exchanging cash from your mobile phone. For traders searching for a sophisticated platform to buy/sell bitcoins and make a profit, Bitstamp is perfect.
- Allows sub-accounts
- Price alerts via messages
- Great safety
- 8% charges for credit card buying
- Weak Customer service
- Account verification takes time
- Burdening KYC questioning
Gemini is another awesome bitcoin and cash exchange. It has its headquarters in New York. Apart from the headquarters, it is operating in North America, Europe, and Asia.
Both, human and institutional, accounts are sold by Gemini. Their pricing is affordable, and the app for newcomers is simple to use and they’re a very friendly company to work with.
If you wish to open a Bitcoin business account in America, Gemini is the best option!
- Their customer care service is excellent
- Easy to use
- High trading fees
The procedure takes around 2-3 days. Once the screening is done, you can use a wire transfer to credit your funds. The wire transfer has zero cost and eventually, an account manager, who is dedicated and responsible enough, is issued. Another option to credit money is using PerfectMoney that has a 3 percent charge.
- Regularly it has the greatest worldwide liquidity
- Caters to advanced order types
- Greater limit for withdrawals
- Easy to use
- Less charges
- Overseas traders might face issues related to verification
Step 3: Select Your Payment Method
With the rising demand for bitcoins, to promote bitcoin transactions, multiple networks are developing day by day. Such sites have different payment options as per the preference of the customer, but not all require credit cards to buy bitcoins. Here is a list of some of the best cash exchanges that allow bitcoins to be purchased via credit card.
Switchere is one of the world’s largest Bitcoin trading sites, and it also deals with several altcoins. For both fees are approved only by credit cards or debit cards. This platform’s security measures are really secure and stable. This platform’s user interface is highly intuitive, making it easier to learn and start trading without any question for newbies. Since it has global availability and confidentiality, you can literally access your account from any part of the world.
- Transactions are safe and quick
- This platform only accepts credit/debit cards, and no other form of payment is allowed.
Coinbase is the world’s largest site for bitcoin trading. It offers different methods of payment to buy bitcoins and also accepts credit cards as a main mode of payment. It provides enhanced protection and small trading fees. It provides an elegant newbie framework along with numerous dynamic channels and advanced trading tools for professional traders.
- A sleek design for users.
- Offers various payment methods
- Low trading fees for bitcoin trading.
- The transfers are safe and immediate.
- It takes some time for the transactions involving bank transfers.
- Not very responsive customer service.
Coinmama works with credit card transactions. Unlike other apps, there is no cap on credit card transactions. The services offered by this platform will be offset with a surcharge. To receive their bitcoins, users must attach a bitcoin wallet address, as this platform does not provide any bitcoin wallet.
- Simple user experience.
- Verification process includes showing a proof of identification in general, which differs with the increase in the number of transactions produced
- Cannot market them to customers.
- High charges
Cex.io is a popular platform for bitcoin and cash exchange, established as the first provider of cloud mining. It has more than 450,000 clients using growing cryptocurrencies. With a quick verification process, it has a streamlined user interface. To avoid vulnerabilities, the security system is tightly constructed.
- The site is easy to use and offers bitcoin trading and cash exchange.
- Fewer countries involved.
Coinhouse is a bitcoin platform based in Paris. Operating in Paris was initially confined, but now it works across Europe. The interface for newbies is highly recommended. Just two coins are included in this forum (Bitcoin and Ethereum). The method of authentication requires user I.D.I.D. proofs. National Identity evidence of a person from another nation is not recognized, but as and Id verification, this form asks for the passport. Bitcoin’s transaction is limited to EUR 10,000 per month and E.U.R. 2000 per day.
- Smooth user interface.
- Most nations are not interested in Coinhouse.
- The verification process lengthy
- High rates
Bitpanda, an Austrian virtual currencies platform, has recently grown to become a popular site. The website offers different payment options to attract users to this platform. It is a highly reliable platform in European countries and most definitely. It provides to date three forms of cryptocurrency (Bitcoin, Ethereum, Bitcoin Cash), but it will broaden by selling many other cryptos in the near future. This provides only Eu citizens with the option of purchasing bitcoins and does not sell this benefit to consumers from other nations.
- Range of payment options.
- Streamlined design.
- Hidden trading fee for the public.
Bitstamp is the oldest and most reputed cryptocurrency site. Initially, novice users may find it difficult to work with this platform. Bitstamp supports different payment methods, serving over 50 countries around the world.
- Highly reliable bitcoin and cash exchange network
- Simple interface to buy/sell with a comprehensive
- Allows payment by credit card
- The platform is very effective.
- Bitcoin and cash exchange rate is slightly high.
- It may take longer than three days to check.
VirWox was set up in 2007 by virtual world providers, mainly dealing in Lindens (S.L.L.) and other virtual currencies used in online gaming.
Earlier in 2011, VirWox began accepting bitcoins and opened PayPal, where people could buy bitcoins from it. Since this is an official website approved as a reseller of Linden Dollar, it has acquired more than 740k registered users to buy/sell bitcoins directly. This is a unique feature of this platform.
- Throughout the world by
- Convenient payment method.
- Instant transactions
- Does not require any specifics of verification.
- Trading rate charged is slightly high
- The network of assistance is subpar and needs to be improved.
IndaCoin is a website for Bitcoin and cash exchange based in London. It offers multiple cryptocurrencies that can be bought with a credit card and can be saved in the digital wallet that this site offers.
- Provides its facilities to more than 200 countries
- Mode of payment is the credit card.
- No transaction limits after initially making a few transactions.
- High bitcoin and cash exchange rates
- Bank transfer is not feasible, and the withdrawal cost is quite high.
247Exchange was founded in 2014 and has developed since then as a reputable site. It provides services to customers around the world, such as purchasing, selling, and exchanging bitcoins. You may buy Bitcoins with a credit card, instant money order, or cash deposit. The site works with more than 110 countries ‘ leading fiat currencies.
- Rapid network to more than 110 countries
- Local payment methods.
- Its customers with an excellent support network.
- Low rates of trade.
- The platform is not easy to use and needs some enhancement.
- Because of the banking issue, the site was suddenly suspended a few years ago, and many details were missing.
Bitcoin.com is an existing platform that provides bitcoin trading service, bitcoin cloud mining services. This site’s activity is quite distinct from other pages, and they plan to be Bitcoin’s one-stop-shop for all.
The contracts belong exclusively to the customer until the profit is made. If the user’s income equals the daily fee charged for service servicing, the deal will be canceled. There are three forms of lifetime contracts (12-month contract, lifelong program, lifetime pre-order1 plan). This site currently provides cash mining with Ethereum and Bitcoin.
- Works in a simple way.
- Does not provide an effective system of funding
- Slightly higher bitcoin to cash exchange rates.
LocalBitcoins were first found in 2012 originally based in Finland, but worldwide available. It is a peer-to-peer marketplace where only buyers and sellers take on the transaction.
No cash exchange is involved here, and direct trading is provided on the web. This site looks like a dating site. To create an account on this platform, both the seller and the buyer are needed. The vendor has to mention the information he is trying to sell off the bitcoins.
- Simple fee structure
- Offers direct customer-seller trading.
- The purchaser and seller themselves set the fee and the restrictions.
- Must be careful when dealing with spam.
- Many forms of payment may be dangerous.
Changelly is a newly established site offering different cryptocurrencies to trade. It consists of an autonomous robot that offers and requests the appropriate prices on exchanging pairs to be traded, respectively. For various major trading platforms, including Poloniex and Bittrex, the web is segregated. Changelly has already won more than 700,000 users. The site offers instant purchase.
- Quick and simple trading between bitcoins and other cryptocurrencies.
- Fiat currencies can quickly be substituted with a credit card for cryptos.
- Intuitive interface.
- Weak customer support.
- There is no facility to swap cryptocurrencies to acquire fiat currencies.
Spectrocoin was founded in 2013 as a London-based company. In terms of deposit/withdrawal, it mainly focuses on the European market. It provides four major services, such as the trading of money, prepaid debit card, a digital wallet, and vendor devices. It’s something new to offer a debit card for payment that many other platforms don’t do. Before using it, the debit card should be linked with your bitcoin wallet.
- Really useful for E.U. Residents.
- Slightly higher bitcoin and cash exchange rates.
- The deposit/withdrawal charge is not appropriate for people outside the E.U.
- Non-EU residents may find it difficult to use Spectrocoin.
BitQuick is a particular Bitcoin and cash exchange where cash is the only option to deposit and sell Bitcoins. The business was first set up under the branding “BuyBitcoins.us” in 2013 but has since shifted to “BitQuick.” The company is based in Cincinnati, Ohio, U.S.A. and operates exclusively among 49 U.S. states. BitQuick’s most significant difference from other markets is that it takes cash only.
- Biquick has a fast and easy cash payment method
- Biquick is easy and intuitive interface
- Biquick has impressive limits and liquidity
- Only 1 buying method is available Bitquick
- Only Bitcoin is available for purchase and selling on Bitquick
Step 4: Buy some Bitcoin and store them in your wallet
The information about how much and how many Bitcoins can be purchased from a specific sum of money can easily be obtained through Bitcoin and cash exchanges. However, due to Bitcoin’s volatile nature, the prices and value can significantly change overtime. This ensures you can probably buy a fraction of a Bitcoin even if you have a lot of money to spend. There’s nothing wrong with that, and for most individuals, they’re going to go down as few as possible, but the rich can afford more.
Enter the amount of Bitcoin you want to purchase in the given field and press the buy button to make your first bitcoin to cash exchange. Additionally, you may put a “cap” order that enables you to set a price that you are willing to pay for a certain product, and a transaction will only arise if that sum occurs at that level.
Your fresh Bitcoin will be deposited in your wallet once you have made your order. For it, you should look for different ways of transferring money to and from Bitcoin wallet address that has been generated, which is off Bitcoin to exchange. For this, a small amount has to be paid, which is considered as a part of Bitcoin dealings. The best part is that the costs of such transactions are not as high as their heights!
Step 5: Get ready to use it
If you wish to dispose off your Bitcoin, or if you intend to purchase things, the best approach is to plan beforehand because of its volatile nature. It is important to identify the things you want to purchase and to have a seller account made before setting out to shop. This approach will help you keep calm and on-path at the time of selling, unlike other sellers.