In 2009, Bitcoin launched the cryptocurrency phenomenon as we know it today, and it remains the most popular currency of its kind worldwide.
Bitcoin’s popularity sets it apart from all other cryptocurrencies; over time, it has moved closer and closer to what we recognise as a currency, rather than a virtual anomaly.
Unlike many of its peers, bitcoin can be exchanged for fiat currencies like the US dollar and euro. It has greater liquidity than other cryptocurrencies, meaning the loss to its inherent value is minimal when it is converted.
Bitcoin is widely recognized and may be used to pay for a variety of ordinary things, including Expedia travel and WordPress website domains. Additionally, private users can swap the virtual currency with one another to pay for services or perhaps settle debts.
Bitcoin is a type of virtual currency that you can use for digital purchases or trade like stocks or bonds. To buy and sell cryptocurrency, including Bitcoin, you need to use a bitcoin exchange.
A bitcoin exchange will allow you to buy Bitcoin in exchange for other assets, including traditional currency or other digital currencies. The best cryptocurrency exchanges are secure, cost-effective, quick to set up, easy to use, and accept a variety of funding sources. Here are our picks for the best places to buy bitcoin.
This tutorial presents information on how to purchase Bitcoin and offers a detailed review of 11 places where to buy Bitcoin at low fees, securely, and quickly.
Consider the following points to understand the best way to buy bitcoin:
#1) Identify a Bitcoin trading platform: The first step starts with identifying the best Bitcoin trading platform with which you can open an account or wallet to keep Bitcoins. It is recommended to open a wallet with a trading platform because then you do not have to own multiple wallets or accounts and keep sending the Bitcoins from one place to another.
Please look at our review below of the best places to buy Bitcoin and create a wallet with those platforms. With most platforms, creating an account is synonymous with creating a wallet. Check from your account features if the wallet is provided after sign up. It should be in most cases. If it is so, all you need is to generate a wallet address where you can send the Bitcoins after buying.
#2) Creating a Bitcoin wallet: In case you need to create a wallet address separate from the trading platforms, for instance, with a hardware device, there is a detailed guideline on the best Bitcoin wallets including hardware wallets you can use. Most of the wallets are software on platforms where you need to create an account and own a wallet. Otherwise, if it is a hardware wallet, simply buy it and proceed with setup.
If provided by the platform, remember to back up your wallet, write and save the recovery passphrase, or save the private keys offline. This ensures you can restore the wallet in case something happens with the account.
#3) Connect fiat source: We assume you want to buy BTC with your local currency such as USD or Euro. For those who ask for how to purchase Bitcoin with other local currencies and locally available payment methods, peer-to-peer platforms like Bisq and Paxful will be helpful.
The platforms we have reviewed below allow you to connect your bank, Visa, Web Money, PayPal, credit card accounts, and other money sources to pay for Bitcoins.
#4) Buy the Bitcoin: Bitcoin trading platforms vary in the manner of operation. Some like Paxful allow you to buy directly from other peers. In that case, you find different customers who post sell orders on the platform. Identify a sell order at the lowest price. Ensure that the person who posted the order adheres to your buying terms such as allowing you to pay with your preferred payment method.
This review promotes virtual cryptocurrency investing within the European Union (by eToro Europe Ltd.), United Kingdom (eToro UK Ltd.), and the United States. (by eToro USA LLC). Virtual cryptocurrency investing is highly volatile and unregulated in some European countries and the UK. There are no consumer protections in Europe or the UK, and trading activities in the virtual crypto trading sector are not regulated by any European or UK governing body. Investments are subject to market risk, including the loss of principal.
Why We Chose It
eToro is our choice for beginners thanks to an easy-to-use platform and practice accounts that let you test out buying bitcoin without risking real funds.
Pros & Cons
- Easy-to-use platform
- Free practice accounts with virtual money
- Copy-trading system to learn the ropes
- Pricing involves a flat fee as well as a spread
eToro might be the best option for you if you’re searching for a straightforward and focussed platform that enables you to purchase bitcoin while finding out more regarding the cryptocurrency ecosystem. Those who are new to bitcoin will value the easy-to-use platform and CopyTrader feature, which lets you copy other platform users’ trades.
You can test the waters with a $100,000 virtual account when you sign up with no danger to your real money. Once you feel confident, you can place a live transaction using real money. Just remember that there is a different spread for each cryptocurrency as well as a 1 percent fee for each purchase or sell transaction.
- Stellar customer service
- Many different funding methods
- Diverse and ever-changing choice of coin
- High security system
- Easy to trade in the US
- Good for beginners
- Not available in all countries
- Some lesser-known currencies are not supported
- Lower number of cryptocurrencies accepted than other platforms
- Higher fees
Best for: Keeping your money safe
Based in California, Coinbase is one of the leading crypto exchanges in the world and a popular choice when buying bitcoin. The company offers both a wallet (which is free) and an exchange for customers.
98 percent of digital cash, according to Coinbase, is kept offline in safe deposit boxes and vaults. The business also provides investors with the opportunity to add a second person’s name to the approval list for increased withdrawal security, and it has implemented a 48-hour withdrawal cancellation option to shield users from fraudulent activities.
Coinbase accepts payment by credit and debit card and charges a flat fee of $3.99 for the privilege – low cost compared to other US and UK exchanges.
The Coinbase debit card supports around nine cryptocurrencies at the time of writing and automatically converts it when you want to use fiat currency.
The card is free in the US but in the UK, a fee of £4.95 applies. There are also other fees applied for things like withdrawing more than the daily limit or using the card abroad.
Make sure you check the related fees before using the card.
- Wide range of cryptocurrencies available
- Able to earn interest on crypto
- Available on web and mobile app
- Discounts on higher-volume trading may suit active traders
- Visa card available through VIP programme
- Fees can be high unless you have Crypto.com’s CRO cryptocurrency
- Lacks educational resources
- Customer support is poor
- Withdrawal fee
Crypto.com was created as a place to buy, sell and trade cryptocurrency, and is a decentralised exchange where users can exchange fiat or cryptocurrency for more than 100 of the most popular altcoins.
More than 10 million people use Crypto.com, which offers services in more than 90 nations worldwide. 100% of user cryptocurrency is stored in cold storage for security, while corporate monies are kept in hot wallets to ensure quick transaction times.
All fiat currency is held in regulated custodian bank accounts, and there are strict security protocols around access to wallets based on the principle of least privilege.
You can deposit 20+ fiat currencies using a credit or debit card, as well as through bank transfer, and through the app you can buy cryptocurrency at the true cost (with a commission).
In addition to an instant loan based on your cryptocurrency balance with no late fees and instant sending of cryptocurrency to other app users with no fees, the Crypto.com offering also includes a VISA card with the potential to earn up to 8% in CRO (The Crypto.com currency), a Pay application that lets you use your cryptocurrency balance to make online payments where accepted, and a loan based on your cryptocurrency balance with no late fees.
With the Crypto.com app, you can earn up to 8.5% pa for staking crypto, and up to 14% if you stake stablecoins (which are designed to offer price stability because they are aligned with an asset).
The exchange platform at Crypto.com offers tracking for all major cryptocurrencies, and with bitcoin you can easily see an up-to-date price when you decide to buy.
Crypto.com allows users to purchase BTC and other altcoins at the ‘real price’ with commission paid on deposits via credit or debit card, so it might be a cheaper way to buy if you are using fiat currency.
Trading fees are a small percentage (up to 3%, depending on volume) so it is possible to trade both current crypto holdings and fiat for BTC, too.
- CURRENCIES: Dozens
- TRANSACTION FEES: 0.12% for maker and 0.88% for taker
- WALLET INCLUDED: Yes
Why We Chose It
We like Bisq’s decentralized features that improve privacy and anonymity when buying and selling bitcoin through an open-source desktop app.
- Decentralized network improves privacy
- Software is open source
- No registration required
- No identity verification required
- Potential for slow transactions
- Not ideal for active traders
For those drawn to the anonymity provided by bitcoin, Bisq may offer what you’re looking for. Bisq is a decentralized exchange that doesn’t require any signup or account. That means you can use Bisq to buy and sell with nearly complete privacy. The required Bisq desktop app is open source and free to use.
Numerous payment options are supported by Bisq, such as bank transfers, Popmoney, Zelle, and Western Union. Every transaction on Bisq must have one side in Bitcoin. The maker fee and taker charge for these Bitcoin-based transactions are 0.12 percent and 0.88 percent, respectively.
Bisq is best for those with at least a little crypto experience.
- Offers a crypto wallet
- Discounts for higher-volume trading
- Available on web and mobile app
- Users who qualify can earn interest on crypto with a reward account
- Poor customer support
- Withdrawals can be difficult
Established in 2011, Blockchain.com was one of the early pioneers of key Bitcoin infrastructure, and today is recognized as the most popular cryptocurrency exchange in the world – supporting more than $1 trillion in crypto transactions.
With 37 million verified users in 200+ countries, the Blockchain.com exchange offers fast trades and low fees – which get even lower depending on the amount you trade.
Fees are structured on a maker/taker basis, which means that both the seller (maker) and the buyer (taker) pay a percentage of the value to the exchange to complete the trade. For low value traders (up to $9,999 in 30 days), this is set at 0.20%/0.40%.
Blockchain.com also offers the opportunity to use margin trading on cryptocurrency, with a set fee of 0.02% per trade and interest of 0.02% every four hours for held positions. You can take advantage of up to five times the margin in your trades if that is your preferred strategy.
You can open a wallet on Blockchain.com in addition to accessing the market for quick, inexpensive cryptocurrency exchanges. Self-custody of cryptocurrencies is made simple by the Blockchain.com wallet, and creating an account online is simple. NFT trading is also about to begin on Blockchain.com.
Beginner crypto traders can learn all they need to about the major altcoins available as well as trading techniques in the ‘Learning’ section of the Blockchain.com site, with topics including bitcoin, Ether and DeFi as well as technical information and research resources.
Blockchain.com is popular because it is straightforward, with everything you need to trade cryptocurrency available online and on other platforms thanks to the native Android and iOS applications that make it easy to make trades and keep an eye on your investments on the go.
Best for institutions.
Gemini crypto exchange has an Android, iOS, and web application that allows buying of BTC. It will also soon have a Gemini credit card through which buyers of BTC can earn rewards on buying BTC from the exchange.
With an account wallet where you can keep BTC, charting, price trackers, portfolio management, transaction history tracker, and other tools, Gemini functions as a complete cryptocurrency exchange. In addition to BTC, it also facilitates the purchasing and trading of other cryptos.
Bottom line/Verdict: Gemini provides insurance against hacks. It allows for the direct purchase of BTC and other cryptocurrencies. This website provides custody services for institutional traders and investors.
Fees: 0.5% – 3.99% depending on payment method and platform. Upto 1.49% depending on trading platform; 3.49% for debit card purchases.
Account Minimum: 0.00001 Bitcoin worth
Our Ratings: 4/5
A peer-to-peer trading platform called Paxful enables buyers and sellers to exchange BTC and other cryptocurrencies for local fiat money. Additionally, it accepts credit cards, PayPal, Visa, MasterCard, and other regional payment options that are widely used around the world. One must purchase Bitcoin from peers who are looking to sell.
The buyer will publish a buy offer after which he or she can communicate with the seller to facilitate paying and depositing of crypto in escrow before payment is done and confirmed.
It also allows direct sending from wallet to wallet.
Bottom line/Verdict: This is a peer-to-peer trading platform with very high fees per transaction. It has a high chance of being scammed.
Fees: Fee depends on transaction value and market rates. It charges 1 USD or 1% per transaction for direct sending.
Account Minimum: $10
Our Ratings: 4/5
Frequently Asked Questions
- #1) How do I purchase a Bitcoin?
Answer: Buying BTC starts with deciding or identifying a trading platform where BTC is sold although you can contact peers who own BTC to buy directly from them. If you are asking for the best Bitcoin trading platform, we have enlisted in this tutorial.
By signing up for one of the services and making sure it accepts your payment method for the BTC, you can create a Bitcoin wallet. Connect your bank account or credit card to the site to place an order on the exchange.
- #2) Can I buy Bitcoin for $10?
Answer: Yes. Since it can be bought in fractions, $10 allows you to buy some BTC. Most exchanges that sell BTC set $10 as the minimum order you can trade BTC for. You can also buy directly from peers or from peer-to-peer exchanges.
- #3) Can I buy Bitcoin for $50?
Answer: Yes. Just a fraction of it though. Bitcoin can be bought in fractions. Please check the value of 1 BTC and calculate how much of it $50 can buy. The more money you have, the more crypto you buy.
If you are asking how to invest in Bitcoin, then this is a little amount. You will need to invest more fiat currencies to expose yourself to more profits when prices increase. However, this is a good amount to try.
- #4) Where can I buy Bitcoin directly?
Answer: You can buy from other Bitcoin owners. This is possible via peer-to-peer trading platforms and exchanges like Bisq and Paxful. They allow you to communicate with other sellers and pay in diverse payment methods available locally.
- #5) Can a Bitcoin Crash?
Answer: Because so many individuals and organizations have made investments in bitcoin, it is now considerably more stable than it was in the past. It can hardly go completely away. However, because it is volatile, the price may change either upward or downward. To minimize the consequences of volatility, please use portfolio management tools that enable you to keep an eye on prices in real-time and take appropriate action.
- #6) Where can I buy bitcoin online?
Answer: You can buy BTC online from Bitcoin.org, Coinbase.com, Bitcoin.com, Gemini, and CoinMama websites. These websites allow you to sign-up and create a wallet address, and store your BTC or transfer to external wallets.
The majority of those who want to purchase Bitcoin do so for speculative purposes with the intention of eventually selling it for a profit. The ideal approach to purchase Bitcoin is to find a safe crypto exchange or platform, establish a wallet there, and use that to make payments using your local payment method of choice.
The platforms listed above are either centralized or peer-to-peer decentralized trading platforms, some of which work on mobile devices.
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