Buying Bitcoin is simple and painless. All you need is a digital wallet as, without it, it’s impossible to buy and store Bitcoin.
A Bitcoin wallet is used for the same purpose as a traditional bank account for storing fiat currency.
Once you have the wallet, you will need to follow a simple process in order to buy the coins. Here, we have discussed how to buy bitcoins. So read carefully.
Buying Bitcoin – Getting Started:
There is a large number of brokers, exchanges, sellers and wallet providers, etc. selling Bitcoin. However, not all of them are reliable. Some are just there to steal your money.
To avoid theft, you should always look for well reputed and renowned names to make the purchase.
The Bitcoin exchanges require the users to provide their personal information – which may also include your photo and a copy of ID – to prevent theft.
Once your account is functional, you are ready to buy bitcoins instantly.
Buying Bitcoin with Debit/Card Instantly:
Buying bitcoins via debit/credit card is one of the easiest approaches out there. However, due to the complex transaction process, the fees can be high.
As a bitcoin buyer, you will come across numerous companies offering their services, but only a few of them are trustworthy.
Down below is a list of most trusted names that accept credit/debit cards and sell instant bitcoins.
With the presence in over 30 countries, Coinbase is the largest bitcoin broker in the world.
Coinbase offers instant buy option, but to buy the coins instantly, you will need to provide your identity proof and bank card.
Coinbase users are normally categorized into two levels: level 1 users and level 2 users.
Level 1 users are the fully verified users and can buy up to $1k worth of bitcoin per week.
While level 2 users can only buy up to $100 worth of bitcoin per week.
Moreover, Coinbase only charges 3.99% in transaction fees which are pretty low compared to other exchanges.
Find out more about how to buy bitcoins via Coinbase safely right here.
- Offers instant bitcoins to debit/credit card users
- Charges 5% in transaction fees and particularly good for those who buy in bulk.
- Offers special packages to verified users as they can buy up to $5k worth of bitcoins per day and up to $20k per month.
BitPanda is an Austrian exchange and is one of the most renowned across Europe.
The features of BitPanda include:
- Instant bitcoin purchase through credit/debit card
- Low fees. Just around 3-4%.
- The buyers are required to go through a strict verification process.
A downside of BitPanda is that the fees are not mentioned on their site. If a user wants to know the fees, he must register an order first.
Some Other Ways to Buy Bitcoin:
Buyers who don’t have credit/debit card can also buy bitcoins through LocalBitcoins.com. All you have to do is enter your nearest area and arrange to meet up with a seller. However, make sure your meetup is in a public place to avoid any potential harm that the seller may possess for you.