Buying Bitcoins has become a way to preserve the value of our money and even obtain significant profits; in fact, it is now begin dubbed ‘gold 2.0’. But the usefulness of this currency does not stop there, since it can also be used to make purchases or make transfers anywhere in the world, paying very low fees.
At the time it is very easy to acquire Bitcoins; there are a myriad of exchanges and exchange platforms where you can buy them safely, and that is what we are going to talk about below.
How do I buy Bitcoins?
Bitcoin is a cryptocurrency that has seen significant adoption by the public, and thanks to that, you may buy them at every exchange and exchange platform currently operating on the market.
You now know where to buy Bitcoin, so the next step is knowing which are the most common payment methods accepted at different exchanges:
- Deposit in dollars via bank transfer (Coinbase, Kraken), this is the cheapest method.
- Instant purchases using credit or debit card (Coinbase, cex.io).
- Using alternative payment methods such as PayPal (Localbitcoins, livecoin).
The best place to buy Bitcoins
I have yet to find an exchange that can be defined as the best. The world of cryptocurrency is growing exponentially and at specific moments, they all have problems to keep functioning when a great number of users connect at the same time.
But those specific issues aside, I have prepared a list containing the most recommended sites to buy Bitcoins, and which are the ones I actually use.
Switchere: Instant purchases using credit or debit cards
This platform allows you to buy Bitcoins, ETH and LTC in the fastest possible way, since you can make instant purchases using your Visa or MasterCard without the need to undergo the tedious verification process that most exchanges have in place.
Of course, the advantage of this payment method lies in its comfort and speed, since it makes paying for your purchases quite easy and fast. Once you pay for your cryptocurrency, you will receive it in your wallet instantly.
- You can buy up to 100€ without verifying your account and up to 500€ if you get verified via your mobile phone. Of course, if you keep increasing your level of identification, your limits will increase indefinitely.
Coinbase: The easiest, fastest and safest way to buy Bitcoins
At Coinbase you can buy Bitcoins, Ether and Litecoin. This is one of the simplest trading platforms out there, it has over 13 million clients and is the one I always recommend to persons willing to get started in the world of cryptocurrencies.
They will give you a $10 gift when buying $100 of any currency if you use my invite.
- You can make instant purchases using a credit/debit card.
- You can now also buy instantly using your bank account.
Localbitcoins: Very fast and with a great number of payment methods
In a few minutes, you will be able to start buying, since the registration and verification process is very short; you simply sign up using a valid e-mail and you can start buying and selling Bitcoins right away.
This platform has a search engine to find users who sell Bitcoins and accept the payment method you prefer. You may even find persons close to you, to buy them cash.
- There are sellers who accept payment via PayPal, bank transfer, cash deposits, Western Union, PaySafecard, etc.
- Commissions are low, but it is advisable to compare the exchange rate set by each user.
- The platform acts as an intermediary between seller and buyer, in this way, they guarantee that both parties receive the money or the Bitcoins.
It is one of the cheapest way to buy Bitcoins, but it must be said that when prices are highly volatile and a great number of users operate at the same time, the platform tends to fail and it becomes difficult to place a purchase order.
- You can make deposits in dollars via bank transfer.
- You can, of course, deposit cryptocurrencies.
All exchanges I recommend have the basics every reliable website should have:
- Their address starts by https, which indicates that your data is sent encrypted.
- They offer two-factor authentication (2FA), which increases your account’s security.
- They have a good reputation; you can read some review or opinion of other users.
- Most of their cryptocurrencies are cold stored, the safest way to store them.
Still, my advice is that once you buy the Bitcoins you need, you send them directly to your wallet. In this way, you will be the only person who controls your private keys and that will give you full control over your money.
If you want to buy Bitcoins and actually keep them in your wallet or do whatever you want with them, do not let pages who offer the possibility of “buying” them through eToro, AVATrade or IQ Option confuse you.
Those pages let you buy CFDs, which may be ok if you know what you are doing and want to invest in cryptocurrencies in that way. But keep in mind that you will never be the owner of the Bitcoins that you invest on.