Looking to buy Bitcoin? This resource will help you understand how and where to buy bitcoins.
From experience, we know that buying bitcoins can seem long and complicated at first. This guide was created to make buying bitcoins quick and simple for anyone.
If you’re looking to learn how to buy bitcoins, you’ve come to the right place! To buy, you will need to:
1. Choose a Bitcoin exchange (chapter 2)
2. Exchange your local currency ($, £, ¥, €) for bitcoins
3. Secure your bitcoins on a Bitcoin Wallet
Fun fact: you can buy any fraction of a Bitcoin (ex: 0.1 Bitcoin)
After reading our guide on how to buy bitcoins, you will understand these important topics:
• How to buy bitcoins
• Where to buy bitcoins
• How to select the best exchange
• How to secure bitcoins after buying
• How to prevent theft and scams
The following section discusses Bitcoin exchanges. Our experts recommend these exchanges based on reputation, security and reliability.
Certain exchanges steal your private information, money and bitcoins.
We strongly recommend buying from one of the exchanges listed below and to conduct your own research prior to deciding on where to buy.
When looking for the perfect exchange to buy bitcoins, you’ll need to consider the following 6 important points:
2. Buying Limits
4. Rates & Fees
5. Trust & Reliability
6. Payment Method
Do you want to buy privately?
If buying bitcoins in complete privacy and anonymity is important to you, you will need to avoid the following payment types:
a. Credit cards
b. Bank cards
c. Bank wire / transfer
d. PayPal, Skrill, Google Pay
e. Other methods requiring ID
Buying bitcoins with cash deposit, cash or through an ATM is the only way to purchase bitcoins privately.
How much do you want to buy?
If you are looking to buy a large amount of bitcoins, for example over $100k, you may want to explore big brokers and major exchanges.
Coinbase is a popular and trusted exchange with high limits when buying using a bank account.
When do you need your bitcoins?
Depending on when you need your coins will impact where and how you pay for your coins.
Buying bitcoins for the first may take some time. Each subsequent investment should be much quicker and easier.
Although pricey (high fees), bitcoins ATM’s are the quickest way to get bitcoins on demand. Check out this map to locate an ATM in your area.
For small purchases, most brokers offer instant buys with bank transfer, debit and credit cards.
Why is the bitcoin price different?
While we often hear about the price of Bitcoin, there is technically no official price. The most important factor for bitcoin exchange rates is your payment method of choice (see chapter 3 for more information) because of fees.
Does the exchange have a good reputation?
Before selecting an exchange, make sure to do your homework to see if the company you want to buy from is trustworthy.
Bitcoin and cryptocurrencies are still very new and some bad actors occasionally try to take advantage of less knowledgeable folks.
Read reviews on the top bitcoin exchanges and you’ll be all set!
How do you want to buy your bitcoins?
Knowing how you want to buy your coins is an essential step to buying bitcoins. Each payment method has its pros and cons; you’ll have to judge what is best for you!
0.0% - 3.0%
1 – 5 days
4.0% - 12.0%
5.5% - 15.0%
5.0% - 10.0%
You may need a wallet before buying with a credit or debit card or a Bitcoin ATM.
Don’t have a wallet yet? Quickly find the perfect bitcoin wallet for you.
Once you’ve decided on a payment method, you’ll be ready to pick an exchange and invest in Bitcoin.
The most popular ways to buy bitcoins include:
• Online with credit and debit cards (instant)
• Online with a bank account (1-5 days)
• Online with PayPal (instant)
• In person with cash or by cash deposit (instant)
• In person by ATM (instant)
Regardless of your preferred payment method, you’ll have to exchange your local currency ($, €, ¥, £) for Bitcoin. Read on to learn more
Since the majority of bitcoins are purchased online, it’s not surprising that credit card and debit cards are a popular way to buy.
Easiest way to buy bitcoins online, everyone is used to buying stuff online
Instant delivery of coins
Medium to high fees
Requires ID verification
The following are the most popular places to buy bitcoins online with a credit or debit card:
|Coinbase||3.75%||USA, Europe, Canada|
Connect your bank account or send money directly to a Bitcoin exchange is the best way to buy bitcoins at a competitive rate. This method is ideal for those buying regularly or large amounts.
Good for regular or large bitcoin purchases
Most competitive exchange rates
Slow transfers (up to 5 days)
Requires ID verification
Some of the most known places to buy bitcoins with your bank account or banks are:
Buying bitcoins by cash deposit takes no longer than a few hours and is among the most secure and anonymous ways to buy Bitcoin.
Anonymous and secure
Quick delivery (1-2 hours)
Higher exchange rates
Not ideal for beginners
Some of the most known places to buy bitcoins with cash or by cash deposit are:
• LocalBitcoins.com – World wide
• BitQuick - USA
• Wall of Coin – USA, Canada, Germany +
• ATMs – find one near you
See our step-by-step guide on how to buy bitcoins with cash or by cash deposit.
Anonymous and secure
You can buy Bitcoin using PayPal in one of two ways despite the fact that PayPal explicitly prohibits merchants from selling bitcoin.
1. VirWox (virtual world exchange)
2. Local exchange (ex: LocalBitcoins)
Practical if you have a PayPal balance
High fees and rates
|Debit/Credit Card||Instant||4.0% - 10.0%|
|Bank Account||1 to 3 days||0.0% - 5.0%|
|Cash/Cash deposit||1 to 2 hours||5.0% - 15.0%|
|ATM||Instant||7.5% - 15.0%|
|PayPal||1 to 3 hours||10.0% - 15.0%|
Some exchanges require you to have a wallet before buying (credit/debit card, ATMs).
Find the perfect Bitcoin wallet for your needs.
Bitcoin is legal in almost every country and widely recognized by governments and central banks from around the world. Bitcoin is commonly recognized as either a currency or commodity and is widely reported across global news channels.
The easiest way to buy Bitcoin is online using your credit or debit card.
Bitcoin is available to anyone with an internet connection. Bitcoin cannot be blocked or sensored.
The cheapest way to purchase bitcoin is by bank transfer.
The price of Bitcoin is becoming more and more stable compared to previous years. Expert traders always recommend to buy when a lot of people are selling.
Yes, most exchanges allow you to sell your Bitcoin in exchange for a fee.
Exchanges require identification for a variety of reasons, namely 1) Legal and anti-money laundering prevention 2) fraud control and prevention
Physical coins became popular in the early days of Bitcoins and are generally no longer available nor do we recommend getting any. Physical coins simply contain the access code to a wallet with the promised funds.
Yes, you most certainly can. Each Bitcoin can be divided up into 100,000,000 “units”. These units are referred to as satoshis after the mysterious founder of Bitcoin.
Yes, you can buy from as many exchanges as you’d like.
We strongly recommend to secure your Bitcoin in a trusted a reputable wallet. If you do not mind spending a few bucks, a Trezor or a Ledger wallet are highly encouraged. Both are secure and very easy to use.
The best way to stay safe, protect your funds and avoid scams is to be able to detect a threat when you see one.
In order to help you avoid Bitcoin scams, we’ve put together a list of tips from our cryptocurrency experts:
Before buying bitcoins from a new exchange, we recommend reading reviews online, reading user feedback on forums like BitcoinTalk.org and to generally make sure the company will not simply steal your funds.
If you cannot find any information about the exchange, assume there is a high risk of being scammed. We strongly recommend proceeding with a well-known and reliable exchange.
Local exchanges like LocalBitcoins.com are based on a trust and user rating system. We recommend only buying from users with many strong positive reviews.
Many scams will urge you to act fast in order to get a better price or get bonus coins. These are fraudulent 100% of the time. Never give out any sensitive information to these sites or ads,
Some scammers will ask you to send money before they give you the coins. Never agree to do so as Bitcoin transaction are irreversible. Always use an escrow to protect yourself from fraud when buying with cash.
These scams are relatively new but have affected many individuals. Bitcoin investment scams will promise to invest your Bitcoin in exchange for very large returns. Never send your coins to these types of websites.
Although there exist many legitimate and promising cryptocurrencies other than Bitcoin, there are many scam-coins as well. Always research coins thoroughly before buying altcoins.
Largest Cryptocurrency Scams in History
- PinCoin and iFan ($660 million)
- OneCoin ($30 million)
- Bitconnect ($700,000)
- Plexcoin ($15 million)
- Centratech ($32 million)
The next essential lesson is where to store your Bitcoin after you’ve purchased them. No matter how much or how little Bitcoin you have purchased, never keep your coins on an exchange. In fact, some exchanges require you to have a wallet to begin with.
Individuals and investors have already lost over one billion dollars from trusting exchanges with their precious Bitcoin:
Our experts recommend that you get your own Bitcoin Wallet. If youre planning on investing less than $250 or looking for a day-to-day wallet, we recommend a mobile wallet like Jaxx or Mycelium. These are lightweight, user friendly and quickly accessible.
If you are planning on holding more than $250 of Bitcoin, we strongly recommend getting a Hardware wallet. A hardware wallet is a small physical device that lives offline, far and away from virtual threats.
Ultra secure and trusted
Complete control of your money
Easy to setup
Simple to use
For medium to large sums
Not free (about $100)
Not ideal for small amount
|Ledger Nano S||2016||$99|
|TREZOR Model T||2017||Coming soon!|