Step 1: Find a good Bitcoin wallet
We are committed to researching, testing, and recommending the best products. We may receive commissions from purchases made after visiting links within our content. Learn more about our review process. The cryptocurrency markets have calmed down a bit since that record high, but many Bitcoin evangelists still claim Bitcoin to be the currency of the future.
Follow along to learn more about how Bitcoin works and the best places to buy Bitcoin. First of all, need some background information about what Bitcoin is? It's a digital currency used mostly for online purchases and as an investment, albeit a very risky one. It is not sponsored by any government. You can also buy them with dollars or nearly any other currency. While there are some stories of people making a fortune on Bitcoin in , many people lost as it fell from its peak.
This can be an online digital wallet attached to the account where you buy and sell, a program on your computer or a physical device you plug into your computer. You can transfer Bitcoin and use them for purchases at some rare stores on and offline.
But when transacting in Bitcoin, beware of large transfer fees when going back and forth between coins and other currencies and even transferring to other digital wallets. Coinbase is the biggest and most respected Bitcoin platform in the United States. It offers both an exchange and wallet in one, making it one of the easiest places to start with Bitcoin.
Coinbase also supports Bitcoin Cash, Ethereum and Litecoin. Once you sign up and connect your bank account, you can easily transfer funds in and out of your account and convert them to Bitcoin and back to dollars at will. Coinbase charges a variable percentage fee of one percent for U. Purchases with a credit or debit card add on a 2. Further, Coinbase holds 98 percent of customer currencies offline to keep them safe from malicious hackers. This is further evidence to why Coinbase is a leader in digital currencies in the United States.
Robinhood started as a fee-free stock brokerage and recently expanded into the world of digital currencies. The best part: No fees! You can buy and sell Bitcoin and other digital currencies completely fee-free on this platform.
Since February , Robinhood supports Bitcoin and Ethereum trades and market data for another 15 currencies. Robinhood Crypto is technically a separate account from a Robinhood stock account. Crypto accounts support market and limit orders. Your coins are stored in the same Robinhood account you use for your stocks and share a login.
Robinhood is mobile first and just recently added a Web version, so it is best for people comfortable managing money from their phone or tablet. The biggest downside is that Robinhood only works in 16 states for cryptocurrency trades, but it plans to add more in the future. But if you do live in one of those states, Robinhood Crypto is a great option to get started in Bitcoin or Ethereum trading. This is another mobile app where you can buy and sell Bitcoin with no fees.
The Cash app is already great for sending money to family and friends for free similar to Venmo. But adding in free Bitcoin buying and selling puts the Cash app near the top of the places to buy Bitcoin list. The Cash app comes from Square, the company that makes those mobile credit card readers. Square is a huge financial technology company that includes many other services. Bitcoin is just a small piece of what they do. But with no fees, the price is right. But if you do want to send your coins to another wallet, Square does offer that feature.
Binance charges very low fees at just. If you want to go far beyond the most popular coins, Binance is your best option. While this is platform offers a huge range of currencies at a low cost, there are some bugs reported with the Android mobile app and some users have reported delays withdrawing certain currencies. Binance is not insured, which may be a major concern to some, particularly after some irregular trades were detected and reversed in March Coinbase Pro formerly known as GDAX is a serious trading platform with screens that look familiar to those who use Bloomberg terminals or active stock, commodity and option trading platforms.
It charges fees ranging from 0. If you want to try Coinbase but with much higher volume, this platform is the way to go. CoinExchange is another low-cost exchange with most fees pegged at 0. CoinExchange offers a huge number of coins on its platform, perhaps the biggest lists of coins supported by any platform on this list. While the website looks simple, it offers robust security and long-term support for currencies on the platform. The biggest downsides of CoinExchange are a lack of mobile apps, lower trading volume than some other platforms and vague security policies.
Coinmama is an all-in-one exchange and digital wallet that makes it easy to buy Bitcoin and a limited list of additional currencies in U.
Dollars or Euros. The site claims more than one million customers in countries. While the exchange offers great real-time transactions, it does charge higher fees than some others on this list at 5. Rather than buying and selling on the open market, Coinmama funds user trades from its own holdings, adding a little extra security compared to some open market platforms. There is no mobile app, but the website is very high quality.
Coinmama is a registered money business in the United States, giving it additional legitimacy and recognition above some competitors. Bitcoin Buying and Spending. By Eric Rosenberg. So, where can you buy Bitcoin?
Read on to find the best places to pick up Bitcoin today. Best Overall: Coinbase. Best for Low Cost: Robinhood. Best for Versatility: Square Cash. Best for Active Traders: Coinbase Pro. Best for Quick and Easy Transactions: Coinmama.
Introduction to Buying
Despite receiving significant attention in the financial and investment world, many people do not know how to buy the cryptocurrency Bitcoin , but doing so is as simple as signing up for a mobile app. Here's a breakdown of everything you need to know in order to buy bitcoin. The public key is the location where transactions are deposited to and withdrawn from. The private key is the password required to buy, sell, and trade the bitcoin in a wallet. A private key should be a guarded secret and only used to authorize bitcoin transmissions.
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Credit/Debit Card Bitcoin Exchanges
While it may be difficult for some traders to buy Bitcoin because of geographic restrictions and complicated procedures, there are several exchanges that allow users to easily purchase BTC through several payment methods. There are many exchanges or payment services that support Bitcoins instant purchases with a credit card. Coinbase, Cex. Marketplaces such as LocalBitcoins and Paxful also allow Bitcoin purchases with credit cards if the two parties have agreed to this payment method.
In order to buy bitcoin with a credit card on Coinbaseyou will first have to create an account. Connect your debit or credit card to your Coinbase account as your payment method. You will then be required to upload ID photos of you and your card.
After your ID verification, you will be able to freely purchase bitcoin. If you are a US customer, you will not be able to use credit cards, but you can link what is the easiest way to buy bitcoin account to use debit cards.
To get higher buying limits, you will have to provide additional documents to have your account verified. For those that want to purchase Bitcoin without going through the verification process, Coinmama is a great alternative. Several platforms include PayPal servicesalthough you will have fewer options compared to exchanges that offer credit card payments. LocalBitcoins is an online marketplace that matches buyers and sellers from around the globe to make Bitcoin trades.
The same process applies to when you buy Bitcoin using your credit or debit card on the platform. In comparison to LocalBitcoins, the platform is smaller and lesser-known. The process of purchasing BTC is simple and uncomplicated, as you will see in the following instructions:. Keep in mind that you do not have much time to waste after you have decided to go through with the deal, as you will have to make the payment in less than half an hour to complete the trade.
If you do not complete your deal in the specified amount of time, the trade will be automatically canceled.
You can also buy Bitcoin on Paxful using your credit and debit card. While Coinbase only supports PayPal withdrawals, eToro also allows users to buy bitcoin using the payment service. It is probably one of the easiest methods of getting BTC on our list. Nonetheless, there are some restrictions on this type of payment option. While you might be able to purchase Bitcoin, you cannot withdraw it, send or trade with it, as you can only convert BTC back into fiat currencies.
This option is only ideal for those that just want to hold Bitcoin to speculate on its price since you will not be able to perform any transactions with it. Still, you can make some profit if you capitalize on BTC price fluctuations, as price swings can go from hundreds to thousands of dollars. You can also buy Bitcoin on eToro using credit or debit cards, with the process having similar steps.
If you have cash and what to buy Bitcoin instantly, there is also the option of using an ATM. The problem is that if one is not located in your area, you will have to travel to the closest one near you, Bitcoin ATMs usually come with high fees, charging from 5 to 10 percent of your transaction. There are more than Bitcoin ATMs all over the worldand there is a map that shows you where each one is located.
Keep in mind that most ATMs will be usually located in big cities, so if you are in a small town, you might not be in luck to have one near you. The process may vary slightly depending on the ATM provider, but in general, most machines have the same buying process.
The ATM should print out the receipt that features the transaction details. After the process is completed, you should receive the BTC fund in your wallet. There are many ways in which one can buy Bitcoin instantly. Of course, there are some disadvantages, such as a higher fee on credit card and ATM transactions, and on P2P markets, you will always have to be on a lookout for scammers.
I write mostly on topics related to tech, crypto and such although there was a period in my life when I wrote sarcastic descriptions for bizarre Amazon products. Coinbase is a LocalBitcoins is a well-known peer-to-peer marketplace for Bitcoin trading. Today we will review the features which the exchange offers and Coinbase is one what is the easiest way to buy bitcoin the most popular exchange names in the crypto trading industry.
We will be examining the services Coinbase has revealed that it became the co-founder of Crypto Rating Council, an organization that is focused on helping cryptocurrency The information on this website and the links provided are for general information only and should not constitute any financial or investment advice.
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