Buyer’s Guide: How to Buy Bitcoin?
Not sure how buy bitcoin? Here are few exchanges perfect for both newbies and experienced buyers according to the payment method they accept.
- Buy Bitcoin using Credit Card
- Buy Bitcoin using Cash
- Buy Bitcoin using Net Transfer
- Buy Bitcoin using PayPal
- Best Exchange for Cryptocurrencies
Well, it’s not gold or silver that people are scrambling for these days but rather cryptocurrencies such as Bitcoin or Ethereum. Bitcoin surging prices brought into the limelight the world of crypto and blockchain and there seems to be no stopping it.
Cryptocurrencies have been making all the headlines in the financial world and I’m sure a lot of you do not want to miss out on it. So whether you’re looking to make an investment in bitcoin or want bitcoin for exchange purposes we’ve covered all the ideal places to buy bitcoin depending on the payment modes accepted. Yup, you can pay by cash, use or credit card or even Paypal etc.
CoinBase.com (Buy Bitcoin using Credit Card)
With its HQ in San Francisco, CoinBase has grown to be one of the biggest and safest exchanges. It currently lists only the top 3 cryptocurrencies on the market i.e. Bitcoin, Ethereum, and LiteCoin. Users can make purchases in USD, Euros, GBP using their credit card at minimal fees.
The simple user interface and detailed information page make it the ideal exchange for first-time buyers but that’s not the only reason CoinBase currently boasts of over 20 million users.
All wallets are insured plus experienced traders can switch to a hi-tech and safer multi-signature wallet that provides you greater control over your crypto assets. So if CoinBase was to go out of business tomorrow, you’d still be in charge of your assets. Creating an account requires ID submission but verification may take longer than usual due to high traffic.
How to Buy Bitcoin Using CoinBase:
- If you’re a new user, on the CoinBase homepage click on Sign Up and enter the required details to get started.
- On the dashboard, click on the buy/sell option on the left-hand side corner of your screen.
- Select Bitcoin. You also have the option of choosing Ethereum or Ripple.
- Fill in the amount either in the crypto value or the local currency.
- Next, choose the wallet you’d want your bitcoins to be transferred into.
- Choose credit card as the payment mode.
- Once you’re sure about the order, hit the buy button and the bitcoins will be transferred to your wallet within a few minutes.
CoinBase Bitcoin Buying Guide for Beginners
Coinmama.com (Best Exchange for Cash Purchase)
Unlike with Coinbase that only accepts credit cards with Coinmama you can pay up using cash or credit card. Coinmama is an Israel based exchange and its unique location and multiple cash deposit methods it’s also one of the safest exchanges.
Apart from that, another feature I love is a well-designed, quick and responsive webpage that makes purchasing easier even for dummies and with a strong customer support team, it’s surely an exchange to watch out for.
How to Buy Bitcoin Using Coinmama:
- Once you’ve created an account and wallet and logged, click on the Buy Bitcoin option in the main menu.
- Enter the number of bitcoins you want to purchase and hit the buy button.
- For cash payments choose the Western Union as payment mode and follow the give instructions to process the payment.
- You can also opt to pay via VISA or MasterCard.
- Next, choose the currency you’d want to pay in.
- You’ll receive an email with the confirmation link for your wallet address.
- Once your payment has been received the bitcoins will be transferred to your wallet.
Buying using Western Union Cash Transfer
LiveCoin.net (Buy Bitcoin using Net Transfer)
Want to make a bank transfer to get your Bitcoins? LiveCoin.net is my top recommendation. Like other top exchanges like Kraken that has faced severe site issues, LiveCoin has stood tall and greatly benefit from the surging crypto market.
It’s a London based exchange with an aim to grow its roots further in the European markets and accepts payments made in EUR, USD, and RUB fiat currency deposits via SWIFT or SEPA bank transfer, Payeer, PerfectMoney, and OkPay at a fee of just around 5%.
Again, the smooth operation and good design is ideal for first-time buyers and makes withdrawals and deposits hassle-free be it Bitcoin or other top cryptocurrencies such as Ethereum, Ripple etc.
How to Buy Bitcoin Using LiveCoin:
- To create an account on LiveCoin.net, click on the Open Trade Account button in red.
- Enter the required details and you’ll receive a confirmation mail.
- After logging in, the next step is to fund your account which can be done using multiple payment methods.
- Now, click on the Buy/Sell button in the top menu and enter the number of Bitcoins you need and hit buy.
- The bitcoins will soon reflect in your wallet.
Guide to Creating a LiveCoin Account
LocalBitcoins.com (Buy Bitcoin using PayPal)
Ever wondered why more exchanges don’t allow PayPal payments though it’s convenient and quick? Well, that’s mainly because of the reversible transactions and chargebacks plus you’ll also have to pay significantly higher fees but for those that still prefer PayPal, LocalBitcoins.com is the ideal place.
Here you can make purchases from amounts $10 to $1500 but you’ll need to have a purchase history for it which is usually done by sellers to reduce the risk of reverse transactions.
How to Buy Bitcoins using LocaBitcoins:
- After registration is complete, on the homepage you’ll find a search bar at the top.
- Enter the amount in the currency of your choice along with the location and your preferred payment method (PayPal in this case) and click on search.
- Next up, below a list of traders will appear. Opt for a trader with a good reputation score and trade volume. Also, ensure they’ve got a quick response rate.
- Hit the Buy button for further details.
- You’ll now be able to view the terms and conditions of the trade. Give it a good read before submitting a trade request
- Next up, enter the number of Bitcoins you want along with a message for the seller and hit the Send Trade Request button.
- Ensure timely payment, any delays will lead to an automatic cancellation.
Confused? Here’s how to use LocalBitcoins
Other Top Exchanges for Bitcoins
Located in Germany, Bitcoin.de has built quite a stronghold in the European Market and is one of the best alternatives to Localbitcoins.com. It’s one of the few exchanges with an escrow service. Users can pay in EUR through SEPA bank transfer and with just a 1% fee you can buy and sell bitcoins on the cheap. Apart from that, the interface is user-friendly and thus you can get the job done in minutes.
Cex.io is another top-notch exchange and it’s the variety of services they offer that makes them so good. Another beginner friendly platform, it has its roots in the UK. The exchange was initially started to mine bitcoin but a hike in demand lead them to sales.
A user can pay in Euro, US Dollar, and Russian Ruble through either Wire transfer or SEPA payments and currently Cex.io boasts of over 800000 monthly users.
But what sets Cex.io apart from the rest is the 2 PCI DSS data security clearance which makes it one of the safest exchanges in case you’re planning to store your currency on the exchange itself.
For traders looking to make a net transfer, Cryptopay.me is another good alternative and accepts payment in GBP, EUR, and USD. Transfer speed is good and while it charges about 20% fees (higher than few exchanges) it’s user-friendly and receives a monthly traffic of about 800000.
But if you’re looking to store your bitcoins for the long haul I’d recommend moving most of it to an offline wallet as it is safer and eliminates the risk of hacks.
Kraken one of the cheapest exchanges on the list due to low commission rates and ideal for expert users looking to make regular trades. Recently, more currencies such as Ethereum, Zcash etc. were added. Users can pay in Euros, US dollars, and Korean Won (KRW).
On the downsides, while Kraken usually is considered by many a good exchange the reason it makes it only to the last spot is due to the recent troubles their website has faced. Also, it only accepts KBank transfer (wire SEPA) as a payment mode.
Best Exchange for Bitcoin and other Cryptocurrencies
For any trader, the mention of Bittrex is no surprise and having personally used I’d definitely give it 4.9/5. Also, with most of its competitors especially Poloniex experiencing problems due to high traffic, Bittrex has seen a boom in recent traffic.
So far Bittrex has handled the high volume of transactions and new profiles like a pro. It’s also well-known for its excellent customer support and speedy transaction, well, faster than most other exchanges at least.
You can also find tons of guides and videos related to withdrawals, exchange, account creation etc. making it perfect for newbies. Also, further coin listing on Bittrex should further lead to increase in traffic further improving its reputation.