A complete guide on how to buy bitcoin, for beginners to advanced traders. We point you to where to buy Bitcoin instantly and include a step-by-step guide on how to buy Bitcoin with PayPal, credit cards, and more.
This Bitcoin buying guide seeks to clear the air and point you in the right direction when it comes to BTC investments. We also provide you with a step-by-step guide on how to buy Bitcoin (BTC) globally including in the UK & Australia in 2023.
At its peak, Bitcoin’s ROI for the past decade was higher than that of Gold or real estate for the past 100 years. This has made Bitcoin an appealing investment, which when combined with its revolutionary blockchain technology has earned it a lot of media attention. With the attention and growing popularity comes a surge in value and all of a sudden, everybody now wants a piece of the digital currency.
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Over the years, most of these Bitcoin trading platforms have worked hard to eliminate bureaucracies and make the process of buying bitcoins as easy and straightforward as possible. Today, you only need to create an account and verify your identity, deposit funds, and make a purchase.
The Bitcoin buying process starts with identifying reputable and reliable Bitcoin exchanges and creating a trader account there. Most will also demand that you verify your identity before you can start Buying BTC. But the process is quite easy and straightforward for most exchanges. When choosing an exchange, we recommend that you only consider regulated exchanges.
After creating and verifying your trading account. You will now want to deposit some funds so you can start buying Bitcoins. Most exchanges support multiple payment methods and the option available to you will be largely dependent on your country of residence.
You can deposit and withdraw using a credit card, a debit card, a Bank transfer, and eWallets like Skrill, Neteller, and PayPal.
After verifying your account and depositing funds you can now proceed to buy bitcoins. Depending on the chosen crypto exchange, you can buy actual bitcoins and be presented with a private key or buy Bitcoin CFDs.
Some exchanges like the eToro trading platform will also let you buy actual Bitcoins and trade Bitcoin CFDs. And when trading Bitcoin CFDs and such other derivatives as Bitcoin Futures and options contracts, you will have access to trading leverages as high as 125:1.
If you are thinking of adding Bitcoin to your crypto portfolio, here are three ways to go about it
Also known as HODLing, buying and holding on to cryptocurrencies is one of the most common Bitcoin investment strategies. The assumption by any HODLer is that Bitcoin prices will always be ascending and this then informs their decision to hold on to cryptocurrencies for eternity or until it you need cash after value rises to parabolic heights.
The conviction that Bitcoin prices will always go up ensure that HODLers aren’t concerned about its volatility. They are confident that even though the coin prices may drop sharply and maintain action within these depressed price levels, they will ultimately recover and break above past peaks.
The most commonly traded Bitcoin derivative is the Bitcoin CFD. And the primary difference between buying Bitcoins and trading Bitcoin CFDs is that CFDs don’t give you actual ownership of the coin or access to its private keys. Rather, it involves betting on the price movement of the Bitcoin cryptocurrency against your broker.
Unlike buying actual Bitcoins, Crypto brokerages let you buy Bitcoin CFDs with leveraged funds. It is, therefore, not as capital-demanding as the non-leveraged trade of actual Bitcoins. Similarly, Bitcoin CFDs trading is more efficient as it does not require you to invest in Bitcoin wallets, and transaction processing speeds are relatively fast.
You can also choose to day trade Bitcoins. This involves taking advantage of the coin’s volatility by opening and closing as many BTC trades as possible throughout the day. Typically, when day trading Bitcoins, you will enter into a buy or sell position (especially when trading derivatives) and close it as soon as it turns profitable. It could be after a few seconds, minutes, or hours. But, you never leave any trade open at the end of the day or during your trading session.
Day trading goes in tandem with Bitcoin derivatives trading. The slow processing and confirmation speeds that characterize the Bitcoin blockchain make it impractical to day trade actual Bitcoins. Note also that day trading is a high-risk investing strategy, calls for rich trading experience, and demands significant capital investment and access to innovative trading tools. This, in effect, makes it unappealing for beginner traders.
There are many ways to buy Bitcoin. With every passing day, Bitcoin exchanges, brokerages, and other trading platforms experiment with different ways of simplifying the process of buying Bitcoins. And one of the most revolutionary was the integration of multiple payment methods. Here are the most common ways of buying Bitcoins on eToro today.
Credit and debit cards are one of the most popular deposit and withdrawal methods for individuals looking to buy Bitcoins on eToro. It is preferred to other payment methods like bank transfer because it is fast – with transactions being confirmed almost instantaneously – it is less expensive and relatively accessible.
Virtually any eToro client in each of the 140+ supported countries can buy Bitcoins using a credit card or a debit card. eToro doesn’t even charge deposit fees for BTC purchases made via Bitcoin. You only have to part with the processing fees charged by your card provider.
eToro is one of the few crypto trading brokerages that let its clients buy Bitcoins with PayPal. And the deposit method is preferred to all other payment processing methods supported by eToro because the deposits are instantaneous and it attracts some of the lowest transaction processing fees. The only downside to this is that it is only available in countries where PayPal and eToro are supported.
eToro clients in countries where PayPal isn’t supported can always turn to buying Bitcoins on the platform and paying with such eWallets as Skrill and Neteller. The two work, in every aspect like PayPal, and even complement PayPal in countries where they are all supported. Transaction processing when buying Bitcoins with eWallets (Skrill and Neteller) on eToro is also instantaneous, straightforward, and inexpensive.
Where all other deposit and withdrawal methods fail, the bank transfer option that is available in all of the 140+ countries supported by eToro comes to the rescue. But unlike all other payment methods supported by eToro, processing bank deposits/withdrawals take longer – between 3 and 8 business days before the funds reflect in your trading account.
The transaction processing fees are also relatively higher and you will need a higher minimum deposit amount ($500) than the $200 required for all other payment methods. If it is your first time depositing into eToro via the bank option, you may also find the process cumbersome.
eToro is also one of the few regulated crypto brokerages that let you buy Bitcoins anonymously (without ID verification). There, however, is a caveat to this as it is only available to eToro users in select countries. Moreover, the maximum Bitcoin you can buy on eToro per month without verifying your identity is capped at $2,000.
Bitcoin exchanges, brokerages, and other crypto trading platforms have worked hard to oversimplify the process of buying Bitcoins. But there are a few things you need before you can start buying Bitcoins or trading Bitcoin derivatives. Here are the three most important.
Typically, the minimum you can invest in Bitcoin will be determined by your preferred Bitcoin exchange or brokerage (with their minimum deposit/trade limits). There, however, is no guide on how much you can spend when buying Bitcoins. Rather, this amount is determined by such factors as your trading experience, disposable income, risk tolerance, investment goal, and type of investment.
Naturally, Bitcoin CFDs and other derivative traders who have access to leverage will only need to commit minimal capital to the trade. Beginner traders are advised to start small and grow the investment amounts as they get a better grasp of the industry. Experienced crypto traders with a high-risk appetite can, however, commit more capital to the trade as they know how to study and interpret the markets and manage risks.
But, regardless of your risk tolerance level, experience, or investment goal, we advise that you only invest what you can afford to lose.
Bitcoin is by far the most traded and therefore the most accessible cryptocurrency in the world. It is listed by virtually all the crypto exchanges and other trading platforms in one form or another.
The most popular is the sale of actual Bitcoins whereby you are presented with a unique private key, which gives you the right to own and control the cryptocurrency. These are also multiple Bitcoin derivatives that are currently traded on different platforms. These range from Bitcoin CFDs, Bitcoin futures and options contracts, Bitcoin Trusts, and even Bitcoin ETFs.
These can be bought on popular crypto exchanges like the Coinbase exchange and the Binance crypto exchange, multi-national crypto brokerages like eToro, Instant-buy platforms like Coinmama, and both international and highly localized peer-to-peer Bitcoin trading platforms or apps. You can also buy Bitcoin Trusts and ETFs on Over-The-Counter exchanges.
Did you know that the first Bitcoin ATM was opened in 2013? It was set up in a Waves Coffee Shop in downtown Vancouver – Canada. Since then, thousands of more advanced Bitcoin ATMs have been set up in virtually all the major cities in the world. While a majority of these are only equipped with the SELL functionality, a handful will also buy Bitcoins from you, effectively establishing a Bitcoin exchange point.
Just as is the case with Bitcoin trading platforms, Bitcoin ATMs have been subjected to rigorous improvements to make them as easy to use as possible. But how do you buy Bitcoins at a Bitcoin ATM? Here is the step-by-step guide.
In addition to buying Bitcoins at an exchange, peer-to-peer platform, crypto brokerage, and Bitcoin ATMs, several other avenues allow you to own Bitcoins.
Bitcoin is by far the most popular and widely accepted cryptocurrency. It now isn’t unusual for friends and acquaintances to gift you with the pioneer coin or clients to tip you with Bitcoins. Creatives and content creators are especially advised to include Tip jars that accept BTC on their websites and other platforms.
Here, faucets refer to websites and other platforms that pay you for completing different minute tasks. These can range from watching videos, playing video games, engaging ads, or even completing puzzles and surveys online. Traditionally, these faucets paid contributors in fiat currency. Most have however transitioned to cryptocurrencies, with Bitcoin being the top choice.
You can also earn Bitcoin from mining and all that it takes is finding a reliable mining pool and joining by contributing your computing power. Alternatively, you may consider investing in a Bitcoin mining rig if you have sufficient cash at hand.
After buying Bitcoins or acquiring some through any other means, how do you put them into use? Put simply, what can you do with your Bitcoin assets?
You don’t always have to actively trade the coin. You can simply choose to HODL your assets to eternity or at a time when you need cash after its value has soared parabolically. HODLing is a somewhat safe way of investing in Bitcoins but it only serves individuals who believe that Bitcoin prices will rise perpetually.
You can also choose to actively trade Bitcoins. It involves taking advantage of the cryptocurrency’s price volatilities by selling all your Bitcoins holdings when the BTC price is up, buying again at a price dip, and repeating the cycle over and over again.
From airlines to fast food joints and eCommerce shops, Bitcoin is now accepted as a medium of change by thousands of merchant stores and renowned brands across the world. You can, therefore, consider using your Bitcoin holdings to pay for goods and services.
Just as creatives have turned to tip jars that accept BTC, charitable and non-governmental organizations all across the world currently support Bitcoin and other crypto donations. You can, therefore, use your Bitcoin assets to support different noble courses undertaken by different charitable organizations around the world by donating Bitcoins.
You can also decide to use your Bitcoin in supporting gifting friends and acquaintances or tipping creatives and other service providers both offline and online.
Bitcoin is one of the most discussed cryptocurrencies on Reddit. There are even multiple subreddit forums dedicated to Bitcoin and some attract millions of Redditors. Here they discuss everything related to Bitcoins – from news and events to bitcoin scams, Bitcoin exchanges and brokerage reviews, advice on Bitcoin trading/investing, and general topics about the coin’s past and future.
Today, most Bitcoin discussions and trends are domiciled on Reddit. In effect, this makes the platform a great source of news and trading information for the industry and a must-have for every Bitcoin trading enthusiast.
Quora has also positioned itself as a great information resource centre for Bitcoins. Here a flurry of questions about the legacy cryptocurrency is raised by both beginner and expert Bitcoin traders daily. And the responses are usually overwhelming, which effectively speaks to the number and wealth of experience of Bitcoin traders using the platform.
Overall, the contributor sentiments on Quora are positive and it seems like most of the individuals on the platform look at cryptocurrency as a viable investment. While there also are a few critics here, their voices and input have been dimmed by the overwhelming support directed towards Bitcoins on the platform.
The process of buying Bitcoins doesn’t have to be complicated. Trading platforms all around the world understand this, and that’s why they have dedicated a lot of time and effort to making Bitcoin trading as easy as possible. You also have to understand there is more to investing in Bitcoin than just registering with an exchange, depositing some cash, and buying Bitcoins.
You first need to learn how to identify an exchange that works for you. The different bitcoin ways of investing in bitcoins, how to make buy bitcoins with different payment methods, and what to do with the Bitcoins once you have purchased them. That is what this buy bitcoin guide teaches you.
Looking to start or amplify your Bitcoin trading practice? Well, go through the guide again, and get started today!
A beginner can buy Bitcoin by using a bitcoin exchange or trading platforms. These platforms allow users to create accounts and trade bitcoins in exchange for fiat currencies or other cryptocurrencies. Some popular exchanges include the ones listed on this article. Beginners should first research these exchanges before creating an account and trading.
There is no minimum amount to invest in bitcoin! You can buy one bitcoin, or one million bitcoins. It all depends on your budget and how much you believe in the digital currency. Some people are investing small amounts of money into bitcoin, while others are investing large sums. As with any investment, it’s important to do your research before buying into the cryptocurrency.
The easiest way to buy bitcoin in the UK is through a cryptocurrency exchange. There are several exchanges that allow you to buy bitcoin with GBP, and each has its own benefits and drawbacks. Once you’ve chosen a preferred platform, proceed to create and verify your account. Once that is done, deposit some funds into your account and buy bitcoin.
There is no one-size-fits-all answer to this question, as the decision of whether or not to invest in Bitcoin depends on a variety of individual factors. However, some things you may want to consider include whether you believe in the underlying technology of Bitcoin, how much faith you have in the cryptocurrency market as a whole, and your overall risk tolerance.
Yes, you can buy bitcoin with paypal. However, there are a few caveats. First, you will need to find a platform that lists PayPal as a payment method. Second, there could be some fees involved, usually higher than other payment methods. And finally, you may also have to deal with currency fluctuations when using paypal to buy bitcoin.
Yes, you can buy bitcoins with cash. There are a few different ways to do this, but the most common way is to use a service like LocalBitcoins. With LocalBitcoins, you can find someone in your local area who is willing to sell your bitcoins for cash. All you need to do is create an account, find a seller that suits your needs, and then meet up with them in person to complete the transaction. LocalBitcoins does have some fees associated with it, but it’s still one of the simplest and most effective ways to buy bitcoins with cash.
The easiest way to buy bitcoin is through a bitcoin exchange like the ones listed above. These exchanges allow you to buy bitcoin with your local currency, and they usually have pretty low fees. Once you have your account set up, buying bitcoin is as easy as entering the amount you want to buy and clicking a button. Some exchanges might even allow you to set up a recurring purchase so that you can get your fix of bitcoins without having to go through the process every time.
Yes, it is legal to buy bitcoins in most countries around the world. However, there are a few caveats to keep in mind. In some countries, such as China, buying and selling bitcoin is illegal. In others, such as the United States, government regulations vary depending on the state. So before you purchase bitcoin, be sure to check your local laws and regulations first. Finally, remember that investing in bitcoin is a risky proposition. The value of bitcoin can fluctuate wildly, so only invest what you can afford to lose.
