Bitcoin is the most popular and robust cryptocurrency in the market. Although many people know about it, only around 5% know how to buy and use it. Primarily discouraged by the jargon and technical aspects, people assume owning Bitcoin is pretty hard.
Contrary to the popular notion, buying and using Bitcoin can be done from the comfort of your home. Ideally, it will not take more than ten minutes to create a wallet with a Bitcoin broker and deposit some funds into your digital wallet.
Furthermore, you can buy BTC with debit card, credit card or PayPal. This guide takes you from the first step to the last. Stay tuned to the end and get started on the journey of owning crypto without further ado.
Buy Bitcoin safely and securely – Step by Step:
Here is a generic tutorial to give you a head start. Follow the steps and get yourself registered in one of the most popular centralized exchanges like Binance, Coinbase, Kraken or eToro. Some of these Exchanges are SEC-regulated and offer low-cost Bitcoin purchases starting from $10.
#Step 1: Create your free account
Firstly, register for a free account on your preferred exchange website. Enter your basic information such as your name, date of birth and nationality. Also, put in your personal or official email address and cell phone number for verification purposes.
#Step 2: Upload your ID for verification
Some exchanges will require your ID confirmation to access deposits and withdrawals in USD. Have a copy of your government-approved ID in your hand. Scan and upload the same to the portal, and your verification will get instantaneously completed.
#Step 3: Deposit Funds to your account wallet
When the account is up and running, you can access your crypto wallet and deposit funds using various payment methods. Most exchanges support multiple payment methods. The payment modes range from debit/credit cards, ACH, and bank wires to PayPal. Check the minimum deposit threshold for your broker and the fees to be charged.
#Step 4: Search for BTC
Every modern exchange website must have an inbuilt search bar located at the top. Use it to search bitcoin. Put “BTC” as a query and press Enter to see various trade listings.
Step 5: Buy Bitcoin
Now, to merely invest in Bitcoin, place a buy order buy specifying your total stakes in USD. Once you confirm the amount, the exchange will effortlessly carry out the trade, and new crypto tokens will get deposited into your portfolio.
Top methods to buy Bitcoin from Exchanges or Brokers
There are multiple payment modes to invest in Bitcoin. Before you decide which method is the best for you, look at the discussion below.
Most prominent online brokers will let your buy BTC with Paypal. Using PayPal is much slower and requires you to communicate with your Bank. This way, an extra surface is added to the whole payment system. Moreover, the system is not anonymous and less secure than standard banking protocols.
#2. Credit card or debit card
Arguably, the fastest way to buy Bitcoin is through credit cards or debit cards. All crypto exchanges and brokers allow you to buy bitcoin instantly with a credit or debit card. The process is relatively faster than bank wires or PayPal. Also, using financial instruments like credit or debit cards enables you to invest conveniently and in a secure way. The only downside is that the fees can get expensive at times. However, using eToro will let you enjoy free debit/credit card deposits, if funded in US dollars.
Keep in mind
- Exchange: Only register with a reputed online broker such as Binance, Coinbase, Kraken or eToro.
- Fees: Know the fees they charge for debit cards or credit cards. When you transact Bitcoin. For Coinbase, it is 3.99% of the total money. For Binance, it is up to 4.5%.
- Wallet Security: Remember to secure your wallets with a strong password.
This section concludes the general guide for buying Bitcoin safely and in a straightforward way. By following the step-by-step guide, you will create your first account within no time, and soon, as you keep using the exchange platforms, your knowledge will increase. Thus, you will get accustomed to the process and even help your acquaintances in their crypto journey. As you gain more experience, you can use different payment methods and wallets to see which one fits you the best.