Bitcoin is a cryptocurrency created by Satoshi Nakamoto, whose symbol is the BTC. It is the best-known Cryptocurrency and with the highest capitalization at present.
There are several ways to buy Bitcoins. The most frequent is the purchase by bank transfer and credit card, but since some time the purchase by Paypal is becoming more and more popular. There are also alternative methods such as checks, cash, prepaid card, telephone credit… Follow the guide and you will discover how to buy Bitcoin step by step 🧔
Where to buy Bitcoin?
When I first became interested in buying Bitcoin, I was soon drowned in a mass of information and a bunch of words I didn’t know what to say. You are lucky, I will explain everything about buying Bitcoin with dollars in this tutorial 🙂
To begin, we will distinguish 2 investor profiles: the trader who wants to make a financial investment and the passionate person who is there for technology and innovation.
You are a Trader
🔥 Secure and easy to use site
🔥 Purchase of Bitcoin by credit card or PayPal
🔥 15+ other crypto-currencies available
🔥 Variety of assets: cryptos, stocks, raw materials...
🔥 Integrated Etoro X secure portfolio
🔥 Target audience: beginner trader
You are a Passionate
🔥 Multi-features cryptocurrency exchange
🔥 Cryptocurrency and Swap-Pool Loans
🔥 Cryptos saving and staking
🔥 Advanced Trading Tools
🔥 300+ cryptocurrencies available
🔥 Target audience: crypto-enthusiast and experienced trader
75% of retail investors’ accounts lose money when they trade CFDs. You need to ask yourself if you can afford to take the high risk of losing your money.
Buy and Trade Bitcoin with Etoro
The Etoro site allows you to buy Bitcoins with several means of payment. This is a good site if you are particularly interested in trading. You will be able to start betting on the price of Bitcoin, either up or down, and you will be able to use leverage. This site is reliable and very easy to use. You will also be able to trade Cryptocurrencies such as Ethereum and Ripple, as well as more traditional financial products such as L’Oréal, Amazon and Tesla shares.
Launched in 2007 and used by millions of users, it is probably the world’s best-known trading platform. This site makes it easy to speculate on the price of Bitcoin and other cryptos. The site is user-centric, intuitive, and accessible to the uninitiated, it will perfectly meet the expectations of beginners and people interested in trading.
👌 We liked: Good reputation, exists for more than 10 years, secure, functionality to automatically copy the best traders on the platform, trading oriented, cryptos and classic financial products, mobile application, reactive support, credit card, and PayPal.
Steps to start buying Bitcoin with Etoro
- Start by registering on eToro by clicking on the button above
- You will have to fill in the basic information (last name, first name, phone…).
- You will then be able to complete your profile and verify your identity. You will also be asked to answer a short questionnaire that will judge your trading ability.
- All you have to do is to deposit money (between 200 and 2000€) by credit card, bank transfer or Paypal.
- Here you can buy bitcoins
- And you can even diversify your portfolio by focusing on equities or commodities.
- Good trading!
👉 To learn more, discover our complete tutorial for trading on eToro
Note that on Etoro you can buy more than 14 cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Ethereum Classic (ETC), EOS, Dash, Binance Coin (BNB), Bitcoin Cash (BCH), Stellar (XLM), Ripple (XRP), Neo, Litecoin (LTC), Zcash (ZEC), Cardano (ADA) and IOTA (MIOTA).
Why use Etoro?
Etoro is first and foremost a trading platform. This has several advantages: you have access to several markets (crypto-currencies, commodities, stocks, indices, ETFs, currencies…), you can use leverage (i.e., increase your exposure to the markets), you can bet upwards as well as downwards (this is called short the market), you have no technical constraints related to the management of your crypto-assets. If you are mainly interested in trading and investing, I think it is better to use eToro. This way, you won’t have any technical constraints related to the storage or transfer of your funds, and you will be able to devote all your time to trading.
Finally, Etoro’s big plus point compared to a traditional trading site is that it is also possible to remove your Bitcoins (and other cryptos) from the platform, to send them to an external wallet or another site. This way, you benefit from all the positive points of a trading site and an exchange without the constraints inherent to each one.
Buy and Trade Bitcoin with Binance
Are you here to understand how Bitcoin works and make your first transaction? The Binance site will most likely meet your expectations. It is the number 1 crypto exchange in the world. It is possible to buy Bitcoin but also more than 400 crypto-currencies. You can buy Bitcoin directly by credit card or bank transfer.
👌 We liked: Excellent reputation, exists since 2017, secure, number 1 in the world, 400+ cryptos available, reactive support, payment by credit card, intuitive and fast site.
Steps to start buying Bitcoin with Binance
- Register on Binance with the link above.
- Fill in your e-mail address
- Check your e-mail and phone number
- Validate the KYC (identity verification)
- Make a deposit by wire transfer or buy directly by credit card
- All you have to do is buy Bitcoin or one of the 400 other cryptos available on the platform.
The essential criteria for choosing the right platform to purchase your Bitcoins
- Site reputation (check user reviews on specialized sites or forums such as BitcoinTalk and Reddit)
- Means of payment to purchase Bitcoins (credit card, bank transfer, PayPal, cash)
- Bitcoin price on the platform (there may be significant variations from one exchange to another)
- Site security and reliability
- Reactivity of the customer service
- Speed of identity verification (KYC)
💡 When purchasing by bank transfer the fees are low but it will take an average of 24 to 36 hours for the funds to be transferred. Buying Bitcoins by credit card or PayPal is instantaneous but the fees will be higher.
Alternative platforms for purchasing bitcoins
Etoro and Binance are not the only sites that will provide you with Bitcoins. In fact, there are hundreds of platforms capable of performing these transactions. In this section, we will see that credit card and bank transfer are not the only options for buying Bitcoin. Other alternative sites such as Coinbase or Kraken exist.
Buy Bitcoins with PayPal
For a long time, it was difficult to acquire Bitcoins using Paypal as a means of payment, but for some time now, some platforms accept Paypal to buy Bitcoins. It is important to know that most platforms that offer to buy Bitcoins (exchanges) do not allow using PayPal as a means of payment. Thus, you will not be able to buy Bitcoins with PayPal on the most famous sites such as Kraken, Coinbase, or Binance. Platforms such as Etoro, LocalBitcoins, or Paxful accept this means of payment.
Buy Bitcoins by credit card
In 2020, more and more sites allow Bitcoins’ purchase by credit card because fraud is decreasing, thanks in particular to 3D Secure technology. The main advantage in purchasing Bitcoins and Cryptocurrency by credit card is your order’s speed of execution. You will be credited with your cryptocurrencies in less than 5 minutes. There are some criteria to look at before making your purchase, such as the site’s reputation, the price of Bitcoin compared to the current rate, the fees, and the customer service. Once you have made your choice, you will be able to buy Bitcoin with credit card in a few minutes.
How to store your bitcoins securely?
You can store your bitcoins with the expectation that they will continue to increase in value over time. If you opt for this solution, it is better to store them on a private wallet rather than leaving them online on a trading platform that could be the target of computer attacks. After all, Bitcoin is entirely designed to do without trusted third parties, so why leave them on an exchange? One of the most popular electronic wallets is the Nano X Ledger. Read the tutorial on the Nano X Ledger.
To do this you must register on a site that allows the purchase of Bitcoins with a credit card such as Binance, eToro, Coinhouse or Coinbase. The platform must accept card payments because you will be able to buy BTCs immediately after verifying your identity.
It will depend on what you are looking for. For Bitcoin trading, you can go to eToro, where you can invest in stocks as well. If you wish to withdraw, trade Bitcoin and other then we recommend Binance or Kraken. In order to exchange your BTC for other cryptocurrencies, you can turn to Binance. Depending on your desires you will choose different sites.
There are several hundred of exchanges, each with specific characteristics. Some will only allow you to deposit euros via bank transfer while others allow payments by credit card or PayPal. The choice is wide but be careful to choose a reputable platform!
It will be necessary to go through platforms that authorize deposits by bank transfer. These platforms generally have the lowest fees. However, if the commissions are low you will have to be patient because a transfer can take up to 3 or 4 working days.
By registering on an exchange site that allows you to buy them. In this article, we present you with some reputable platforms where you can obtain Bitcoins in complete security. These platforms allow the purchase of BTC through different means and with variable fees.
This is the most used method even if some ATMs and exchange offices exist. To buy Bitcoin online you will have to register on specialized sites, check your identity and choose your purchase method. Depending on the purchase method you choose you will receive your Bitcoin directly or several hours or days later. Then you can either leave your BTCs on the platform or withdraw them to a wallet.
If you want to trade crypto then you can use the eToro site. This allows you to trade the most popular cryptos and other more classic actions. However, if you want to trade smaller Cryptocurrencies, but therefore trading will be riskier, then you can go to platforms like Binance which offers several hundred of them. Some sites also offer leverage, i.e. you will be able to multiply your gains but also your losses.
On the majority of serious sites, you will have to provide proof of identity to avoid tax evasion, money laundering, or illegal activities. There are some sites that connect buyers and sellers on which, below a certain amount, you do not need to verify your identity.
It depends on what you want. If you want to buy them by credit card to get them quickly then sites like Coinbase, Binance or Coinhouse will do the trick. If you want to buy them to trade other cryptos then the Binance site will surely do the trick because you can exchange hundreds of cryptos for Bitcoin.
As you have seen in this chapter, buying Bitcoin is more complicated than buying a magazine at the local newsstand, but it is far from insurmountable. In fact, it’s pretty simple if you know where to go 😉.
Of course, investing in Bitcoin is probably not the classic portfolio of a good family man who would like to make a profit while minimizing risk. By investing in Bitcoin, you decide to put money into a bubbling niche market. The price of Bitcoin fluctuates a lot, and quickly, you can win a lot, but you can also lose a lot.
💰 High risk, high reward 💰
Regardless, 2017 was a crazy year for those who invested in Bitcoin. For example, Bitcoin went from $750 to $20,000 between January and December 2017 when many agreed that it would never exceed $1,000. On the same line, Ethereum went from 10 to 1200$ in the space of a year…
These figures make you dream. I grant you… Even if these increases are impressive and even if Bitcoin’s price never seems to stop going up over time, we must keep in mind that there have been and will continue to be many corrections causing the price of Bitcoin to drop vertiginously. Bitcoin has in the past experienced very long periods of flatness. It is easy for a novice investor to sell everything at a loss in the general panic of a crash in an attempt to minimize the damage.
As we have seen throughout 2018, Bitcoin has fallen steadily to its lowest point of $3,200. The year 2019 had started well with a Bitcoin reaching $14,000, but the euphoria was short-lived and the BTC quickly fell back below $10,000. In 2020 we are currently testing the All-Time Highs against while I am writing these lines.
I remain convinced that Bitcoin is a real revolution in the world of money and finance in general. No one knows what Bitcoin’s price will be in 10 years, or even if it will still be the main cryptocurrency. However, it is certain that anyone can participate in this new market and know the fever of the trader or the patience of the holder 🙂