People are investing their funds in bitcoin, but there are many people who do not have any idea about how to buy such coins and tokens. Buying BTC becomes easy because you can find numerous digital asset online from where you can buy bitcoin and other cryptos. Even financial institutions such as PayPal have an option to buy bitcoin from their platform, and you can use your debit or credit card to buy bitcoin.
How would you buy BTC?
The simplest way to buy bitcoin is from the exchange, and you can open a trading account on an exchange, verify your KYC, and activate your account. You can place a bid for buying bitcoin, and once you make a payment for buying BTC, your coins will be credited to your exchange account.
Then you can fund your crypto account with fiat currency and link your bank account with your crypto account for the same. Make sure you should not leave your digital assets in your crypto account, and you should keep them in a digital wallet.
Apart from BTC, most of the exchanges offer ETH, Altcoins, Ripple and other cryptocurrencies. So, you can find diverse your portfolio by adding such coins, tokens and contracts to your investment plan. These exchanges have some regulations and can work within a certain boundary.
They cannot support all fiat currencies, and you cannot buy bitcoin from such an exchange if they do not have your country listed on their website. So, before you open an account and place a bid, you need to check such terms.
- Buying Bitcoin from crypto exchange– You can use your debit or credit card to buy bitcoin through your exchange account, but you need to pay a hefty transaction fee for using your credit card to buy BTC. Apart from that, a few exchanges support e-wallets like Paypal, Skrill, and Neteller, and you can use your wallet to buy BTC. These wallets have extra layers of security, and you can transfer your funds securely. But, some exchanges only offer a bank transfer facility, and you need to link your bank account with your crypto account to buy such coins. Before opening an account, you must check the payment modes available.
- Contact a broker to buy Bitcoin– You can also buy BTC through a broker. But you need to pay a brokerage fee. They can charge you a transaction fee while you transfer your coins or sell your coins. For example, Coinbase is a well-known brokerage platform from which you can buy bitcoin. They will charge 1.5% per trade. So, if you buy bitcoin from a broker, then you need to pay a certain commission, and you have to pay this commission again when you sell your coin. So, you must choose a platform where no commission is charged for buying bitcoin.
- Buy using debit card– It is easier to buy bitcoin with debit cards. All the major companies like Visa, Visa Electron, MasterCard, and Maestro offer the facility of buying Bitcoin from an exchange. It is similar to e-commerce portals from where you frequently buy goods and products. You can place a buying bid on an exchange, enter your debit card details and PIN, and buy BTC directly from an exchange. But, your amount will be deposited to your exchange account first, and then you can use it to buy BTC. Similarly, they will treat it as a cash withdrawal if you use their cards to buy BTC. So, you need to pay an extra 3-5% interest.
BTM or bitcoin ATMs are available in limited locations, and you can use such ATMs to buy BTC. You can use your fiat currency to buy bitcoin from an ATM, or you can use your wallet for the same. Once you buy BTC from an ATM, your coins will be credited to your crypto wallet, and you need to scan the ATM with your wallet beforehand. But you need to pay a hefty transaction fee for using such ATMs, and some of these ATMs can charge 10% as a transaction fee, which is a huge amount.
You can explore btcrevolution.io for crypto trading. This is an easy-to-use platform where you will get all the information and update on the crypto market.