Want to Buy Bitcoin But Not Sure Where To Start?
Wondering how to buy bitcoin? Not sure where to start?
Buying your first bitcoin (or part of a bitcoin) can be a challenge. Who should you buy from? How can you get the best price? How do you store your cryptocurrencies safely once you have them?
If you’re just starting out, you came to the right place.
You can also get updates and tips on the bitcoin world with our blog here.
If you just want a quick list of trusted places to buy bitcoin online – so you can buy bitcoin now – check out our top places to buy directly below.
If you’re brand new to buying bitcoin and want to educate yourself first – scroll down to learn about your buying options and tips – or visit our page on What is Bitcoin?
Top Places to Buy Bitcoin Online
You can buy Bitcoin or Ethereum with Visa, bank transfer or SEPA transfer in Europe.
You can buy up to $300 a day without being verified with your Visa or MasterCard.
If you want to get anything above that – or pay with a bank transfer, you’ll have to go to the next level and get verified. But it’s a simple process and from there you can go up to $100,000 monthly limit.
They also have much lower prices than many direct-to-consumer sellers which makes them attractive from a price standpoint.
This is one of the most well-known bitcoin sellers in the world. They sell to customers in 32 countries including the US, Canada, Australia, UK, Switzerland, Singapore, Ireland, Italy and more.
They sell Bitcoin, Ethereum and Litecoin.
In most countries, you can buy with your Credit Card – making it a popular option – although with very small limits.
You can also link your bank account and buy through that. Coinbase also offers you an online wallet to store your BTC.
On the downside, Coinbase often has problems processing orders when volume is high – and customer service is pretty much nonexistent. Still, the prices are decent which makes it worth a try for many people.
If you use the link below to open an account and buy over $100, you’ll get a free $10 bonus.
Coinmama sells bitcoins to almost every country in both US and EUR. It has one of the highest limits for buying bitcoins with a credit card or debit card.
And if you’re buying under $150 you don’t need to verify your identity.
However if you do want to go up to the next level (and increase your buying limits), their verification system is easy to do from home and (unlike a lot of other places these days), they approve you very quickly.
There’s no waiting for weeks like with some exchanges.
While they charge a slightly higher fee than some other places, their website is extremely easy to use.
And they also have some of the best customer service should you have questions – which makes them a great place for first time buyers looking feel safe with their first purchase.
If you’re looking for a safe, easy, fast way to buy bitcoins today with cash, you’ll like Bitquick.
They’re a smaller service mainly based in the US that connects bitcoin buyers and sellers. They make it easy to buy BTC in 3 easy steps.
You simply choose the seller and the offer that you want, then visit a bank to make a cash deposit into the seller’s account.
You then upload the receipt to the link that is provided to you in your email. And within a few hours you will have your coins.
They state that you will have your bitcoins in 3 hours or less. However most people report that they have them in their wallet within a few minutes to an hour.
We also found that the customer service on this site was excellent. When we had questions they got back to us in minutes – not hours. If you want to buy bitcoins with cash, they’re a great option.
Buying Bitcoins 101
So you’re looking to make your first investment in bitcoin? Ready to dive into the world of owning cryptocurrency?
It’s exciting – but where do you start?
Step 1 – Get a Wallet
First of all, before you buy bitcoin you need a wallet. A wallet is where you store your coins. It keeps your money safe.
Your wallet stores the information necessary (your public key and your private key) in order for you to receive or send bitcoins.
There are a number of different types of wallets including online wallets like the ones found at Coinbase (Coinbase sells BTC but they also provide you your own bitcoin wallet).
There are software wallets you can download and use on your computer or phone like Breadwallet and Blockchain.info wallets.
There are also paper wallets and hardware wallets (which are a little more complicated and can be harder to use for day-to-day transactions).
These kinds of wallet are best used for storage if you have a large number of coins.
To learn more about wallets check out our full article on bitcoin wallets here.
Step 2 – Find an Exchange or Seller
Now that you’ve decided on a wallet, you need to find a place to buy your bitcoins. You may have noticed from the list of sellers above that each one is a little different.
Here are some things to consider when selecting a place to buy:
Some places are better than others obviously. If you’re desperate and think that BTC is going to be much higher in value in the next few years, then you may not care about price as much.
You may want more speed (ie. you want to buy today without waiting for weeks to be verified). However if you’re not in a rush, you’ll want to find an exchange with the lowest fees and markups available. The best prices tend to be found on the exchanges like CEX or on places like Coinbase.
Just be aware however that most places do charge from 2 – 10% in fees on top of the actual coin price.
This is how fast you actually get your coins – without waiting for coin delivery – or waiting for weeks to be verified.
The frustrating thing for many people is the verification process that many exchanges make you go through in order to buy larger amounts of BTC. This can sometimes take weeks. However there are places like Bitquick and some sellers on Local Bitcoins that don’t require a verification process.
If you’re just buying small amounts of BTC (under $250) this may not matter to you. But if you want to buy larger amounts, you want a trusted exchange that also has high limits.
This is especially important for people new to buying as they may have questions or start to worry if their coins don’t come through in a timely fashion.
You want to be able to get customer service if there is a problem. There’s nothing worse than buying, then having a problem – and there’s nobody to help you.
To read more about what to look for when buying bitcoins online click here.
Step 3 – Store Your Bitcoins
Once you’ve purchased your BTC, it’s time to move them to your wallet. If you’re buying on an exchange like Coinbase and using the Coinbase wallet, this is pretty much done for you already.
However if you have a software or hardware wallet of your own, you’ll want to withdraw from the exchange and move it to your wallet.
Every exchange has a way to withdraw your coins to your wallet. All you have to do is give them your public wallet address (which your wallet will generate for you) and they’ll send your coins to your wallet.
Just be sure however to check your address two or three times if you’re typing your public key into the computer. You need to make sure the address is correct as BTC transactions are not reversible if you send it to the wrong wallet!
That’s it, you’ve bought your first bitcoin! Congratulations!
For a full list of where to buy bitcoins click here.