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How to buy Bitcoins and what’s the best place to buy them

Buying Bitcoins and making transactions with them, is already a necessity for many people who want to have a safe, fast and cheap method to pay or make transfers, regardless of the country they’re in. And why not say it, this digital currency is also a good way to keep your savings safe, invest money and speculate.

Buy bitcoins

Bitcoins can be bought and sold on various trading platforms or markets, where other crypto-currencies are also traded. They all offer different payment methods, though the most commonly used ones are Paypal, credit or debit card, and bank account transfers.

How to buy Bitcoins

I will discuss various platforms and markets that act as intermediaries in the purchase and sale of Bitcoins, all being highly reliable. If you decide to buy Bitcoins directly from another person on an exchange platform, make sure to first check any website that shows the current exchange rate so you can see the current Bitcoin to USD exchange rate, and thus verify that you’re paying a fair price

  • 2 places to buy Bitcoins:
  1. Exchange platforms: the perfect example is LocalBitcoins, which connects buyers and sellers. This is the easiest way to buy bitcoins, but you need to check the seller’s reputation and adapt to whichever payment method they asked for.
  2. Markets, Brokers or Exchange: Platforms like Coinbase facilitate the entire process. You’ll be able to buy Bitcoins online, with your credit card or by bank transfer, without having to worry about anything else.

You can also buy them directly from another person in cash, or make some kind of exchange. This currency is still readily available and has as many possibilities are those offered by cash.

Where to buy bitcoins

If you have read from the beginning, you’ll have seen that I’ve given a few exchange or market platforms where you can buy your first Bitcoin. Because the possibilities for buying Bitcoins are really very varied, but these are some of my favorite:

Coinbase Coinbase

It is the easiest and fastest way to buy bitcoins:

It offers you the possibility of having your wallet with them and of buying or selling cryptocurrencies as bitcoins in a very simple way. If you sign up with my invitation, You will earn $10 when you buy or sell $100 or more of bitcoins, Ethereum or Litecoin.

  • If you do so via bank transfer, you’ll have to wait 1-2 days (1.5% commission).
  • By using a credit card you can buy them instantly (3.5% commission).
  • You can also use your Paypal account for instant transactions (3.75% commission).

If you make lots of shopping and want everything to go faster, it is best to link a debit/credit card to your account or bank account. When you have done so, you just need to buy the Bitcoins you need, and these shall be deposited in your wallet.

Local BitcoinsLocalBitcoins

It is a platform designed to Make purchases person-to-person (P2P), so one of its benefits is to be able to trade directly with other users. You can even make plans with someone in your city and buy from them with cash.

In LocalBitcoins.com sellers are the ones who choose the method of payment. In USA this is commonly done through Bank Transfer, although there are also cases in which the seller accepts PayPal or other payment methods such as Skrill, Moneygram Western Union, etc.

The purchasing system is very safe: when the transaction is initiated, the seller’s Bitcoins are deposited on the platform waiting for that payment to be made, and once the seller has been paid, the Bitcoins are transferred to the buyer.

KrakenKraken

Is another market where you can trade, buy and sell Bitcoins, or other cryptocurrencies like Ethereum. The first thing is to get the Tier 2 verification to enable you to buy a digital currencies with dollars.

In Kraken they typically take longer to verify your account than in previous proposals, but if you see that your Tier 2 verification already has a few days waiting to be verified, it is sufficient that you send an email to (Support@kraken.com) and ask them if you are missing any data or if there is a problem. In this way I got verified that same day.

  • They allow you to make bank transfers, which are free of charge and can arrive the same day.
  • With your Tier 2 verification, you’re going to be able to transfer a maximum of $10,000.00 per month ($2,000.00 per day).
  • It is a secure platform (2FA), fairly intuitive, but a bit difficult to handle at first.

Commissions for purchase

Commissions charged for purchasing Bitcoins lie between 1 and 5% maximum, but everything will depend on the Exchange rate or platform you use, as well as the number of Bitcoins you buy, transaction type or payment method. As explained, it’s best to compare and then purchase.

For example, in Coinbase they charge you a commission of around 1.49% in both purchase and sale. At LocalBitcoins you can make transactions without having to pay a commission to the platform, but commissions are necessary to maintain the system, so it isn’t negative either, as miners need to receive some sort of compensation for their block work and you’ll get Bitcoins in your wallet much faster.

How to Buy Bitcoins anonymously

If you pay by credit card or bank transfer, this will be registered in your operation. So if for some reason you want to keep confidentiality and anonymity to the max, don’t use your home IP to log in and make your transactions in cash, with Paysafecard or from a Bitcoin ATM. LocalBitcoins is one of the best options for this.

How to buy Bitcoins and what’s the best place to buy them
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