So Finally you are convinced.
That bitcoin is not a fad and it's here to stay.
or Probably you just want to give it a try and see If you too can turn around your fortunes with bitcoin investment.
Whatever your motivations are, in this guide I will share with you the easiest way to buy bitcoins Instantly.
But before we get right into it.
Here's a word of caution :
Bitcoin and the whole cryptocurrency market is very volatile.
Money changes hands in hours, if not minutes.
Invest only what you can afford to loose.
What does it mean?
Simple, even if you loose all your bitcoin investment, it should not change the course of your life.
For beginners that can be less than 1 percent of your total net worth.
Now let me share where to buy bitcoin.
Use the quick navigation below to go to your preferred payment method directly.
Buy bitcoin with Credit Card or Debit Card
Bitcoin mania seems to have gripped the world. Price has reached astronomical levels.
Startups & Brokers don't want to be left behind.
Off late a number of legit bitcoin exchanges have started accepting bitcoin purchase through credit cards and debit cards.
Let's look at 5 of the Best Place to buy bitcoin with Credit Card.
Coinbase is the best option for those who want to buy their first bitcoins.
Because, in addition to being a bitcoin exchange they also provide a bitcoin wallet.
Wallet is where your bitcoins are stored safely.
If you want to receive bitcoins from others, you need to provide them your wallet address.
I have written a complete guide on using coinbase earlier which you can check here - How to Buy bitcoins using coinbase easily
But it's available in 33 countries only.
In case, coinbase is not working in your country check out other bitcoin exchanges below.
Coinmama provides it's service worldwide.
To make a bitcoin purchase you can either use a credit card or a debit card.
Step 1 - Go over to Coinmama Website
Step 2 - Select the number of bitcoins you want to buy or the dollars you want to spend and Click Buy Bitcoins.
Step 3 - You will be taken to a registration page, enter the details -Email, Password, First and Last Name, your Country.
Select the Checkbox and Click Create Account.
Step 4 - After account creation you have to verify it by submitting a photo ID Verification. It Usually takes 1-2 hours for verification.
Once verified you can buy bitcoins with credit card or debit card.
But you need to provide your bitcoin wallet where your purchased bitcoins will show up.
Coinmama doesn't offer you a wallet service like Coinbase, so you need to create one yourself.
How to Create a Free Bitcoin Wallet
Unlike your regular Wallets bitcoin wallets can even be stored online.
4 Types of bitcoin wallets exists today - Desktop, Mobile, Web (or Cloud) & hardware wallet.
Setting up a bitcoin wallet is actually quite easy.
and select the type of wallet you want and follow the steps as mentioned there.
If you want to buy bitcoins instantly, Changelly is your best bet.
The buying process itself is very easy.
Step 1 - Enter the amount of bitcoins you want to buy or dollars that you want to invest.
Step 2 - Enter your details - Personal details, billing address, Payment Information, Bitcoin Wallet Address and Click Confirm.
Bitstamp has a great Reputation worldwide and provides multiple payment options.
They even support bitcoin purchase through credit and debit cards.
STEP 1 - Register an account at Bitstamp
STEP 2 - Login with the Userid and password received on your Registered Email address.
STEP 3 - Verify your Account by uploading ID Proofs. Once approved you can make payment using your Credit Card.
STEP 4 - Select Instant Order, Enter your payment details and Confirm Purchase. You are done. 🙂
Now let me quickly give you quick comparison of the 4 Bitcoin Exchanges I just discussed.
Varies per account
Although these bitcoin exchanges are great, there may be a possibility that
- some of these might not be providing service in your country or
- your credit card company may not be approving your bitcoin purchase
What do you do then ? How do you buy bitcoin in that case ?
Well, you can try purchasing bitcoin using Paypal.
As Paypal is available in more than 200 countries, you are sure to get your first bitcoins using it.
There's one Problem - Paypal doesn't allow direct purchase of bitcoin.
Heck! Then how do we buy bitcoin using paypal.
Is this some kind of a Joke?
Easy Pal! We use bitcoin exchanges that provide payment through paypal.
Though there may be additional charges - Paypal Commissions on top of the Fees charged by the Bitcoin Exchange.
Buy bitcoin with Paypal
Let me share with you 2 of the best bitcoin exchanges that provide bitcoin purchase via paypal.
Wirexapp provides an easy to user interface for buying bitcoins.
What Wirexapp actually does is - it creates a virtual VISA Card which you can add to your paypal account.
Thereafter, this virtual card can be funded through your Paypal account and later be used for buying bitcoin.
It's actually one of the easiest ways to buy bitcoin through paypal.
Let's see the Actual Steps now :
STEP 1 - Create an account at Wirexapp
STEP 2 - After Account Verification, a virtual VISA Card will be issued to you.
From the Wirexapp app fund your Virtual Card with a small amount (around 3-4$). This will be used later and is a must.
STEP 3 - Go to your Paypal account and Click on Payment Methods --> Select Link a Card.
STEP 4 - Enter the details of your Wirexapp Virtual VISA Card and Click Save.
STEP 5 - Next, Confirm your Card you just added and paypal will initiate a transaction for card verification. The $3 added in Step 2 will be used here.
Though this may be reversed later.
It is used by Paypal for verification purposes only.
Paypal will ask you to enter a verification code which you can find in your Wirexapp under transactions.
Just confirm the Code and you can start buying bitcoins through paypal now.
STEP 6 - Fund your Virtual Card using Paypal and purchase bitcoin on the Wirexapp.
Paxful offer a number of payment methods including Paypal, Amazon Gift Card and Credit Cards.
You can check the process in the video below.
Now, these are not the only bitcoin exchanges out there in the market that provides bitcoin purchase through Paypal.
But these are the best ones with good reviews.
In fact a new bitcoin exchange called Upcoin is launching by the end of Jan 2018.
They are promising Paypal payment and even offering $500 bonus in trading fees to first 10K users.
This is great!
But what If I want to buy bitcoin with Cash in my location.
Is that Possible?
Yes it is. Let's talk about that now.
Buy bitcoin with Cash
Bitcoins can be bought with cash on one of the P2P Exchanges.
P2P or Peer-to-Peer exchanges act like an escrow between buyers and sellers.
The Price too is decided by the Traders.
One Such Exchange for buying bitcoin through cash is Localbitcoin.
Before you meet your Seller in Person do Keep the Following in mind :
- Buy Bitcoins with Reputed Seller Only, check their Reputation Score
- Meet the Seller in a Public Place in a broad day light
- No need to disclose your Personal details or become overly friendly
- Wait for the Confirmation to Confirm the transaction at least twice
Now that we have taken care of Security. Let's see how to buy bitcoins with cash on localbitcoin.
STEP 1 - Create an Account at Localbitcoin, Verify your email and mobile number.
STEP 2 - After Verification, go to the Homepage. Select your Location and Payment Method i.e. Cash in our case.
STEP 3 - From the List of Sellers, Go through Each one of them and lookout for those who have a good reputation score and have earlier done transactions.
As you can see in our case, only canadianbitcoins has a good reputation, all others are probably a first time seller.
Two things that you must note :
- Price/BTC - This is what the Seller will charge.
- Limits - This is the amount of bitcoins the seller is willing to sell.
In our case, canadianbitcoins has no limits.
But the seller just below, cashtradeottawa has set a limit of 500 - 2500 CAD Canadian Dollars.
That means you can only but bitcoin worth that amount.
Once you have finalized your buyer, it's time to click Buy.
STEP 4 - Read the terms of the Trade on the Right hand side. You can contact the seller on their Email/Telegram If provided.
STEP 5 - Wait for the Seller to Accept your Trade Request.
After which you can meet the seller at the agreed place and do the exchange.
Note : Make Sure the seller confirms the transaction then and there.
While this was one way to buy bitcoins anonymously using cash, there are some other methods too.
Let's check them out.
How to buy bitcoins anonymously
Whether you like it or not - Almost all bitcoin exchanges need KYC and ID Proof before you can buy bitcoin on their platform.
While some of us would rather want to buy bitcoin anonymously.
There are exchanges and other methods to cater to that need.
But Anonymity usually comes with a Premium Price.
That Simply means, you would have to shell out 5 to 10% Extra for buying bitcoin anonymously.
If you are up for it, then let's discuss some of those methods.
1. Mycelium local trade
Mycelium local trader feature helps trade bitcoin with other traders in person.
Your Phone's GPS Location is used to connect you with buyers nearby your location.
The good part is - you can use the app without any ID Requirements and verification.
Bisq is a peer to peer cryptocurrency exchange where exchange happens instantly.
You don't have to wait for any approval or registration.
All you need to do is download the application on your Computer/Laptop and began trading or buying bitcoin anonymously using your local currency.
Watch the Video below to see how to buy bitcoin on Bisq.
So there you have it.
Whether you want to buy bitcoin with credit card, debit card, Paypal, Cash or Anonymously.
This Guide would have helped you buy your first bitcoins.
If you have any doubts, reviews or suggestions about these bitcoin exchanges
Feel free to share them on the comment box below.
Happy Crypto Investing!