Bitcoin is growing in popularity today as more and more people are beginning to trade the digital currency. If you are interested in trading this cryptocoin, it is of crucial importance that you learn the nitty-gritty of BTC and how to get it. There are online exchanges where you can purchase Bitcoin.
| Exchange Platform | Fees | Payment Methods | |
|---|---|---|---|
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0.10% |   |
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0.00% (sell) 2.00% (buy) |
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0.00% (maker) 0.20% (taker) |
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0.50% | |
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0.00% |  |
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6.00% |  |
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0.20-0.50% | |
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0.01% (passive) 0.10% (active) |
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0.00-1.00% | |
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0.20% | |
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Get Bitcoin with Credit & Debit Card
It is not a generally accepted payment option in all exchanges. If you prefer using this means of payment, find out whether it is allowed by the trading platform you register with. Vendors that accept payments via plastic cards have rules guiding usage such as the deposit limit, processing time, charges and countries where it is allowed. Check out the table based on CEX.IO data.
| Card Type | Deposit Limits | Transaction Time | Prohibited Countries |
|---|---|---|---|
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Basic=$300 Verified= $3,000 Verified Plus & Corporate=N10,000 |
up to 14 banking days |           |
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Basic=$300 Verified= $3,000 Verified Plus & Corporate=N10,000 |
up to 14 banking days | |
One of the reasons why many exchanges reject payment via these means is because of fraud associated with it. They are afraid that some buyers can acquire bitcoin with stolen cards. Besides, traders don’t want to incur any loss due to the fact that Bitcoin transactions are irreversible while the reverse is the case for credit cards.
Criminally minded individuals will receive bitcoin and report to card issuers that they were not given what they ordered for. In most cases, they are favored by plastic card companies. This normally resulted in losses to exchanges as a result of chargeback.
Buy BTC with Bank Transfer
Bank transfer is widely used to procure bitcoin. In BTC trading, a seller will transfer the amount of bitcoin ordered for to you once the money gets to their bank account. It does not involve many risks and that is why most BTC sellers prefer to receive payment with it.
Credit transfer is available in various kinds and each cryptocurrency dealer decides on which one to use. Take a look at the table below to see various bank transfer methods accepted by CEX.IO.
| Transfer Type | Deposit Limits | Transaction Time | Prohibited Countries |
|---|---|---|---|
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Verified=$10,000 Verified Plus & Corporate=Unlimited |
1-5 working days |       |
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Verified=$10,000 Verified Plus & Corporate=Unlimited |
1-5 working days | |
Purchase Bitcoin with Cash
Cash payment should be the right option for you if you don’t want your bitcoin transactions to be traced to you. The advantage of this method is that you will receive your order quickly in your wallet once you give the vendor a cash equivalent of the amount of BTC you want. Besides, your identity will not be known by any person.
| Currency Type | Deposit Limit | Transaction Time |
|---|---|---|
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$50 to no limit | 1-7 working days |
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up to 10,000 EUR | 1-7 working days |
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77-100 GBP | 1-7 working days |
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around 11,500 RUB | 1-7 working days |
Buy Bitcoin with PayPal
PayPal is another reliable method of depositing money with a bitcoin trading website. However, this company frowns at the use of their platform for the purchase of Bitcoin. Using PayPal to pay for Bitcoin is not as risky as utilizing cash payment and credit transfer methods. But you have to pay a certain percentage of your deposit as the transfer charges.
Some of the vendors that use PayPal to receive money charge up to 6% to 25% transaction fee. It all depends on the exchange you use. Usually the processing time is instant or it will take less than 10 minutes or more.
Get BTC with Other E- Wallets
Indeed, you will be able to purchase BTC with e-wallets like Skrill and Neteller. But only a few exchanges such as BitPanda, VirWox, LocalBitcoins, Paxful etc. allow the use of payment methods. Note that transaction charges apply here just as it is the case with PayPal.
Each seller has their procedure, and transaction time and fees. For example, in LocalBitcoins, it is a person-to-person transaction. If you are registered with the site, just look for a person that accepts payment for Bitcoin via eWallets. But ensure that you are dealing with a reliable vendor.
| Wallet Names | Deposit Limits | Transaction Time | Prohibited Countries |
|---|---|---|---|
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1,000 EUR and above per day | 1-2 min |    |
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1,000 EUR and higher per day | 1-3 min | |
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500 EUR per transaction 4,000 EUR per day |
Instant | available for all |
How to Purchase Bitcoin on Exchange Platform
If you are ready to purchase Bitcoin but have no idea how the process goes, just follow the steps given below in order to buy BTC from an exchange platform. This information will be useful for beginners and for experienced crypto-users.
1. Create Your Account
The first step to purchase BTC is to choose and sign up with a trading platform. Each website has their unique requirements. In trading platforms, it may be as simple as having the login details. But in some sites, you will be required to provide documents such as utility bills or bank statements for verification of address and government recognized ID for verification of identity.
When you have to fill out the account creation form, the next step is the funding of your account using any of the options described above. If this is not required, you can just link your account and card together.
2. Trade A Currency
You are good to start trading now that your account is set up with an operator. However, don’t just begin selling and purchasing bitcoins. BTC exchange market is similar to forex. It is always paramount that you analyze the trend in the market to know when to lock in.
There are different kinds of tools that you can use to determine whether or not it is the right time to place the order. Examples of these tools are Bollinger, EMA, MACD and RSI. Also study the various orders that you can place and their pros and cons. There are various kinds of orders in BTC trading but the popular ones are stop, market, limit, one cancels the other order etc.
- Market order: Here you sell or purchase bitcoin at its present price.
- Limit order: The trader opens a buy or sell position when the value gets to a specified point.
- Stop order: A bitcoin dealer places an order to purchase or dispose of its bitcoin when the price goes beyond a fixed entry or exit position. At this level, the stop order is taken to be the market order. There is another type of this booking known as trailing stop which allows the seller the flexibility of resetting the spot at which to lock in according to the movement of the price.
- One cancels the other order: Two orders are made but only one is honored. The other is canceled as soon as one has been triggered.
3. Transfer Bitcoin to Your Wallet
Once you have completed a transaction, you have to withdraw your bitcoin and keep it in a safe wallet which is of two types, namely, software and paper wallets. The former is also known as a hot or online wallet while the latter is also called cold or hardware wallets. Bitcoin stored in cold wallets are more protected than those kept in hot wallets.
There are chances that hackers can steal BTC in online wallets but this is not possible with hardware wallet. In general, you need to login into your account, choose to withdraw and then provide your bitcoin wallet address. Your BTC will be sent to the address you provide.
You will pay a transfer fee which is determined by the exchange you are using their services. Usually it is 0.0005 XBT. The processing time also differs from sites to sites. But most exchanges complete and move BTC to their buyers’ wallet within 10 minutes depending on the number of applicants which if they are many can make the transaction to take up to an hour or more to be completed.
Other Ways to Get Bitcoin
Apart from the two methods described above, there are other ways of getting bitcoins which are explained below. So, if above-mentioned types purchasing BTC are not enough for you, take a look at these ones and decide which is better.
ATM
Bitcoin ATM has been introduced to make transactions with it very easy. From these BTC ATMs, you will be able to procure Bitcoin with cash. The problem is that these machines are in limited supply. Check Coin-ATM-Radar.com for the list of places where there are BTC ATM.
The use of these machines to purchase Bitcoin is gradually becoming an acceptable practice in Switzerland, Spain and Ukraine. The downside is the high transaction fee which ranges from 3 %to 6% charged by the operators.
Direct Commercial Brokers
You can also obtain the cryptocurrency from direct commercial brokers who function like conventional bureau de change except that they operate online. Just go to their site, order for Bitcoin and purchase it using an acceptable payment option such as e-wallets, plastic cards, wire transfer and others.
Once they confirm your payment, they will transfer your Bitcoin to your wallet. However, the sellers fix the price that you will pay and charge some fee for the service rendered which ranges from 1 to 5 percent of the total value of bitcoin you paid for.
OTC Markets
You can acquire bitcoin from over-the-counter vendors. On the negative side, OTC is completely devoid of automation which explains why the process is very slow. However, if you are buying a large amount of Bitcoin, you are most likely going to obtain better price from them.
The major points that you should take into consideration are the transaction size, the preference of your counterpart and the edge they have in the brokering. The buyer begins the deal by stating the amount they want to procure, the price they are willing to pay and the time they want the trade to be executed.
The seller will give their own price as a percentage above the highest ask price of the leading exchange. Once there is agreement between the two, the purchaser will pay the seller who upon confirmation of payment will transfer the amount of bitcoin ordered for to the bitcoin wallet of the party seeking for liquidity.
GiftCards/Voucher
Gift cards or voucher can be exchanged for bitcoin in some exchanges and the procedure is quite simple. If you have any, just register with such a website and then choose it as your preferred method of payment, provide your code to the seller who will transfer the amount of BTC it covers to you.
Though it is an easy-to-use method, it can attract a relative high transaction charge. BTC dealers in Austria, South Korea and Mexico are using this instrument.