So you want to know How to Buy Bitcoin Online. Well, there are lot’s of options these days, but which ones can you trust?
It seems everyone is getting into crypto. Mastercard is getting involved, and you can even buy crypto on PayPal now. More regulation is coming into the crypto space, which is a good thing. You will most likely have to pass KYC before you buy crypto.
KYC stands for Know Your Customer. You will need to pass a verification process before you can buy Bitcoin in any reputable place. They want to know who you are, and this is a good thing. The silk road days are gone.
Let’s look at a few of these reputable options so I can show you How to Buy Bitcoin Online.
Steps to Buy Online
There are a few basic steps to buy Bitcoin. You may be limited to what exchanges or platforms you can access & use in your country, so I will give you a few options and different ways that can be trusted.
The days of buying crypto anonymously are almost gone, especially online. Anyone who is to be trusted will need you to pass KYC, an ID verification process.
These basic steps are:
- Find a Bitcoin exchange or crypto platform.
- Trade your local currency, like AUD, U.S. dollar or Euro, for bitcoins
- Move your bitcoins into a secure Bitcoin wallet.
There a few things to consider when it comes to buying Bitcoin. Do you want to use a credit card or transfer it from your bank account? How quickly do you want to exchange your money for Bitcoin? All these points need to be considered when buying Bitcoin. The exchange rate, fees and how many BTC you want to buy could also affect your choice of where to buy.
Exchange or Platform Which One
There really are a lot of ways to buy Bitcoin online. So how do you know what is good and which option to use?
If you are going to trade, you will want to go for one of the major exchanges like Binance or FTX, but if you want to buy and HODL, Coinbase is a great place to start.
To learn more about Crypto exchanges, have a look at my post ===> Best Crypto Exchange.
At Coinbase, you can open an account for free, and you can even earn some free crypto. They have a lot of short video tutorials to teach you about different cryptocurrencies and there uses. If you watch the videos and answer a few questions, you get rewarded in crypto. It is a great way to Learn & Earn
Open your free account and ===> Learn & Earn @ Coinbase
Coinbase is one of the more reputable platforms around and is available from most places worldwide. It is a great place to start your crypto journey and purchase some bitcoin. Once you have your ID verified, the easiest way to purchase is with your credit card.
Fees are usually associated with credit card payment. Although minimal, if you want to avoid fees, you can usually find a way without fees. I often use Poli because there are no fees, and transfer is almost instant. Note you may not have a choice depending on your country. Coinbase can be trusted and is fast but is not always the best option. If you live in Australia, for example, Coinspot is a better option.
Founded in 2013, CoinSpot is Australia’s leading exchange with the largest selection of blockchain assets in Australia. CoinSpot prides itself as a digital currency market leader – focusing on security, simplicity, and customer service. Awarded the internationally recognised ISO 27001 certification for information security, CoinSpot has reinforced customer security as a primary focus in its product development.
CoinSpot is a great place for Aussies to Buy Bitcoin. They have various methods for funding your account, some with no fees. You can even set up re-occurring buys. I buy BTC automatically every week at CoinSpot.
- Click the link to ===> Open your account at CoinSpot
- Get your ID verified – KYC
- Select an option to fund your account with AUD
- Buy Bitcoin or other cryptos.
BUY & Invest
Did you know that you can earn good interest on your Bitcoin? I earn interest between 5% & 150% on coins I hold.
CAKE DeFi is a platform where you can buy Bitcoin directly on their platform and then put it to work for you earning guaranteed interest. CAKE DeFi is user friendly and has great support.
Watch this short video explaining CAKE DeFi in under 3 min.
Steps to buy & invest at CAKE DeFi:
- Open your account here @ ===> CAKE DeFi
- Get your ID verified – KYC
- Buy Bitcoin with various methods directly on the platform.
- Put your crypto to work and watch your account grow.
You can read my full review on CAKE DeFi and see all the different ways to invest your crypto from the link below.
Buying on the Big Exchanges
I actively trade crypto, so I have accounts at a few of the big exchanges. You can certainly buy Bitcoin and other coins directly from these big exchanges, but you are better off sticking to the options above unless you want to trade. It can be a little more complex to open accounts & buy from these exchanges.
If you want to learn a bit about the crypto markets and how they work, click on the banner below to do a Free Crypto Trading Course. It will also take you through what you need to know to open your accounts and buy your first Bitcoin.
All the options above have their own digital wallets where you can store your coins. They are called a custodial wallet, you don’t have the private keys, and you don’t control the coins. You are relying on the website or platform to do the right thing. You have to trust them. They have control.
The other options are to buy a hard wallet and store your coins in that it is a physical device. With a hardware wallet, you have full control over your coins. You have access to private keys. But if you lose your wallet or keys, you lose your crypto.
A lot of people say, “If You Don’t Own Your Keys, You Don’t Own Your Crypto” A hardware wallet is the most secure way to keep your crypto. However, to start with, and if you are only storing small amounts, a custodial is fine as long as you trust them.
Another good beginner-friendly software wallet is Exodus. Ultimately, it is up to you where you store your crypto, but a hard wallet is considered the most secure. I personally use all of the above methods and have crypto in several different places. I don’t like to have all my eggs in one basket.
Final Thoughts on Buying Bitcoin
So now you know How to Buy Bitcoin Online, you have a few things to consider.
If you want to get in the game and own some Bitcoin, Coinbase or CoinSpot are great places to start. If you want to buy and HODL large amounts, a hardware wallet is the go. Investing with Bitcoin is easy. CAKE DeFi is the best place to start if you want to invest and put your coin to work.
If you want to trade or learn a bit more about the crypto markets,
start here ===> Free Crypto Trading Course.
The free course also covers opening your accounts and buying your first Bitcoin.
Fees, security, methods of buying and speed are all things that will affect how you buy Bitcoin online. Now you know a little more about it, which way will you go? Just get in the game now you know How to Buy Bitcoin Online.
Be the Best you can Be
❗ DISCLAIMER: I am not a financial advisor. This is not financial advice. The content and material I provide on 2dsirecrypto.com is my opinion only and general in nature. Always do your own research before investing any money. You should always understand the risks involved in trading and investing and seek advice from licensed professionals before undertaking any investments of your own.