5 Best Ways to Buy Bitcoin in 2023
Are you interested in buying Bitcoin but don’t know where to start? In this article, I’ll share my top 5 best ways to buy Bitcoin in 2023, along with their pros and cons. You’ll also learn how to choose the right method for you so you can deposit money in BTC casinos.
According to a recent survey by the Global Blockchain Council and SurveyMonkey, 60% of Americans have heard of Bitcoin at least once. However, only 5% of them hold digital currency. This could mean many people are unsure about the best places to buy Bitcoin.
If you’re one of those people, don’t worry. It’s easier than you might think. The most important question is: where and how can you buy Bitcoin?
By reading this article, you’ll discover the best way to buy Bitcoin and get clear guidance on the available methods. So, read on, take action, and be part of this financial revolution.
Our Favorite Exchanges to Buy Bitcoin
Throughout our years of involvement in the crypto world, we have faced numerous challenges, including problems with liquidity, security, and customer service. However, we have learned from our mistakes and gained valuable knowledge. As a result, we have compiled a list of the most trusted exchanges that we believe are the best places to buy Bitcoin. The top three winners on our list are eToro, Coinbase, and BitBuy.
- eToro: eToro is a well-known name in cryptocurrency trading and investment, boasting over 20 million users on their platform. It stands out as one of the premier choices for purchasing Bitcoin.
- Established in 2007, eToro has a long-standing reputation.
- Regulated by the Financial Conduct Authority (FCA).
- Offers a variety of deposit methods, including debit cards, bank transfers, Paypal, and Skrill.
- Low trading fees, with a 1% fee added to the spread for crypto transactions.
- A wide selection of 27 cryptocurrencies is available for trading.
- Features social trading, allowing users to mimic the strategies of experienced traders.
- Provides FDIC insurance for cash holdings up to $250,000 for US residents.
- Unavailable for residents in Canada, Israel, Japan, and Turkey due to local regulations
- Charges withdrawal and inactivity fees.
- Accounts must be maintained in USD, with conversion fees applicable.
- Coinbase: Founded in 2012, Coinbase is regarded by many investors as one of the best platforms for purchasing Bitcoin, serving over 68 million users across more than 100 countries.
- Insured platform, providing a high level of security.
- Legal and regulated, operating in compliance with laws in every country it serves.
- User-friendly interface, suitable for beginners.
- Supports a wide array of over 100 cryptocurrencies.
- Available to residents in most countries, though features may vary.
- Limited features for non-US, UK, or EU residents.
- High fees for transactions outside the platform.
- Welcome Bonus: Earn $5 in Bitcoin when using Coinbase with the provided link.
- BitBuy: For Canadian residents seeking a reliable Bitcoin investment platform, BitBuy stands out as the top choice, offering a user-friendly experience and reasonable fees since its establishment in 2013.
- Registered and regulated by FINTRAC.
- Competitive fees for funding, trading, and withdrawals.
- Completed numerous regulatory and financial audits.
- Prioritizes security, storing the majority of funds in cold storage.
- User-friendly platform, ensuring a smooth user experience.
- It supports nine cryptocurrencies, a decent selection for a Canadian exchange.
- Only accepts CAD as fiat currency.
- Exclusively available to Canadian residents
- Welcome Bonus: Receive a $20 bonus on your first transaction of $100 or more using the provided link.
- Kraken: Kraken has solidified its reputation as one of the world’s most secure crypto exchanges, available in most countries and offering a comprehensive range of cryptocurrencies.
- Highly trustworthy, being the only crypto company with a US banking license.
- Multiple trading interfaces to suit different experience levels.
- Offers staking features, allowing users to earn interest on their digital assets.
- Provides OTC services for institutional and high-net-worth individuals.
- Extensive selection of 78 tokens and 357 markets.
- No minimum deposit is required.
- Progressive fee structures, rewarding high-volume traders with lower fees.
- US citizens are restricted from trading futures products and fiat/fiat pairs.
- Limited features outside of trading and staking
- Limited order types available.
- Huobi: Although unavailable in the US, Huobi has established a comprehensive suite of cryptocurrency investment products, offering a vast selection of tokens.
- Extensive crypto options, with hundreds of tokens available for trading.
- Supports crypto-to-crypto trades as well as debit and credit card transactions.
- Robust Help Center for learning about various cryptocurrencies.
- Simple user interface, catering to newcomers in the crypto space.
- Massive selection of over 350 tokens, each with an introduction page.
- Some users have reported issues with customer support.
- Relatively low trading volume compared to other major exchanges.
Other notable platforms for purchasing Bitcoin include Binance Jersey (for UK and EU residents), Coinmama (for quick purchases), LocalBitcoins (for anonymous transactions), CEX.io, Bittrex, and Gemini.
Introduction To The Crypto World
It’s crucial to differentiate between Bitcoin, other cryptocurrencies, blockchain technology, exchanges, and wallets. This section provides a brief overview of these concepts, helping you navigate the crypto world more effectively.
There are a multitude of cryptocurrencies available; however, it’s important to note that not all cryptocurrencies are Bitcoin. Bitcoin is the very first cryptocurrency and is considered the most significant.
You don’t necessarily have to purchase a whole Bitcoin, as it is divisible. It’s even more divisible than the dollar. While $1 can only be divided into two decimal points ($1.00), Bitcoin can be divided into eight decimal points. This means you can own a fraction of a Bitcoin, represented as 1.0000000, and still benefit from its value.
Bitcoin operates on Blockchain Technology. Think of Blockchain as a road that allows Bitcoin to be transferred from one user to another, if Bitcoin was a car.
Exchanges, such as eToro and Coinbase, are independent websites that allow you to trade fiat money (like the US dollar) for cryptocurrencies.
Wallets, like Blockchain.com, are software that securely store and facilitate access to Bitcoin and other cryptocurrencies. With them, you can transfer and store your cryptocurrency in a secure environment.
As you learn more about buying Bitcoin, you will come across various terms and concepts unique to the cryptocurrency world. However, before anything else, you must ask yourself where and how to buy Bitcoin. Remember that the best places to purchase Bitcoin depend on location and expectations.
Choosing the Perfect Website to Meet Your Requirements
There are many exchanges and ways to buy Bitcoin in 2023. Do you know how to choose the best exchanges to buy Bitcoin? Some are better than others, and each of them has different characteristics.
Before I reveal how to invest in Bitcoin based on your needs, you must know what YOU want and how to buy Bitcoins.
Here’s what you should take into account:
One of the critical aspects of exchanges, particularly large ones, is the need to comply with legal requirements like KYC (Know Your Customer) and AML (Anti-Money Laundering). These requirements are put in place to prevent money laundering and the financing of terrorism. Although these measures are necessary, they can detract from the anonymity that some individuals may prefer when using such exchanges. So, while an exchange may be an excellent way to purchase bitcoin, it is essential to note that you must provide and verify your identity to do so.
Different exchanges have varying fees. If you’re looking for the cheapest or fastest way to buy bitcoin, fees are a factor.
3. Ease of use
It’s easier to choose an exchange based on ease of identity verification, user interface, and customer service.
4. Payment methods
Did you know you can purchase Bitcoin using a credit or debit card, as well as through bank account transfers and cash?
5. Regulatory compliance
Making sure your exchange is compliant with regulations is a smart move. If the exchange requires KYC and AML checks, you can rest assured that you’re on the right track.
Protect yourself from identity theft with secure exchanges offering 2FA.
Withdrawal limits on certain exchanges can be similar to those of banks, and the amount you are allowed to withdraw may depend on your level of identity verification. However, some exchanges offer higher withdrawal limits than others, making them the best options for purchasing Bitcoin.
Having a higher trading volume is crucial. It results in better liquidity and allows for buying and selling bitcoin at a fair and even price.
The speed at which an exchange can process your order is crucial. You don’t want to miss the chance to trade Bitcoin due to slow processing time.
10. Are your funds insured?
When choosing the best exchanges to buy Bitcoin, one of the most critical factors to consider is whether the exchange carries insurance. It is important to safeguard against the possibility of the exchange being hacked, shutting down or the founder running away with the money. Therefore, it is essential to choose an exchange that offers protection and insurance to ensure the safety of your investment.
If you are concerned about the reputation of your cryptocurrency exchange, you can easily look up the reviews by searching for “X exchange reviews” on Google. However, it’s important to be cautious of the ratings as most people leave negative reviews only when they face serious problems. To assess an exchange’s reputation, it’s best to examine individual negative comments and observe any patterns, such as bad customer service or account lockouts. This will provide a more accurate understanding of the exchange’s reputation than relying solely on the global rating.
12. Customer service
Customer service is often overlooked until needed. Consider response times, support levels, and language when buying bitcoin.
It’s important to note that some bitcoin exchanges may not be fully available in your country. Therefore, for each of my recommended exchanges, you’ll find a link to check whether it’s available in your area.
In conclusion, there are numerous exchanges from which you can buy bitcoin. Ultimately, your choice of exchange should depend on your country of residence and personal preferences.
Comparing Payment Methods
When investing in Bitcoin, there’s no one-size-fits-all approach, much like finding the perfect shirt or pair of pants. To help you make an informed choice, here’s a brief comparison of various payment methods, each catering to different needs.
- Credit/Debit Card:
Investing in Bitcoin using your credit card offers a simple and rapid process. It’s easy because there’s no need to leave your seat (except maybe to grab your card for the numbers). Transactions are swift, akin to purchasing any other item with a credit card. However, it’s essential to remember that the amount you can buy is relatively low to mitigate fraud risks, and the fees are comparatively high. Credit card payments can be reversed, posing a risk for sellers.
- Bank Transfers:
Bank transfers may not be the fastest method, but they enable you to purchase a substantial amount of Bitcoin. The advantage here lies in remarkably low fees, mainly when conducted on cryptocurrency exchanges. Overall, this method is one of the most lucrative approaches for cryptocurrency investors seeking profitability.
Cash transactions offer the only means to buy Bitcoin anonymously. Credit cards and bank accounts are tied to your identity, while cash is not. Utilizing cash at a Bitcoin ATM or buying from an individual through platforms like LocalBitcoins can be relatively swift and straightforward. However, it’s crucial to note that neither method is insured, and fees can vary significantly. Due to these factors, cash transactions may not be the optimal way to purchase Bitcoin.
PayPal is undeniably the easiest route to acquire Bitcoin, even more so than using your credit card. However, buying Bitcoin with PayPal typically involves exchanging PayPal funds for cash or transferring money to your bank account and then using one of these methods. In such cases, PayPal may become one of the less favorable ways to buy Bitcoin. This is because of the high fees associated with these transactions, the lack of anonymity, and potentially extended processing times.
Where can I buy Bitcoin at the lowest price?
If you’re looking to buy Bitcoin and other cryptocurrencies, eToro is the most affordable option available. When purchasing or selling crypto assets on eToro, a fee of only 1% is added to the spread. This fee is already included in the price displayed when users open or close a position.
For US residents, Coinbase is also a great option with competitive pricing, while BitBuy is the best choice for Canadian residents.
Safest Way To Buy Bitcoin
These are the safest ways to buy Bitcoin as far as I know. Each option provides security through different means. eToro, for example, has been operating for more than 14 years and is regulated in several countries. Coinbase offers various security features and insurance coverage for certain types of losses, among other things.
If you want to buy Bitcoin in the safest way possible, there are some steps you should take. It’s important to do your research and find a reputable exchange that has a good track record for security and customer service. Additionally, you should consider using a hardware wallet to store your Bitcoin offline and away from potential hackers. Finally, make sure to keep your private keys safe and secure, as they are essential for accessing your Bitcoin holdings. By taking these precautions, you can ensure that your Bitcoin investments are as safe as possible.
Easiest Way To Buy Bitcoin
Based on our research, if you’re looking for a simple way to purchase Bitcoin, eToro is the best option. Their registration process is more streamlined than other alternatives, you can deposit funds without incurring any fees, and you can start trading even if your verification documents haven’t been approved yet. This makes eToro one of the top exchanges for buying Bitcoin.
Fastest Way To Buy Bitcoin
Looking to buy Bitcoin quickly? The eToro app allows you to purchase Bitcoin using a debit card or credit card with a debit feature. Alternatively, you can use a Bitcoin ATM (BTM). These machines are becoming more common in many countries, even in medium-sized cities like Portland, Oregon. With a BTM, you can simply insert cash to withdraw BTC.
Where can I buy Bitcoin in my local area?
BTMs, or Bitcoin ATMs, have been rapidly increasing in number across cities and countries worldwide. If you’re looking to find a BTM near you, the easiest way is to use Coin ATM Radar. However, it’s important to note that while some BTMs may not require ID verification, others do, depending on state laws (if you’re in the US) or country/city laws (if you’re outside the US). To ensure a smooth transaction, it’s best to research your local BTM laws or check the BTM’s guide before making a purchase.
Best Ways To Buy Bitcoin Anonymously
It is becoming increasingly difficult to buy Bitcoin anonymously. In the past, people could purchase BTC anonymously through platforms like Shapeshift or Changelly. However, governments are now enforcing KYC and AML laws on most bitcoin buying platforms. The best way to buy Bitcoin anonymously is now by purchasing it directly from someone. You can attend a Bitcoin meetup in your area and request to trade or look for a reputable seller on Localbitcoins.
Best Ways To Buy Bitcoin With PayPal
If you’re looking for a hassle-free way to purchase Bitcoin, using an established intermediary like eToro that accepts PayPal deposits without fees is a great option. It’s probably the best way to buy Bitcoin available to you.
However, if the cryptocurrency exchange you’re using doesn’t support PayPal as a payment method, I strongly advise against using intermediaries to buy Bitcoin. The fees can go up to 10% per trade, which can be quite costly.
Where is the best place to purchase bitcoin using a credit or debit card?
When it comes to buying bitcoin using a credit or debit card, it’s important to find a platform that provides excellent security, reasonable fees, and is user-friendly. For most people, eToro is the best option as it is free, convenient, and fast. Coinbase is also a great choice, especially as it is available worldwide. However, if you’re looking to deposit funds using a credit/debit card, BitBuy isn’t the right choice. If you value anonymity, then you can buy cryptocurrencies with credit or debit cards at LocalBitcoins, but the rates will be higher.
One of the best ways to purchase Bitcoin is by using your bank account.
eToro and Coinbase are the best options for US, UK, and EU residents. Verifying your identity with your bank account is required, but these exchanges make the process smooth and easy.
How To Buy More Cryptocurrencies – Altcoins
Most platforms that enable you to purchase Bitcoin with fiat currency have a limited selection of cryptocurrencies on offer. If you’re looking to diversify your cryptocurrency holdings, you’ll need to turn to platforms that allow you to trade your Bitcoin for a variety of other cryptocurrencies.
For this purpose, Binance, the international version of the platform, emerges as one of the premier exchanges worldwide. When seeking the optimal method to acquire various cryptocurrencies, including alternative coins (altcoins), Binance stands out for several reasons.
- No ID Verification for Basic Accounts: Binance offers the advantage of anonymity with basic account types, as they do not require extensive identity verification.
- Robust Security Measures: Binance places a strong emphasis on security, implementing rigorous measures to safeguard user funds and data.
- Extensive Altcoin Selection: With over 100 of the best altcoins available, Binance offers a diverse array of cryptocurrencies to suit various investment preferences.
- Regular Updates: Binance continually updates its cryptocurrency offerings to maintain a high level of quality and relevance within the market.
- Low Fees: Binance boasts competitive fees, with rates as low as 0.1% and even lower, depending on your holdings and the use of Binance Coin (BNB).
- Innovative Features: Binance is known for its innovation, including the creation of Binance Coin (BNB), which can further reduce transaction fees for users.
- Customer Service: While Binance excels in many areas, its customer service is not considered the best in the industry, with some users reporting subpar experiences.
- Lack of Insurance: Unlike some other platforms, Binance does not provide insurance coverage for user funds, which could be a concern in the event of unforeseen circumstances.
To broaden your cryptocurrency portfolio and explore a wide range of trading pairs, consider registering an account on Binance today. This leading exchange offers a plethora of opportunities for cryptocurrency enthusiasts and investors.
Here is a complete and comprehensive list of the best methods to buy Bitcoin in 2023, tailored to your preferences. It’s important to remember that purchasing Bitcoin is an excellent way to enter the exciting world of cryptocurrency and gain knowledge about it. Once you have some Bitcoin, you’ll reveal numerous new opportunities.
Should I Consider Buying Bitcoin?
Yes, you should consider buying Bitcoin. You don’t need a substantial amount to start; even a small investment like $5 can allow you to purchase a fraction of a Bitcoin. This initial investment will provide you with the opportunity to familiarize yourself with this innovative technology and gain experience in buying, selling, and transferring Bitcoin. After gaining confidence and understanding, you can decide whether to invest more or not.
How to Buy Bitcoin Legally?
To buy Bitcoin legally, ensure that it is permitted in your country of residence. If it is legal in your region, you can purchase Bitcoin through various methods, including:
- Exchange: You can buy Bitcoin on cryptocurrency exchanges that operate within the legal framework of your country.
- Peer-to-Peer: You can purchase Bitcoin directly from individuals through peer-to-peer platforms, following legal guidelines.
- Earnings: Some individuals earn Bitcoin through work, services, or products, provided they comply with legal regulations.
- Bitcoin Faucets: Bitcoin faucets offer small amounts of Bitcoin for completing tasks or captcha. This can be another legal way to acquire Bitcoin.
What Are the Safest Sites to Buy Bitcoin?
The safest sites to buy Bitcoin are those that prioritize security and regulatory compliance. These platforms typically require users to complete Know Your Customer (KYC) and Anti-Money Laundering (AML) verification processes to confirm their identity. These sites are considered safe because:
- They adhere to legal requirements and regulations.
- They demonstrate responsibility in their operations.
- They report their activities to relevant government authorities.
- KYC and AML procedures help prevent fraudulent activities.
What Is the Cheapest Way to Buy Bitcoin?
The cheapest way to buy Bitcoin is to purchase it directly from someone at the current exchange rate. By avoiding transaction fees associated with exchanges, you can acquire Bitcoin at a lower cost. If this method is not available, you can seek out large exchanges with minimal transaction fees to reduce your overall expenses when buying Bitcoin.