Did you know, right now so many people are buying and using Bitcoin that the network is actually experiencing unexpected delays? That’s right – bitcoin is so popular with people flocking from all areas of life, because digital currency brings an enormously wide spectrum of advantages compared to all other payment solutions.
With mass adoption comes a surge in demand for a comprehensive wiki on how to buy Bitcoin and store it safely.
You are in luck – the following guide does exactly that: it explains the A to Z of all you need to know before getting those first Bitcoins. Be it with a credit card, bank transfer, PayPal, or cash – I have the best tricks and tips to get you purchasing like a pro. Read on…
Here are the steps to buy bitcoin:
click & read each stage
- Know the pros and cons of each payment method. Credit cards allow for speedy purchases, while bank transfers offer the cheapest rates.
- Choose from the best sites to buy bitcoin. I’ve selected the top 10 most popular & secure exchanges – reviewed and sorted by payment method.
- Understand the identity verification process. Exchanges are legally obliged to check your ID and location. Having the required documents ready will speed up the time needed to validate your account.
- Investigate whether your exchange meets standards. I’ll show you how to diligently assess any crytpocurrency trading site. Carrying-out background research is essential & beneficial.
- Select a wallet to safely store your cryptocurrency. Online and offline wallets offer their respective conveniences but differ vastly in terms of safety.
Final words…
As you have seen, it is relatively easy to learn by testing a couple of different places and then deciding the most appropriate service for your needs. Once you have tried and tested your favorite site, then the process becomes more straightforward. The learning curve is not that steep anymore. We have carried out some reviews of brokers and exchanges Wirex , eToro and Investous to help you.
For those interested in alternative cryptocurrencies to bitcoin: these can be very promising, but there are some elements to consider. Firstly, be sure to research the historical changes in market capitalization – the list of highest-ranking digital assets varies rapidly over time. Secondly, remember that many coins’ total valuation have come to challenge bitcoin’s dominance (ethereum, ripple, auroracoin, quarkcoin) – but have subsequently dropped off. Finally, bitcoin has never been surpassed since its creation. Such an unrivaled dominance has cemented its reputation as the reference currency for the crypto economy. In the long run, history has shown that it is a safer bet to hold BTC.
Should you have some extra time, I highly advise taking a moment to read the history of bitcoin which is actually quite interesting indeed. You may also like to take a look at the price history charts to have an idea of the important exchange rate evolution since Satoshi Nakamoto created it in late 2008.
As a final note, I really recommend taking an active interest in the technology behind cryptocurrency, being the single most important innovation since the internet was invented. There is some great discussion on the /r/btc subreddit and on the EpiCenter Podcast for enthusiasts.
More about us at Howtobuybitcoin.io and privacy policy.
CryptoExMart.com is currently the best exchange to buy or sell bitcoins all across europe and their service is very fast.
I also like this articale
Hi there! I am using etoro to buy bitcoins but few days ago I found linkkoin.com, and I am surprised how much easier I can buy bitcoins there. Someone else tried to buy there?
Hello!
Thank you for your article, that’s so good!
Me personally use BestChange.com website to exchange my fiat to BTC, ETH or any.
Thank you, guys!
James
a friend of mine just transferred $100 worth of bitcoin off of coinbase to somewhere else and got hit with a $45 fee! I have some bitcoin but doin’t wan to get with a huge fee to transfer it off of there what to do? and gdax does not list my bank at all even if I type it in so that’s out.
Please note that Coinbase’s withdraw fee is regularly updated to reflect the current “miner fees”. Do note that a smaller fee would mean a longer time for your bitcoin transfer to be included in a block by miners. Miners tend to include transactions with the highest fees attached (anyone is free to set their own fees when making a transaction on the bitcoin network) first.
In reference to researching & investing in alternative cryptocoins… thanks so much for suggesting coinkapp – it’s been very useful for the information it provides (ie coin descriptions, comments, & news) and for tracking each cryptocurrency’s market capitalization. Can I ask what coin aside from bitcoin would you like to buy if you could?
Yeah i like using coinkapp.com as a good alternative to coinmarketcap.com 🙂 If I could buy any cryptocurrency I would definitely choose the privacy focused ones (monero, zcash, dash).
Great guide and very informative for purchasing the crypto economy’s reserve currency! I’ve bookmarked this guide 🙂
How do you know so much amazing facts on purchasing btc, crypto, and withdrawing via fiat banks? You’ve been my reference for everything so far. I’ve managed to find a good trustworthy exchange (coinbase) and have made a decent profit by selling at the right moment! Thumbs up to you Mike ????????
Hi Donix, reading this sort of positive feedback always makes my day 🙂
Overall an informative site for buying/selling crypto (notably bitcoin, ethereum, ripple and other major coins), researching an exchange to see if trustworthy, and choosing a decent wallet for long term storage. Nice work here.
Hey Mike you’v given top-notch advice for buying bit coin with ease. Tere are so many great services out throughout your guide. I’ve been able to buy and sell BTC smoothly and never had to put too much work into it.
Thanks Laraina 🙂
Hey – it doesn’t look like the sign-up for your guide works anymore. I haven’t received anything via email. Thanks!
Hi Mihao, thanks for your interest in the free guide 🙂 It’s still live and available – hundreds of new readers are getting access to it each day. Please try with a different email address. Let me know if that works.
Hi, I would like to buy into a hand full of mid-cap and small-cap crypto’s but i don’t want to have to buy into bitcoin. Can i do this and if so,where can I get started. I’m in the U.S. and do not have any crypto at this time. thanks
Why do you prefer not on-ramping via bitcoin? Most people have to buy bitcoin first before trading it for cryptocurrencies. Exchanges like Bittrex only accept crypto.
i bought ethereum and litecoin on 5th december just before the spike. i bought on coinbase, and there was no requirement to buy bitcoin first.
Mike, is it worth it to invest money (in the 20-50$) range into bitcoin via paypal? I want to see if I can make a little money off of it but if the fees for deposits/purchasing offset the potential profit too much, I’d want to know.
Hi Henry, sorry I would not be confident giving you investment timing advice. Do remember that buying BTC via paypal will incur lager fees (sometimes 50 percent above what you would pay buying via bank transfer)
Hi mike I’m from Singapore any suggested place I should buy bitcoin
Hi Mike
I’m trying to buy bitcoin in NZ. It’s so hard! I’m stuck that i can’t get a wallet in NZ from app shop. Can you help as all I want to do is buy a wallet that you can then use to buy bitcoins in NZ – any help would be great
Hi Duncan, with bitcoin you don’t “buy” a wallet. Instead, you choose a wallet that suits your need (most wallets are free). You’ll be withdrawing from the exchange to you wallet once you have purchased bitcoin.
As for New Zealand, I’m sure Coinbase should work? If not, try Localbitcoins to find sellers near you 🙂
I’m in NZ and do international bank transfers to Bitstamp and buy my crypto currency there.
Hey Anthony, thanks for sharing your experience and advice here. It will be helpful for all New Zealand readers 🙂
Hello Mike, Thank you for the great information especially for a beginner like myself, I found it very easy to understand. I still have one concern as I have been doing some research into which website I should replace coinbase with?? Coinbase is very limited and their verification process is very frustrating as I have been trying to increase my limit for over a week now and never succeeded! What other websites would you recommend to me that I can use to only purchase Bitcoins and store them in a safe wallet just like Coinbase? I don’t want to trade… Read more »
You can replace Coinbase with Bitstamp – there’s a good mix of advanced and beginner friendly trading features.
Thanks for the great article , i am from Tanzania i would love to start using as per your instructions.. Is it possible to do it from here cause i have seen must users are from eu, us, som asian i have a feeling this wont work maybe considering i live where technolody is kinda growing slowly. Thanks,
In Tanzania you could try Coinmama or Bitoasis. If those two don’t work then you could find a local seller nearby on Localbitcoins
Hi Mike
Very good info, thanks for that. I recently moved to the Cayman Islands. Do you know if there are any local bitcoin exchange platforms in Cayman or what is the best option to buy bitcoin in Cayman using bank transfers?
Perhaps you could try localbitcoins from the Cayman islands. It’s a p2p exchange so you’ll be buying directly from someone else (either in cash, paypal, or by bank transfer)
Mike, Thanks for a detailed and comprehensive guide. I was reading through a few comments and found that Alex and I have a common situation. We are both working in the middle east, with addresses back home. I’m actually a U.S. person, while he is an EU person. What I found is that when I try to buy with a credit card, I am stopped because the service is not available in my state. My billing address is in Georgia, USA. Why does this matter if I’m using a credit card? Is there a way around this? I tried Coinbase,… Read more »
Yeah it’s a tricky one with the billing address being in a different country. I’ve heard that Coinmama are very flexible with regards to credit card purchases and global locations. Alternatively you could simply use cash or a bank transfer on Localbitcoins (you’ll be paying the seller directly)
Hi Mike, thanks for the thorough explanation, very interesting read.
I am a EU Citizin but residing in the Middle-East since a few years. I noticed that Coinbase does not allow me to buy BTC from the country I am in now. Which other wallet would you recommend in my situation?
Thanks a lot.
Hey Alex, thanks for your question regarding buying from the middle east. You have a couple of options. I’ve heard of Bitoasis which is a popular site to buy bitcoin, operating in the Dubai area. There’s Localbitcoins which works in most countries. And finally, if you still have a bank account and address in your EU country, then just use those to connect up to your Coinbase account. You may have to use an IP address located in your home country also. Let me know which method went best for you.
Mike we just want to say thanks for the work and effort made on your site. It’s helped me educate my whole office on how to buy bitcoin (they’re all non-tech journalists who now have crypto articles to write up). Keep up the content. If i may make a request, could you do a guide for how to get free bitcoins? I know plenty of people who would love that!
I really appreciated the article. I’m having trouble finding an exchange that accepts American Express. Any suggestions?
For buying bitcoin with AmEx you can use Paxful (a p2p exchange similar to LocalBitcoins), but you’ll be paying more commissions than using a traditional credit card bitcoin exchange. My advice: use you bank, do a transfer – you’ll be saving so much more this way.
Yeah it’s a shame that coinbase or cex don’t accept American Express cards. I would agree that Mark you should try buying via bank transfer on Kraken or Bitstamp.
Thanks for writing this. It was really helpful for filling in some gaps. I bought a very small amount of bitcoin and ether after the crash to dip my toe in the water. What do you think about altcoins like Ripple, Dash, etc? Should a noob like me stay away from them until I’m more experienced? What’s a good secure exchange to introduce someone to trading these?
Nice to hear that I helped you learn how to buy bitcoin with ease. Good timing also. There’s always those dips which are great times to get into cryptocurrency. Ripple is not a altcoin that I have ever had an interest in: it has some serious “pre-mine” allegations – leading to an unfair & unrealistic initial distribution of coins. Although there are some solid projects, investors, and industrialists backing it. Dash is very cool – just like all privacy-focused cryptocurrencies, Zcash included. You may like to try Bittrex, Poloniex, or Yobit exchange – they all have trading available for these… Read more »
Thanks for the nice explaination. I set up an account with Coinbase but they cancelled my purchase twice. No reason was given, except that there’s a reason. Any idea what the problem may be? They tested my card and it worked fine and I was verified. I did see something on their site saying that I can further verify by uploading a drivers license, but I really don’t want to do that.
Thanks for sharing your experience. Unfortunately your issue happens to many people out there. Verification is one of Coinbase’s centerpiece regulatory practices. As far as I know Coinbase do not ask for excessive verification documents – relative to other large competitors such as Bitstamp.
This has to be the best explanation of how to buy bitcoin that I’ve read so far. I’ve been searching all day and no where else give such detailed and easy to understand information. I really like how you have ordered the process into steps: choosing a payment method, choosing an exchange, choosing a wallet (I nearly overlooked how important this is). 🙂 🙂
Your paragraph on the identity verification makes some good sense. I was really curious why so many bitcoin exchanges ask for all this personal info. Nice to know.
well spoken. Mike you’ve done a splendid website here. i’ve found plenty of info on this page for buying digital currency and have sent it to my brother who’s also a beginner at this
Gee same here! Shared this site with my coworker yesterday. It’s beinng shared all around my office today!
thanks for making this. I’m trying to sell my bitcoins after the price has started to crash. I wanted to use a different exchange as I initially bought my coins on Coinbase but it’s mostly down at the moment so not usable. The alternatives you suggested like CEX and Kraken both have been great for selling – although CEX has really higher fees compared to Kraken it’s easier to use
Yes, as of recently Coinbase has had some issues staying online when either the bitcoin or ethereum price makes big moves. You’re correct that Cex is a good beginner friendly alternative to Coinbase for buying with a credit card or bank transfer. Kraken has the cheapest fees of all the bitcoin exchanges, yet it’s slightly harder to use for first-time bitcoiners.
Check out Gemini! It’s awesome 🙂
Any specific factors that makes Gemini stand out?
Excellent work. This cheat sheet for buying bitcoin should be bookmarked by ever beginner out there! I especially like that you wrote up tips for choosing a wallet. Wallet storage is super important and most beginners overlook this.
Have you thought about adding bitquick? They do cash deposits, company doesn’t hold coins once they’re purchased they go directly to a users wallet plus they do escrow.
Interesting, thanks. Has anyone here used Bitquick? Looks good for cash purchasing. USA only tho
LibertyX should be under the cash section for sure. Been using it almost 4 years now.
Ah yes, good point. Tho i think LibertyX is only for buying BTC with cash in the USA right?
Definitely, but I think there are many non US people that read this, and LibertyX is only for purchasing btc in the USA.
Bitcoin de now holding coins 14 days after purchase
CEX has around 15% higher market prices compared to other exchange, fastest way to test crypto experience for most in EU tho
Yes I have noticed that prices on cex are significantly higher than elsewhere. As you said, CEX is really easy to use tho.
Any sources regarding Bitcoin de holding coins for 2 weeks?
Bitcoin.de isn’t the best at the moment. Cex and Coinbase are far more popular and better experience plus safety. That’s why they charge slightly more. Either was I’d recommend you choose one of those two over all the alternatives that may not provide the same level of professionalism. Gotta be picky with bitcoin service providers these days 🙂
Cex charge you storage fees if they de-list coins, and their export functions are totally broken. this means you can not make a proper tax filing. it’s good that it is recommended!
Hello 🙂 In which country do you have to file tax for purchasing bitcoin? I do agree that CEX have unlisted many coins as of recently. Litecoin was nice and worked well on CEX, I don’t agree with their removing of this cryptocurrency. CEX is still a great site for beginners and a really good Coinbase alternative
First of all, a great article and thanks for sharing all the knowledge. Can you also throw some light on how to transfer bitcoins between two different exchanges? Like coinbase to kraken or vice versa?
Thanks again
Good point, I’m sure many users do try to send their bitcoin to other exchanges – so an explanation would be useful especially for Kraken and Coinbase. Let me see if I can fit a paragraph in there to explain further. Great to hear your feedback, thanks.
Buysomebitcoins deserve to be on the top.
I’ve actually taken a good liking to this exchange. It’s simple, functional, no-frills, and offers no ID verification purchases of bitcoins. So many people have been searching for such a site as all the other exchanges erect long and slow vetting barriers.
yeah! Currently they charge you 5,217.04 USD/1BTC while the official exchange rte is 4,240.0 USD/1BTC, so YES definitely they are on the TOP of overcharging!
this is the most detailed guide that I have read for buying bitcoin. i agree with you that including a part on how to select a wallet is very important for beginners. most just overlook this step and leave their cryptocurrency on the exchange. we all know what happens next…
I appreciate the positive feedback. That is precisely the reason why I insisted on making the section about choosing a wallet and withdrawing coins away from the exchange after purchase
With all the block-size debate I don’t understand how the price is still rising and how newbies are still wanting to learn about buying bitcoin. Wouldn’t all the in-fighting in the community just scare off new users? It looks like bitcoin is ultra-resilient and even a full fracture within the miners and developers won’t affect the long term stability. We’ve truly found a globally robust and universal store of value! I’m in 🙂
Yes, I’ve always been for “bitcoin the technology” rather than “bitcoin the currency”. It’s the underling innovation that makes it so valuable and resilient to crises. Good point raised here – thank you.
bitcoin.de is limited for EU and US citizens only, even if you are permanent resident in EU or USA they do not let you trade.
Wow I’ve just looked into this, it’s a strange move on their behalf. I wonder why, when other popular alternatives like Coinbase, Kraken, Bitstamp, and Localbitcoins all work fine in the EU and US with all residents? Thanks for letting us know anyhow 🙂
Do these sites work to buy bitcoin in india? we need to swap our currency to something more stable and I’m thinking gold or BTC might be a good idea with the current demonitization situation
For those seeking ways to purchase btc in India I would recommend Unocoin or BTCxInida. Both have good reputation and accept bank transfer deposits. If possible let me know which you choose and how you liked it.
Good tips on how to get bitcoin thanks. I was wondering which is cheapest between paypal and credit card ? Not too sure but I’d like to buy instantly too so these two are interesting for me
this page and the bitcoin site comparisons were helpful to me so thank you.
Me too. I’ve shared this page with many of my coworkers. They’ve all purcahsed their crypto by following the steps outlined throughout this guide 🙂
here did you buy cypto?
saw this page recommended on reddit. came here expecting to see nothing but damn was i wrong. great tips to invest in bitcoin
Not bad at all. Great to see that you’re posting information to the bitcoin forums to help guide new users on the best ways to purchase digital currency. It’s not easy starting off at first and if I was in that case this sort of page would have helped greatly. Only a few years ago we barely even had a wikipedia page for bitcoin.
Hey good job mentioning Coinbase for how to buy bitcoin with a card. Though would you not think that Circle as its place here too? After all it is a beginner-friendly service with a growing user base all over the world.
Great to hear the feedback. There are all sorts of means to purchase btc – card included. I’m actually researching Circle as we speak. They have tonnes of positive reviews from new users… looks good and very newbie-friendly.
Update(May 2017): Circle no longer sells bitcoins. The company has decided to go its own way and leave the thriving cryptocurrency community behind.
It actually has an app where you can get bitcoins with a card directly on android phone or apple too I think. Prices are slightly better too.
Good reviews about Circle are not real. Circle does not sell bitcoin anymore.
thanks for your update, and yes there was some shady activities going on with Circles review in Google Play. I’ve updated my comment.