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Gone are the days when buying Bitcoin was a time consuming and somewhat uncomfortable endeavor. Nowadays buying Bitcoin is a similar process to exchanging currency when you go on vacation.
There are two ways to buy Bitcoin, the first is to use fiat currency (USD, INR, EUR, GBP etc.) to purchase cryptocurrency via an exchange. These exchanges function the same way as regular foreign currency exchanges do. The prices fluctuate on a daily basis, and like regular currency exchange markets – they are open 24/7. These exchanges make their money from charging a small fee for each transaction.
Some charge both buyers and sellers, some only charge a fee for buying. For security reasons, most of these exchanges will require you to verify your ID before allowing you to purchase cryptocurrency.
It is also important to note the type of payments each exchange supports. Some allow for debit/credit card payments whereas other only accept PayPal or bank wire transfers. Below are the three biggest and reputable currency exchanges for purchasing Bitcoin, Ethereum and other altcoins with fiat currency like US dollars, Euros or British Pounds.
Most popular cryptocurrency buy and selling platforms
Currently largest currency exchange in the world, Coinbase allows users to buy, sell and store cryptocurrency. Coinbase is undoubtedly the most beginner friendly exchange for anyone looking to get involved in the cryptocurrency market. They currently allow trading of Bitcoin, as well as, Ethereum and LiteCoin using fiat currency as a base. Known for their stellar security procedures and insurance policies regarding stored currency. The exchange also has a fully functioning iPhone and Android app for buying and selling on the go, very useful if you are looking to trade. Once you are signed up and complete the identity verification procedures you can buy Bitcoin with your credit or debit card instantly.
Join Coinbase : https://coinbase.com
Based in Canada, and currently the largest exchange in terms of volume of buys in Euros, Kraken has the advantage of more coin support (they also allow the purchase of Monero, Ethereum Classic and Dogecoin) than Coinbase. It allows margin trading, which while beyond the scope of a beginner, will be of interest to more experienced traders
Join Kraken : https://www.kraken.com/
Send, receive, & buy Bitcoin, Tether, or Ether in one secure crypto wallet app.
Paxful is a peer-to-peer platform for buying and selling digital currencies. We believe in equal access to finance, enabling users to trade crypto and earn money in a safe, secure environment.
We’re changing how the world moves money and embraces cryptocurrencies, allowing transfers with anyone, anywhere, at any time. The Paxful Bitcoin & Crypto Wallet app is the ultimate companion tool to our platform.
Join Paxful : https://bit.ly/3wqKhPa
CoinDCX is India’s safest crypto exchange, with a dedicated focus on making crypto accessible. Established in 2018, CoinDCX has solved numerous problems faced by the Indian crypto community with investing and trading solutions for crypto-based financial products for retail, HNI, and enterprise customers.
India’s simplest Bitcoin & cryptocurrency investment app, trusted by 6Mn+ users!
Join CoinDCX : https://bit.ly/31uJotA
The second way to buy Bitcoins in exchange for fiat currency is to locally purchase them in person. The advantage of this is that you may be able to get a marginally better price than by using an exchange. The other advantage is that users living in countries that don’t have easy access to online exchanges can still buy coins in person. All transactions are protected by Escrow to prevent either party being scammed.