What are the easiest and fastest ways to purchase Bitcoin online?
When the invention of blockchain based digital assets was in it’s very early stages, purchasing bitcoins and investing in other cryptocurrencies required in-depth technical knowledge. There were neither user-friendly interfaces nor readily available crypto wallets. Much has changed since. We are now blessed with a plethora of trustworthy cryptocurrency exchange that allow anyone to invest straight from their mobile phone, using a credit card. The best part: You can complete the purchase within a few minutes.
To be fully in charge of your cryptocurrency you should create a bitcoin wallet that will allow you to store bitcoin offline. Among the most popular choices you will find the paper wallet, software wallet, hardware wallet or mobile app. While the mobile app wallet provides the highest level of flexibility, the hardware and paper wallet are the best choice in terms of security. Although it is possible, it is recommended not to store your Bitcoin on exchanges, but rather keep it store in your own wallet.
In this article we will walk you through the most trustworthy and convenient online exchanges where you can purchase Bitcoin with your credit card.
eToro
eToro is a social trading platform where you can invest and trade stocks and cryptocurrencies. You can also use their CopyTrader system to follow leading investors and make trades based on their actions. EToro is one of the safest places to get bitcoin online, and the process is really fast and convenient.
The main advantage eToro offers is the speed of purchase and the level of security. EToro allows you to deposit money instantly to the trading platform – All you have to do is sign-up. Later on, you will have to complete a verification process by uploading your ID card. It is then automatically scanned by the system.
As a trading platform storing long-term investment assets of thousands of users, eToro holds an enormous amount of funds on their platform and thus ensures that their level of cybersecurity meets the demand.
The processing speed is unchallenged, if you compare it to other exchanges and options, however it does come with a drawback:
Etoro does not provide you access to the Bitcoin Wallet private key, thus you own the rights to the bitcoin but cannot claim direct ownership of the wallet or take advantage of any feature this digital asset offers. On eToro, bitcoin is treated like a traditional stock share: You can only buy and sell.
Etoro is a great option if you want to get into the Crypto world fast and are only interested in the “investing” side of bitcoin. If you are looking to make transactions on the blockchain, other options are more suitable.
Coinbase
Coinbase is the largest cryptocurrency exchange platform in the world. Located in the US, It operates in well over 30 countries worldwide. It allows users to instantly purchase bitcoins with a credit or debit card. All you need is to do is: 1. Create an account, fill in your details, walk through the verification process and log in.
To complete the verification process, you will need a government-issued ID. Passport, Driving License and ID card are all accepted. The card will be scanned by a Image processing unit and it will extract and verify your details. Once this step is completed (typically less than 30 minutes) you can make your very first purchase.
Coinbase offers various methods of purchase. The fastest method is a credit card payment. Bear in mind that if you purchase with the bank wire method, the order may take a few days to complete. Upon purchase, the coins will be stored in your Coinbase wallet, you can withdraw them easily to your personal bitcoin wallet.
CoinMama
CoinMama is a large bitcoin brokerage that allows users to acquire coins with their debit or credit cards. The platform issues small fees for transactions. To make up for this, however, the limits for how many bitcoins a user can buy are much higher in comparison to Coinbase. Users can acquire up to $5,000 of coins per day or up to $20,000 per month. All users need to do to use CoinMama is to set up an account, log in, and navigate to the profile page section to fill in personal information.
CoinMama is a large bitcoin broker that allows users to purchase cryptocurrency using credit and debit cards. The platform allows to purchase larger amount of cryptocurrency than Coinbase and if you are ordering less than $100 worth of BTC you don’t have to complete the verification process.
To purchase coins, you have to sign-up, login, fill out the profile section and then you are ready to make an order.
On the dashboard, you may select the amount you would like to purchase in USD value or BTC, then you will walk through the preferred payment method and Bitcoin wallet address. CoinMama does not offer a wallet service, therefore you must prepare the bitcoin wallet before you purchase you coins from the broker.
During the payment completion, CoinMama will ask you to verify the transaction using a code sent to you mobile phone number and your email address.
BitPanda
BitPanda is the biggest and most prominent exchange for the European region.
BitPanda also allows users to purchase Litecoin and Ethereum through it’s online service. It does not allow to purchase more than $2000 worth of coins per day. While it offers lower fees than Coinbase and Coinmama, it has a rigorous verification process and is only available to European residents.
CEX.IO
CEX.io has been around for a long time and has proven to be secure and trustworthy.
While the the trading fees on CEX.io are lower than on most exchanges, it’s drawback is a somewhat lengthy verification process which may cause a slight delay for the fast-paced user. If you are willing to sit it through though, you are invited to an elegant and fast interface that this platform features.
Changelly
Changelly is a service provider that is predominantly used to convert one cryptocurrency to another. Not only is it easy to use, it also offers an extensive range of cryptocurrencies to choose from. You can use your credit or debit card to make instant purchases.
The sign-up process is very simple and easy and you can verify your account with an email confirmation. With thousands of happy customers worldwide, changelly is a great choice.
LocalBitcoins
The greatest amount of flexibility can be found on LocalBitcoins. It it’s an escrow service for peer-to-peer trades. Sellers put forth advertisements for their trade and connect with buyers. Their trustworthiness is evaluated with feedback and rating statistics.
LocalBitcoins is a great platform. because it allows you to process through any local Bank transfer or deposit and even allows you to purchase Bitcoin locally in cash. Bear in mind that the platform is trustworthy, but since you are buying from other users, there is still opportunity of getting scammed. Be diligent in checking the sellers rating and communicate the payment verification well.
Buy Bitcoin from LocalBitcoins
Things to consider
Please be aware that there are many scammers out there that are more than happy to lure you in with a fake link and steal your credentials. Before using a random exchange that advertises that is sells cryptocurrency, make sure to first check it’s reputation and trustworthiness. There are many more exchanges to choose from, but if you want to tread safely, the ones recommended here are tried and tested and therefore a safe option.
Conclusion
While purchasing bitcoin has become fast and convenient through these methods, there is still a certain risk associated with purchasing digital assets online with your credit card, so be diligent while choosing your platform. Take your time to study the exchange and look at the reviews to get an unbiased perspective. It would be a grievance to loose your online credentials or identity documents to a hacker online. Furthermore, to secure your coins, it is recommended to store them in your personal offline wallet after you have completed the purchase.
Disclaimer: This is not financial advice. Investing in cryptocurrency assets is a risky, do not invest funds you are dependent on.
Thank you.
Thank you for the awesome guide!