Best Ways to Buy Bitcoin in 2020
If you are looking for easy ways to buy Bitcoin, then continue reading our article. Here you will find out some of the methods you can use to get some BTC quick and without hassle.
Nowadays, crypto exchanges require that you pass time-consuming Know Your Customer (KYC) and Anti Money Laundering (AML) procedures, which involve providing photo ID and personal details. This process can take weeks, if not months, before you receive approval from the exchange.
But there are still several options that allow you to buy Bitcoin instantly without having to give away too much personal data.
Cash App is a mobile app that allows you to sell and buy Bitcoin. The app was launched by the popular payment processor, Square, which was created by Jack Dorsey, who is also the CEO of Twitter.
The app is definitely one of the best ways to buy Bitcoin, as there are no fees charged when transferring coins between people in your contact list. The mobile app has a concise sign-up and verification process, and there are no complex features and trading charts, making it ideal for new traders.
You can purchase Bitcoin by using a credit card, and there is a weekly limit of $10,000 worth of Bitcoin on buying, but there’s no limit on how much you can sell. Currently, Bitcoin is the only crypto available for purchase on the app. Unfortunately, on Cash App, there is no option to buy Bitcoin with prepaid card.
Cash App can be downloaded from the App Store and Google Play.
- Step 1: Download the Cash App for your mobile operating system;
- Step 2: Attach a credit card/debit card to the account;
- Step 3: Provide the required personal data and enter the code sent to you and confirm your phone number or email address;
- Step 4: Deposit fiat;
- Step 5: Open “Cash & BTC” at the top of your app;
- Step 6: Tap on “BTC;”
- Step 7: Tap on the “Buy” button;
- Step 8: Put in the amount of Bitcoin you want to buy and tap confirm.
CoinSwitch is an exchange platform that provides fast conversions between a wide list of cryptocurrencies. The site enables you to swap over 300 cryptocurrencies at decent rates.
In addition to crypto-to-crypto exchange, you also have the option to buy Bitcoin via credit card in more than 200 countries.
Fees are usually between 0.0-0.5% per transaction, with a monthly purchasing limit of $50,000. This is one of the highest limits you can find when searching for ways to buy Bitcoin online. CoinSwitch is a non-custodial platform, meaning that you will have to get your own Bitcoin wallet before you begin the transaction.
How to use CoinSwitch:
- Step 1: Type what cryptocurrency you want to exchange into BTC and click “View All Offers”. Offers from exchanges such as Binance, HitBTC, IDEX, SimpleSwap will be featured.
- Step 2: Select the exchange with the rate that is most convenient for you.
- Step 3: Select the “Login not required” option to not provide personal data.
- Step 4: Paste your wallet address where you want your coins to be deposited.
- Step 5: Send your cryptocurrency to the wallet address of the seller.
Buy Bitcoin with fiat
You can also buy Bitcoin with a credit/debit card with USD and EUR fiats.
- Step 1: Enter your fiat amount and click “View All Offers”.
- Step 2: Select the exchange with the most convenient rate.
- Step 3: Paste your wallet address where you want the Bitcoins to be deposited.
- Step 4: Click “Next.”
- Step 5: Transfer the fiat from your credit card or debit card.
Through both methods, you will receive the Bitcoins directly in your wallet.
LocalBitcoins is a peer-to-peer Bitcoin platform, where users are able to buy, sell, and trade Bitcoin directly with other people from 250 locations worldwide.
What is different about LocalBitcoins, is the fact that there is no fixed market price. The sellers and the buyers set their own rates, and they can even negotiate the price once they established communication.
Users can choose to buy Bitcoin through a wide variety of payment methods, such as credit/debit cards, gift cards, PayPal, bank wire, or real-life meetups.
You just select your country and enter how much you can buy, and the site filters all the available sellers based on the criteria you inputted. Of course, you will have to be careful and investigate the person selling you the BTC and the method of payment he requests. However, in-person meetups are very dangerous, so exercise utmost caution.
LocalBitcoins applies a 1% fee for sellers that publish the offers and have finished the trade.
Get Bitcoin Through Your Wallet
There are several crypto wallet providers that have also integrated the exchange of cryptos from within the wallet, which means that you do not have to go to a different exchange and sign up there. Of course, most wallets only allow crypto-to-crypto conversions, which means that you will already have a digital asset type. But if you want to buy Bitcoin with crypto, here are some of the wallets that enable you to seamlessly convert crypto into BTC.
CoolWallet S is a cold storage hardware wallet that can be accessed through a mobile app, as the wallet data is sent in an encrypted format to the CoolBitX Crypto mobile app through Bluetooth. Also, through Changelly, a popular crypto payment processor, CoolWallet S supports crypto-to-crypto exchanges from within the wallet.
You are able to convert Bitcoin, Litecoin, Ethereum, XRP, Bitcoin Cash, and a number of ERC20 tokens.
Trezor is a hardware wallet that can be accessed by plugging it in a PC or Mac. But there is also a Trezor application that has the Changelly API integrated.
From the Trezor application you have to:
- Select the cryptocurrency you want to sell;
- Choose the wallet address in which you keep the funds you want to sell;
- Click on the “Exchange” tab;
- Select to buy Bitcoin and paste in the receiving wallet address;
Edge is a non-custodial multi-currency wallet that has ShapeShift, Changelly, Wyre, and Simplex integration. None of your private data will be shared with any kind of third-party provider. After selecting a currency pair and an amount, the wallet features the best available trade at the time on the exchanges mentioned above.
Guarda allows you to exchange a variety of cryptos for Bitcoin by using one of three of the most popular exchange services (ShapeShift, Changelly and ChangeNow). The wallet allows you to choose which third-party exchange you want to use, based on your KYC preference and fees.
This has been our article suggesting a few ways to buy Bitcoin easily. We hope that the information we provided has been of help to you.
Featured image: forbes.com