In today’s article, we will be featuring some of the fastest ways you can buy Bitcoin in 2019.
As Bitcoin has increased in popularity, it has the opportunity of buying the world’s top crypto. While it may be difficult for some traders to buy Bitcoin because of geographic restrictions and complicated procedures, there are several exchanges that allow users to easily purchase BTC through several payment methods.
What are the fastest ways of buying Bitcoin?
The three most instant ways of purchasing Bitcoin are either through credit/debit cards, PayPal, or ATMs.
Buy Bitcoin Through Credit Card
There are many exchanges or payment services that support Bitcoins instant purchases with a credit card. Coinbase, Cex.io, eToro, Coinmama, Bitpanda, Bitstamp are all exchanges that support credit card payments. Marketplaces such as LocalBitcoins and Paxful also allow Bitcoin purchases with credit cards if the two parties have agreed to this payment method.
In order to buy bitcoin with a credit card on Coinbase, you will first have to create an account. Click “Create Account”, type in the required information and confirm your email and phone number. Connect your debit or credit card to your Coinbase account as your payment method.
You will then be required to upload ID photos of you and your card. After your ID verification, you will be able to freely purchase bitcoin. Enter the amount you want and click the “Buy” button.
If you are a US customer, you will not be able to use credit cards, but you can link your account to use debit cards.
Coinbase’s credit and debit card fees are set at a rate of 3.99%, which is a little lower than industry standards. To get higher buying limits, you will have to provide additional documents to have your account verified.
For those that want to purchase Bitcoin without going through the verification process, Coinmama is a great alternative.
While the buying limits are rather low, set at $150, you can buy bitcoin instantly with a credit card without verification.
Follow the steps below to make the trade:
- Go to Coinmama and register for an account;
- Log into your Account;
- Click “Buy Bitcoins;”
- Select credit/debit card as a payment method;
- Fill in your bitcoin wallet address;
- Provide your billing information and address;
- Enter your credit or debit card information;
- Verify your phone number and email;
- Uploading ID verification can be skipped if Coinmama does not require it;
- Wait for the confirmation email.
Buy Bitcoin via PayPal
Several platforms include PayPal services, although you will have fewer options compared to exchanges that offer credit card payments.
LocalBitcoins is an online marketplace that matches buyers and sellers from around the globe to make Bitcoin trades.
- Go to the Localbitcoins and Sign up by entering your username, email, password, and pass the captcha;
- Then, you have to upload an identity document, such as a passport or national ID card, and complete your profile once you have opened your account. Most traders will refuse to trade with you if you have an incomplete profile;
- To make a purchase, click on “Quick Buy” and select your country from the dropdown menu. You will not be able to search people worldwide, as the platform assumes you will look only for local traders to make in-person transactions. This means that you will have to look through each country individually to find all the orders that support PayPal;
- Choose your preferred payment method and go to the ‘All Online Offers’ dropdown to find all the traders that match your selection;
- Inspect and choose the offer that you like and click on the “Buy” button to find out more information about the seller’s reputation, trading history, feedback score, and status of profile verification to evaluate if he is a trustworthy trader. You will have to be very careful at this stage, as many users on the platform can try to scam you of your funds. Keep in mind that offers that seem too good to be true are usually traps in which you will not see any BTC. As such, most legit sellers have higher exchange rates on their offers;
- After you have found your offer, go to the trade screen, and complete the information required for the trade and the payment window. Expect some sellers to refuse your trade if you are new, as they will be suspicious of anyone that does not have a solid reputation on the platform. But after you have some trades under your belt, you will find more easily people to trade with;
- Remember to leave feedback after you have ended your transaction.
LocalBitcoins charges a fee of 1% on all executed trades, regardless of payment method. The same process applies to when you buy Bitcoin using your credit or debit card on the platform.
Paxful is another P2P marketplace that accepts Bitcoin purchases via PayPal. In comparison to LocalBitcoins, the platform is smaller and lesser-known.
The process of purchasing BTC is simple and uncomplicated, as you will see in the following instructions:
Go to Paxful’s website and register for a personal account.
- Select the payment method, which in our case will be PayPal;
- Look for a seller. Like with LocalBitcoins, you should be very careful whom you chose to engage in trading. Like any place that involves handing large sums of money, there will be people trying to scam you;
- After finding your trader, you can start a conversation with him via a live chat to set the details of your trade;
- After you have made your payment, the Bitcoins will be released from escrow and into your account.
Keep in mind that you do not have much time to waste after you have decided to go through with the deal, as you will have to make the payment in less than half an hour to complete the trade. If you do not complete your deal in the specified amount of time, the trade will be automatically canceled.
Like LocalBitcoins, Paxful also charges a 1% fee. You can also buy Bitcoin on Paxful using your credit and debit card.
While Coinbase only supports PayPal withdrawals, eToro also allows users to buy bitcoin using the payment service. It is probably one of the easiest methods of getting BTC on our list.
Nonetheless, there are some restrictions on this type of payment option. While you might be able to purchase Bitcoin, you cannot withdraw it, send or trade with it, as you can only convert BTC back into fiat currencies.
This option is only ideal for those that just want to hold Bitcoin to speculate on its price since you will not be able to perform any transactions with it. Still, you can make some profit if you capitalize on BTC price fluctuations, as price swings can go from hundreds to thousands of dollars.
In order to make a purchase, follow the steps below:
- Go to the eToro and register for an account;
- Select your payment method through which you will make the deposit;
- Select the amount you want to buy with and in what currency;
- Make the deposit and wait for the funds to be credited to your account;
- Click “open trade” at the bottom;
- Select how much BTC you want to buy;
- Buy BTC.
You can also buy Bitcoin on eToro using credit or debit cards, with the process having similar steps. The $25 eToro fee for withdrawals and the minimum withdrawal amount is $50; the fees generated from the spread will be charged when a position is closed.
Buy Bitcoin via ATMs
If you have cash and what to buy Bitcoin instantly, there is also the option of using an ATM. The problem is that if one is not located in your area, you will have to travel to the closest one near you, Bitcoin ATMs usually come with high fees, charging from 5 to 10 percent of your transaction.
1. Find a Bitcoin ATM
There are more than 1200 Bitcoin ATMs all over the world, and there is a map that shows you where each one is located. Keep in mind that most ATMs will be usually located in big cities, so if you are in a small town, you might not be in luck to have one near you.
2. Use the ATM
The process may vary slightly depending on the ATM provider, but in general, most machines have the same buying process.
- Tap on the screen to initiate the transaction;
- You will then be asked how much Bitcoin you want to buy;
- Commence verification by entering your mobile phone number, so that you can receive a text (SMS) confirmation message;
- Provide your Bitcoin wallet receiving address;
- Generate your address form your bitcoin wallet in the form of a QR code that can be scanned;
- Hold the QR code that displayed in the wallet up to the ATM and scan it. Follow the instructions presented on the screen to make sure the machine scans the code correctly;
- Confirm the address in your wallet – second check to make sure that it’s correct before continuing;
- Deposit the cash into the machine. You should be able to deposit any amount between the set minimum and maximum limits of the BATM. The screen should feature the amount of Bitcoin you are buying denominated in your local currency;
- Complete the transaction.
The ATM should print out the receipt that features the transaction details. After the process is completed, you should receive the BTC fund in your wallet.
There are many ways in which one can buy Bitcoin instantly. Of course, there are some disadvantages, such as a higher fee on credit card and ATM transactions, and on P2P markets, you will always have to be on a lookout for scammers.
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