Where to Buy Bitcoin

In the dynamic and ever-evolving and fascinating realm of cryptocurrencies, Bitcoin stands as the trailblazer, captivating the interest of both seasoned investors and of course newcomers as well. For those venturing into the Bitcoin ecosystem for the first time, a crucial initial query surfaces: “Where to buy Bitcoin?”

This guide delves into a variety of platforms and methods, to provide an in-depth understanding of the best practices for acquiring Bitcoin for the first time.

1. Cryptocurrency Exchanges

Cryptocurrency exchanges serve as the cornerstone of the digital economy, enabling the seamless exchange of fiat currencies for digital assets. Reputable exchanges are essential for secure and transparent transactions. Let’s explore first some of the most trusted cryptocurrency exchanges:

Coinbase

Established in 2012 by Brian Armstrong and Fred Ehrsam, Coinbase has played a pivotal role in making cryptocurrency accessible to a wider audience. The platform provides an intuitive interface for buying, selling, and managing digital assets, catering to both beginners and experienced traders.

Coinbase supports a wide range of cryptocurrencies, including major players like Bitcoin, Ethereum, and Litecoin. Security is a paramount focus, with features such as two-factor authentication (2FA) and the majority of user funds stored in secure cold storage, instilling confidence in users.

Noteworthy is Coinbase’s commitment to education, offering resources for beginners and user-friendly features like recurring purchases. This emphasis on simplicity and user support sets Coinbase apart as a welcoming gateway for many individuals venturing into the dynamic realm of cryptocurrencies.

In summary, Coinbase stands as a bridge between traditional finance and the burgeoning world of digital assets, providing accessibility, security, and educational tools to users navigating the complexities of cryptocurrency.

We recommend Coinbase as the best option for buying Bitcoin.

Coinbase

 5/5

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FUNDING METHODS

Debit & Credit Bank, PayPal, ACH, Bank Transfer

CRYPTOCURRENCIES

40+

COUNTRIES

100+

Binance

Launched in 2017, Binance is a powerhouse in the cryptocurrency industry, redefining the trading experience for many users. With a user-friendly interface, it is a perfect option for beginners and seasoned traders alike, offering seamless transactions for a variety of cryptocurrencies, which makes it a great choice everyone.

Security is also paramount for Binance, as they employ advanced security measures such as two-factor authentication (2FA) and a secure asset fund for users (SAFU).

Beyond traditional trading, Binance also stands out with innovative features like:

staking
futures trading
launchpad for new token offerings

With a global presence and liquidity, Binance is a preferred choice for traders worldwide. In summary, Binance combines accessibility, security, and innovation, setting the standard for cryptocurrency trading platforms.

Binance is also our top recommendation for buying Bitcoin.

Binance

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FUNDING METHODS

Wire Transfer, ACH, Credit Card, Debit Card

CRYPTOCURRENCIES

175+

COUNTRIES

100+

Kraken

Established in 2011 by Jesse Powell, Kraken is a trusted cryptocurrency exchange known for its longevity and security. Offering an intuitive interface for users of all levels, Kraken simplifies buying, selling, and trading various digital assets, which means that buying Bitcoin is very easy there.

Security is paramount at Kraken, evident through features like two-factor authentication (2FA) and robust cold storage for user funds. The exchange supports a wide range of cryptocurrencies, including Bitcoin and Ethereum, catering to both novice and experienced traders.

Kraken’s commitment to regulatory compliance enhances its trustworthiness, making it a reliable hub for cryptocurrency enthusiasts. In summary, Kraken provides a very secure and user-friendly environment for those looking to navigate the cryptocurrency markets with confidence.

Kraken is also highly recommended by us.

Kraken

 5/5

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FUNDING METHODS

Wire Transfer, ACH

CRYPTOCURRENCIES

20+

COUNTRIES

300+

Gemini

Gemini, founded by the Winklevoss twins in 2015, is a leading cryptocurrency exchange known for its emphasis on security and regulatory compliance. The platform provides a user-friendly interface for buying, selling, and storing various cryptocurrencies, catering to both beginners and experienced traders.

Gemini has obtained licenses from the New York State Department of Financial Services (NYDFS) and adheres to rigorous regulatory standards. The exchange prioritizes security through features like two-factor authentication (2FA) and cold storage for user funds.

Offering a diverse range of cryptocurrencies, including Bitcoin and Ethereum, Gemini combines innovation with a commitment to user trust. It has introduced the Gemini Dollar (GUSD), a stablecoin pegged to the U.S. dollar, providing users with a stable digital currency on the blockchain.

Gemini

 4.5/5

FUNDING METHODS

Bank Account, Wire Transfer, ACH, PayPal, CreditCard

CRYPTOCURRENCIES

80+

COUNTRIES

60+

*Gemini Staking not available in New York state. UK customers are subject to network minimums, e.g. 32 ETH ** Gemini Foundation’s derivatives product is available in select jurisdictions globally. It is not currently available in the US, UK, or EU.

2. Peer-to-Peer (P2P) Platforms for Buying Bitcoin

Peer-to-peer platforms offer a decentralized approach to trading Bitcoin, providing users with more direct control over their transactions. Reliable sources shed light on the credibility of these platforms:

LocalBitcoins

Founded in 2012, LocalBitcoins stands as a pioneer in the world of decentralized cryptocurrency trading. This platform facilitates direct peer-to-peer transactions, allowing users globally to buy and sell Bitcoin directly with one another. Operating as an escrow service, LocalBitcoins ensures security and fairness in transactions by holding the Bitcoin in escrow until both parties fulfill their respective obligations.

The platform offers a diverse array of payment methods, making it adaptable to users with various preferences. LocalBitcoins not only provides a decentralized alternative to traditional exchanges but also fosters a sense of community by allowing individuals to engage in direct, secure, and often private transactions, marking a significant step towards the original ethos of cryptocurrencies.

Paxful

Established in 2015, Paxful has emerged as a leading peer-to-peer cryptocurrency marketplace worldside, fostering a global community for buyers and sellers to transact Bitcoins and other cryptocurrencies directly. Operating as a decentralized platform, Paxful allows users to engage in the exchange of Bitcoin using an extensive array of popular payment methods, ranging from bank transfers and credit cards to gift cards and digital wallets.

With a focus on inclusivity, Paxful has also played a crucial role in providing financial access to unbanked populations around the world. The platform’s unique escrow service ensures the security of transactions, holding the Bitcoin in escrow until the terms of the trade are met.

Paxful’s commitment to financial inclusion, diverse payment options, and a secure trading environment positions it as a top player in the evolving landscape of peer-to-peer cryptocurrency trading.

Bisq

Founded in 2014 as Bitsquare and later rebranded as Bisq, this decentralized exchange embodies the principles of privacy and censorship resistance in the cryptocurrency realm. Bisq enables users to trade Bitcoin in a peer-to-peer fashion without the need for a central authority. Operating on a decentralized network of nodes, Bisq allows users to exchange Bitcoin for fiat currencies and other cryptocurrencies securely and privately.

Notably, Bisq emphasizes user control, ensuring that traders retain possession of their private keys throughout the trading process. With a commitment to decentralization, privacy, and individual empowerment, Bisq stands as a resilient platform in the evolving landscape of decentralized cryptocurrency exchanges.

Bitcoin ATMs

Bitcoin ATMs provide a tangible bridge between the physical and digital realms, offering users the ability to purchase Bitcoin with cash or cards. Insights from industry reports contribute to our understanding of Bitcoin ATMs:

CoinATMRadar

CoinATMRadar serves as a comprehensive platform for cryptocurrency enthusiasts seeking convenient access to Bitcoin ATMs worldwide. Founded in 2014, CoinATMRadar provides real-time information on the locations of Bitcoin ATMs, facilitating users in finding the nearest ATMs for buying or selling Bitcoin using cash or cards.

The platform’s user-friendly interface and regularly updated data make it a valuable resource for those looking to explore the expanding network of Bitcoin ATMs globally. CoinATMRadar empowers users to seamlessly integrate traditional cash transactions with the burgeoning world of digital assets, offering a bridge between fiat currency and the decentralized realm of cryptocurrencies.

Coinme

Founded in 2014, Coinme has become a pivotal player in the cryptocurrency space, specializing in making digital assets accessible to users through Bitcoin ATMs and an online trading platform. The company’s Bitcoin ATMs provide a physical gateway for users to buy and sell Bitcoin using cash, creating a tangible link between traditional fiat currency and the world of digital assets.

Coinme’s online platform further extends its reach, allowing users to securely trade and manage their cryptocurrencies. With a commitment to accessibility, security, and regulatory compliance, Coinme acts as a bridge for individuals seeking to seamlessly integrate cryptocurrency transactions into their financial lives. The combination of physical Bitcoin ATMs and an online trading platform positions Coinme as a holistic solution for both beginners and seasoned cryptocurrency enthusiasts.

Genesis Coin

Genesis Coin is one of the leading manufacturers of Bitcoin ATMs, playing a crucial role in expanding accessibility to digital assets in many areas of the world, where Bitcoin hasn’t been that accessible yet. Since its inception, the company has been at the forefront of providing robust and user-friendly Bitcoin ATM solutions that have gained a lot of popularity during the years.

Genesis Coin ATMs are well known for their reliability, security features, and user-friendly interfaces that are very easy to use.

The company’s commitment to advancing the adoption of cryptocurrencies is evident in its widespread deployment of Bitcoin ATMs globally. You can find them almost everywhere.

Whether for buying or selling Bitcoin with cash, Genesis Coin’s ATMs provide a tangible bridge between the physical and digital realms, making it easier for individuals to participate in the evolving and exciting world of digital finance.

3. Buying Bitcoin in Cryptocurrency Brokerages

Cryptocurrency brokerages, which simplify the process of purchasing Bitcoin, are increasingly popular among beginners. Industry analyses and user reviews shed light on their effectiveness:

eToro

Founded in 2007, eToro has revolutionized the world of online trading by introducing a unique social trading platform. The platform combines traditional financial markets with innovative social features, allowing users to not only trade a wide range of assets, including cryptocurrencies, stocks, and commodities but also to interact, follow, and even automatically replicate the trading strategies of successful investors.

eToro’s user-friendly interface caters to both novice and experienced traders, making it easy for users to navigate the complexities of financial markets. With a strong emphasis on community and transparency, eToro has established itself as a go-to platform for those seeking a seamless and socially integrated trading experience.

Robinhood

Launched in 2013, Robinhood has redefined the landscape of online brokerage services by offering commission-free trading and a user-friendly mobile app. Targeting a new generation of investors, Robinhood provides a straightforward platform for buying and selling stocks, ETFs, options, and cryptocurrencies.

The platform’s intuitive design and simplicity appeal to both novice investors and seasoned traders, while its commission-free model has disrupted traditional brokerage norms.

Robinhood’s commitment to financial inclusivity and accessibility has garnered a massive user base, reflecting its mission to democratize finance and make investing accessible to everyone.

Coinmama

Since its establishment in 2013, Coinmama has positioned itself as a straightforward and user-friendly platform for purchasing cryptocurrencies. Specializing in the simplicity of buying digital assets with a credit or debit card, Coinmama provides a convenient onramp to the world of cryptocurrencies.

With a commitment to ease of use, Coinmama has become a preferred choice for those seeking a quick and accessible way to acquire Bitcoin and other cryptocurrencies.

While it may not offer the extensive trading features of some exchanges, Coinmama excels in its simplicity and efficiency for users looking for a hassle-free experience in purchasing digital assets.

4. Buying Bitcoin with Cryptocurrency Apps

Mobile apps offer users the convenience of managing their cryptocurrency investments on the go. Industry analyses and user reviews provide valuable insights into the efficacy of these apps:

Cash App

Developed by Square Inc., Cash App has transformed into a multifaceted mobile payment and financial platform since its launch in 2013. Beyond its primary function of enabling peer-to-peer money transfers, Cash App has expanded to include features like:

Cash Card (a customizable debit card),
direct deposit services, and perhaps most notably,
the ability to buy, sell, and withdraw Bitcoin.

With its user-friendly interface, Cash App has become a popular choice for individuals seeking a seamless integration of traditional and digital financial services.

The app’s accessibility and inclusion of Bitcoin transactions have played a role in introducing cryptocurrencies to a broader audience, reflecting the app’s commitment to simplifying financial experiences for users.

Gemini Mobile App

The Gemini Mobile App is an extension of the Gemini cryptocurrency exchange. Launched to cater to the growing demand for mobile accessibility, this app allows users to trade and manage their cryptocurrency portfolio conveniently from their smartphones.

Known for its security features, the Gemini Mobile App ensures a safe and user-friendly experience, incorporating measures like two-factor authentication and state-of-the-art encryption.

The app reflects Gemini’s commitment to regulatory compliance and user protection, providing a seamless and secure mobile solution for those who wish to engage in cryptocurrency trading and management while on the move.

How to Open a Crypto Exchange Account for Buying Bitcoin?

Let’s then take a look at how you can open a crypto exchange account in order to buy Bitcoin or other cryptocurrencies. In the example here we are using Coinbase, which is our first crypto exchange recommendation for buying Bitcoin.

Go to Coinbase's main website - coinbase.com and click [Register]

On the registration page, enter your email address, create a password for your account, and enter the Referral ID (if any). Then, read and agree to the Terms of Service and click [Create Account].

Complete the security verification

The system will send a verification code to your email. Please enter the verification code within 30 minutes. If you can’t find the email in your inbox, please check your other mail folders as well, or click [Resend Email] to resend.

That’s it and you can trade using Coinbase!

For further security, you can enable 2FA, phone and google verification.

Do You Need an External Crypto Wallet for Buying Bitcoin?

Do you need an external wallet? Simply put, no, you don’t really need one. Many crypto exchanges allow their users to store cryptocurrencies within a wallet associated with the exchange, and many people leave it as is.

Although, leaving your funds in an exchange poses risks of lost funds due to cyber attacks. So an external cryptocurrency wallet is essential to store your crypto funds more securely.

We recommend that you buy a crypto wallet and store your crypto funds there for maximum safety.

How to Choose Where to Buy Bitcoin?

When choosing where to buy bitcoin or other crypto currencies there are different factors users need to consider to find a fitting exchange.

It is recommended to check at least these points before choosing where to buy bitcoin or other cryptocurrencies.

Check the number of supported coins.

Make sure there is enough liquidity - the ability to turn cash into coins or vice versa.

Compare the fees of one crypto exchange to another. Some exchanges offer wildly different fees for the same amount of features so knowing the difference between both is a must.

Check the security. Exchanges are vulnerable to hacks and any type of cyber attack.

Consider the type of exchange - whether it’s decentralized, centralized, or hybrid.

Conclusion

Navigating the landscape of where to buy Bitcoin involves careful consideration of various platforms and methods. As the cryptocurrency space continues to evolve, staying ahead of the latest developments and adopting best practices ensures a secure and rewarding journey in acquiring Bitcoin and other cryptocurrencies.

Frequently Asked Questions

Where can I buy Bitcoin?

Coinbase, Binance, Kraken and Crypto.com are examples of popular online cryptocurrency exchanges, where you can buy Bitcoin or other cryptocurrencies. It is possible to exchange fiat currencies to cryptocurrencies in all cryptocurrency exchanges.

Are there any peer-to-peer platforms for buying Bitcoin?

Yes there are. For example platforms like LocalBitcoins and Paxful facilitate peer-to-peer trading for their users, allowing you to buy Bitcoin quickly and directly from other individuals using various payment methods.

Can I buy Bitcoin with cash?

Yes, it is possible to buy Bitcoin with cash. You can purchase Bitcoin with cash using Bitcoin ATMs that can be found nowadays from all over the world. Platforms like CoinATMRadar can help you locate Bitcoin ATMs in your area.

Are there any mobile apps for buying Bitcoin?

Yes, there are several mobile apps that enable buying Bitcoin or other cryptocurrencies, such as Cash App and the Gemini Mobile App, which both provide a very convenient way to buy and manage Bitcoin on your mobile phone.

What is the difference between cryptocurrency exchanges and brokerages?

Cryptocurrency exchanges like Binance and Coinbase allow you to trade Bitcoin or other cryptocurrencies directly with other users, while brokerages like eToro and Robinhood simplify the buying process by directly selling Bitcoin to users.

Can I buy a fraction of a Bitcoin instead of a full Bitcoin?

Yes, you can certainly buy a fraction of a Bitcoin. Bitcoin is divisible, and you can purchase even a very small fraction, like 0.001 BTC.

How do I ensure the security of my Bitcoin purchases?

Always rioritize platforms with strong security measures, such as two-factor authentication (2FA) and cold storage for user funds. Platforms like Coinbase and Gemini are well-known for their robust security features, which makes Bitcoin purchases a lot safer.