Buying bitcoin depends on the payment method you have available and the country you are located in.
In this post, I am going to show you how to buy bitcoin using these 4 payment methods.
Let’s get started.
- How to buy bitcoin with Cash
- How to buy bitcoin with Paypal
- How to buy bitcoin with Credit card
- How to buy bitcoin with Bank Deposit
How to buy bitcoin with cash
Buying bitcoins with cash can be very low risk.
If making a trade in-person, it’s best to meet in a public place to reduce the risk of scamming or theft.
If buying bitcoins with cash via cash deposit, use an escrow service (like LocalBitcoins or BitQuick) to ensure the seller must send you the bitcoins after receiving bitcoins.
A platform where you can buy bitcoin with cash include:
Localbitcoins
It’s possible to buy bitcoins with cash on LocalBitcoins via cash trade in-person or with a cash deposit.
A quick step-by-step guide on how to buy bitcoins with cash on LocalBitcoins:
- Find a seller in your area who accepts cash.
- Select the amount of coins and place an order.
- Receive the account number from the seller.
- Deposit cash into the seller’s account.
- Upload your receipt to prove you made the deposit/trade.
- Receive bitcoins! The coins will arrive in your LocalBitcoins wallet.
PROS
- Can be private, fast and easy
- In-person trades require no personal information
- Purchases of bitcoin can be made quickly via cash deposit
CONS
- Beware of scams; always follow the rules!
- Harder to buy large amounts of bitcoins compared to large exchanges
- Slightly to significantly higher prices than regular exchanges; premium for higher privacy.
How to buy bitcoin with Paypal
An option is to buy crypto through a peer-to-peer marketplace, such as Localbitcoins or Paxful.
These exchanges allow buyers and sellers to trade directly with one another, giving the seller the freedom to set their own exchange rate and accepted payment methods.
Some sellers accept PayPal, and you can filter your search of available deals on the marketplace by payment method to help find a suitable seller.
Paxful:
Paxful does not control the buyer/seller limits.
Instead, the company leaves it to the market participants to decide.
So, if you are buying Bitcoin from any seller, you will do well to read the limits they set.
You are buying bitcoin at a rate set by the sellers themselves depending on your payment method, verification status, currency pair (such as USD, EUR, CNY), and order size.
Plus, you want to make sure that the terms are favorable to you before you proceed to make payment.
To buy bitcoin using Paxful follow these easy 3 steps.
Step #1: Register an account or sign in
Step #2: Search for Paypal option
Step #3: Proceed to buy now
Keep in mind that if you don’t finalize the deal within a certain timeframe (usually 30 minutes), the deal will be automatically canceled.
If you want to read in-depth about additional exchanges that accept Paypal keep on reading.
How to buy bitcoin with Credit card
These days it’s getting much easier to purchase Bitcoin with a credit card.
The problem of chargebacks has been mitigated through anti-fraud companies, and more and more exchanges allow credit cards as a valid payment option.
One of the easiest ways to buy Bitcoins with a credit card would probably be Coinmama.
Here are the steps:
- Visit Coinmama.
- Choose the amount you want to buy.
- Submit your ID for verification.
- Enter your Bitcoin address.
- Enter your credit card details.
- The coins will be sent to your wallet.
If you want to read in-depth about additional exchanges that accept credit cards keep on reading.
How to buy bitcoin with Bank Deposit
Coinbase is the world’s largest bitcoin broker. In the United States, you can buy bitcoin with a connected bank account via ACH bank transfer.
In Europe, you can buy with your bank account via SEPA transfer.
Purchases made with ACH take 5 days for the coins to be delivered, while SEPA purchases take less than two days.
Coinbase charges a flat 1.49% fee on all transactions. Americans may add a Visa or Mastercard credit card as a backup to unlock instant payments via bank transfer.
PROS
- High liquidity and buying limits
- An easy way for newcomers to get bitcoins
CONS
- Purchases made with bank transfer can take up to 5 days to complete
- Coinbase may track how and where you spend your bitcoins
The benefits of using a bank account are fees.
The bank account is usually the cheapest deposit method for buying coins.
Limits are also usually higher when using a bank account, assuming you have verified your account.
Hope this helps…
