Bitcoins, coined to be the “currency of the future”, is a hot topic to many investors and miners around. Buying a bitcoin is easy if you have a credit or debit card that you can use in exchanges; or you can buy directly from private sellers or brokers in the marketplace. Even if you don’t have a credit or debit card (or prefer not to use it online for security reasons), you can still buy bitcoins thru cash, PayPal transfers, wire transfers, or with other cryptocurrencies depending on the seller’s location and yours.
There are however some exchanges that avoid PayPal and credit card payments to avoid chargebacks because such can easily be reversed by just filing a dispute or calling the card company. Considering that bitcoin transactions are hard to prove or validate, most exchanges steer clear from using this payment method.
Getting A Bitcoin Wallet
Before buying bitcoins, you would need to get a bitcoin wallet. This is likened to a bank account and it’s where you store your bitcoins. These wallets provide different layers or levels of security. Your wallet options include:
- Web-based or online wallet.
- Software wallet on the hard drive of your own computer.
- Vault service or multisig wallet protected with a number of keys.
These wallets are still prone to vulnerabilities like hacking or file corruption.
You would find many exchanges and wallet options online. If you are looking to engage in regular trading, then these bitcoin wallets and exchanges would suffice. Still, the best exchange for you would depend mainly on your location.
Top Bitcoin Exchanges Online
- This is considerably one of the world’s most popular and largest bitcoin exchanges. This caters to users in Canada, United States, Singapore, and most parts of Europe. You can buy bitcoins using 3D-secure credit or debit cards online. Fees are usually at 3.99% for every purchase and bitcoins are delivered instantly with the “Instant Buy” option. Bank transfers though would usually take up to 5 days to complete the purchase. Another advantage too for those who want to buy large amounts of bitcoins is its high buying limits and liquidity.
- This is a trusted and large exchange established in 2013. This is however Euro-dominated but cater to users all over the world such as in the United States, Europe, Japan, and Canada. They accept SWIFT, SEPA, and bank wire. This however requires ID verification for security purposes. It has a very low taker fee at 0.25% and offers high liquidity for buyers who purchase large volumes of bitcoins.
- If you want to buy bitcoins quick and hassle-free, then this is your best exchange out there. This caters to almost any country in the world and you can buy bitcoins using your credit or debit card. There is no need to verify your identity if you are going to purchase less than $150 of bitcoin. This also has the highest limits in terms of buying bitcoins making it one of the most reliable and trusted exchange or broker in the market.
Buying bitcoins online has been a breeze for most traders. It’s not exactly a walk in the park though for everyone especially for those who are still trying to learn the ropes with bitcoin buying and selling. The recent rise in the value of bitcoins has prodded many investors to jump the gun. If you are one of these smart investors, then you probably should trade and buy bitcoins online with the above well-vetted exchanges and brokers.