When buying any cryptocurrency online you will firstly want to make sure it is safe, legal, secure and not a scam. Secondly you will want to make sure you’re getting a good deal and not getting ripped of on some transaction costs. Read on for a detailed guide on how to purchase bitcoins and other cryptocurrencies.
How to buy any crypto in a nutshell:
- 1Register an account with an approved legal exchange.
- 2Verify your identity through their KYC process.
- 3Choose your deposit method and deposit your desired amount.
- 4When the funds clear go to the trading page.
- 5Choose the cryptocurrency you want to buy.
- 6Enter the amount and confirm your transaction.
Congratulations, you just successfully purchased a cryptocurrency.
Lets do a step-by-step with the popular eToro platform
Step 1 – Sign up to eToro
Simply visit https://www.etoro.com/crypto/trading-platform/ and begin the sign up process
eToro USA LLC; Investments are subject to market risk, including the possible loss of principal. “Virtual currencies are highly volatile. Your capital is at risk.”
Step 2 – Go through the verification process
This is an annoying but necessary step when dealing with any reputable broker. You must verify your identity, simply follow the steps when presented and complete the process. It can sometimes take up to 2 days to complete the process. Hopefully yours can be instant.
Step 3 – Deposit funds
Navigate to the bottom left of your screen and click the blue button labeled ‘Deposit Funds’
Choose the deposit method that suits you bet, depending on your region you will be able to deposit using bank transfer, credit card, debit card, PayPal and more. Deposit the amount you’re willing to invest and then we are ready to start the trade.
Step 4 – Start the trade process
On the left hand menu select ‘Trade Markets’, after selecting that option you will see an array of different cryptocurrencies to choose from. Since this is a guide for Bitcoin, we will be choosing ‘BTC’ which is the market ticker for Bitcoin.
In the image above you can see are going to click the green ‘Buy’ button on BTC. This indicates we want to buy some Bitcoin.
Step 5 – Select the amount you want to buy and confirm
After clicking the Buy button in the previous step you will be faced with the below options.
Simply fill in how much you want to buy, as you can see we are opting to buy $750 worth of BTC.
When you’re ready to buy simply click ‘Open Trade’, and that’s it. You have officially bought some bitcoin. It is sitting in your eToro account. Many people will advise you to transfer it to a safe wallet in case your broker or exchange get hacked or go bust. But it’s my opinion your crypto is safe with eToro.
Our Approved exchanges for buying Bitcoin:
|
Name |
Deposit Methods |
Fiat Currencies |
Cryptocurrencies |
Header |
|---|---|---|---|---|
 |
Wire transfer, Online banking |
USD |
15 Cryptocurrencies |
eToro USA LLC; Investments are subject to market risk, including the possible loss of principal. “Virtual currencies are highly volatile. Your capital is at risk.” |
 |
Electronic Funds Transfer,Wire transfer,Osko,PayID,Ethana Custody |
USD, EUR, GBP, JPY, CAD, CHF, AUD |
BTC, ETH, XRP, BCH, EOS, LTC, ADA, XLM, BAT, ETC & 40+ more |
A Detailed Step by Step guide on buying Bitcoin:
- 1Before buying any cryptocurrencies you will need to set up a digital wallet so you can store your coins safe, of course there are no real coins being stored, just the private keys you need to public bitcoin address. You can get a physical one, a desktop one but we recommend an app for your phone.
- 2Choose a reputable exchange, there is no shortage of options here but we can categorize all the options into three main types: 1. There are cryptocurrency brokers which allow you to purchase bitcoins using the traditional payment methods (credit card, PayPal, wire transfer ect). The down side to these are they usually charge a higher than average transaction fees. Fell free to see our recommended brokers. 2. A cryptocurrency trading platform, these allow you to buy bitcoins using other cryptocurrencies, they usually have lower fees than usual and have a wide variety of coins to buy. The downside is you usually need to own a cryptocurrency before entering their market.3. A peer-to-peer (P2P) crypto exchange, these platforms cut out the middle man and allows individuals to trade directly with each other. This allows owners to set the price they want to sell at the potential buyers to set what price they are willing to buy at. This allows you to trade with extra privacy.
- 3The final step is to actually buy the bitcoin/cryptocurrency, if this is your first time then the easiest is to use a reputable broker but if you plan to get in deep then you may as well plunge into the deep end get familiar with an exchange. So choose your platform, verify your identity, deposit your funds, and find their trading page. While there it should be easy to locate the buy bitcoin option. Simply enter the amount you want to buy and confirm the transaction. If you want to buy a less popular cryptocurrency then I suggest you make sure that one is available on the platform you sign up to prior to signing up.
Pros & cons of buying from a US based exchange
Citizens of the USA do not need to use a US platform, they can use one here at home or use a foreign one although your choice will carry increased risks and pros & cons.
Pros
- US exchanges are regulated and must comply with the US Securities and Exchange Commission’s regulatory requirements.
- Almost all support USD
- You are likely to find local payment methods, such as ACH transfers
- Customer support is local
- Your funds enjoy better protection while here in USA
Cons
- You’ll need to provide your personal details and proof of ID, this is not ideal for people who want to trade anonymously.
- This makes the registration process longer than usual
- You can find platforms based overseas offer much better liquidity.
Our Approved exchanges for buying Bitcoin/crypto:
|
Name |
Deposit Methods |
Fiat Currencies |
Cryptocurrencies |
Header |
|---|---|---|---|---|
|
Wire transfer, Online banking |
USD |
15 Cryptocurrencies |
eToro USA LLC; Investments are subject to market risk, including the possible loss of principal. “Virtual currencies are highly volatile. Your capital is at risk.” |
|
Electronic Funds Transfer,Wire transfer,Osko,PayID,Ethana Custody |
USD, EUR, GBP, JPY, CAD, CHF, AUD |
BTC, ETH, XRP, BCH, EOS, LTC, ADA, XLM, BAT, ETC & 40+ more |
FAQs
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