Ready to buy bitcoin online or maybe speculate on some of the other altcoins & cryptocurrencies? We have broken down the different exchanges to use based on several important factors on this website, however here we aim to show you the easiest way to buy bitcoin online in 2017.
The factors we consider include which fiat currency you intend to deposit, which country you reside in, which cryptocurrencies are you interested in investing in and the quality, safety and security of the cryptocurrency exchange itself.
Buy Bitcoin Online Instantly
Bitcoin is the first blockchain cryptocurrency and the most popular with the greatest value and market cap at present. Usually, you will find it's easier to buy Bitcoins first even if your main aim is to spread your money across other cryptocurrencies also known as alt coins.
Our approved exchange to buy from using real money such as US Dollars, Euros or Pound Sterling / GBP is to use CoinBase who is based in San Francisco, California (so US based) and have been running since 2012. So let's get started and learn how you can buy bitcoin online.
Coinbase Review / Why Trust Coinbase?
There are several reasons why we always advise those new to bitcoin and cryptocurrency to make their first purchase using a trusted provider such as Coinbase.
Coinbase has a long established reputation having entered the crypto space in 2012.
Being based in the USA means they are bound to more regulatory scrutiny than many other exchanges that sell bitcoin for fiat currency.
Coinbase provides one of the most user-friendly and fast experiences. Once you are registered and approved, that means completing the KYC (Know Your Customer) process and submitting your identification and proof of address, you can instantly buy cryptocurrency with your credit card or debit card. This allows you to buy in at the price you are currently looking at.
Yes there are fees involved and there are some cheaper ways to obtain Bitcoin and other altcoins like Ethereum, Litecoin and Ethereum but most are for the more advanced users and those willing to put in more effort, perhaps if buying a much larger amount.
With Coinbase you can pay with a SEPA bank transfer from your bank account to deposit fiat or by using a debit card or credit card.
For beginners usually making a small deposit so they can begin to learn how it works, and what you do with a wallet etc we definitely 100% recommend Coinbase.
Want to do your own due diligence? We don't blame you! In fact, we encourage it. You can start by taking a look at their Wikipedia page to learn more.
How to Buy Bitcoin, Litecoin or Ethereum
Coinbase currently allows you to buy Bitcoin, Litecoin or Ethereum with three Fiat currencies depending on where you are based which are US Dollars, Euros or GBP Pound Sterling.
Once you have signed up at this link. Come back to this part of the tutorial. Remember you may have to wait several hours after signing up and completing your KYC information as this is manually checked and approved by their staff.
Once you are approved and ready to go simply login and click on the Buy/Sell item on the menu.
You will then be presented with the screen below. This allows you to then buy one of three cryptocurrencies. Bitcoin, Ethereum and Litecoin. The prices will be shown in your local region.
First, select the cryptocurrency you wish to buy. Then select the payment method if you have more than one added.
Enter the amount either in your Fiat currency or BTC value remembering to remain within your weekly card limits. (These increase over time).
You need to purchase fairly quickly at this stage if you are happy with the price to ensure the price doesn't expire as the price can change very rapidly in this volatile market most exchanges only hold a price for around a minute or so before it expires, your purchase fails and you are left scratching your head as to why.
After this you will see a popup asking you to confirm your order. Click confirm and proceed, the order will then show as processing. If the page hangs it may still have completed, simply open the "Accounts" tab on the menu in a new tab or window and check your balances to see if you now have a BTC amount in your wallet. This looks like the below screen however your screen will show whatever value of BTC you purchased.
In the below image you can see the different payment methods available at Coinbase & the differences in the deposit limits and the time it takes.
Q: Can I buy Bitcoin with Paypal?
A: Sort of, however unfortunately not many places allow you to buy Bitcoin using Paypal as Paypal tend to have a negative stance toward cryptocurrency for obvious reasons, it is a mechanism that could replace them after all! There are some sites that allow you some workarounds to exchange money from Paypal but we don't recommend this and advise you stick to using Coinbase and your credit or debit card.
What you can do is try Local Bitcoins where the payment method is at the discretion of the individual you are buying from. Some users will accept Paypal but expect prices to come at a premium. If possible it makes financial sense to transfer your money out of Paypal and buy with Coinbase or GDAX if you are more advanced.
Q: Can I buy Bitcoin with Cash?
A: Yes, we advise using LocalBitcoins for this, however, it does involve more time, effort and meeting in person if you wish to exchange hard cash. There are also some obvious risks involved. We will be writing a tutorial on this soon. You may also find people on Local Bitcoins that accept Paypal.
Q: What's the best place to buy bitcoin?
A: Didn't this article answer that already? 😉 We strongly advise Coinbase if you want to buy bitcoin fast and with safety.
Buy Alt Coins / Cryptocurrencies
There are hundreds of new blockchain projects and alt coins that have hit the market in years since Bitcoin came to fruition. Some of these alt coins are purely clones of the same blockchain technology behind Bitcoin, some have some minor tweaks and improvements and others are finding new innovative and practical solutions to solve.
This makes the investment market in alternative cryptocurrencies very volatile but also very exciting at the same time. Some of the most popular coins to challenge Bitcoin for the throne of late include Litecoin & Ethereum, others have also climbed into the top ten and shown promise such as Ripple & Montero though none really have shown the growth Bitcoin has thus far.
Stay tuned for a tutorial on how to purchase different altcoins coming very soon.