Buy Bitcoin Safely and Easily
How to Buy Bitcoin Safely and Easily.
July 07, 2022 11:32 AM
There are numerous ways to buy bitcoin, with options available in almost every country around the world, including bitcoin ATMs, gift cards, local traders, brokers, and sales: Our ultimate guide explains how to buy Bitcoin anywhere in the world.
Maybe you listened to this crazy cryptocurrency, Bitcoin. The holy grail of Fintech, the future of money, the payment revolution, the slayer of capital controls: this is digital gold. Now you may like to know more. The most useful way to know is just to test it. Purchase a Bitcoin, use it to make a payment, store it in your digital wallet, and then watch the price fluctuate. But where can you buy it? And how?
For many people, making their first Bitcoin investment is a terrifying experience. It seems so difficult. But actually, it is not. There are a lot of opportunities to simply, quickly, and comfortably buy your first Bitcoin.
Which one is the best depends on your country and your choices?
TLDR:
Use regular fiat money to buy bitcoin.
Once you have a wallet, you use a classic payment method such as a credit card, debit card, bank transfer (ACH), interact, or E-transfer to buy bitcoins on a bitcoin exchange.
The bitcoins are then transferred to your crypto wallet.
To discover the perfect way to buy your first Bitcoin, however, you should first take into account several aspects:
- How many private details do you want to disclose?
- How do you like to pay?
- Where do you live?
Relying on these factors, you should be able to choose which platform fits your requirements.
This guide begins by defining what choices you have to disclose private details (or not disclose them) and what payment channels you can use. After this, the guide explains the common ways to buy Bitcoin and provides an overview of several platforms in several countries.
How to Buy Bitcoin Anywhere in the World
Private Information
In most jurisdictions, Bitcoin is a monetary tool and thus subject to financial law. Almost everywhere, Anti-Money-Laundering-Rules (AML) are used on platforms that sell Bitcoins or allow users to purchase and sell Bitcoins. Most of these platforms have to adopt Know Your Client (KYC) regulations to confirm the identity of their users.
Since Bitcoin transactions are kept publicly observable on the blockchain and can be traced back, the extent of private data you reveal by buying Bitcoins can have serious implications for your privacy.
There are several stages of KYC with an increasing number of private details you have to reveal. The following list begins with the lowest grade:
No KYC: No KYC indicates that the platform or the vendor of Bitcoins does not know who you are. You don‘t have to authenticate an identity document, and you can pay with a private standard of payment like cash, Paysafecard, Moneygram, or Western Union. Purchasing Bitcoin without KYC is likely in some jurisdictions – for example, with P2P marketplaces like ATMs, LocalBitcoins, or Gift Cards – but is usually more costly than other alternatives.
KYC Light: This level of KYC identifies you based on your payment method and/or phone number. If you pay with your bank account, credit card, PayPal, or other common means of payment, the payment providers know your identity. On most platforms, be they natural exchanges, exchange platforms, or marketplaces, you can purchase a limited number of bitcoins with KYC Light.
Full KYC: On top of confirming your identity with your phone number and your bank account, Full KYC implies that you deliver documents that prove your individuality. This can be a passport, a driver‘s license, an ID card, a utility bill, or a combination of all of these. Some platforms demand that you verify your identity papers by a notary or a trusted third party like your bank; some are satisfied if you submit a photograph showing you carrying your ID card or take an interest in the process of video identification. If you like to invest larger amounts of money or trade on exchanges, there‘s usually no way around KYC.
What is the best method to buy Bitcoin?
Bitcoin is money, but to buy Bitcoins, you must send money to someone else. The more refined the financial system of your country is, the more profitable the financial system you live in is and the more comfortable it is to exchange your money in Bitcoins.
The use of old fiat money is the greatest hindrance to the flow of Bitcoin trading. If you use a slow and costly payment channel, your acquisition of Bitcoin is slow and costly. If you utilize a fast channel, you can buy bitcoins fluidly.
Here is an insufficient, not-complete list of common norms of payment to buy Bitcoin:
Bank transfer: Everybody might know the right old bank transfer. Mostly, with online banking, you send money to a vendor of bitcoins and get the bitcoins when the prices are right. In most countries, this requires 1-3 days. Direct debiting is usually not accepted in common practice. Most exchange platforms only take bank transfers.
Credit Cards: Credit cards are one of the most common means of payment. But only a few direct commercial brokers accept credit cards. The explanation is that Bitcoin transactions cannot be undone, while credit card transactions can be reversed. This has resulted in failures for retailers that take credit cards. Also, vendors risk having people purchase Bitcoin with stolen credit cards. Use Bitcoins to profit from stolen credit card numbers and use algorithms to lower the risk.
PayPal: A few platforms take PayPal, but must abandon it for the same issues as credit cards: PayPal transactions can be simply undone, and when this is done after the customer has transferred the obtained Bitcoin to another wallet, the seller might lose. This is why eBay is a bad place to trade Bitcoins. But, like with credit cards, some platforms accept PayPal.
Other Payment Channels (Sofort, iDeal, Skrill...) The world of payments is rich with payment providers. In the EU alone, you have dozens of them. Many natural sales support a rich array of them. If you use a common provider, in Germany, Sofort, the Netherlands, iDeal, and so on, you have a good opportunity that your domestic direct exchange takes it.
Private Payment Channels (Western Union, Cash, Paysafecard, etc.): Most commercial platforms don‘t get these forms of payment. You will find very few business platforms and most probably no direct businesses where these payments are accepted. But often you‘ll discover a seller on p2p marketplaces who you can pay with cash or other private means of payment. A good option might also be an ATM where you can buy Bitcoins with cash.
How to Buy Bitcoin Safely and Easily
Step 1: Register for Binance
If you do not already have an account, you have to create one first. Head over to Binance and create an account, filling in all the necessary information. If you use our link to sign up, you will enjoy discounts on Binance.
After signing up, you might be required to go through KYC verification, which requires you to identify yourself using your driver’s license, passport, or national ID card. The verification method is fast and simple.
Step 2: Buy Bitcoin with a Bank Deposit
To buy Bitcoin, you first need to deposit money into Binance. If you like to deposit EUR into your Binance account, we have a dedicated article for that purpose.
On Binance, tap on Buy Crypto (1), and optionally modify your preferred deposit currency.
And tap on Bank Deposit (3).
Choose your currency and select Bank Transfer (SEPA) and tap on Continue.
Select the amount you would like to transfer and tap on Continue.
This is the information you require to transfer your funds. Make sure to include the reference (which usually is your first and last name). Make sure you attach it to any other essentials that Binance notifies you about.
Relying on your bank, it usually takes between 1 and 3 business days for the funds to arrive in your Binance account. Once the fund transfers, you will get a statement email from Binance.
Buying Bitcoin
Once the money is there, follow through with these stages:
- Tap on Trade -> Binance Converts on the top navigation bar.
- Modification to the currency you have deposited
- Select the amount for which you would like to buy Bitcoin
- Tap on Preview Conversion to get the suggested rate.
- Using Binance convert, you do not pay any kind of fees for your purchase. The Bitcoin fee is taken from the current market value.
- To see your Bitcoin, tap on Wallet->Fiat & Spot.
Conclusion
These are the most secure and straightforward methods of purchasing Bitcoin that we have discovered in our five years of research. This article will be regularly updated to confirm that you will always have an operating guide at your fingertips. We will also continually add new content to this article.
