A number of procedures must be followed in order for someone to purchase Bitcoin (BTC) for use in transactions or as an investment. Here is a thorough how-to tutorial for purchasing Bitcoin:
How to buy Bitcoin (BTC) in 9 steps:
Step 1: Choose a Cryptocurrency Exchange
To buy Bitcoin (BTC) or any other cryptocurrency, you need to join a virtual exchange where buyers and sellers come together to exchange pounds for their chosen cryptocurrency.
Hundreds of exchanges. However, some beginners may choose an exchange based on the balance between ease of use, low fees, and high security. Investors, check out our top picks for the best cryptocurrency exchanges like eToro and Coinbase.
Investors should check whether their exchange platform has a Bitcoin wallet. If not, they have to see it. You can buy cryptocurrencies on platforms like PayPal, but once you buy cryptocurrencies, you typically won’t be able to withdraw your money and transfer it to another platform. If an investor wants to hold cryptocurrencies in other wallets. They have to sell their stocks and buy them on other exchanges.
Step 2: Decide on a payment option
After choosing an exchange, investors need to deposit money into their account before they can start investing in Bitcoin. You can deposit money into your account by bank transfer from your checking or savings account, wire transfer, or digital wallet. It varies depending on the exchange.
Because fees limit the amount available (i.e., the amount an investor can use for growth and compounding), it makes sense to use transfers from a bank account. Instead of using other costly methods.
Create a free account on the Binance website or the app
1. Binance is a centralized exchange where you can buy many cryptocurrencies such as Bitcoin. Before using the Binance platform, you must open an account and verify your identity.
2. Sign up from the Binance app.
3. Register on the website by email and mobile phone.
4. Choose how you want to purchase your Bitcoin assets.
For more information about purchasing Bitcoin in your country, click on the “Buy Cryptocurrency” link at the top of the navigation on the Binance website.
A. Buy Bitcoin with a credit/debit card.
For new users, purchasing Bitcoin is the easiest option.
1. Head to Binance’s “Purchase Bitcoins with USD” page.
2. Select Bitcoin and USD from the drop-down menus.
3. Select “Card” as the payment method and click “Confirm”.
4. If you have never used a debit or credit card to purchase cryptocurrencies from Binance before, you will see Add New Card. Click Add New Card. After entering your card details, click “Confirm.”
5. Verify your details on the payment confirmation page and confirm your order on the payment date. Use “Updated” for new conditions.
6. Click “Confirm” to confirm your order.
7. You will be redirected to your bank’s OTP processing page. Please follow the instructions to confirm your payment.
8. After verification, your coins will appear in your Spot wallet.
B. Buy Bitcoin with Google Pay or Apple Pay
1. Access Binance’s page for purchasing Bitcoins using USD.
2. Select Bitcoin and USD from the drop-down menus.
3. Select Google Pay or Apple Pay as your payment method. Then click Confirm.
4. Click the “Purchase” button.
5. Confirm the details on the payment confirmation page, notify the shipping date, and confirm the order. Please use “Update” for new offers.
6. Click “Confirm” to confirm your order.
7. The money will appear in your Spot wallet.
C. P2P Trading
Buy directly from other users through peer-to-peer services.
D. Third Party Payment
There are several options for other payment gateways. Visit the Binance FAQ to see what’s available in your area.
4. Verify your billing and payment information.
You only have 1 minute to confirm your order at the current price.
Your order will undergo recalculation based on the current market price after 1 minute. Click the “Update” button and the new order price will be displayed.
5. Store or use your Bitcoin in Binance.
After purchasing cryptocurrencies, you can save them in your cryptocurrency wallet or in your Binance account. If you want to sell Bitcoin on an exchange. You can check.
6. Cryptocurrency Exchanges
You can buy Bitcoins on cryptocurrency exchanges. Many crypts offer cryptocurrency options, some with Bitcoin and others with less. They charge various fees and customer protection, along with due diligence before choosing. Cryptocurrency exchanges where you can buy Bitcoin include Gemini, Kraken, Coinbase, and Crypto.com.
» See our list: Best Crypto Exchanges and Platforms
7. Traditional Stockbrokers
Currently there are several options among traditional brokers that allow clients to buy and sell Bitcoin – Robinhood is the first investment broker to offer Bitcoin (Robinhood Crypto is available in most but not all US states). Unlike the stock market, Robinhood does not charge fees for trading Bitcoin. Other online exchanges that offer access to Bitcoin or other currencies include WeBull, TradeStation and Fidelity.
8. Bitcoin ATM
They work like regular ATMs except you buy bitcoins from them. They are usually placed in places where regular ATMs are found, such as shops. Before you trade, look at what you wear and make sure you have a plan to send your bitcoins when you buy them.
9. Peer-to-peer money transfer apps
Money transfer services such as PayPal, Venmo or the Cash app allow users to purchase bitcoins through the app. You can buy, store, send and sell bitcoins directly through the software and if you know these links work.
Blog By:- ExpertSadar
