How To Buy Bitcoin

Choose Wallet

The first thing you need as a Bitcoin owner is a safe and secure digital wallet to store your cryptocurrency. With this digital wallet, you can send, receive, and safely secure your Bitcoin for future use.

Choose Exchange & Buy Bitcoin

Once you’ve completely set up your wallet, the next step you need to take is to decide on how to buy bitcoin. For this step, you need to find the best exchange platforms that suit your needs and preferred payment method.

Send Bitcoin to Wallet

The final step is moving funds to your private wallet. This could either be an online wallet or an offline wallet.

Our preferred Wallets and Exchange

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Table of Contents

As a first-timer, you must understand How to buy Bitcoin and How to store it safely before attempting to make your first purchase. This knowledge will help you to avoid making mistakes, getting scammed, and losing your hard-earned money.

In this article, we will break down the process involved in buying Bitcoin in order to get you started and guide you through making your first Bitcoin purchase.

We have also assembled a list of the best Bitcoin exchanges, Bitcoin wallets, and storage devices that are user-friendly and you can easily use for buying Bitcoin and storing your cryptocurrency. Here’s a quick breakdown of all you need to know to begin buying Bitcoin.

KEY POINTS

Get A Crypto Wallet

The first thing you need as a Bitcoin owner is a safe and secure place to store your Bitcoin. A wallet is a software program built to serve that exact purpose.

With this digital wallet, you can send, receive, and safely secure your Bitcoin for future use. However, these wallets vary and can have different features, making it very important to research products to find a wallet that suits your exact needs, payment method and offers you maximum security for your Bitcoin funds.

Understanding the Different Types of Wallet

There are mainly two types of Bitcoin wallets you can use for storing your Bitcoin, the hot wallet, and the cold wallet. But for the sake of breaking down the features of these wallets, and better help you decide on which type to choose, we will be dividing this list into three different types of Bitcoin wallets.

The three types of wallets include;

Cryptocurrency Exchange Wallets (Hot Wallet)

Another form of the hot wallet is the cryptocurrency exchange wallet. These types of wallets are essentially hot wallets but tweaked for institutional use. Storing Bitcoin in a crypto exchange wallet is not the same as holding it in your personal wallet.

The main difference is; “you do not have full control of the wallet“. With this type of wallet, you deposit your Bitcoin funds into a custodial account provided to you by a crypto exchange of your choice.

We recommend the Binance exchange wallet as the best for beginners to get started with. This exchange offers one of the easiest platforms to use, 24/7 customer support, and a wide array of payment methods to help you buy Bitcoin worldwide.

Bitcoin Hot Wallets

Hot wallets are also known as online wallets. This type of Bitcoin wallet runs on the internet and can be accessed worldwide by using internet-connected devices like computers, phones, or tablets.

This online wallet feature can be very convenient, as it allows you to buy, store, and transact with your Bitcoin wallet very easily.

We recommend Electrum as the best Hot wallet option. With this wallet, you get a wide array of advanced features, optimized security, and a customizable interface.

Bitcoins Cold Wallets

A cold wallet is by far the most secure method to hold and store your Bitcoin. This type of wallet is an offline wallet and has a far lesser risk of being compromised.

You simply store your address and private key on something that is not connected to the internet, typically a USB drive. With this local offline device, you can rest assured that your Bitcoin is protected from hacks, online viruses, and other forms of security breaches.

For those looking for the most secure hardware or cold wallet on the market, we recommend using a Ledger. This wallet currently holds the position as the best and most popular hardware wallet in the crypto industry.

Steps to Buy Bitcoin

What is the safest way to buy Bitcoin, and What payment method is the most preferred for beginners?

Once you’ve completely set up your wallet, the next step is to decide on how to buy Bitcoin. For this step, you need to find the best trading platforms for bitcoin that suit your needs and preferred payment method.

And although there are other possible payment means for buying Bitcoin, using a Bitcoin exchange platform is still the best option for beginners. You can buy Bitcoin with;

No matter the payment method you choose, you can rest assured that you will find an exchange platform that offers you such services and allows you to buy Bitcoin with your preferred payment method. Below is a list of the top Bitcoin exchanges you can easily make use of.

Best Exchanges to Buy Bitcoin From

Swissborg offers one of the lowest fees and one of the most secure exchange platforms in the industry. This platform makes use of a specific technology to execute your BTC orders through a path of lowest fees.

However, the exchange supports only one payment method and doesn’t support US investors, limiting the number of people that might find it appealing.

Swissborg also offers a very easy-to-navigate user interface you can make use of when you want to buy your Bitcoin.

Up to €100 in Bonus

Handling a massive crypto exchange volume worth more than $4.3 billion monthly on its platform, Binance is ranked the largest crypto exchange in the crypto industry. The Binance platform offers its users the ability to buy Bitcoin using;

You can also carry out crypto swaps (exchange your Bitcoin for other types of Altcoins) or convert your funds to fiat (traditional currencies like the U.S. dollars) before withdrawing. These features and more makes Binance one of the most user-friendly crypto exchange platform for both beginners and advanced users.

binance

World's largest crypto exchange

For a full review of Binance please read our Binance Review – Complete Tutorial – Best Platform?

Coinbase is the most popular international exchange trusted by numerous crypto enthusiasts and Bitcoin holders. The platform supports numerous payment methods which include;

Coinbase transaction fees are not the lowest in the market, however, they make up for this with an easy-to-navigate exchange platform and a 24/7 customer care service. Coinbase is a favorite for both new and experienced users looking to buy Bitcoin quickly.

Established in 2016, Changelly has grown to become one of the biggest names in the crypto and Bitcoin industry, supporting a wide array of payment methods. 

The platform is very user-friendly and supports buying Bitcoin and a variety of other cryptocurrencies using fiat money including USD and the Euro. Changelly also offers its users very competitive transaction fees when compared to big names like Coinbase and Binance.

Best Exchange Account for Swapping Bitcoins to Altcoins

If you want to buy altcoins, you should look for a cryptocurrency exchange that supports the altcoin you want to buy. We suggest that you check out Binance because Binance has the biggest variety of altcoins on the market.

Binance also allows you to swap from Bitcoin to other Altcoins easily on their exchange. You’ll find Binance in the exchange list above.

Sending The Bitcoins To Your Private Wallet

Once you have bought your BTC, the final step is to send it to your private wallet. This can either be an online Bitcoin wallet or an offline Bitcoin wallet. This way you have full control of your BTC funds.

Conclusion

Since its 2009 launch, Bitcoin has exceeded all expectations, growing in both popularity and value. This growth will only continue in the long run, making this the right time for you to gain exposure and knowledge on how to invest in this industry and the best exchange platforms and crypto wallets to use. 

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