How to Buy Bitcoin
At Cryptogolds we continue to think about ways in which we can help you learn more about Bitcoins in order to ensure you are having a fun (but secure) time using the cryptocurrency. Below you’ll find everything you need to know about how to buy bitcoin, how to sell bitcoin, and where to find the best place to buy bitcoins.
How Do I Get Bitcoins?
Before you can do anything else at all you’ll need to obtain a bitcoin wallet online. You can’t buy bitcoins without having a wallet first. Your online wallet will be used to securely store your bitcoins once you have purchased them.
Sign Up For an Online Bitcoin Wallet
There are a number of places online where you can obtain bitcoin wallets. We would recommend opting for a third-party wallet, rather than signing up for a wallet through the exchange you plan to use to trade in bitcoin. The only reason for this is to ensure that you have a safety net should anything happen with that particular exchange in future. We would recommend that you look into a hardware wallet, as this is the most secure way to carry and keep your Bitcoins.
Where’s the Best Place to Buy Bitcoins?
Once you have sorted out setting up your bitcoin wallet you have to decide the best place to trade bitcoin. There are a wide variety of choices available for you to buy and sell bitcoin. You can purchase bitcoins directly from an exchange, use a wallet service, or even obtain bitcoin from one of the few bitcoin ATMs that can be found. Alternatively, you can mine bitcoins yourself. Bitcoins and cryptocurrencies in general are providing an interesting time for those looking to invest in something exciting and outside of the traditional investment opportunities.
We would recommend that to buy bitcoins you use a site such as Cex.io, and here are a few reasons why.
CEX is a site that offers support in multiple currencies and for many different locations. It’s legitimate (for those of you worrying about scam bitcoin sites) and you can not only buy bitcoins with a debit card, but you can also buy bitcoins with a credit card as well, or a transfer of funds.
Pros of CEX.io:
- Support for Multiple Currencies, including: USD, EUR, GBP, RUB and BTC
- Mobile App for Simple Use
- Ability to Buy Bitcoin
- Ability to Sell Bitcoin
- Solid Security with 2-factor Authentication
- Trade Exchange
- Fantastic Customer Support
- Low Deposit Fees for Credit & Debit Cards
The Simplicity of Using CEX to Buy Bitcoins
It is simple and straightforward to use CEX. Once you have created an account all you have to do is to go through a verification process. There are a number of verification levels, with different account limits depending on the level you are given.
You can buy bitcoin with a credit card or a debit card and you can add a card to your account to make this an easy and simple process for all future transactions. You can add as many cards as you would like to your account by entering the ‘Deposit – Payment Card’ section, with the prerequisite that the card is in your name alone.
Verification Process – Know Your Client
As with other bitcoin exchanges there is a verification process the first time you add a card to your account. The ‘Know Your Client’ (KYC) process involves the following in most exchanges:
- Phone Number Confirmation – You’ll be sent a text message with a code to ensure you can confirm the phone number you have provided. The number is to be used in case of an emergency or during a password-recovery process.
- Personal ID – CEX.io require you to provide a selfie with the bankcard you wish to add to your account. You might also be asked to provide a scan of a driver’s license or passport, as well as a selfie of you with that specific date written down and visible next to the card and ID.
It can sometimes take up to 48-hours for your card to be confirmed and linked to your new CEX account.
Using CEX to Buy Bitcoin
Once you have signed up to an account and added funds to your account you can begin to start buying and selling Bitcoin and Ethereum through the CEX platform. The interface at the buy/sell section is easy to use; you’ll see that you can switch between Bitcoin and Ethereum quite easily from this panel. CEX take a 7% fee for your use of its service. This might seem quite high, but the service and usability makes it worthwhile.
In terms of buying Bitcoins, you can do so via a fixed price or through your own custom price. Once you have confirmed the transaction the Bitcoins will appear in your CEX wallet immediately. From here you can transfer them to a different Bitcoin wallet to ensure your Bitcoin security.
Whether you are looking to buy or sell Bitcoin (or Ethereum) CEX.io is as trustworthy as you’ll find online. The interface is user friendly and easy on the eye. Security and support is right up there as one of the very best you’ll find, and that isn’t something that can be said that often within Cryptocurrency circles. The choice of buying Bitcoin with your debit or credit card is an enticing one for many people, as is the variety of countries that it services. For Bitcoin buying exchanges, CEX.io is definitely one to shout about.
We’ll continue to take a look at all things Bitcoin here at Cryptogolds, so keep your eyes peeled for more informative Bitcoin articles about buying and selling, gambling site reviews and much more.