Bitstocky recommends Buy Crypto only from reliable and proven sellers. To avoid becoming a victim of fraud and losing your money, we recommend that you research each company before you entrust it with your funds. The list below represents a few companies that, in our opinion, have a proven track record of reliability and trustworthiness. You need to specify the country of your location to get a detailed list of qualified exchanges that are available to you.
Bitget
PrimeXBT
Bitsgap
BitStamp
How to Buy bitcoin (BTC)
Bitcoin and other cryptocurrencies have gained popularity in recent years, with fresh research findings revealing that a vast majority of people worldwide are now aware of these innovative digital assets, and three-quarters of U.S. merchants are now putting the infrastructure in place that will enable them to accept crypto payments. This article will guide you on how to buy Bitcoin and altcoins.
Step 1: Choose a reliable crypto trading venue or service
Choosing a reliable cryptocurrency trading venue or platform is the first step in your journey into the rapidly evolving world of Bitcoin (BTC), Ether (ETH), and other blockchain-based digital currencies.
Unlike a decade ago, when the bitcoin (BTC) revolution started, hundreds of exchanges, brokerages, and crypto trading services on the market enable just anyone to purchase any cryptocurrency of their choosing, using a variety of payment methods. There are now also hundreds of Bitcoin ATMs at various locations worldwide that allow users to buy or sell Bitcoin. Here are the top five platforms we recommend:
It’s worth noting that centralized crypto exchanges are the most convenient options for buying crypto, especially for the newbie, as they are more user-friendly and offer users numerous features for trading through liquid trading pairs such as BTC/USD. Once you sign up for any legitimate crypto exchanges, you can buy, sell, and hold cryptocurrency.
Step 2 : Submit your documents (KYC)
After successfully signing up for a cryptocurrency trading service, the next step is to verify your account by completing the platform’s know-your-customer (KYC) procedure. While some exchanges (decentralized exchanges in most cases) do not require users to undergo the KYC procedure, you may not be able to buy or sell bitcoin (BTC) on most established crypto trading venues until you verify your identity.
For centralized exchanges, the mandatory KYC process is a way of mitigating illicit practices by bad actors and is also part of their regulatory compliance requirements. To complete your KYC, the exchange may ask you to submit a copy of any government-issued IDs, such as a driver’s license and a utility bill. Back in the day, it could take 24 to 48 hours for some trading venues to verify a user’s documents. However, nowadays, some established exchanges employ near-instant verification techniques.
Step 3: Add a payment option
Depending on your location around the globe, crypto exchanges and bitcoin trading venues support a plethora of payment methods, including
| Name of Service | Fees Charged | KYC | Bank Account Required | Processing Time |
|---|---|---|---|---|
| Direct bank transfers | Varies | Yes | Yes | A few minutes |
| Wire transfers | Varies (between 0 and 5 percent ) | Yes | Yes | 24hrs to 7 working days |
| Credit/debit cards | 24 hours to 7 working days | Yes | No | A few minutes |
| Paypal | Varies ($0 to $5) | Yes | No | A few minutes |
| Skrill | Varies | Yes | No | A few minutes |
While some exchanges may charge a deposit fee on all fund deposit transactions, note that the credit card deposit option is the most expensive since banks treat such payments as cash advances, which attract extra hidden charges.
Step 4: Purchase Crypto
Once the deposited funds get credited to your account by the exchange, you’re all set to place an order for your first cryptocurrency. While thousands of cryptocurrencies exist, established trading venues such as Binance, Bitfinex, and others may not support some of the obscure or new coins.
You can search for the crypto you want by simply entering its ticker symbol on the platform. The names and ticker symbols of some of the most popular cryptocurrencies are Bitcoin (BTC), Ethereum (ETH), BNB (BNB), Cardano (ADA), Solana (SOL), Dogecoin (DOGE), Polkadot (DOT), Tron (TRX), and Shiba Inu (SHIB).
You can purchase a fraction of any cryptocurrency you choose if you cannot afford to buy a whole coin.