There are many different ways to buy Bitcoin and other cryptocurrencies. This include centralised exchanges, instant exchange services, ATMs and instore purchases.
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When you buy cryptocurrencies you will need to hold them in a crypto wallet. You can learn more about the different sorts of crypto wallet here. Many of the services that we list will provide you with a suitable custodial wallet.
In the early days of cryptocurrency exchanges were unregulated and investors’ money was at risk of loss and theft. Today, most exchanges are regulated and you should chose a regulated exchange in a jurisdiction that you trust.
Whenever you buy anything there is an opportunity for things to go wrong. When this happens you want to be able to complain to someone. Because of this it make good sense to choose an exchange that is licenced to trade in your own country. Therefore an American might choose an American exchange and a European might choose a European exchange.
Regulated exchanges may allow you to buy and sell small amounts of cryptocurrency immediately but if you want to trade larger amounts you will need to supply identity information. This is because exchanges must comply with KYC and AML regulations (Know Your Customer and Anti Money Laundering).
Some exchanges only allow you to trade cryptocurrencies and do not accept fiat currencies such as USD and Euro. So if you are purchasing crypto for the first time make sure you choose an exchange that accepts fiat currencies.
Once you have created an account you will be able to fund it by a bank transfer. Some exchanges also accept debit cards but most credit card issuers do not allow them to be used to buy Bitcoin.
If you already have your own wallet and some cryptocurrency then you might want to use an “instant” cryptocurrency exchange service.
Cryptocurreny enabled ATMs (Automatic Teller Machines) allow you to insert you bank card and purchase cryptocurrency.
Wouldn’t it be great if purchasing cryptocurrencies was as simple a purchasing a foreign currency? Some stores now allow you purchase cryptocurrencies in store with cash or debit cards.
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