The 5 Best Ways to Buy Bitcoin in 2019

60% of Americans have heard of bitcoin at least once. Only 5% hold the digital currency.

If only 5% hold it -- does that mean a lot of people are lost and don’t know the best way to buy bitcoin in 2019? 

After all, the statistics don’t lie. They were conducted by the Global Blockchain Council and SurveyMonkey. They found that most people think buying Bitcoin is difficult. 

And maybe you think so too.

But the truth is: It’s EASY. 

The important question is: Where to buy Bitcoin, and how?

By reading this article, you will be one of the lucky few to discover the best way to buy bitcoin and to have clear guidance on the different ways to buy Bitcoin, based on your preference. 

So read on, take action, learn how to buy bitcoin, and be part of this financial revolution.

  • Clearing The Confusion

    People mix up Bitcoin with Cryptocurrencies, Blockchain, Exchanges (like Coinbase), Wallets (like Blockchain.com) and others. Some basic knowledge is mandatory before you get started.

    • There are thousands of cryptocurrencies. But all cryptocurrencies are not Bitcoin. Bitcoin is the first and most important cryptocurrency.
    • You don’t have to buy 1 whole Bitcoin. Bitcoin is divisible. It’s even more divisible than the dollar. $1 can be divided to 2 decimal points: $1.00 -- while Bitcoin can be divided into 8: 1.0000000 This means you could own 0.00000001 BTC (short for Bitcoin).
    • Bitcoin is built on Blockchain Technology. If Bitcoin was a car, imagine Blockchain as the roads that allow Bitcoin to travel from one user to another.
    • Exchanges, like Coinbase, are independent websites that allow you to exchange fiat money (like the US dollar) for cryptocurrencies.
    • Wallets, like Blockchain.com, are software that facilitate access to the blockchain. They are used to transfer and store Bitcoin and other cryptocurrencies securely. 

    You will discover more about the cryptocurrency world and jargon as you learn how to buy in Bitcoin. First, you need to answer the following question: Where can I buy Bitcoin?

    Soon, you’ll realize that the best places to buy Bitcoin depend on where you live, as well as your expectations.

  • Finding the Right Site for your Needs

    There are plenty of exchanges and ways to buy Bitcoin in 2019. Some are better than others, but most of all, each of them have different characteristics. 

    Before I reveal how to invest Bitcoin based on your needs, you first need to know what YOU want.

    Here’s what you should take into account:

    1. Anonymity
      Exchanges, especially the large ones, are required by law to only accept users who comply with KYC (Know Your Customer) and AML (Anti-Money Laundering) requirements. Such legal requirements are useful to prevent money laundering and funds being used to finance terrorism. This means that though one exchange may be one of the best ways to buy bitcoin, you do need to provide and verify your identity to do so.
    2. Fees
      Different exchanges charge different fees. Goes without saying. If you’re looking for the cheapest way to buy bitcoin vs. the fastest way to buy bitcoin -- then fees will come into effect. 
    3. Ease of use
      Some exchanges are simpler to use. The ease of verifying your identity, the user interface, the customer service. These factors play a role.
    4. Payment methods
      Did you know you can buy bitcoin with credit and debit card? Then there’s the standard methods: bank account transfer, cash. You can even work for some Bitcoin. 
    5. Regulatory compliance
      Making sure your exchange complies with regulations is a smart idea. If the exchange is asking for KYC and AML checks, you can rest assured you’re on the right path.
    6. Security
      Identity theft is no joke. Passwords get stolen, identities impersonated, and more. Make sure your exchange offers 2FA and other security features so that you stay secure.
    Want More Awesome Knowledge? Check out: The 50 Common Mistakes Cryptocurrency Investors Make!
    1. Limits
      Exchanges act like banks sometimes. In this case, it’s withdrawal limits. Your withdrawal limits will often be based on your level of identity verification. Still, some exchanges offer higher withdrawal limits than some others.
    2. Liquidity 
      Trading volume is an essential factor. Larger exchanges will have more liquidity, which means you’ll be able to buy and sell a high amount of bitcoin at better, more even and fair prices.
    3. Speed
      The speed at which an exchange can process your order can be quite important. After all, you don’t want your Bitcoin order stuck on a waiting list while its value jumps all over the charts.
    4. Are your funds insured? 
      Arguably one of the most critical factors on this list. Your exchange should carry insurance. What if the exchange goes down, is hacked, or the founder makes off with the money? Make sure to choose an exchange that protects you when deciding where to buy bitcoin online.
    5. Reputation
      Does your exchange have a bad reputation? It’s easy to google ‘X exchange reviews’ and see what people have gone through. 
      Do beware of the ratings though: Most exchanges have bad reviews on public sites. This is because people rate them mostly when they're experiencing serious issues. 
      When checking on an exchange's reputation, check the negative comments individually. You will often notice patterns (bad customer services, locked out of their account, etc.). This will give you a more accurate view than the global rating.
    6. Customer service
      A factor that doesn’t seem important until something goes wrong and you need it. Customer service response times, support levels, and languages are all good to consider when wondering where to buy bitcoin.
    7. Geo-restriction
      Some exchanges might also not be fully available in your country. You’ll find a link for each of my picks to help you determine if you can use the exchange or not in your area.

    Takeaway: there are hundreds of exchanges from which you can buy bitcoin. 

    Going forward, I’ll present you those that we consider as the best places to buy Bitcoin -- those we trust and use within the team.

    You should choose your favorite option based on your country of residence and your personal preferences. 

    I still suggest you sign up to all of these exchanges -- it should only take you a few minutes. The benefit is simple: In the crypto world, it’s always better to have as many options as possible as things change quickly.

  • Our Favorite Exchanges to Buy Bitcoin

    Each of us at CryptoManiaks has been in the crypto sphere for a good long while. We experienced countless issues with liquidity, security, and customer service. 

    As we’ve made mistakes, we’ve also learned. Here is the sum of our knowledge: a list of exchanges we use and trust. 

      Suits Best For Deposit Methods Competitive Advantage  
    Bank Transfer, Credit Card Deposit $100, Get $10 Free Go To Coinbase
    Bank Transfer, Credit Card, Amex Deposit $5, Get $25 Free
    * using a US bank account or Amex
    Get The Abra App
    Bank Transfer Lowest Fees to Buy Bitcoin (0.10%) Visit Binance Jersey
    Based on Demand Buy Bitcoin Anonymously Register on LocalBitcoins
    Bank Transfer Good Alternative to Coinbase Kraken's website

     

    1. Coinbase

    Founded in 2012, Coinbase is considered by the majority of investors as the best place to buy Bitcoin. 

    At the end of 2017, Coinbase announced that it reached a user base of 13 million. Since then, with the increased adoption of cryptocurrencies, we can expect their user base to have grown way over 20 million people who find it the easiest way to buy bitcoin.

    Pros

    • Coinbase is insured. This brings incredible peace of mind.
    • Coinbase offers an incredible level of security. Your cryptocurrencies are safe even in the event of a hack. Rest easy.
    • Coinbase is legal and regulated in every country it operates from.
    • Open to residents of most countries, with advantages (more options and lower fees) for US, UK and EU residents. 
    • Easy to use Interface. The site and mobile app are quick to understand and use.
    • Although the fees on Coinbase aren’t lower than the competition, Coinbase offers an alternative: Coinbase Pro. With the Pro version -- which is free, you can trade with fees as low as 0.15% per trade!
    • Over 15 cryptocurrencies available.

    Cons

    • You cannot use Coinbase and Coinbase Pro to their full potential unless you’re a US, UK, or EU resident. Canadians, for example, cannot perform bank transfers -- only credit and debit cards with 4% fees are accessible.
    • No anonymity. Coinbase Pro is registered in the U.S.A. and therefore holds strictly to all AML and KYC laws. Even basic accounts need ID verification.

    Welcome Bonus:

    You will receive $10 worth of free Bitcoin if you buy $100 or more worth of Bitcoin on Coinbase (not Coinbase Pro) using our link below

    Useful links

    2. Abra

    Founded in 2014 in the US, Abra aims to make cryptocurrency investing simple. They offer a convenient mobile app to buy Bitcoin, as well as many other cryptocurrencies and even stocks.

    They introduced a unique crypto index called “BIT10”, allowing their users to invest in 10 of the best cryptocurrencies all at once.

    Pros

    • Unlike other cryptocurrency exchanges, Abra never takes custody of anyone's funds other than their own. As a result, everyone using Abra always holds their own funds.
    • Fees are lower than the average if you use your bank account to deposit money.
    • Their App is particularly user-friendly, and the registration process is fairly easy.
    • Abra introduced a unique crypto index called “BIT10”, which allow its users to invest in 10 of the best cryptocurrencies all at once.

    Cons

    • Abra isn’t available worldwide. They focus on serving US and Philippines customers.
    • No anonymous accounts are available.
    • Abra only offers a mobile app -- no browser interface is available.

    Welcome Bonus:

    Using the link below, you will get $25 worth of Bitcoin for free after you make your first $5 Bank/Amex deposit using a US bank account or Amex card.

     

    3. Binance Jersey

    Binance Jersey is one of the newest platforms launched by Binance, the most trusted cryptocurrency exchange in the world. Although Binance is a crypto to crypto trading platform, Binance Jersey focuses on fiat to crypto trading with a primary focus on UK and EU residents.

    Pros

    • The platform is easy to use and available on both desktop and mobile.
    • Binance Jersey offers one of the lowest fees to buy Bitcoin - if not the lowest. You can trade Bitcoin with fees as low as 0.1%!
    • Binance is one of the most secure and trusted brands.

    Cons

    • Since Binance Jersey do not offer credit card purchases at this time, only bank account deposits in EUR and GBP are accepted at this time.
    • Only a few cryptocurrencies, including BTC and ETH, are available at this time. This is set to change over the next few months.
    • Considering the platform is still new, the liquidity isn’t the best out there. Still, it should be sufficient if you don’t plan on buying over $50,000 worth of Bitcoin.

    Considering the successful history of Binance and how quickly they develop their products and innovate, Binance Jersey is surely one of the best ways to buy Bitcoin if you’re a UK or EU resident. 

     

    4. LocalBitcoins.com

    Where can you buy Bitcoin anonymously? At LocalBitcoins.com

    During my travels (I traveled around the world for 1 year on 1 Bitcoin), my favorite and best way to buy Bitcoin -- and sell it too -- was through Localbitcoins. 

    I was able to be anonymous, trade small to large amounts, and use local fiat currency. In Shenzhen, China (where BTC exchanges were and are illegal) for instance, I used localbitcoins to trade my BTC for local Yuan -- then paid freely for burgers and Biju (rice alcohol drink). 

    Pros

    • No need for ID verification. Preserve your anonymity. 
    • Multiple payment methods: wire transfer, credit card, cash, etc.
    • Fast. You can buy online or meet a seller the same day.

    Cons

    • Stay safe. If buying in person -- meet at a public spot. If buying online, check the seller's reputation and reviews.
    • The prices fluctuate often, and there can be big markups depending on how you pay (cash vs. credit card).
    • Not insured. Since all transactions are person to person -- no one offers or can offer insurance.

     

    5. Kraken

    190 countries and growing. 4 million clients. $140 billion in trades since 2011. Kraken has been around quite a while. They’ve dealt with their share of attempted hacks, and they’ve learned and grown -- always customer centric and focused. When looking for where to buy bitcoin -- this is also one of the best.

    Pros

    • Secure. They offer 2FA and other measures of securing your account.
    • Higher fees than Coinbase Pro -- but only by a fraction. 0.16% rather than Coinbase’s 0.15%. Though they do have lower deposit fees ($5) vs. Coinbase ($10)
    • Kraken also serves users around the world. You can deposit and withdraw many fiat currencies (USD, CAD, EUR).

    Cons

    • The user experience isn't for beginners. Kraken is geared more towards intermediate and advanced users with their layout and trading platforms.
    • Though Kraken is one of the most secure exchanges, they are not FDIC insured.

    More information

    Honorable Mentions

    If you’re looking for more ways to buy Bitcoin than the 5 presented above, these are also good options:

  • Payment Methods Compared

    There's no such thing as 'one size fits all’ -- not in shirts, not in pants, and not in Bitcoin payments. 

    So here is a short comparison of payment methods to help you determine which one fits your needs best. 

    • Credit/Debit Card
      The easiest and fastest method. Easiest because you don't need to get up (except maybe to get your card to read the numbers). Fastest because it's like buying anything else with a credit card. Keep in mind the amount you can buy is relatively low (to prevent fraud), and the fees are high too (since credit card payments can be reversed and that's a risk for sellers).
    • Bank transfers
      A bit slow, but the amount you can buy is quite high. The fees are very low, especially on exchanges. Overall, one of the best methods to be a profitable cryptocurrency investor. 
    • Cash
      The only way to buy Bitcoin anonymously. Credit cards and bank accounts are linked to your identity. Cash isn't. Using cash on a Bitcoin ATM can be relatively quick and easy. So can buying from someone on LocalBitcoins -- but neither are insured, and fees vary greatly.
    • PayPal
      It's probably the worst way to buy Bitcoin, quite frankly. The fees are high, the risk is high, no anonymity, and it can take longer. If you want to buy Bitcoin with Paypal, trade your Paypal money for cash or money into your bank, and use one of the other options.
  • The cheapest places to buy bitcoin

    Coinbase Pro is the cheapest place to buy Bitcoin for most people. Coinbase Pro is based in the U.S. but charges Asia prices when you buy Bitcoin with your bank account.

    Source: support.pro.coinbase.com
     

    After verifying your ID and linking your bank account, you can transfer funds back and forth, buy and sell, and generally use and experiment with Bitcoin for almost no fees at all. Check out our guide to enjoy the lowest fees using Coinbase Pro.

    If you want to enjoy your $10 welcome bonus, use our link to register on Coinbase and buy $100 worth of Bitcoin on Coinbase (not Coinbase Pro) before you start using Coinbase Pro.

    On the other hand, Binance Jersey might be even better than Coinbase for UK and EU customers looking to buy Bitcoin with the lowest possible fees. 

    Indeed, Binance Jersey offers the lowest fees to buy Bitcoin by default. Their fees are under 0.10% -- lower than Coinbase Pro. But Binance Jersey isn’t as good as Coinbase if you’re looking to buy a large amount of Bitcoin quickly.

    Takeaway: If you want to buy Bitcoin with the cheapest fees possible, using your bank account to deposit funds is the way to go.

  • The safest way to buy bitcoin

    Once again, I must mention Coinbase. Honestly. I’ve been a satisfied customer for a couple of years now. 

    They keep my ID safe, my cryptocurrencies are secure, and their 2FA options are only one of the many security factors they offer. The exchange is licensed and regulated by U.S. laws, and my funds are insured. No hacks, no data breaches.

    Considering its excellent reputation, Binance Jersey can also be considered as one of the safest ways to buy Bitcoin today.

    If you want to buy Bitcoin safely, make sure the platform you choose is fully regulated and offers sufficient built-in security features.

  • The easiest way to buy bitcoin

    This depends on your situation. When all I have is a mobile phone around me, then I use Binance Jersey (in Europe) and Abra (when I'm in the states). 

    But when I'm at my desktop -- then Coinbase is the easiest way to buy bitcoin.

  • The fastest way to buy Bitcoin

    What’s the fastest way to buy Bitcoin? A mobile app or website that accepts payment in debit and credit cards. That way, you can buy from your phone quickly. Abra (for US residents), Binance Jersey (for UK and EU residents) and Coinbase (anywhere else in the world) answer that need as well. 

    Another option is a BTM (short for ‘Bitcoin ATM’). Bitcoin ATMs are popping up in countries around the world. Even medium cities like Portland, Oregon (population 720,000) have a handful of BTM’s. These machines enable you to walk up, insert cash, and take out BTC.

    Cryptocurrency ATM Map
    Source: forexnewsnow.com
  • How do I buy Bitcoin near me?

    BTMs are popping up across cities and countries worldwide. The easiest way to find them is by Coin ATM Radar

    Some BTMs do require ID verification, however. Not all but some. This varies depending on state laws (in the US) and country or even city laws (outside the US). Be sure to Google your local BTM laws, or when you visit a BTM, read their guide before buying.

    Source: coinatmradar.com
  • Buy Bitcoin Anonymously

    The days of buying Bitcoin anonymously are dwindling. People could go to Shapeshift or Changelly to purchase BTC anonymously -- once upon a time. These days, governments have begun to crack down, enforcing KYC and AML laws on most bitcoin buying platforms. 

    The best way to buy Bitcoin anonymously now is to buy it directly from someone. You can do this by attending a Bitcoin meetup, if there is one in your area, and asking if anyone wants to trade -- or by searching through Localbitcoins.com for a seller with a solid reputation.

    For more information:

    Changelly now requires KYC checks

  • Buy Bitcoin with Paypal?

    Personally, and I know I speak for my fellow Cryptomaniaks here, I do not advise buying BTC with Paypal. First of all, it’s not possible to buy BTC with Paypal directly. Secondly, because you need to go through intermediaries, the fee can go up to 10% per trade. 

    If you want to buy Bitcoin with Paypal, trade your Paypal money for money into your bank, and use one of the other options.

  • Best Place to buy Bitcoin with a Credit/Debit Card

    The best way to buy bitcoin with a credit or debit card is to find a platform that offers excellent security, acceptable fees and that is convenient to use. 

    Abra (for US residents) stands out. The app is fast, secure, and they have acceptable fees when buying with a credit/debit card.

    Coinbase is also an excellent option, considering it’s available in a lot of countries.  

    If you prefer anonymity, you can buy cryptocurrencies with credit cards and debit cards at LocalBitcoins -- but the rates will be much higher.

  • Best way to buy Bitcoin with your Bank Account

    Abra (US residents), Binance Jersey (UK and EU residents) and Coinbase Pro (US, UK, and EU residents) are -- again -- places to go. Using your bank account requires verifying your identity. But these exchanges know how to make this process smooth and easy.

  • How to buy more cryptocurrencies, or ‘Altcoins’

    Most platforms allowing you to buy Bitcoin with fiat have a limited number of cryptocurrencies available. If you want to buy more cryptocurrencies, you'll have to use platforms that allow you to trade your Bitcoin for other cryptocurrencies.

    To buy more cryptocurrencies, Binance (the international platform) is the best exchange - and one of the biggest in the world. When searching for the best way to buy cryptocurrencies in general, altcoins of all sorts -- this exchange stands out.

    Pros:

    • Basic accounts do not need ID verification. Preserve your anonymity. 
    • Binance goes to great lengths to ensure your security  
    • 100+ of the best altcoins available
    • Binance regularly updates its list of cryptocurrency available to keep its offering as qualitative as possible.
    • Low fees - 0.1% and lower.
    • They innovate constantly. For example, Binance has created its token named Binance Coin (BNB). If you own some, then your fees can be further reduced.

    Cons:

    • Not the best customer service.
    • Not insured.
    Register an Account on Binance Today to enjoy hundreds of trading pairs.

    Read more

    Binance fees

  • Bonus: Are you Looking to Buy a Specific Cryptocurrency?

    Searching for a specific coin? Did you get a hot tip to buy a new privacy coin like BEAM, or an Internet-of-Things cryptocurrency like IOTA? 

    The technique we crypto maniaks like to use is:

    1. Go to Coinmarketcap.com
    2. Find and select your coin using the search bar
    3. Click on the “markets” tab to see which exchanges list this coin
    4. Sign up at the biggest one and buy the coin you’re chasing. Note: You should always check an exchange’s reputation before using it.

  • See you on the other side!

    There you have it, a full and comprehensive list of the best way to buy Bitcoin in 2019 -- according to your preferences. 

    If you want to fast track through cryptocurrency investing, we also offer a premium course on cryptocurrency investing. The course will guide from A to Z and includes all the knowledge you need to become a solid cryptocurrency investor in no time. And since you made it so far throughout this guide and proved you’re serious about investing in Bitcoin, here’s a reward: use the promo code “SeriousCrypto” to get $20 off the regular price!

    Take our Premium Course on How to Invest in Bitcoin and Cryptocurrencies Today!

    Remember: buying Bitcoin is the fastest way to enter the fascinating cryptocurrency space and learn about it. Once you own some Bitcoin, you’ll discover a lot of new opportunities. So make sure to take action - you won’t regret it.

101 Guides
Posted by R.R. Hauxley

R.R. Hauxley traveled around the world ... 1 year on 1 Bitcoin. 20 countries, 12 months, 1 Bitcoin. He wrote a book about it: Stolen Wallets and Where to Buy Them. Along the way he met and interviewed the sharpest, brightest minds in crypto today: Vitalik Buterin, Charlie Lee, and more. Today Rafael educates the crypto curious and delves further into the incredible world of blockchain.

Comments

Isaac Ojogwa
Thanks for sharing well enlighten and an eye opener to both newbie and pro. No one knows it all when it comes to cryptocurrency...crypto is a wild wild west. What i enjoy most is the takeaway using your bank account to deposit fund.

Add new comment

CLAP

Share

text