How to Buy Bitcoin (BTC) in 2024: Safe, Easy & Fast

Disclaimer: The information provided on this website is for informational purposes only and should not be considered as financial, investment, or legal advice. Cryptocurrency investments are volatile and high-risk in nature. Consult with a qualified financial advisor and/or tax professional before making any investment decisions. We are not responsible for any loss incurred due to the use of information on this website. Do your own research and exercise caution. Don’t invest unless you’re prepared to lose all the money you invest.
 

How to Buy Bitcoin Today

Buying it online is the fastest and the best way to own Bitcoin. You can use your credit or debit cards on multiple platforms. Here are the most common methods:
 

• Centralized crypto exchanges (CEXs) - safest places to buy BTC
• Payment apps (PayPal, Venmo, Cash App) - best places to buy BTC
• Crypto wallets (mobile apps) - quickest ways to buy BTC

Here’s a detailed overview of each method.
 
 

Safest Way to Buy Bitcoin - Centralized Crypto Exchanges

Centralized cryptocurrency exchanges provide the most secure way to buy Bitcoin. Here’s how to get started.
 

1. Research and Choose an Exchange

Begin by researching reputable cryptocurrency exchanges – check out our toplist. 

Consider security features, transaction fees, supported payment methods, and user reviews. 

The safest crypto exchanges enforce the use of two-factor authentication (2FA), Secure Socket Layer (SSL, the little locker next to the web address), and Anti-Money Laundering procedures.

While their fees differ, CEXs support various payment methods. You can use bank transfers, debit/credit cards, crypto, PayPal, Apple Pay, Google Pay, etc.

Read user reviews on Trustpilot to see what others think about the exchange. Those reviews can help you decide on the right one. 

Finally, the crypto exchange should be transparent about how it runs a business, especially regarding finance, security breaches, and liabilities. 

One such example is Uphold, which has been dedicated to transparency since 2014.
 

2. Create an Account and Verify ID

Sign up for an account on your selected exchange. Prepare your government-issued ID and proof of address for ID verification. 

This is a common, mandatory process on centralized exchanges since they need to follow Know Your Customer (KYC) procedures. 

Verification usually lasts for several minutes. During that time, you’ll use your smartphone to follow instructions – for example, hold and scan your ID document.

Plus, passing this ID will lift all limitations on your account. Once you pass it, you can deposit/withdraw any amount and utilize all investing features.
 

3. Deposit Funds

Once you’ve verified your account, you can deposit funds. Exchanges offer several deposit methods. The fastest one is via credit/debit cards and, sometimes, altcoins like Ripple (XRP). 

You can also use bank transfers, or payment systems like PayPal. Still, note that some exchanges may not accept PayPal and similar platforms.
 

4. Place an Order

Now is the time to conduct your purchase. You can buy Bitcoin via the instant buy option or on the trading section of the exchange. 

Instant buy is an immediate transaction. You’ll buy BTC at its current price and get it in your wallet within minutes. This is similar to spot trading, only you’re not trading with trading pairs.

However, if you navigate to the trading section, you’ll see available trading pairs and several trading features, like:
 

• Margin 
• Options 
• Spot 
• Futures 

Some exchanges also offer trading bots. These can help you copy successful trades and execute them automatically. Our KuCoin review covers one such example.
 

Pros & Cons of Crypto Exchanges

Here are some pros and cons of using crypto exchanges to invest.

 

Crypto Exchanges - Pros and Cons

Pros	Cons
Offer a secure, user-friendly environment	Remain vulnerable to hacking attacks
Have enough liquidity to support your trades	Users don’t control their private keys
Provide educational materials	May experience downtime or disruptions due to maintenance
Support various trading and buying options	May be susceptible to insider trading
Allow deposits/withdrawal of fiat currencies

 

Key Points to Know

Centralized crypto exchanges need to follow specific regulations, which involve mandatory Know Your Customer verification. 

Some crypto investors dislike the idea that the exchange has their private data. Still, this is necessary for a secure trading environment. 

If you don’t want to verify your identity, you check out the best decentralized exchanges, but they come with another set of challenges.

Since they use smart contracts to execute transactions, decentralized exchanges may be harder to use. The smart contracts may contain a vulnerability, and there may not be customer support to assist.

Centralized exchanges will hold your funds, and have control over your private keys, but still offer strong security protocols. Some even offer insurance for your funds.
 
 

Easiest Way to Buy Bitcoin - Payment Apps

Payment apps like PayPal, Venmo, and Cash App are familiar, secure, and accessible. Besides CEXs, they’re the best ways to buy Bitcoin. 
 

Steps To Take On Paypal (Web & App)

Here’s how to buy BTC on PayPal via web:
 

• Head to Finances
• Click Buy
• Choose a crypto
• Select the amount and frequency (Daily, Weekly, Biweekly, or Monthly.)
• Select a payment method 
• Tap Next
• Click Buy Now

Here’s how to buy it on the mobile app:
 

• Click Finances
• Tap Crypto
• Click Buy
• Select an amount and frequency (Daily, Weekly, Biweekly, or Monthly.)
• Confirm your amount
• Tap Next
• Choose a payment method
• Click Next
• Click Authorize and Schedule

 

Steps To Take On Venmo

Here’s how to buy BTC and crypto on Venmo:
 

• Head to the Crypto tab
• Pick your preferred cryptocurrency 
• Enter the amount for your purchase
• Click Review 
• The app will show a breakdown of how much of the crypto you’re about to buy, plus fees 
• Tap Buy

 

Steps To Take On Cash App

Here’s how to buy BTC on Cash App:
 

• Make an account and connect your payment method
• Follow instructions to pass KYC
• Answer the questions related to your source of income
• Deposit funds from the Add Cash on the Money home screen
• Select the Bitcoin tile on the Money home section
• Click Buy Bitcoin
• Enter the amount
• Check and confirm the purchase

 

Pros & Cons of Payment Apps

Here are pros and cons of using payment apps. 
 

Payment Apps - Pros and Cons

Pros	Cons
Give instant access to crypto	Limited offer of coins
The interface is familiar and easy to use	Limited control of holdings
Robust security measures	Withdrawal restrictions
Fiat conversions	High fees
Merchant integrations

 

Key Points to Know

These payment processors are handy to use and let you invest in crypto for as low as $1. They’re great for diversifying your holdings and testing out how crypto works.

However, some of these apps won’t let you withdraw crypto from that wallet to a personal one.

This also means you won’t be able to move it to an exchange and trade it there. Some users find this limitation stressful.  

There’s also a very evident lack of altcoin support, as these platforms focus only on major cryptocurrencies. 

If you’re looking for a wider selection of altcoins besides Ethereum, CEXs are a better option.
 
 

Fastest Way to Buy Bitcoin - Crypto Wallets

Crypto wallets like Crypto.com offer a straightforward way to buy Bitcoin and crypto.
 

1. Choose a Digital Wallet

When it comes to digital wallets, you can choose between desktop clients and mobile apps. 

Some hardware wallets also connect to a software application, and give you access to digital features – check out our Ledger review for info.

Consider the security of the app, the device you’ll use, and the wallet’s reputation. 

In general, the longer the wallet has been out there, the safer it may be.

Remember, you’ll still have all the control over your private keys, wallet files, and seed phrases.

If you already have a favorite exchange, check if it offers a mobile app. For example, Gemini brings in additional trading features to your smartphone. 
 

2. Create or Access Your Wallet

If you’re creating a wallet from scratch, prepare to write down the seed phrase (Secret Recovery Phrase, mnemonic). 

This is the most common security feature of a wallet. This set of 12 or 24 words will help you restore your wallet on another device and gain access to your funds.

You will be presented with these words during the creation of your wallet. 

Then, you’ll have the option to set a password or secure a wallet in another way, like with two-factor authentication on Google. 

A wallet may also require a PIN code for access. You will set it up during wallet creation.

Some software wallets (like MyEtherWallet) may also provide you with a UTC file (keystore file) which you should save and secure on your devices. You will use it to restore your wallet.

Once you’re done with wallet creation, you can access the interface. 

Depending on the app you selected, you may see several options:
 

• Portfolio tracking
• USD/EUR balance
• Swap feature
• NFTs
• Staking
• Fiat onramps
• Rewards, etc

Once you’re done exploring the app, you can proceed to purchase Bitcoin.
 

3. Initiate Bitcoin Purchase

Most crypto wallets will let you purchase BTC instantly with a credit or a debit card. 

All you have to do is locate the fiat onramp section or click the Buy button.

There, you can connect your payment method, enter the amount you wish to purchase, and follow the steps to buy Bitcoin.

Some wallets will use a third-party payment processor (like Banxa) which may require your ID verification. 

Confirm the amount you wish to spend and finish the purchase.

Once you finalize all the steps, you can expect to see Bitcoin in your wallet in up to 30 minutes. 

Don’t panic if it takes some time. Bitcoin transactions are a little slower compared to other cryptos, as it takes miners more time to verify transactions.

Once your purchase is complete, you can send the transaction records to your email and store them there for future reference or tax filing.
 

Pros & Cons of Digital Wallets

Here are pros and cons of using digital wallets.
 

Digital Crypto Wallets - Pros and Cons

Pros	Cons
Handy for trading	Security risks
Packed with features	Internet dependency
Connected to crypto debit cards	Privacy concerns
Full control over private keys	Limited customer support
Easy recovery options

 

Key Points to Know

Just like exchanges, software wallets come with certain fees. These may include:
 

• Transaction fees
• Conversion fees
• Deposit or withdrawal fees
• Subscription fees
• Inactivity fees

However, they come with convenient swap options, where you can easily exchange one coin for another. This is a great feature for beginners who would find centralized exchanges overwhelming. 

Software wallets are also packed with features. 

Some double as crypto lending platforms and crypto savings accounts. You might see wallets that offer crypto loans together with crypto debit cards, just like Nexo.

Unfortunately, there are some issues and limitations to consider.

While mobile apps are great for trading on the go, you risk losing your smartphone or accidentally deleting the app. One software update might make your device laggy and cause issues with your wallet.

Desktop applications are always connected to the internet and if your device gets hacked, your wallet is in danger.

Plus, mobile wallets often bring in the basic features. If you’re looking to trade, you’ll have to download an exchange app for all the trading tools.
 
 

Alternative Ways To Buy Bitcoin

Besides centralized crypto exchanges, payment apps, and crypto wallets, you can buy Bitcoin in some of the following alternative ways.
 

BTC ETF

A Bitcoin exchange-traded fund (ETF) is a financial product that allows you to gain exposure to Bitcoin without directly owning the asset.

A Bitcoin ETF works like a traditional ETF. It holds Bitcoin as the underlying asset and issues shares that represent ownership in the fund. 

You can buy and sell these shares on stock exchanges like you would with stocks.

Bitcoin ETFs require regulatory approval from government authorities, such as the U.S. Securities and Exchange Commission (SEC) in the United States. 

The SEC has been cautious about approving Bitcoin ETFs. There are concerns about market manipulation, custody, and investor protection.
 

Bitcoin ATMs

Bitcoin ATMs, also known as BTMs or Bitcoin kiosks, are physical machines that let you buy Bitcoin with credit/debit cards or cash. 

It includes buying Bitcoin with cash, selling Bitcoin for cash, and transferring Bitcoin to or from a digital wallet. 

Some ATMs also support other cryptocurrencies beyond Bitcoin.

Bitcoin ATMs are typically located in public places such as shopping malls, convenience stores, cafes, and airports.

These ATMs may require you to verify your identity through government-issued identification.
 

Bitcoin Futures Contracts

A Bitcoin futures contract is a standardized agreement to buy or sell a specified amount of Bitcoin at a predetermined price on a future date. 

These contracts are traded on regulated futures exchanges. They are settled in cash rather than physical delivery of Bitcoin.

If you're looking for the best trading platforms with leverage, find those that offer futures trading.

Futures contracts can also be used as a hedge.

Bitcoin futures trading is regulated by government authorities such as the Commodity Futures Trading Commission (CFTC) 
 

Over-the-Counter (OTC) Markets

OTC markets involve trading outside of traditional exchanges. 

These platforms let buyers and sellers execute large trades or negotiate customized terms privately. 

Trades are typically conducted through broker-dealers or OTC trading desks, either electronically or over the phone.

OTC markets are geared toward institutional investors, cryptocurrency miners, and high-net-worth individuals. 

If you wish to invest a larger amount, OTC markets might be the right place for you.
 

Gift Cards

Bitcoin gift cards are available for purchase online or at select retail locations.

You can buy a gift card with fiat currency and receive a unique code or QR code that represents a specific amount of Bitcoin.

To redeem, enter the code or scan the QR code using a compatible cryptocurrency wallet or exchange platform. 

The corresponding amount of Bitcoin will then be credited to your wallet or account.
 
 

Can I get Bitcoin for Free?

Besides buying Bitcoin, you can also get it for free. The first option is to grab the bonus some exchanges offer upon registering.

Bonuses are not a common occurrence, but you can still check our toplist for more information. 

The other way to get some parts of Bitcoin (satoshis) is to look for BTC faucets or airdrops.

Bitcoin faucets are websites or applications that reward users with small amounts of Bitcoin (or other cryptocurrencies) for completing tasks or activities. 

Airdrops are usually done by new projects. If you participate in a drop, you could get an altcoin you might be able to swap for BTC (like Shiba Inu).

Unfortunately, the amount of BTC you can get on these is low. You shouldn’t expect significant profits.

You can also earn some free Bitcoin or another crypto by lending or staking your current holdings. 

Staking involves actively participating in a blockchain network by holding and "staking" a certain amount of cryptocurrency to support the network's operations and validate transactions.

Lending involves loaning out cryptocurrency to borrowers in exchange for interest payments. 

Finally, there are crypto debit cards, which could pay rewards and cashback in crypto whenever you spend some.
 
 

How to Store Bitcoin

Once you buy some Bitcoin, it’s time to decide how you’ll store it. You can select hot wallets or cold wallets.
 

Hot Wallet Storage

Hot wallets are digital wallets connected to the internet. These wallets allow convenient and fast transactions. 

They are suitable for individuals who engage in frequent trading or spending and need constant connection with a trading interface. 

However hot wallets are more susceptible to hacking and cyber threats. 

You have to pay attention to securing such wallets and utilize all available tools to keep your funds safe.

Some of the examples of hot wallets include wallets on exchanges like Coinbase, Binance, or Kraken.

Using a hot wallet means you should pay attention to your passwords, use two-factor authentication, and secure internet connection.
 

Cold Wallet Storage

In contrast, cold wallets offer enhanced security by storing Bitcoin offline. 

These offline storage solutions protect against common online attacks. 

Cold wallets are ideal for long-term storage of large amounts of Bitcoin. They minimize the risk of unauthorized access and theft.

Using cold wallets means you should focus on the physical security of the wallet, firmware updates, and offline setup.
 
 

I’ve Stored My Bitcoin - Now What?

Now that you've securely stored your Bitcoin, it's time to consider your next steps. You have several options, including:
 

1. HODL Your Bitcoin

HODLing, a term derived from a misspelling of "hold." It refers to the strategy of holding onto your Bitcoin investment for an extended period, regardless of short-term market fluctuations. 

This approach is based on the belief that Bitcoin's long-term value will continue to increase over time.
 

2. Start Trading Your Bitcoin

Another option is to venture into trading BTC. Select the exchange with enough trading features to help you establish your trading strategy.

You can go with:

• Day trading
• Swing
• Arbitrage
• Leverage tradings
• Algorithmic trading, etc

Remember, trading can be stressful and requires proper risk management habits. 
 

3. Sell it Once You’ve Made a Profit

Bitcoin has certain cycles which repeat every four years, before and after halving. These cycles aren’t always completely the same, but you can use some references to decide when to sell.

Historically, the price of BTC may increase with every halving. This would be the moment to sell if you see gains in your portfolio. 

However, deciding when to sell can be challenging and requires careful consideration. 

Here are some tips for determining the safest time to sell:
 

• Establish clear financial goals and objectives for your Bitcoin investment
• Stay informed about market trends and developments
• Consider setting stop-loss orders to automatically sell your Bitcoin if its price falls below a certain predetermined level 
• Consider reallocating profits from Bitcoin to other investments to maintain a diversified portfolio
• Consider consulting with a financial advisor or cryptocurrency expert for personalized advice and recommendations

Keep in mind that these may not work every time. Each cycle is different in its own way, so you should adjust your expectations and plans accordingly.
 
 

Safety Precaution Tips When Buying Bitcoin

No matter where you’re buying your Bitcoin, always make sure to do the following for safety:
 

• Use Reliable Merchants. Stick to reputable exchanges or platforms with a proven track record of security and reliability.
• Enable 2FA. Add an extra layer of security to your accounts by enabling two-factor authentication (2FA)
• Secure Your Wallet. Store your Bitcoin in a secure, hardware wallet with strong encryption and security features
• Use Strong Passwords. Create strong, unique passwords for your accounts
• Avoid Public Wi-Fi. Avoid accessing cryptocurrency accounts or making transactions over public Wi-Fi networks
• Verify the SSL Security of the Site. Ensure that the website where you're buying Bitcoin has a valid SSL certificate 
• Diversify Your Cryptocurrency Holdings.  Spread your portfolio on multiple wallets and exchanges to spread risk and minimize potential losses in case of security breaches or hacks
• Set Your Risk/Reward Ratios. Establish clear risk and reward ratios for your investments, determining how much you're willing to risk for potential returns and setting stop-loss orders to limit losses                                    

 

How To Pay Taxes On Bitcoin?

Taxes for crypto depend on your location. In general, most governments see Bitcoin gains as capital gains. 

In some cases, even swapping Bitcoin for altcoins and vice versa can be a taxable event. 

Luckily, your crypto exchange might have an educational section to teach you all you need to know in your location. 

If you’re in the UK, visit some of the best crypto exchanges in the UK for info.

If you’re in Canada, the best crypto exchanges in Canada might have instructions on how to pay taxes there. 

 

 
 

Conclusion - How to Buy Bitcoin

Learning how to buy Bitcoin involves taking the time to select what suits you. 

If you’re looking for the most secure way to buy BTC, go for centralized exchanges. They’re established, offer customer support, and you can use them for trading.

If you’re looking to dip your toes and explore what crypto has to offer, consider PayPal, Cash App, or Venmo apps. Still, keep in mind that you’ll likely have to store your Bitcoin there.

Finally, check out some of the best crypto wallet apps and enjoy the crypto on the go, various payment options, and cool features like staking.

Remember to explore how to pay your taxes and store your crypto in a secure offline wallet, away from hackers.
 
 

Why Trust Us?

At CryptoManiaks, we thoroughly research the platforms where we buy Bitcoin. Our team digs deep to make sure the info we give is accurate, current, and helpful. 

We're honest and fair, focusing on what's best for users, whether they're newbies or seasoned crypto investors.

Whether you're looking into the safest, easiest, or fastest way to buy Bitcoin, count on CryptoManiaks for reliable and user-friendly info.