The Top 5 Ways to Purchase Bitcoin in 2023

A recent survey conducted by SurveyMonkey offered an intriguing glimpse into the minds of Americans regarding Bitcoin. Astonishingly, 60% of the respondents had at least heard about this digital marvel. However, only a mere 5% owned any of it

The statistics clearly show that most people find buying Bitcoin challenging. There’s no need to fret if you share the same sentiment. Buying Bitcoin can be as easy as making a payment online. It can be used for casino gambling at trusted online crypto casinos such as Bet999.

Throughout this article, you’ll find the most efficient methods for purchasing Bitcoin, tailored to your preferences. Read on, take charge, educate yourself on buying Bitcoin, and become a part of this extraordinary financial revolution.

Best Places To Buy Bitcoin in 2023

We have curated a list of the finest options for purchasing Bitcoin in 2023 after meticulously evaluating numerous leading cryptocurrency exchanges. The following are our top picks without wasting any time:

1. eToro 
2. Binance.US 
3. 2Coinbase
4. Kraken
5. Crypto.com 

1. eToro

EToro, a widely used trading app, provides access to several investment options, including stocks, options, ETFs, and cryptocurrencies. Furthermore, you can totally be a copycat (in a good way) and automatically follow the trades of those super-famous investors using the CopyTrader feature. How convenient is that?

Investing in Bitcoin and various other cryptocurrencies through EToro incurs a flat 1% trading fee for both buying and selling. Its user-friendly mobile app is perfect for beginners, while seasoned traders can take advantage of the desktop platform equipped with advanced order types and charting tools.

Though EToro permits the transfer of Bitcoin off its platform, the process can be somewhat cumbersome, involving the need for an interim eToro digital wallet.

Pros:

Let’s check out the upsides first!

1. eToro has a solid foundation, established back in 2007.

2. It’s a regulated platform, overseen by the Financial Conduct Authority (FCA).

3. You get a wide array of deposit methods, including bank transfers, debit cards, Skrill, Paypal, and more.

4. Low fees are a big plus – just a 1% spread fee for buying or selling crypto assets.

5. With a whopping 27 cryptocurrencies available, you’ll have plenty of options for trading and purchasing.

6. Social trading is a sweet feature – you may imitate and follow the trading techniques of more seasoned traders.

Cons:

Now, let’s talk about the not-so-bright side:

1. For folks residing in Canada, Israel, Japan, and Turkey, registration on eToro is a no-go due to local regulations. Bummer.

2. There are some non-trading fees to watch out for – withdrawal fees and inactivity fees, so keep an eye on that.

3. eToro only accepts accounts in USD. So if you prefer other currencies, you’ll face conversion fees.

2. Coinbase

Since it was founded in 2012, Coinbase is a popular choice among investors when purchasing bitcoin.

You won’t believe this, but Coinbase boasts a massive user base of over 68 million! That’s some serious popularity right there. And guess what? They even went public in April 2021, making some major waves.

What’s cool is that Coinbase is available in over 100 countries. They’re practically everywhere! It doesn’t stop there – they support more than 100 cryptocurrencies, and they keep adding new ones regularly. It’s like a crypto buffet, you know?

So, if you’re on the lookout for a reliable and widely recognized platform to get your hands on Bitcoin and other cryptocurrencies, Coinbase is definitely a name worth considering!

Pros:

• Your peace of mind is a priority – Coinbase has insurance, so you can chill knowing your assets are protected.

• Security is top-notch – even if hackers try to mess with your cryptocurrencies, Coinbase has got your back, making it one of the safest ways to buy Bitcoin. No worries!

• Legit and regulated – Coinbase plays by the rules and is legal in every country where it operates.

• Most countries are in luck – they’re open to residents from all over, but keep in mind that some features may vary based on your country of residence.

• Easy peasy interface – whether you’re on the site or the mobile app, Coinbase keeps it simple and user-friendly. No tech wizardry is required!

• Choices galore – with over 100 cryptocurrencies available, you’ll be spoiled for choice, and they keep adding more like there’s no tomorrow. Exciting times!

Cons:

Now, here’s the flip side:

• Some limitations – the full potential of Coinbase can only be unleashed if you’re a resident of the US, UK, or EU. Others, sorry!

• Watch out for off-platform transaction fees – they’re based on Coinbase’s estimate of network transaction fees, and they’ll let you know at the time of the transaction. Keep an eye on those costs!

3. Binance.US

Binance.US is like the U.S.-approved version of this massive exchange. They offer rock-bottom trading fees! The cherry on top is that there are no fees associated with purchasing Bitcoin.

Binance.US isn’t just about Bitcoin; they’ve got over 150 other cryptocurrencies for you to trade. Ethereum, Solana, Dogecoin – you name it, they’ve got it!

Security? Top-notch! They’ve got you covered with robust security measures. Plus, if you’re new to the crypto world, they have an educational platform to guide you. No stress, no hassle!

Above all, you can withdraw your precious crypto to your own hardware wallet for safekeeping.

Pros:

Let’s explore the bright side first:

1. Plenty of options: You can trade Bitcoin and a whopping 350+ other cryptocurrencies, all with fees starting from a mere 0.1%. Score!

2. It’s the king of the hill – boasting the highest trading volume and liquidity, this crypto exchange is where the action happens.

3. No waiting games here – withdrawals are lightning-fast, usually processed within just 10 minutes. 

Cons:

Now, let’s tackle the not-so-bright side:

1. Not for beginners. It works best for seasoned traders looking for cutting-edge crypto items. Newbies, proceed with caution!

2. Beware of Hack. In 2022, this exchange suffered a major hack, losing a staggering $570 million. 

4. Kraken

One of the most trustworthy and dependable cryptocurrency exchanges in the world is Kraken. Not only that, but they’ve also got something unique – the Special Purpose Depository Institution (SPDI) license, making them stand out in the crowd.

Their exchange is nothing short of top-notch, reaching users in most countries across the globe. Brace yourself for a premium experience – with a massive array of cryptocurrencies on offer, a dedicated community of active users, and a stellar reputation, Kraken delivers top-tier service like no other. 

Pros:

1. Trustworthy. Kraken stands alone as the only crypto company worldwide with a prized US banking license, a feat not easily accomplished.

2. Options galore. Not just one, but five different trading interfaces of varying complexities. Most exchanges don’t even come close!

3. Assets work for you. With Kraken’s ‘Earn’ accounts, you can stake your digital assets and rake in up to a sweet 20% interest annually.

4. First-class treatment. Kraken’s OTC Desk caters to the big players, institutions, and high-net-worth individuals with their white-glove services.

5. The ability to decide. There is no set minimum deposit amount; you are free to make transactions with any amount or as small as you like.

6. The more you trade, the less you pay. Thanks to their degressive fee structures, the costs drop as you trade more.

Cons:

1. Limited products for US citizens. Kraken doesn’t offer futures products due to some pesky regulatory frameworks. 

2. Fiat is also unavailable in the US. if you’re a US citizen, fiat/fiat trading is a no-go. 

3. Lacks many features. Kraken’s focus lies in trading and staking. You won’t find NFT marketplaces, debit cards, hotel bookings, or other exotic offerings here.

4. Limited order types. There are no OCO orders or trailing stops in the Kraken repertoire.

5. Crypto.com

If you want to get your hands on some Bitcoin super easily, Crypto.com is the way to go. It’s like magic, with instant debit/credit card purchases at 2.99%. The least expensive method to purchase Bitcoin in this location is a bank transfer.

Let’s take the US, for example – you can deposit funds fee-free via ACH. It only takes 30 minutes to clear, but it’s totally worth the tiny wait to dodge that 2.99% debit/credit card fee.

Users in other countries like the UK and Australia also get to enjoy the perk of fee-free bank transfers. 

Once those funds hit your account, you can go ahead and buy Bitcoin at an incredibly low commission of just 0.075%.

Pros:

1. Crypto.com is the best place to get Bitcoin via a bank account.

2. No fees to worry about. ACH and other local banking methods don’t come with any pesky fees. 

3. A steal of a commission. You can snag Bitcoin at an incredibly low 0.075% commission. 

Cons:

1. Debit/credit card payments come at a cost. Brace yourself for a 3.99% charge.

2. Mobile app exclusive. All deposits must be done through the Crypto.com app. 

What to Take Into Account When Selecting the Most Excellent Site?

The following are some essential considerations:

1. Anonymity matters

In order to combat money laundering and the financing of terrorism, major exchanges must adhere to legal KYC and AML regulations. You’ll need to provide and verify your identity, but it’s for the greater good.

2. Watch those fees and insurance

Different exchanges charge different rates. Fees play a significant role if you’re all about finding the cheapest or fastest way to buy Bitcoin.

Besides low fees, it is safe to opt for exchanges offering insurance coverage to safeguard your funds in case of mishaps.

3. User-friendliness is key

Some exchanges are a breeze to use, with smoother identity verification, a user-friendly interface, and top-notch customer service.

4. Payment options

Are you aware that you may purchase Bitcoin using a credit or debit card? Beyond that, there are standard methods like bank account transfers and cash.

5. Prioritize security

Protect yourself from identity theft with features like encryption and 2FA, and other security measures. It is also helpful to ensure your exchange meets regulatory requirements. KYC and AML checks are indicators that you’re on the right track.

6. Know your limits

Based on how well your identity has been verified, withdrawal limits may be in effect. Some exchanges offer higher limits, making them more appealing.

7. Consider liquidity

Larger exchanges often have better liquidity, meaning you can buy and sell Bitcoin at more favorable prices.

8. Speed matters

Nobody wants their Bitcoin order stuck in a queue while its value goes wild on the charts. Look for exchanges with swift order processing.

9. Reputation and Customer Service

Check reviews to get insights into an exchange’s performance and customer experiences. You might not think it’s vital until you need it. Response times and support quality are worth considering.

10. Mind the geo-restrictions

Certain exchanges might not be completely accessible in your nation. Be sure before you dive in.

Comparing Different Payment Options

Finding the perfect payment method for investing in Bitcoin can be as tricky as finding the right fit for clothes. No ‘one size fits all,’ my friend!

Let’s break it down and compare the options to help you decide which one suits your needs best.

Credit/Debit Card:

• Easy peasy – just use your card, and you’re good to go!
• Fast, like any other credit card purchase.
• On the flip side, the amount you can buy is limited to prevent fraud, and the fees are high due to the risk of chargebacks.

Bank Transfers:

• A bit slower, but you can buy more.
• The fees are delightfully low, especially on exchanges.
• A solid choice for profitable cryptocurrency investing.

Cash:

• Absolute anonymity because there are no connections to your identification, such as financial accounts or credit cards.
• Quick and easy at a Bitcoin ATM or through LocalBitcoins.
• But keep in mind – no insurance, and fees vary widely. Not the best way to buy Bitcoin.

PayPal:

• Super easy, even easier than credit cards.
• Wait a minute, you’ll probably need to convert your Paypal funds to cash or transfer them to your bank account, which will cost you money and take more time.
• It has become the worst way to buy Bitcoin – high fees, no anonymity, and lengthy transactions.

The Basics of Cryptocurrency

Let’s clear the air about Bitcoin and its cryptocurrency companions. Some essential knowledge is a must before diving in.

Bitcoin is not the only Crypto

There are many cryptocurrencies, but don’t mistake them all for Bitcoin. Bitcoin takes the crown as the very first and most significant cryptocurrency.

You Can Own Any Amount

You don’t have to break the bank to buy Bitcoin – it’s super divisible, even more than the dollar. Think about it – while a dollar can be divided into two decimal points ($1.00), Bitcoin can be divided into a whopping eight decimal points (1.0000000). So, owning a tiny fraction like 0.00000001 BTC is totally possible!

Crypto is Built on the Blockchain Technology

Picture Bitcoin as a car cruising on the road called Blockchain Technology. It’s the system that allows Bitcoin to move smoothly from one user to another.

Exchanges are Different from Wallets

Now, about those exchanges like Binance and Coinbase – they’re like independent websites where you can swap your fiat money (like the US dollar) for cryptocurrencies.

On the other hand, wallets like Blockchain.com are nifty software that gives you access to the blockchain. They are the ones who facilitate the safe and secure storage and movement of Bitcoin along with other cryptocurrencies. Do not forget that certain exchanges include wallets.

To Sum It Up

When buying Bitcoin, crypto exchanges shine – Coinbase and Kraken are top contenders. To get in on the action, register and fund your exchange account. Remember, trading fees and minimums differ across exchanges. Once you’ve got your Bitcoin, lock it up in a digital wallet for that extra layer of protection – keep your private key safe!