Bitcoin is a peer-to-peer technology that is not governed by any central authority or banks. It is electronic money that can be sent from one person to another without going through any financial institution.
The bitcoin network runs on its own blockchain technology, which records all transactions in a distributed ledger called the ‘Blockchain.’ The purpose of this blockchain is to make sure every transaction and balance associated with each bitcoin account can be verified and secured by everyone using the same protocol.
It is presently the dominant crypto currency in the world. It is open source and designed for the public, so nobody owns control of Bitcoin. In fact, there are only 25 million Bitcoins issued. Currently, Bitcoin has a crypto market cap of $12 billion.
Here are the cheapest way to Buy Bitcoin
There are four primary costs linked to buying Bitcoin on an exchange platform:
- Trading fees
- Payment method fees
- Fees for instant purchase
Trading fees and spreads are charged by most exchanges, and it is very difficult to get away from them. Although, you can opt to use a payment method that does not incur additional funding fees, such as a bank transfer in place of using a credit card. You should also resist your temptation to buy bitcoin instantly as they incur additional fees.
Bitcoin is a decentralized cryptocurrency, which means it does not depend on any central authority for its value. The price of Bitcoin or some other cryptocurrencies is a result of the market’s demand and supply ratio.
This ratio is also not calculated equally across the world. Instead, it is calculated on every crypto trading exchange. Moreover, it also includes the owner’s cost to cover its overheads, which can include security, functionality, and profit.
Therefore, it is possible to find new cryptocurrency exchanges offering Bitcoin at a significantly lower price than established platforms. However, this does not mean that newer cryptocurrency exchanges provide the cheapest way to buy Bitcoin
In this Bitcoin tutorial, you will learn:
- Costs Involved in Buying Bitcoin
- Why is Bitcoin Cheaper on Some Platforms?
- Some Cheapest Crypto Currency Exchanges to buy Bitcoin
- Things You Should Consider When Buying Bitcoin
- Other ways to buy or invest in bitcoin cheaply
|Name||Currencies||Trade Fee||Deposit Method||Security||Link|
|Coinbase||USD, EUR, AUD, GBP, HKD, INR, etc.||Maker and taker fees up to 0.50% each||Direct Bank transfer (ACH), Credit or Debit card, Bank transfer, and Wire transfer.||Two-factor authentication||Learn More|
|Binance||USD, EUR, AUD, GBP, NZD + 40 others||0.02% maker fee and 0.04% taker fees.||
Bank transfer (ACH),
Credit or Debit card, PayID, Cryptocurrencies.
|Two-factor authentication||Learn More|
|CoinSmart||USD, EUR, AUD, CAD, GBP, JPY||0.20% for single trade** 0.30% for double trade.||Bank transfer, Credit card, Debit card, SWIFT, SEPA||Two-factor authentication||Learn More|
Coinbase is an online crypto exchange platform that can be utilized for purchasing, selling, transferring, and storing cryptocurrencies. This crypto trading platform supports more than 100 countries.
- More than 68 million verified users
- It allows you to schedule your currency trading on a daily, weekly, or monthly basis.
- You can easily store a wide range of crypto assets in offline storage
- Coinbase stores your funds in a vault for safety purposes.
- Support for a large number of crypto currencies
- Supported platforms: Web, iOS, and Android.
- Spread pricing opens the possibility for high cryptocurrency investing fees
- High fees for debit card transactions
Deposit Method: Bank transfer (ACH), Credit card, Debit card, ACH transfer, and Wire transfer.
Supported Fiat Currencies: USD, EUR, AUD, GBP, HKD, INR, etc.
Fees and Limits: Instant Card Withdrawal fee: Up to 1.5% of the transaction plus a minimum of $0.55.
Account Minimum: $2
Binance is one of the best crypto exchange platforms. It offers trading for more than 150 cryptocurrencies. It also provides an API that allows you to integrate your current trading web or mobile app.
- Binance crypto exchange offers a wide range of tools for trading bitcoin online.
- It is one of the cheapest ways to buy bitcoin. It provides basic and advanced exchange interfaces for trading.
- Does not require any KYC for daily withdrawal of up to 2 BTC.
- Supported platforms: Web, iOS, Android, and PC clients.
- Fiat currency withdrawals take 1-5 business days
Deposit Method: Bank transfer (ACH), Credit card, Debit card, PayID, Cryptocurrencies.
Supported Fiat Currencies: USD, EUR, AUD, GBP, NZD + 40 others.
Fees and Limits: 0.02% maker fee and 0.04% taker fees. Your limits will vary depending on your bitcoin purchases method.
Account Minimum: $100
CoinSmart is a cryptocurrency exchange that provides a secure and intuitive platform for digital trading assets. Enables you to place customized orders seamlessly.
- Provide smart security with over 95% of coins in cold storage and 2 Factor Authentication
- Deposits credited on the same day it is received
- Provide access to fifteen coins, including Bitcoin, Ethereum, Litecoin, Polkadot, Shiba Inu, and Ripple.
- Provide instant verification for new clients
- You will get a deposit on the same day it is received
- Fiat withdrawal process takes 1-5 business days
Deposit Method: e-Transfer, bank wire, bank draft, credit/debit card.
Supported Fiat Currencies: USD, EUR, AUD, CAD, GBP, JPY.
Fees and Limits: 0.0005 BTC
Account Minimum: $0
Coinmama is one of the best cryptocurrency platforms that allows you to buy cryptocurrencies with your credit card or debit card. This bitcoin exchange provides instant delivery of your coins.
- Instant order delivery
- Transfer to any crypto wallet
- Numerous funding options
- It is one of the best crypto platforms which provides fast verification process of your account.
- Coinmama is one of the best cryptocurrency exchanges that offer 24/7-hour support.
- Provide fast account setup and verification.
- Complex fee structure
- Higher fees may apply to instant delivery
Deposit Method: Fedwire, SWIFT
Fees and Limits: Maker 2.86% – and 3.81% taker fee.
Account Minimum: $0
Gemini is a fully regulated cryptocurrency exchange. It is a simple, elegant, and secure and easiest way to invest in a bitcoin and crypto portfolio.
- Discounts up to 0% for volume traders
- Offer good security measures
- Regulation equates to trust for many investors.
- You need to provide lots of personal information.
- Comparatively higher fees than some other crypto exchanges.
Deposit Method: ACH transfer, Wire transfer, and Debit card.
Fees and Limits: $0.99-$2.99 for orders under $200, 1.49% for orders greater than $200
Account Minimum: $0
Cex.io is a crypto trading exchange that allows you to buy and sell Bitcoins. It helps you to deposit funds using Master, Visa card, or PayPal Debit MasterCard. It offers protection against DDOS (Distributed Denial-of-Service) attacks by giving full data encryption.
- It allows you to trade bitcoin more than 10x leverage without creating a new account.
- It allows you to buy bitcoin with a debit card without any id verification process.
- Supported platforms: Mobile and web.
- It can takes a long time before you get your account verified.
- Sometimes the withdrawals do not work instantly.
- No MetaTrader platforms
Deposit Method: Credit and Debit cards, ACH, Faster Payments, Skrill, Qiwi.
Fees and Limits: 0-0.16% Maker fees and 0.10-0.25% Taker fees.
Verification: It allows you to buy bitcoin with a debit card without any id verification process.
Account Minimum: $0
Here are important things that you need to consider when searching for the cheapest way to buy bitcoin:
The cost of buying and selling bitcoin can vary from one crypto exchange platform to another. Moreover, trading fees for the buyers and seller also varies.
If you want to invest in Bitcoin or other cryptocurrencies, then you should look for a platform that offers a broad selection. For example, if you want to invest in Bitcoin and Stock in the same bitcoin exchange, then you should select a crypto exchange that provides both investment options.
Some famous Bitcoin exchanges have extensive libraries of articles, videos, and tutorials to help users to learn about Bitcoin and other crypto exchanges. If you are a new investor, it is certainly beneficial for you to sign-up with crypto decentralized exchanges that provide adequate education about Bitcoin mechanism, trading, market risk, trading fees, etc.
To encourage crypto trading in their platform, there are many cryptocurrency exchanges that offer good sign-up bonuses for you and demand very low initial spending requirements. However, you should also remember that platform’s bonus should not be the deciding factor. It can certainly help you to find a cheap option for crypto trading.
Depending on the investor, this can be varied. For example, if you are buying your first Bitcoin and only plan to occasionally buy and sell the digital currency, you want as simple a user interface as possible. However, on the other hand, if you are an experienced and trader, then you might want a trading platform that offers advanced options like charting tools, order options, etc.
Here are some other easy ways to invest in Bitcoin securely and cheaply.
- Bitcoin ATMs: Bitcoin ATM works like normal ATMs, only difference is that you use them to buy and sell bitcoin.
- Bitcoin futures: Binance offers several ways for investors to trade on bitcoin futures, but this is pro-level stuff, not for amateurs.
- Grayscale funds: Grayscale Investments is a digital cryptocurrency asset manager. It offers two of its investment advice trusts —Grayscale Ethereum Classic Trust (ETCG) and Grayscale Bitcoin Trust (GBTC) that are publicly traded over the counter, which means you can buy them through many discount brokers.
❓ What is the Cheapest Method to buy Bitcoin?
The cheapest technique to buy Bitcoin is to buy it from someone at the current exchange rate. This helps you to avoid transaction fees. Example Binance P2P
If you are not able to trust this method, then you should opt for trusted crypto exchanges that also takes small transaction fees.
✔️ What to watch out when looking for the cheapest way to buy BTC?
Here are some of the cheapest ways to buy BTC:
- You need to make sure that you choose an exchange with a good reputation and adequate customer support.
- You should also check out the fees associated with each exchange before choosing one.
- It is important that you should compare at least three or four different sites before making your final decision on which exchange to use.
- If possible, it is always good to get in touch with customers who have used this particular exchange in order to get their opinion on how easy it was to sign up and how much they paid for their transaction.
- The more satisfied customers are, the better chance you have of getting them as clients when signing up yourself!
⚡ Is free Bitcoin legal and legit?
Yes, free Bitcoin is a completely legal and legit way to earn Bitcoins. It is a method of payment for using or consuming specific services. Here, should only remember that you will get a very small portion of Bitcoin called Satoshi.
🚀 Is Buying Bitcoin Safe?
Bitcoin is a digital currency that you can buy with fiat money. Before buying Bitcoins, make sure that you are familiar with the terms and conditions of the exchange platform. Some exchanges offer to hold your coins for some time period, while others let you trade directly on their platforms. You should also be aware of the fees charged by each exchange before making a purchase.
🏅 How can I buy Bitcoins without fees?
There are many places to buy Bitcoins without fees. One of the easiest ways is to use a Bitcoin ATM or visit one of the local exchanges. Another way is to find someone in your community who wants to sell their Bitcoins and trade with them.
❗ What are payment methods for buying bitcoin?
Here are Payment Methods that help you to carry your Bitcoin transactions:
Investing in Bitcoin using a credit card is surely easy and fast as you don’t leave your house. The transaction process is very easy and effective. However, in this method, you should keep in mind the amount you can buy is quite low and the fees are high too.
Paypal is the easiest way to buy Bitcoin, even easier than your credit card. The charges are high.
This method is a little bit slow, but the amount you can buy is quite high. The fees are also very low, especially on exchanges. This is certainly one of the best methods to buy bitcoin cheaply.
Cash transactions are only way to buy Bitcoin anonymously. Credit cards and bank accounts are linked to your identity. Cash transactions aren’t. Using cash on a Bitcoin ATM is relatively quick and easy. So, one can buy from LocalBitcoins, the most popular anonymous way to buy Bitcoin.