Most of us, including myself, were put off buying Bitcoin and other cryptocurrencies years ago by the complexity of buying them. Or to be more specific I thought it was complicated. In principle it was simple then and it is a lot simpler now. So below I describe a few easy ways to buy bitcoin and other cryptocurrencies.
The easiest and safest way
Download the app of Coinbase, the world’s largest and most secure crypto exchange, to buy bitcoin at the link here Coinbase. It works on both Android and IOS and is very simple. Due to various restrictions and security, you will be prompted to retrieve personal information and documents. The whole thing takes about an hour In the app, you then choose the cryptocurrency you want to buy and pay simply with a credit card, where you can set up regular purchases right away (see DCA investment strategy). Additionally, when you log in via the link below, you will get $10 in Bitcoin as a welcome bonus after adding $100. You can then achieve additional rewards of approximately $50 USD in various cryptocurrencies when you complete various quizzes. So you have $60 to start with a little effort. That can be gratifying.
The more complicated, slightly less safe but cheapest way
A very interesting way to buy bitcoin and other cryptocurrencies very cheaply is to use the Lithuanian exchange Change invest. This is one of the smaller exchanges that offers buying bitcoin with no fees and has set fees very low for other cryptocurrencies as well. They are basically hidden fees even for that BTC hidden in the slightly higher purchase price, however it is a very minimal difference. Thus, it actually comes out the cheapest. The big advantage of this exchange can then be considered to be the very well calculated transaction fees when moving bitcoin and other cryptocurrencies to the wallet. The disadvantage is the impossibility to send cryptocurrencies other than bitcoin, ethereum and litecoin from the exchange. But hopefully they will work on this in the future. I consider it as very suitable especially for DCA investment strategy, because you can buy BTC from as little as 5 EUR.
How to do it:
2. Download the Change invest app here CHANGE INVEST. Due to European regulations, you will be asked to fill in details and identification. Once you are done, you are on your first crypto exchange. And you can buy bitcoin or other cryptocurrencies. Now on to how to send money to the exchange.
1. Download the Revolut app here REVOLUT (if you don’t already have it), fill in all the necessary details and create an account. This is a standard bank account and the app is the gateway to mobile banking. It has two major advantages. A) very good conversion rates. B) Instant transfers to exchanges like Change Invest or Binance. The account is free (Read more about Revolut)
Deposit money to Revolut, either by credit card, or via Google or Apple pay. Please note: Revolut offers cryptocurrency purchases from its own app. However, I do not recommend purchasing. You are buying at a very poor rate, and you are not effectively becoming the owner of the currencies.
3. In the Change invest app, click on the middle green icon indicating the exchange and click on deposit, select Euro and confirm next, you can now deposit either directly by credit card or bank transfer. You can deposit a minimum of €10 by credit card, and any amount by bank transfer. If you choose to pay by bank transfer, copy the acound number (IBAN) and paste it into the payment in the Revolut app, then add the payment description. Confirm in Revolut, select the amount you want to send and you’re done. Usually the money is in your Change invest account within a minute. However, I had one payment delayed over the weekend. I don’t know the reason.
If that explanation isn’t enough for you, Kryptomates made a nice video on it. It’s available on YouTube at the link here: Kryptomates
4. In the change invest app, choose which cryptocurrency you want to buy and for how much.
There are obviously many other ways and crypto exchanges, many offer higher rewards for depositing, but they don’t seem so beginner friendly. However, if you want free crypto, you can look here: free bitcoin
Buy with our exchange
The only thing you will need is a credit card and cryptocurrency wallet. The exchange rate is at a wiped value and the transfer fee is 0.25%.