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Bitcoin is, by far, the most significant and valuable cryptocurrency in existence. It is the cryptocurrency most people know about. And the cryptocurrency that most people want to invest in.
With the increased interest from investors in Bitcoin, there has also been an increase in the number of exchanges, platforms, and brokers available where we can buy Bitcoin.
They are all seeing you as an opportunity to make money from.
And that means you can end up paying a lot more, and I mean a lot more when you want to buy some BTCs.
The way you pay more for your BTCs are in hefty fees and in poorer exchange rates.
And we at Go CryptoWise buy Bitcoin almost monthly, and for us buying Bitcoin at the best prices is very important. That’s why we wanted to write this article to help people to find information about the cheapest way to buy Bitcoin today.
- So if you are wondering how do I buy Bitcoin as cheap as possible? Then this guide is perfect for you!
We have reviewed some of the best places currently on the market. Looked into how they work so that you can get started using them quickly. But also their benefits, so that you can easier make a decision about which one to choose.
If you want to compare prices for exchanges and platforms in real-time we also recommend to use Go CryptoMarket for best Bitcoin prices.
- Why is it important to buy Bitcoin cheap
- Use Go CryptoMarket to compare prices
- Five great options to buy Bitcoin cheaply
- Final thoughts
Why Is It Important To Buy Bitcoin Cheap?
In the short-term, paying a 10% fee to buy Bitcoin may not seem like a big deal. However, if you believe in the long-term success of BTC then buying Bitcoin cheap is crucial. Let’s say that you buy 1 BTC and pay a 10% fee. Doing this will leave you with 0.9 BTC after fees.
Now, imagine if instead, you buy 1 BTC at a reliable and cheap exchange and only pay 0.25% fees. That will leave you with 0.99975 BTC. That’s a difference of nearly 0.1 BTC!
Many Bitcoin evangelists believe that the currency could reach $100k per coin one day. This means that this 0.1 BTC that you saved in fees could be worth $10k in the future. This is why it’s very important to always use the cheapest place to buy Bitcoin. Having known this, let’s now see the cheapest way to buy bitcoin in 2019.
Use Go CryptoMarket to compare prices
To help you find the best price deals for Bitcoin and other cryptocurrencies we recommend that you use a service like Go CryptoMarket.
Go CryptoMarket is a site that shows real-time prices for the most popular cryptocurrencies at the most used cryptocurrency exchanges. With the real-time data you can compare prices for Bitcoin at all the connected exchanges.
Another similar site you can also use is Coinmarketcap.com
So that you can easily find the best price deals for Bitcoin at any given time.
Cheapest Way to Buy Bitcoin – Your 5 Best Options
#1. Coinbase + Coinbase Pro
Coinbase is often referred to as the simplest way to buy Bitcoin. The exchange has been around since 2014 and enables its users to buy Bitcoin and 10+ other cryptocurrencies very easily.
Coinbase charges a 1.49% trading fee which is charged whenever you buy or sell cryptocurrency on the exchange. To buy Bitcoin cheap on Coinbase, avoid depositing funds with your credit card since an additional 3.99% fee will be charged.
If available in your jurisdiction, do a bank transfer to Coinbase (SEPA transfer, Wire Transfer or ACH transfer) instead since that is either completely free of fees. Or with minimal fees.
And when you have transferred funds to Coinbase via a bank transfer (SEPA), you can then proceed to buy Bitcoin cheaply via their other exchange. Namely Coinbase Pro.
Here you buy Bitcoin as cheap as at any other cryptocurrency exchange out there.
So use Coinbase Pro to save on fees when buying BTC!
How To Buy Bitcoin Cheaply On Coinbase
Here is what you need before you get started:
- A valid photo ID (such as a driver’s license)
- A bank account or credit card
Step 1: Open Your Coinbase Account
- Once you are ready to sign up for an account, go to the account sign-up page, where you will see this:
- Simply fill in the required fields to open your account. You will be prompted to upload your ID and verify your bank account or credit card as you go.
- Simply follow the prompts as they appear to complete the account set up.
- Once you have opened an account at Coinbase, you will see its dashboard with the price of bitcoin, Ethereum, and Litecoin, along with a chart of bitcoin.
Follow this guide on how to get started with Coinbase if you need additional information and help.
Step 2: Transfer money from your bank to your Coinbase account
To buy Bitcoin cheaply at Coinbase Pro you first need to transfer money from your bank account to Coinbase. Doing it via a bank transfer removes all hefty fees that would come when buying with a credit card or debit card.
So the steps to fund your account and do a bank transfer to Coinbase are the following:
- When logged in go to settings and then click on linked accounts to add your bank account
- Click on link a new account to add it
- Add your bank details and then click on verify your account
- To send funds head over to trade and then deposit funds
- Validate your bank account details and then choose a sum to transfer – IMPORTANT to copy the reference number that Coinbase gives you. You need to use this in the bank transfer
- That’s it now the funds should be in your account within 1-2 days
This is how it looks like for me based in Europe. It might look slightly different for you.
Step 3: Buy Bitcoin at Coinbase Pro
To buy Bitcoin at Coinbase Pro follow these simple steps
- Head over to pro.coinbase.com and click on sign in (you will sign in using your Coinbase credentials
- Go to your wallet at Coinbase Pro
- Click on deposit
- Select the currency and the amount
- On the trade section of Coinbase Pro (https://pro.coinbase.com/trade/BTC-EUR) select the fiat currency you want to buy Bitcoin with (USD, EUR, GBP) – select this market. Either BTC-USD, BTC-EUR, BTC-GBP
- Now simply purchase the amount of Bitcoin you want with the money you have in your wallet
Learn more about the difference between Coinbase and Coinbase Pro here.
Benefits Of Using Coinbase and Coinbase Pro
- Amazing user interface – really simple to use the website and great UX
- Good customer support – Coinbase has stepped up in recent years and really improved their customer support which is really good now.
- Coinbase really is a full-service crypto platform. You can transfer money from your bank account, buying with a card and then later on selling funds and transferring out to your bank account again.
Although Binance was only established in 2017, it has already captured the trust of millions of users due to its vast offering of altcoins, good customer support, and some of the lowest fees to buy Bitcoin.
Binance charges a trading fee of just 0.1%. Interestingly, this fee can be reduced even further by using the BNB coin (Binance’s native cryptocurrency) to pay trading fees. These low fees make Binance a great way to buy cheap Bitcoin.
However, on the contrary to Coinbase or CEX, you won’t be able to use bank transfers to make the purchase.
How To Buy Bitcoin On Binance
These are the steps to get started at Binance so that you can buy Bitcoin cheaply.
Step 1: Create a Binance account (for non-Europeans)
- Go to the website https://www.binance.com or download the Binance crypto trading app on the App Store or on Google Play, and then open it.
- Click Register on the top-right part of the website. On the app, go to the Account menu and tap Login or Register, then tap Register on the bottom part of the app.
- Enter your email address and create a password that has uppercase letters and numbers. You can use a referral ID if you wish
- Correctly slide the puzzle piece in the appropriate hole.
- Verify your account by entering a six-number code they sent to your address.
Step 1 & 2: Create a Binance account and buy Bitcoins (for Europeans)
The other option that you have as a European to buy Bitcoin cheaply, is to create an account with Binance.je (Binance Jersey). Here you can transfer funds from your bank account directly to Binance.
To get started with Binance Jersey follow these steps:
- Head over to www.binance.je and create an account by clicking on register
- Go to funds and then deposits to transfer funds from your bank account to Binance using either GBP or EUR (you need to provide Binance with your KYC and bank details to complete this transaction
- When you have done this the money should be in your account within 1-2 days.
- After that, you go to exchange and select the right market (BTC-GBP or BTC-EUR) to buy some Bitcoins cheaply
Step 2: Buy Bitcoin With a bank account (for non-Europeans)
Once you get a Binance account up and running, the next step is to fill your account with Bitcoin via a bank transfer to a stablecoins provider that trades on Binance.
- So first you have to do a bank transfer to one of the stablecoins provides that currently trades on Binance (USDT, Paxos, TrustToken, and others).
- Then you transfer these stablecoins to you Binance account – you do this by going to the wallet and then click on exchange wallet
- After that, you search for the stablecoin that you recently bought in the list of coins (for example USDT) and click on deposit
- You will then need to copy the wallet address that Binance shows you and go back to your stablecoins wallet
- You will then need to paste in that copied wallet address and send the coins over to Binance
- When you have done this you go to exchange and then buy Bitcoin with the stablecoins you transferred to your Binance account
Benefits of Using Binance
- They have a very low trading fee of just 0.1% when using the trading exchange to buy and sell cryptos
- 120+ coins available (in addition to Bitcoin). They have one of the best selections of cryptocurrencies currently available
- They have very high standards for when it comes to security. And added smart innovations like the SAFU fund. That will reimburse users in the unlikely case of a successful hack. So no need for users to worry about their funds at Binance.
CEX is a low fee Bitcoin exchange that is also great for beginners due to its intuitive user interface. The exchange has been around since 2013 and has proven to be safe and reliable in that time.
CEX has become a very popular option to buy Bitcoin and other cryptocurrencies quickly and easily.
The only costs associated with buying Bitcoin on CEX are a low trading fee of just 0.25% when you do a bank transfer to CEX.
If you want to buy Bitcoin cheaply, do not make use of CEX’s “Instant Buy” feature. Buying Bitcoin through the “Instant Buy” box comes with a hefty 7% fee.
Furthermore, you should also only deposit money with a bank transfer or SEPA, since that will be free. If you make use of VISA or Mastercard to buy Bitcoin on CEX then you will be charged an additional 3.5% fee.
Step 1: Create an account with CEX
- Visit www.cex.io and click on ‘Register‘ to set up a new account if you don’t already have one
- Add your email and password, or pick one of the other registration options (Facebook, Google, Telegram, etc)
- Confirm the registration via emails that got sent to your email account (if you picked email registration option)
Step 2: Transfer funds and buy Bitcoin with CEX
The next step when you have an account with CEX is to transfer funds from your bank account to CEX so that you can buy Bitcoin.
To do so follow these steps:
- Login to your account at www.cex.io
- Before you can proceed with a bank transfer you need to add your address details to pass the verification process
- After that click Deposit button in the Finance page
- Choose International/Domestic bank transfer
- Select the fiat currency you want to send (EUD, USD, GBP, etc)
- And the amount and then your bank’s country (so it will tell if international or domestic transfer) and then click on ‘proceed‘
- Now you will see the payment details and
- You will then receive a receipt for the transaction on it are the instructions for sending the funds from your bank account to your CEX account
Benefits Of Using CEX
- Low trading fee of just 0.25%
- Intuitive to use
- Available 220+ countries
KuCoin is one of the most advanced and secure exchanges to buy bitcoin. This cryptocurrency exchange boasts its easy-to-use platform, safe trades, 24/7 Customer Support, low transaction fees, and fast withdrawal.
How To Buy Bitcoin On KuCoin
Follow this guide below to get started buying Bitcoins via KuCoin.
Step 1: Create an account with KuCoin:
- First head over to www.kucoin.com and click on the “sign up” button.
- Type in your email and password. Enter the referral code, if there’s any, and then check the agreement box. Whenever you’re ready, click on the “Next” button.
- You will be instructed to check your email for the confirmation note
- Secure your KuCoin account by setting a 2-Factor Authentication (2FA)
- Verify your identity on KuCoin
Step 2: Buy Bitcoin on KuCoin:
You have two options to buy Bitcoin at KuCoin. The first is to buy it with a credit card or debit card. The other is to send over another cryptocurrency to KuCoin’s site to buy some BTC.
***NOTE that buying Bitcoin with a credit card or debit card will bring higher fees. So to purchase BTC cheaply we recommend using a bank transfer. But if you want to use your card then this is how you do that using KuCoin.
To buy Bitcoin with a credit card or debit card:
- Click on ‘Buy Crypto‘ in the menu – and here you can easily buy BTC directly with your card.
- For Australians and British users, you can buy with a service called Banxa.
- Otherwise, it is Simplex, which is commonly used at many other crypto exchanges and platforms. Such as Binance and OKEx
- Enter the sum that you want to buy and your fiat currency (USD, GBP, EUR, etc)
- Go through the steps of buying with either Simplex or Banxa – adding your personal details and bank card details.
- Fund your KuCoin account with your credit card
- Confirm your transaction and buy bitcoin.
Benefits Of Using KuCoin
- User-friendly website
- 24/7 customer support
- High-security standards
OKEx is a large and popular cryptocurrency exchange offering several coins, margin trading, fiat trading pairs, and even futures. OKEx offers a wide array of assets to trade, derivatives, and leverage but suffers due to its restrictions on new users.
How To Buy Bitcoin On OKEx
Follow these steps to get started with OKEx for the first time to buy Bitcoin cheaply.
Step 1: Open an Account
- Visit okex.com to open an account (follow this guide for additional help on getting started with OKEx)
- Enter your email and click ‘Get Code’. Your email address should receive the code within a few seconds.
- Enter the code into the form, choose and confirm a password, and then click ‘Sign Up’.
- If you fail to enter all the information within 60 seconds, you’ll need to resend the code and try again.
Step 2: Verify your account
- Verify your account via the link that would be sent to your email address
Step 3: Buy Bitcoin
You can either buy Bitcoin using a credit card or debit card at OKEx. Or you can transfer another cryptocurrency to the OKEx platform and then buy Bitcoin.
To buy Bitcoin using a card you can follow this guide below (note that there are higher fees for paying with a card – about 3.5% of the total sum)
- Head over to www.okex.com and click on buy crypto and then buy and then enter select BTC and enter the sum you want to buy for
- Now you will go through Simplex buying process. Enter your card details and then your wallet to send your BTCs to
Step 3: Buy Bitcoin with another cryptocurrency at OKEx
If you want to save on fees we recommend that you buy Bitcoin on OKEx via another cryptocurrency.
That means you either have to buy another cryptocurrency first, such as ETH. Or if you already have another cryptocurrency you simply use this to buy Bitcoin at OKEx.
To buy Bitcoin at OKEx to the cheapest rate follow this guide below:
- Go to www.okex.com and sign in to your account
- If you are sending another cryptocurrency to OKEx then click on assets and then on deposit to send it to your OKEX account
- Copy the wallet address that OKEx gives you and paste it in at the other wallet where your other cryptocurrencies are, and then send your cryptocurrencies to your OKEx wallet address
- When the cryptocurrencies are in your account (takes anything from 5 minutes to 1 hour depending on the crypto and network traffic) you can then buy Bitcoin at OKEX
- Click on trade and then spot trading and now select the cryptocurrency that you want to buy Bitcoin (trade Bitcoin for)
- Now you simply buy Bitcoin using the cryptocurrency you transferred over
There you have it! The cheapest way to buy bitcoin in 2020 has been simplified.
We know how important it is to get value for your money. No one wants to pay more than they need for something. But at the same time, we also value ease of use and to minimise the effort needed. So we hope that this article helped with that?
Are there other cheapest ways to buy bitcoin that we didn’t cover? Share your thoughts with us using the comment box below.
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Per Englund – Founder of Go CryptoWise a cryptocurrency and tech fan that want to see better and smarter products and services that make our lives better and easier