Bitcoin is the flagship and pioneering cryptocurrency of the cryptocurrency era since it concentrates a large part of the global market investments and as such has the largest capitalization ahead of Ethereum.
Since 2008, Bitcoin has aimed to facilitate international capital exchanges without intermediaries, allowing faster and more secure transactions thanks to blockchain technology.
Bitcoin is one of the most popular investments in the cryptocurrency world on the one hand because of its scarcity: only 21 million will be created and, on the other hand, thanks to its pioneering status which places it in a position of strength and influencer in the market.
So, how to buy Bitcoin? We will see it together through this guide, step by step.
Define an investment strategy to optimize your purchase
In order to optimize your Bitcoin purchase, we recommend that you first choose an investment strategy, you can do this quickly by answering the two questions below:
Long-term or short-term strategy?
If you want to invest in Bitcoin a lot of time and money, you can opt for short-term multiple investment strategies, trading daily through a reliable cryptocurrency trading platform. Thus, by following the logic of Bitcoin investing it is easy and efficient to buy Bitcoin at a low price and resell it at a high Bitcoin price, you will be able to develop profits. Be careful, always keep in mind that the market is difficult to predict.
If you want to make a Bitcoin investment in the years to come and you don’t want to invest too much of your time in trading all day long, then it is better to opt for a Bitcoin investment strategy in the medium or long term.
Regular or All in Bitcoin purchases?
The All in strategy consists of investing all of the amounts you want to invest in Bitcoin at a time T: indeed, even if it is the most used strategy, it is also the riskiest because you expose all of your investment capital to a sudden change in the market. A regular Bitcoin buying strategy will smooth the entry price of your investment and thus minimize the risk. For example, if you want to invest in Bitcoin 1000 $, instead of investing them all at once (“All in” strategy), you will invest 100 $ every day for 10 days.
Bitcoin buying platforms: How to choose the right one?
The fastest and easiest way to buy Bitcoin is through an exchange that allows you to buy Bitcoin for Euros, or even for other cryptocurrencies if you already have one.
There are many exchanges on the market, so you don’t get lost here are some tips on the main points to look out for before you get started:
The best way to find out about an exchange is to search user reviews, read the comments available on the Bitcoin forums to learn more about user experiences with each platform.
Before registering and purchasing Bitcoin, make sure you are aware of deposit, transaction, and withdrawal fees. Fees may vary depending on the trading platform you visit.
Payment methods :
What payment methods are available on the platform? Credit card, Sepa Transfer, or PayPal? Check that the payment method you want to use is available on the chosen platform.
Identity verification requirements:
The vast majority of exchanges require identity verification in order to make deposits and withdrawals. Make sure you have the necessary identity documents up to date and available in digital format for uploading to the platform’s website.
Some specific options offered are only available from certain states. Make sure that the platform where you want to register gives full access to all the platform features of the country in which you reside.
Exchange rate :
Some platforms may ask you to convert your Euros into Dollars before you can buy cryptocurrencies in exchange for dollars. Check out the exchange rates, which can vary considerably. It is not uncommon for rates to fluctuate up to 10% or more in some cases.
Now, let’s take a look at how buying Bitcoin goes on 2 platforms often used by Bitcoin buyers: Etoro and Binance.
Buying Bitcoin on Etoro: How To
Etoro is one of the platforms, if not the go-to platform for buying cryptocurrency, led by Bitcoin. Its services include a mobile application, an easy-to-use interface suitable for beginners and finally, the site is available in French. Here are the steps to follow in order to buy Bitcoin on Etoro:
Go to etoro.com
Once on Etoro, register in a few minutes:
Enter your personal information and verify your identity, in a few minutes your account will be operational.
Then link your account to a payment method of your choice:
You can link it to a bank card if you want to make small investments in Bitcoin or to a bank account in euros if you want to make large investments. Finally, it is also possible to link it to a Paypal account to withdraw your money quickly, after the sale of your Bitcoins for example.
Look for the cryptocurrency you want and click on “invest”. Enter the amount in euros you want to invest in Bitcoin. Validate and you will have your Bitcoins in your account!
You can then manage your wallet, or even resell your Bitcoins. Check out our guide: How to sell Bitcoin? for more information.
Buying Bitcoin on Binance: How To
Binance is a fairly new platform. Created in 2017 through an ICO via the coin “Binance coin”, which quickly established itself as one of the main trading platforms by focusing on the internationally accessible side thanks to a choice of important languages but also thanks to quality customer support. Not to mention the benefits of getting Binance coin on the platform: reduced transaction fees and increased rewards for your referrals. Binance, beyond Bitcoin, offers one of the biggest choices in terms of the volume of cryptocurrency available for purchase.
Here’s how to buy Bitcoin on Binance:
Register in a few minutes on Binance providing your personal information and verifying your identity:
Buy Bitcoin directly with your credit card. The transfer will be validated quickly and available on your account. Please note, you must make a purchase of at least 50 euros.
You can then exchange your Bitcoins for other cryptocurrencies on Binance or secure them in Binance’s official “Trust Wallet” or another type of wallet of your choice.
So here is how to buy Bitcoin in a few steps through Etoro or Binance, but these are not the only platforms available on the market. You will also be able to study the Coinbase, Kraken, Bittrex and Paymium platforms in order to buy Bitcoin.
Best Bitcoin Storage Wallets
After purchasing Bitcoin on an exchange, it is strongly recommended that you transfer your Bitcoins to a wallet. Coinbase and Binance platforms offer integrated digital wallets. It is also possible to choose an external wallet, in this case, most platforms offer the possibility of transferring the purchased Bitcoins. There are several types of wallets to store your Bitcoins:
Digital wallets on computer:
you can for example opt for the Armory, Multibit, or Ciphrex wallets.
Digital wallets on mobile:
The Breadwallet and Mycelium brands offer this type of wallet.
These are the most secure, they are like safes for your cryptocurrencies. Ledger and Trezor companies offer several types of easy-to-use physical wallets.