How to buy bitcoins
To buy bitcoins for cash, just insert the money into this ATM, enter the destination address of the wallet and confirm. After a few minutes (depending on network congestion) the cryptocurrencies
After seeing the incredible moment that cryptocurrencies are experiencing, you too would like to know how to buy bitcoin by participating in what many define as a great financial revolution. Whether this is the right choice for your pocket or not I'm certainly not the one to decide ( mine are tech tips, not financial ) but I still want to help you reach your goal.
Buying digital coins has become really easy, with an endless series of exchanges competing for customers. The downside of this is that, sometimes, platforms that are not really advantageous for the user come to the surface, or even scams.
For this reason I decided to make a guide for buying bitcoins in complete safety, using only apps and sites with proven trust and who know how to "pamper" the customer in their own way. If you can't wait to start investing in cryptocurrencies, then let's quickly start discovering what this world has to offer.
Differences between exchanges and brokers
Before going to the actual driving, I would like to clarify a substantial difference that it is good to know before doing any operation. There are exchanges (like Binance ) and cryptocurrency brokers (e.g. Coinbase ) which are very different in substance, even if similar in appearance.
Exchanges were born specifically to hold and trade cryptocurrencies , with all the services offered revolving entirely around them. Here very often you have the opportunity to rent them by receiving fair percentages of annual interest, participate in the launch of new crypto and many other things that depend on the platform in question.
Finally, the real and most important difference lies in the fact that here you can actually own the various coins , which also implies being able to take them out of the exchange to send them to other wallets for any type of eventuality.
Brokers, on the other hand, usually allow the purchase of CFDs but not of the crypto itself . CFDs (short for Contract for Difference ) involve the client's commitment to a contract with the broker rather than the direct purchase of the underlying asset (the cryptocurrency, in this case). They are, therefore, securities that faithfully replicate the value to which they are linked but do not give the actual asset in the hands of the buyer. This means that, by buying a bitcoin CFD , you will have a stock which will allow you to replicate the gains or losses of the underlying asset, but nothing more.
If one day you wanted to send that digital currency to someone to make a payment or move it to an external wallet, it would not be possible as you would not physically hold it. This type of asset is more suitable for those who want to speculate on the price, while for investors who think over the medium and long term they may make little sense.
Another disadvantage (or advantage depending on the needs) of brokers lies in the fact that they are not platforms born for crypto , but rather for the stock market. That is to say that they have rather limited quantities of digital currencies that can be purchased as well as scarce related services. This could appeal to those who want a full-bodied equity portfolio and only a small allocation on cryptocurrencies but, for everyone else, using an exchange is the best solution. If you want to know some cryptocurrencies to keep an eye on, check out this article .
Buy bitcoins on Young Platform
Let's now come to the heart of the matter and try to understand how to buy bitcoin . To do this, it is sufficient to appeal to specific online services and apps.
Among these, I would like to recommend Young Platform : one of the best solutions in Italy to buy bitcoin and other cryptocurrencies, such as Ethereum , Polkadot and Dogecoin (every month the choice is enriched with new cryptocurrencies).
Young Platform is an exchange based in Turin, available as an Internet site and as an app for Android and iOS , created specifically for those taking their first steps in this type of investment, in fact it has a very intuitive interface and is also suitable for beginners.
The fact that Young Platform is one of the very few regulated Italian exchanges and which relies entirely on Italian banks ( Banca Sella and Banco Azzoaglio ) certifies the maximum transparency on transactions and on the custody of user funds . Furthermore, the technological infrastructure on which it is based bears the signature of Modulus , which in its client portfolio boasts JP Morgan Chase, Nasdaq, Goldman Sachs and many other names of international importance. The custody, identity verification and on-chain analysis services are guaranteed by their partners: Fireblocks, Onfido and Chainanalysis.
In addition to the classic deposits by bank transfer, Young Platform allows deposits with credit / debit cards , Apple Pay and cash , through supermarkets and affiliated shops (eg. Pam, Penny Market, Carrefour and Panorama). To get started, just go to the Young Platform official website and create a free account by clicking on the appropriate item and filling out the quick registration form that is proposed. Once logged in, it will then be possible to buy (and sell) cryptocurrencies with ease by following the quick instructions on the screen.
The articles are divided according to the reader's level of preparation, for example Beginner and Intermediate , so that you can better understand all the issues according to your current level of knowledge. The investor's handbookit then provides all the practical tools to acquire new skills and become a more informed investor.
Once you have enriched your knowledge in the field of bitcoin and cryptocurrencies, you can download the Stepdrop app for Android and iOS and answer the quizzes concerning the Young Academy articles: by answering correctly you can earn YNG tokens , which give access to advantageous discounts . on the Young Platform exchange (on which they can be transferred with a simple swipe up). For all the details, consult the official website
How to buy bitcoin on Binance
Binance is the most famous and used exchange in the world. It has made its flagship simplicity of use and completeness, winning the trust of millions of investors. One could mention simpler or more complete platforms than this, but never both and, above all, with such a level of proven reliability.
Binance has both a website and a mobile app compatible with both Android and iOS / iPadOS . I chose to use the website for the explanation, but the same account can be managed both from a PC and from a smartphone, so it really doesn't make any difference from where you perform the procedure.
To open an account, go to the main screen and press the Register button . You must then enter your e-mail address and a secure password , in order to receive a confirmation email that allows you to continue with the operation. The next step is to do the same thing with a phone number , which is also useful for activating two-step verification via private message.
Before you can start depositing money and making purchases, there is a further check to which it is essential to undergo. To fiscally track the users of the platform in the various states in which they operate and to avoid illegal operations such as money laundering or evasion, a photo of an identification document is required , such as an identity card or passport. Since the old Italian card models do not comply with European standards and are very often damaged, the passport is the option that guarantees the best chance of passing the verification on the first try.
At this point it is possible to pay money and start investing in bitcoin or one of the many other currencies that populate the exchange. To do this, you need to go to the menu located at the top left and bears the words Buy Crypto , which opens a very populated sub-menu.
The classic method is to buy with a credit card , which however exposes the payment of a commission of 1.8% on the total deposit. The procedure takes place as a classic online payment, with the insertion of the numbers that are in front of the card, date and CVC code. Depending on the circuit or bank used, there may be additional security checks to complete.
As of this writing, Binance does not offer the ability to deposit by wire transfer . This was due to a contract renewal between the exchange and the backing intermediary which was not successful. The expectation is that they will be re-enabled in the short term, however it is unclear when this will happen. However, there is the possibility of buying cryptocurrencies directly by bank transfer that relies on a third-party bank, but it is a highly discouraged practice as it will be purchased at a price increased by approximately 2.5% .
The other methods to deposit are through Wallet Advcash (for those who have one) or by P2P transfer , which provides an intermediary who will make the transfer and which is recommended only if you have a trusted support. Then there is the possibility to buy bitcoin or other currencies directly with the card but it is good to always check the price at which they are bought or sold, making sure that it is as faithful as possible to the market value and calculating the actual convenience.
At this point, if Euros have been deposited in the FIAT account, to convert them into bitcoin or any other crypto listed on the exchange, just go back to the drop-down menu, open the Trading section and choose the Convert option .
Here a screen will open that sees the basic exchange from USDT to bitcoin so you need to change the first factor. Going to the small arrow at the bottom next to the coin symbol, another menu will open with all the available coins and, once the Euros have been found , you can convert those held in the wallet into any desired currency.
By default, the Market option is selected , which carries out the transaction at the best price available at the time of the click . If you want to set the entry price, in the upper left there is the Limit item , which allows you to define the exact value at which to buy or sell bitcoins. But be careful, if the crypto never reaches that precise price, the transaction will never be executed, so it is good to choose the entry point carefully.
How to buy bitcoins with PayPal
PayPal , a well-known online money exchange platform, has long announced that it intends to enter the cryptocurrency market by offering the possibility to all its users to buy and sell coins directly from the app.
Unfortunately, at the time of this writing, it is not yet possible to do so, except for those residing in the United States or the United Kingdom. For this reason, the only way to switch from PayPal to crypto is through exchanges or brokers that accept it as a payment method, for example eToro and, in part, Coinbase. I'll tell you more about it below.
How to buy bitcoins on Coinbase
Coinbase is the second most used exchange in the world, although it is not the best in terms of transaction costs or the number of digital currencies offered. It has gained such an important segment, however, thanks to the fact that it is the platform capable of operating in the USA in complete freedom, as it perfectly follows all the rules dictated by the competent bodies.
Binance recently had some problems with local legislation, which led to it having to suspend the provision of some services. Nothing to worry about, it's certainly not going to shut down or become illegal, but this has caused some minor disservice to users. Coinbase, on the other hand, has never had these problems and has been able to conquer almost the entire American market.
One of the advantages of this platform is that it allows you to withdraw money via PayPal but, at least for now, deposits through this type of account have not yet been enabled . A few months ago the news came out that it would be possible to pay with this system, which is true but only for those who reside in the United States. Most likely this possibility will also be open to European citizens, although at the moment it is not known when.
To open an account on Coinbase, the procedures are the same as those of Binance, with verification by means of an identity document. Once the Euros have been deposited by bank transfer or card, it will be possible to convert them directly into digital currencies by going to the Wallet section of the site or app for Android and iOS / iPadOS , the same from which it is possible to connect an account and deposit FIAT currencies.
How to buy bitcoins for cash
Buying bitcoins for cash is indeed possible , but it certainly can't be done everywhere. In fact, there are some ATMs that dispense this and a couple of other cryptocurrencies if you put cash inside them. To do this, however, you need to have a wallet capable of accommodating these digital currencies.
My advice is to use the Ledger Nano , one of the most secure and used cold wallets (wallets disconnected from the network), but there are also other valid ones
To send the money, you need to copy the address corresponding to the currency purchased for the Ledger owned, which means that if you want to send bitcoins you must use the address for the bitcoins of the cold wallet. Using one not in charge of the same currency will result in the total and irreversible loss of funds (with very few exceptions) so it is better to be absolutely sure that you have copied the right address.
To buy bitcoins for cash, just insert the money into this ATM, enter the destination address of the wallet and confirm. After a few minutes (depending on network congestion) the cryptocurrencies will appear in the wallet without the slightest problem.
Unfortunately, in Italy it is rather difficult to find a bitcoin ATM , as they have only been installed in some of the main cities, such as Milan, Rome and a handful of other places, certainly not ideal for those who live in peripheral areas. However, these are the only methods with which it is possible to carry out transactions in a physical way, but it is hoped that in the future there will be many more.