Many people often ask me how and where to buy Bitcoin quickly online and which site to turn to to get started. Buying Bitcoins is not a complicated thing in itself. If you are just starting out, however, it is important to understand a few things before you buy your first tokens at bitcoin trading sites.
Cryptocurrencies are different from what you know and use every day with fiat currencies. Before jumping in, learn as much as you can about blockchain technology and make sure you have as many cards in your hand as possible to make informed choices before buying Bitcoin with multiple payment methods or any other crypto currency.
Don’t be guided by profitability and speculation alone! It took me personally more than 4 months to get into investing between the time I started learning about Bitcoin and the Blockchain and the time I bought my first bitcoins in 2015! Check with your bank which may charge you extra fees on your transfers! Beware that some French banks currently block currency transfers to certain exchanges or brokers.
Don’t forget that the Bitcoin network also charges an operating fee on each transaction (in addition to the fees charged by the platforms), which is called a mining fee and is used to pay miners. These fees vary depending mainly on the load of the network.
How to buy Bitcoin in 2021?
There are many different ways to buy Bitcoin (BTC or XBT) these days with various payment methods or other cryptocurrencies.
Here you will have to take into account your payment method, the complexity and duration of the process of obtaining these currencies, in relation to the fees you will pay on them. It is impossible to find a broker or platform that sells them without fees. In general, the easier and faster it is, the more you will pay!
You can also buy them directly from websites known as brokers or “exchanges” or specialized brokers like the excellent French site Zebitcoin. This is the most common way to buy bitcoins and the cheapest in my experience. These sites are more like brokers.
You have the option of trading like you would with stocks on the stock market via many exchanges. The goal here is usually to make a profit on Altcoins to accumulate more Bitcoin! Trading Bitcoin is much more complex.
You can get Bitcoins by accepting them as payment if you sell goods or services. This is a very good option in my opinion, as it protects sellers from payment fraud which is very common especially with credit cards. You can then exchange your Bitcoins for other crypto currencies if you want to diversify your crypto assets.
You have the option of mining Bitcoin or other crypto currencies to get them back. Since Bitcoin and other crypto-currencies are based on a decentralized peer-to-peer system, mining is the process of dedicating computing power (via CPU at first and now using GPU graphics cards) to verify the transactions made on the blocks and thus secure the Bitcoin network and the validity of its transactions. Not all corners are lousy!
There are sites called “faucets” that allow you to earn bitcoins, or rather Satoshis (a bitcoin is divisible up to 8 digits after the decimal point, these decimals were nicknamed Satoshi in honor of the creator of Bitcoin Satoshi Nakamoto). I’ll let you find them by yourself because these sites are rather limited in terms of security and I find it more of a waste of time than anything else personally… You’ll have to do some tedious tasks to earn your precious satoshis!
Where to buy Bitcoin – exchange platforms and brokers
These are websites that anyone can visit to buy digital currencies at a price set by the broker. Crypto-currency brokers are similar to brokers in the currency markets.
Brokers purchase Bitcoin in bulk and sell it at retail, taking a margin via a transaction fee. Most of these sites accept payment via credit card or SEPA bank transfer. Some accept payment via PayPal.
Trading Platforms or Exchanges
These are websites that match buyers and sellers and take a fee on each transaction. Some of the trading sites often offer advanced trading tools that allow you to track prices, place different types of orders (buy and sell) and trade with leverage, stop loss and take profit. It is helpful to use a bitcoin bot from this site though.
Some of them allow you to buy cryptos directly via credit card or SEPA payment via their on-ramp platform. Above all, they allow you to buy Altcoins if you already have Bitcoin.
These platforms offer direct person-to-person trading in which individuals from different countries can exchange currencies.
Direct trade exchanges do not have a fixed market price, but each seller sets their own exchange rate. Sort of the eBay of crypto here to simplify. Each broker or exchange will offer different rates for buying/selling bitcoin and other crypto currencies and often different prices (arbitrage).
It is possible to make an analogy with buying gold which will not cost you the same price depending on where you get it. In other words, different brokers or exchanges may have different prices and fees for the same currency, and each has its own advantages and disadvantages.
You will most often need to register, validate and verify your identity on such platforms. Check your email and phone number, validate KYC to be able to use the platform and get crypto assets.
Important points to note about online trading platforms or brokers!
Here are a few important things you should consider before making your choice in buying and trading Bitcoin.
Reputation – The best way to find out about a given exchange is to do your own research through user reviews, web reviews and well-known websites. You can ask a lot of questions on forums like BitcoinTalk or sites like Reddit.
Fees – Most exchanges should have information on their websites about fees. Before you jump in, make sure you understand how deposit, trading/transaction and withdrawal fees work. Fees can vary greatly depending on the exchange you use! The fees charged by exchange type platforms are in addition to the operating costs of the Blockchain networks you use! Some platforms like Etoro charge you countless fees so be careful.
Payment methods – What payment methods are available on the exchange? Credit card? Bank transfer? Paypal? If an exchange offers limited payment options, you may not want to use it. Keep in mind that buying crypto currencies with a credit card will still require identity verification and fees that go along with it since there is a higher risk of fraud and higher transaction and processing fees. Purchasing digital currencies via bank transfer will take much longer as it takes time for the banks to process the transfer, if they will accept it…
Identity Verification Level Requirements – The vast majority of Bitcoin buying/selling platforms, both in the U.S. and Europe, require some sort of identity verification to make deposits and withdrawals (so-called KYC, read more on this site). Some exchanges will allow you to remain anonymous, but these are becoming increasingly rare. While verification, which can take up to a few days (or even weeks lately as crypto currencies are in high demand), may seem like a hindrance, it protects the exchange from all sorts of scams and money laundering attempts. Most exchanges are becoming more and more controlled and regulated, and it’s not going to get any better…
Geographic restrictions – Some specific user features offered by exchanges are only available in certain countries. Make sure that the exchange you wish to use allows full access to all of the platform’s tools and features in the country you currently live in. Coinbase Pro for example has some limitations for non-North American users!
Exchange rates – You’ll be surprised at how much you can save if you do some calculations and arbitrage. It is not uncommon for rates to fluctuate by as much as 10% or more in some cases and on some currencies.
Liquidity – If you want to sell your currencies, look for exchanges that offer good levels of liquidity. Otherwise your sell orders may never be validated.
Questions / Answers
– How to buy bitcoins?
All the sites listed on this page allow you to buy Bitcoin from France. They are recognized, secure and offer some of the lowest fees in the market. You can also get Bitcoin at your local tobacconist’s recently!
– What can I buy with Bitcoin?
Bitcoin is increasingly accepted as a means of payment by many businesses operating primarily on the web! Many online stores, travel agencies and other businesses accept payments in Bitcoin. You can also get credit cards that allow you to pay in Euro via your crypto currencies!
– Where can I buy cheap Bitcoin?
The sites listed on this page offer some of the most interesting and lowest fee rates on the market. We use them too and have done extensive research to find the best sites for our readers!
– How do I sell my bitcoin?
You can easily sell your bitcoin for other crypto currencies on any of the good trading platforms listed on this page. To sell your bitcoins for Euros you will need to go through sites like this or their physical store in Paris. Some Bitcoin ATMs also exist in France to exchange your Bitcoins for Euros. In our opinion, credit cards for crypto currencies are the best option for selling your bitcoin for Euros!