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If, like many other people around the world right now, you are interested in getting your (virtual) hands on some Bitcoin for the first time, but just don’t know where to start, then not to worry, as we have put together this guide with several easy ways to buy Bitcoin.
Use a cryptocurrency exchange
Cryptocurrency exchanges are one of the most established and safest ways to buy Bitcoin. They also present a simple and convenient way to make your purchase, as most will accept all major credit and debit cards, as well as many other reputable methods of payment. However, make sure to do your research when looking for a cryptocurrency exchange, as you may be able find one with no commission, or fees, and so on.
Use a CFD trading platform
In the United Kingdom, a CFD (or contract for difference) platform, like Skilling, is a commonly used form of derivative trading. A CFD allows the buyer and seller to agree to pay, in cash, any differences in value as the rate of the cryptocurrency rises or falls, instead of actually buying the Bitcoin and owning the assets. However, the benefit with CFDs is, you can hold much larger positions than if you had the actual Bitcoin at your disposal. Simply, there is more potential for higher profits. Of course, this means more risks as well.
Use a peer-to-peer platform
Peer-to-peer (or P2P) trading platforms are a very effective way to buy Bitcoin directly. With these platforms, you can buy cryptocurrency from sellers directly, using a wide range of payment methods, such as PayPal, bank transfer, and sometimes even cash – if you and the seller can agree to meet, that is! Each seller will have their own prices and rates, so, to ensure you find a trusted buy, the best rates, and a fair price, make sure you do your research. As you can see, that really is the key to getting a good deal!
Meet face-to-face
Another way to buy direct from the seller is face-to-face. This could be from anyone, even a friend or family member, or perhaps an acquaintance or somebody in your local area. Speaking of your local area, you could also search online to see if there are any trusted Bitcoin meetups in your town or city. Not only are these a great place to trade with trusted sellers, but it could also be a great opportunity to mingle with fellow cryptocurrency lovers. Of course, in line with the previous point, make sure you know your stuff beforehand, to ensure that you are trading safely.
Use a credit card
Ok, this sounds like an obvious point to make, but using a credit card is one of the easiest, and safest, ways to purchase your Bitcoin. With a quick search on your chosen web browser, you’ll find that this popular cryptocurrency can be bought on several sites online. Users often have the option to buy either Bitcoin Cash or Bitcoin Core. If you’re new to the cryptocurrency world, you’re going to need a ‘Bitcoin wallet’ to store your purchase. Again, with the help of your search engine, you should be able to find a safe and secure option pretty easily. The downside of this method is, there is often hefty service charges. However, on the plus side, it’s extremely quick and easy, meaning you can be buying and trading in no time!
Use a Bitcoin ATM
Bitcoin ATM’s are popping up all over the world, in fact, the chances are your local area probably has one. You can easily find out where your local Bitcoin ATM is by doing an online search of your area, followed by Bitcoin ATM - like ‘London Bitcoin ATM’, for example.
There are dedicated websites for helping you locate your nearest machine. These sites can also provide you with information on the type of crypto you want to buy as well. Whilst they are very convenient, they are not as private as some of the other methods we have already mentioned. If you don’t want to buy your Bitcoin in public, then this might not be the one for you!
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There’s no doubt that there is a lot of ways to buy Bitcoin, all of which have their own advantages and disadvantages. It’s up to you know to decide what route you want to go down!
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.