top of page
  • Writer's picturedave

How to Buy Bitcoin

Updated: Feb 27, 2021

Of course, one way to claim your BTC is to buy it using fiat currency. All you need is a Bitcoin wallet and bank account.


For the purpose of this post, we’ll keep things simple by referring to the best market value exchanges we like to use for buying and exchange BTC.


There are many exchanges you may choose to buy your Bitcoin with, no matter where you live on the globe. You may also choose a major trading exchange.


When choosing an exchange, make sure they are reputable, and always contact their support before transacting.


For cost efficiency, three things should be clear before using any exchange:



1. Deposit Fee.


Deposit your fiat such as Dollars or Pounds or Euros, etc. into the exchange.


2. Exchange Rate.


The Bitcoin Price. How does it compare with other exchanges? Exchange rates change all the time. Look for lower prices to get more for your buck.


3. Withdraw Fee.


Withdraw your Bitcoin to your personal wallet. Try not to leave any exchange with the responsibility of keeping your Bitcoin for any inactive extended period of time.


Also, note processing delays and any other factors such as KYC requirements.


Once you’ve purchased your BTC, withdraw it to your wallet. This way, your exchange is not left with the responsibility of keeping your crypto for you.



Buy Crypto


If you’d like to diversify your crypto holdings, you may purchase other crypto using a better exchange than your fiat currency exchange.


Currently, we found the best exchange for cost efficiency, ease of use, and processing speed is Changelly.


You may use the same exchange you bought your BTC to exchange this BTC for other cryptos although we do not recommend using this method as it is usually best to diversify and upgrade your platform usage while keeping better security practices for your assets.


So if you’d like to exchange some of your BTC Ethereum (ETH) or Litecoin (LTC), pure love for Changelly. Use them for instant transactions with no fees, no holding period, no KYC, and awesome rates.



Buy Bitcoin In Canada



Using an Outdoor Bitcoin ATM may be convenient for Bitcoin with your cash. You’ll usually be required to have at least one twenty-dollar bill. Only thing is, the exchange rates are typically not favorable and that’s aside from the deposit fee.


For cost efficiency, online is still the best way to go to claim your BTC.


There are plenty of exchanges such as Bitbuy, Cranberry, and Shakepay but the one we like to recommend is Coinsquare for their ease of use and overall quality.


The app doesn’t have the best reviews but in too many cases, apps are often a waste of storage space anyway.


Simply go on your browser, mobile, or desktop.


The Coinsquare platform is state of the art. They’re the oldest online Canadian exchange and their service only improves with time.


They have small deposit and withdrawal fees. Their exchange rate is usually at the market price.


They mention a processing hold but this hold is only for withdrawals.

In other words, once deposit using Interac e-Transfer, in most cases, you’ll be able to instantly buy your BTC at the market price using your deposit.


There's a 3 to 7-day hold on your BTC before you can withdraw to your wallet. There is a small deposit fee depending on the size of your fiat deposit, check their rates.


I hope you enjoyed this post. As always, the links we provide are only from sources we like and use ourselves. If you have any questions or comments, reach out to us, we'd love to hear from you!

17 views0 comments

Recent Posts

See All

Comments


bottom of page