The Easiest Way to Buy Bitcoin Instantly Online for Investment

After all this while, Bitcoin has been one of the most amazing currencies to watch in the history of mankind. Bitcoin has outperformed the US dollar, gold, silver, and other fiat currencies. The presence of Bitcoin has also made a few millionaires along the way. It is never too late to buy Bitcoin if it is for long-term investment. If you are totally new to the world of Bitcoin, MYF is going to show you the easiest way to buy Bitcoin, almost instantly online.

The Easiest Way to Buy Bitcoin Instantly Online for Investment


The Easiest Way to Buy Bitcoin Instantly Online for Investment

There are many ways to buy Bitcoin such as via credit card, bank transfer, cash, and PayPal. Each of them has both their advantages and disadvantages.

Payment Method

Credit Card

Bank Transfer

(SEPA/ Wire)

PayPal

Cash

Average Fees

High

Very Low

Very High

Low

Anonymity

Not Great

Not Great

Good

Excellent

Speed to Purchase

Very Fast

Slow

Fast

Slow

Difficulty

Super Easy

Easy

Medium

Medium


#1 Speedy Transaction – Credit Card

The easiest and fastest way to buy Bitcoin instantly is with a credit card or debit card. For example, Coinbase supports credit or debit card purchases provided your card supports ‘3D Secure’. Some banks will require various security steps to authorize a purchase using 3D Secure. Some of the methods you may see will be a text message, a bank provided security code, or security questions.

Once you confirm a purchase with your card on Coinbase, you may be redirected to your bank’s website to verify the transfer. While Coinbase performs testing to ensure compatibility with major browsers, there may be situations where you are not correctly redirected to your bank’s website. If you are unable to confirm your purchase with your bank because of this, Coinbase will not be able to complete your order.

This is also why purchasing Bitcoin via credit card is one of the safest ways as exchanges like Coinbase requires verification from both the bank and you.

Further Reading: Coinbase Review

However, you should be aware that buying Bitcoin instantly with a debit or credit card will usually result in higher fees because there are higher transaction and processing fees. Therefore, if you are buying just a small amount of Bitcoin, using credit cards may be the best choice if you want it quick and easy.

The Easiest Way to Buy Bitcoin Instantly Online for Investment


#2 Big Transaction – Bank Transfer

For buying large amounts of Bitcoin, you should choose to buy with a bank transfer on a reputable exchange such as Bitfinex, Poloniex, GDAX, GEMINI, Kraken, EXMO, YOBIT, and etc.

Fees are always lowest when you choose to transfer funds directly via SEPA (Europe), Wire (US), FAST (Asia).

In my experience, Kraken is one of my favorite Bitcoin exchanges as it offers the best service for a bank transfer (wire SEPA) deposits. For the time being this is the only deposit method available. Deposit currencies include

Deposit currencies include Euros, US dollars, and KRW (Korean Won). It is super cheap to deposit, withdraw, and trade on Kraken. Daily volumes are always high, and an excellent fee transparency guarantees low commissions and that you get the cheapest coins.

The Easiest Way to Buy Bitcoin Instantly Online for Investment

My second choice will still be Coinbase if you want to buy Bitcoin with a bank account in the US.

Coinbase allows you to connect your bank account via ACH bank transfer and can be connected with 26 different banks.

Once you supply your bank credentials on Coinbase’s website you can easily buy Bitcoins through your bank account. The fee for buying Bitcoins with your bank account is %1.49. The good thing about Coinbase is that the site has very high liquidity and won’t “run out of Bitcoins”. It’s also pretty intuitive for beginners.

I would like to emphasize here again that bank transfer is much slower than credit card purchases and it can take up to 5 days to finally see your money in the exchanges. If you’re inside the Eurozone, Coinbase will also allow you to buy Bitcoins with a SEPA transfer. Fees are basically the same as buying within the US.

It is noted that every Bitcoin exchange is obliged by law to do full KYC (know your customer). This is to prevent cybercrime and money laundering and some say the government worries that you might be gaining too much economic freedom.

Just realize that this is the new age where your ID is scattered all over the internet. For this reason, I would recommend choosing the safest sites only. If you really need to stay anonymous when buying, this is possible but the cost per bitcoin will be significantly higher.


#3 Reliable and Favorable Method – PayPal

Although buying Bitcoin via credit card is the easiest way, PayPal has also been very favorable of Bitcoin. If you are a big fan of PayPal, there are several platforms you can purchase your Bitcoin such as Virwox and AvaTrade.

VirWox is an exchange of virtual currency, you can buy there Lindens, Bitcoins, and more. It has more than 400,000 registered users and is a Second Life Lindens authorized reseller.

AvaTrade is a forex broker that is committed to providing a safe trading environment and is fully regulated and licensed in the EU and BVI, with additional regulation in Australia, South Africa, and Japan.

Between the two, I prefer AvaTrade over Virwox as it is more straightforward and it is easier for newbies to navigate around.

The Easiest Way to Buy Bitcoin Instantly Online for Investment

The minimum initial deposit requirement of AvaTrade is $100. In addition to the possibility of immediate deposits through PayPal, they accept wire transfers and also facilitates funding through credit cards, NeTeller, Moneybookers, and WebMoney.

The advantages of buying or trading Bitcoin with AvaTrade is that there are attractive promotion and bonuses offered that can reach up to $10,00 in some cases. On top of that, they offer comprehensive educational resources that even beginners can learn as they go along.

One good thing about AvaTrade is that you can try out their free demo account so you can practice before putting your money on the line. If you are an inexperienced trader, AvaTrade provides market analysis to assist you in Bitcoin trading too.

I also would like to highlight that AvaTrade offers zero commissions on Bitcoin trading and no bank fees charged on transactions, making it far more profitable.


Conclusion

Depending on your preference, there are several “easiest” way to buy Bitcoin online and most of them can be done almost instantly. If you are not familiar with any of them, the easiest to buy Bitcoin is of course by credit card. However, please bear in mind that it has the highest transaction fee involves.

Most people that are brand-new to Bitcoin find it much safer & more familiar to buy via a Bitcoin ATM (especially if they just want to try out Bitcoin), rather than pouring through Reddit threads to determine which site is safest to buy from. There has been a drastic rise in the number of Bitcoin ATMs all over the world. While the normal trading process (usually through online exchanges) takes up to few days to complete, Bitcoin ATMs do that instantly and in a matter of seconds. However, Bitcoin atm is not available in most countries.

As you become more familiar with Bitcoin, you may opt to set up an online trading account, which generally has lower fees such as AvaTrade. If you are confident in trading, you may as well use this platform to make extra profit from it.

Additional Reading/Sources:

Is Ethereum the Next Bitcoin? Is It the Next Big Thing After Bitcoin?

How High Will Ethereum Go? Will Ethereum Reach the Price of Bitcoin?

What Is Ethereum and How to Make Money With Ethereum?

10 Reasons Why You Should Invest in Bitcoin. Is It a Good Time to Buy Bitcoin?

Summary
Review Date
Reviewed Item
Coinbase
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Alex Y

Alex is the owner of Managing Your Finance. He helps newbies start their own online businesses. Sign up for his 7-Day Free training course and learn how to start making a sustainable income online and quit your 9-to-5 job.

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7 Responses

  1. isaac says:

    Hi Alex. Really nice guide on the methods to buy Bitcoin online. With the ever increasing Bitcoin prices since the beginning of the year, I also am on jumping into the wagon. Especially now Bitcoin price has just gone down so much, it’s a big sale! 

    I just don’t understand one thing: why is it PayPal fee is higher than bank transfer? I thought that since bank transfer requires more effort and longer processing time, it’s surely more expensive than PayPal. Mind to share your opinion on this?

    By the way, thanks for sharing the link to get the free Bitcoin from Coinbase.

    Cheers,

    Isaac

    • Alex Y says:

      Hi Isaac, you are most welcome.

      First of all, Bitcoin’s price could be in for a big drop because the cryptocurrency is facing a potentially contentious upgrade to its core software – SegWit on 1st August. People have no idea what’s gonna happen and there is a trend of panic selling at the moment. Some people see it as a disaster but some see it as an opportunity. Play safe and invest with what you can afford to lose.

      Not only buying Bitcoin with PayPal is more expensive. In general, it is expensive using PayPal in almost everything. PayPal is making quite a few changes to their user policy moving forward.  Buyers will also pay a bit more money to use the service. All things considered, these changes will make this service seem far less appealing, that much is certain. That is why cryptocurrency is getting popular as it is not centralized, faster, and cheaper. I am not sure how PayPal is going to compete with cryptocurrency but if they are not going to do something about, they will be soon replaced.

      Hope my answer helps.

      Cheers,

      Alex

  2. Arta says:

    You would probably think I am from some other planet but this is just the third time I hear about Bitcoin and cannot understand what the hype is about. I have read that Bitcoins have become extremely popular and that their value has grown tremendously. But why has it happened? What is the reason for this popularity and is it here to stay? Or perhaps it is just another bubble that is going to break some day? What do you think?

    • Alex Y says:

      Bitcoin’s most important characteristic and the thing that makes it different to conventional money is that it is decentralized. No single institution controls the Bitcoin network. This puts some people at ease because it means that a large bank can’t control their money.  That simply means one central authority can’t tinker with monetary policy and cause a meltdown – or simply decide to take people’s bitcoins away from them.  

      The more days passing by, people are getting educated about bitcoins. Now different governments US, Australia, Uk and even UN is thinking of using bitcoin and implement it in many governments works. 

      With Bitcoin has become so popular, it is likely that the number of retailers and businesses that accept Bitcoin transactions will continue to rise. This, in turn, will further increase the usage of Bitcoin amongst consumers, which will have a knock-on effect when it comes to the value of this digital currency. 

      Credit cards, debit cards, and online payment services like Paypal are still hugely popular payment methods. However, cryptocurrency is fast becoming a preferred option amongst some consumers. 

      I am sure Bitcoin is here to stay.

  3. Aldane says:

    I love the way you outlined all the different methods to purchase Bitcoins, the risk levels and even the price differences and all the information you could possibly need to make your decision. I am relatively new to the world of cryptocurrency and this is a very well-written article for people like me. 

    By the way, thanks for the link and the free Bitcoin.

    Aldane.

  4. Derek says:

    Hi Alex!

    My friends are always raving about Bitcoin, and I’m just asking them “what the heck is it?” Thank you for this very informative guide, I’m now a bit more familiar with Bitcoin and the ways to invest in them. I had no idea that the method of investing would change depending on the amount you purchase! If I ever do a big purchase, I’ll have to to do a bank transfer. If not, I’ll use PayPal! By the way, thanks for the free Bitcoin from your link.

    Cheers,

    Derek

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