Bitcoin is an unregulated currency, as such, it requires careful diligence when sourcing for where to buy the cryptocurrency from. One of the Safe ways to buy Bitcoin is by getting it from a regulated exchange company, one which offers a peer-to-peer transaction system or at least, one which is registered with a physical address.
This is so that you can be certain that if anything goes wrong, you will be able to track easily such companies.
There are several means of buying and paying for Bitcoin. One of such Safe ways to buy Bitcoin is by paying through direct bank deposit.
Depending on the volume of bitcoin you are buying, some methods might not be suitable for you as they may end up being more expensive after banking fees must have been charged.
When you buy Bitcoin through bank deposits, you have some details which can be easily tracked, in case anything goes wrong in the deal. Details such as the recipient’s name or company name can go a long way to provide intelligence on tracking rogue Bitcoin vendors.
3 things to consider as some safe ways to buy bitcoin.
- Is the exchange registered? Do they have a registered office address displayed on their website? Most legitimate exchanges will have their office location on their website. This is to instill confidence in buyers and help them make informed decisions, especially for buyers who intend to buy a large quantity of bitcoin.
- Does the exchange support peer-to-peer transactions? This is one key feature that a lot of exchanges have been adopting lately. It lets users trade among themselves, setting their own prices while the exchange acts as a form of escrow to ensure safety and also provide some level of regulation on the price of Bitcoin that users trade on their platform.
- What payment methods are allowed? Are you willing to put your credit card details on a random website? Especially when it has to do with high volume transactions. As a rule of thumb, when buying a large volume of Bitcoin it is advisable to use wire deposit method or pay cash at the office. This way, some form of contact is shared and established between the buyer and seller.
In my quest to bring to you some of the safe ways to buy Bitcoin, below is a highlight of some exchanges that support some or all of the things considered above.
Coinbase is a secure online platform for buying, selling, transferring, and storing digital currency. Customers can buy and sell or transfer Bitcoin amongst themselves with zero fees. They are a “one stop shop” that offer a wallet, an exchange, and merchant tools within one simple interface.
Several deposit methods are available to make payment and one of such includes Bank transfer. Supported currency includes USD, GBP, EUR.
You can sign up with them here.
Paxful is one of the world’s largest Bitcoin peer-to-peer marketplace, connecting buyers to sellers of Bitcoin. They boast of over 300 deposit methods which include – Credit/Debit Cards, PayPal, Amazon gift card, One vanilla gift card, Western Union, OKPay, Payza and a host of others.
Aside from providing a marketplace to buy and sell bitcoins, Paxful lets you walk into any of their offices and pay cash for Bitcoin. Bitcoin deposit into your account takes less than an hour. Visit their website
LocalBitcoins is a person-to-person bitcoin trading site, with headquarters in Finland. At LocalBitcoin, people from different countries can exchange their local currency for bitcoins.
The site lets users place adverts and decide how much they want to sell or buy their Bitcoin, plus the payment method that is most preferred.
A buyer or seller replies to those adverts and agrees to meet the person to buy bitcoins with cash, or trade directly with any form of internet banking. LocalBitcoins also have a wallet system where users can store their coins. Visit their website
Expresscoin is a Bitcoin brokerage company based in the United States. Their registered business address is in British Columbia and they operate Monday to Saturdays.
At Expresscoin, they help you buy Bitcoin with cash. That Bitcoin goes straight into your own wallet. All you need to do is download your own wallet, share your Bitcoin address with them and pay with cash at any of their office locations.
Kraken is a Bitcoin exchange for those who would like innovative features, fast execution, exceptional support, and high security. They are based in San Francisco USA and serve clients from all over the world.
At Kraken, you can deposit and withdraw euros, US dollars, Canadian dollars, British pounds, Japanese yen, bitcoins and other digital currencies.
Funding your account is primarily by cash wire deposits and Sepa but can only be done after account verification.
Is one of the easiest ways to buy/sell Bitcoin, Ethereum, Litecoin and Dogecoin in Europe. It is easy, fast, cheap and secure. No registration is required to start trading. All you need to do is to complete the order form and to make the payment. Upon receipt of your payment, they will process your order, and send your Bitcoin into your wallet.