Other than bank credit card purchases of cryptocurrency; you still do have other available options you can use to buy cryptocurrency. Here in this article, we are going to describe what they are.
The simplest way to buy cryptocurrency is with a debit card on a centralized exchange. It is as easy as buying clothes on any online website.
Coinbase, paper currency (fiat) like dollars or euro is a well-known medium to buy cryptocurrency.
The procedure is-
a) Users need to create an account by verifying identity. Now you can use your debit card for buying.
b) Rules for identity verification vary from each exchange/country; usually, you need to provide an ID/Passport and allow 2-factor authentication.
GDAX is a partner company of Coinbase. This platform gives you a better solution of how cryptocurrency exchanges really work. It contains chart tools, Dealing history, and real-time order books.
Bitfinex is another exchange method. This website is well known in the world, for its most advanced cryptocurrency trading platform. It allows the user to use many advanced charting tools while trading. This website also has an app made for both Android and the iPhone. The main features of the exchange are- Exchange trading, boundary trading, and boundary funding.
A beginner’s guide is provided for helping them to buy on the site.
Robinhood is different from all others and has a zero-fee method and made even easier platform to buy cryptocurrency for users. This app allows users to buy Bitcoin and Ethereum from their phone with absolutely no trading fee. Comparing it with Coinbase, about 1.49%-3.99% fees were added at every purchase. You can observe market data for 16 cryptocurrencies & add them to your watchlist.
NOTE- Not all cryptocurrencycurrencies can be bought with fiat
Coinbase offers Bitcoin, Ethereum, and Litecoin. Bitcoin cash can be purchased by users with fiat debit cards. To get included with other altcoins (i.e. 1,546 cryptocurrencies), users have to send their BTC, ETH, LTC or BCH over to an exchange that has same all of these pairs. The two most well known fluctuate are between Binance and OKex.
How to buy with Cash P2P (person to person)?
Buying Bitcoin with cash is as simple as giving money to your friend in return for BTC. If you don’t know anyone with BTC (or anyone that wants to sell), there are decentralized, p2p sites to meet new people. Local Bitcoins is used as a worldwide advertising community platform, which allows users to agree on a price beforehand, and then allow to meet in person to trade. It can take a lot of time to initiate the exchange process, and it also it does not seem trustworthy, as it involves strangers, but it is still well famed and has achieved great reviews from users. It is basically a decentralized board because it allows p2p (person to person) trading. No middlemen are needed to mediate the deal which means no fees are paid at all.