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These Places May Be The Cheapest Ways to Buy Bitcoin In 2020
2020-02-14 19:43 (GMT+8) visibility 79 thumb_up 2

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If you are searching for some cheap ways to buy bitcoin, you are in the right place. I will show you the free ways to get bitcoin and some of the cheapest places to buy or sell Bitcoin.


Naturally, acquiring Bitcoin has some associated costs. Although some of the cheapest ways to buy Bitcoin may be in faucets, the safest way to acquire BTC is at crypto exchanges, in which people can buy them with their credit cards, debit cards, PayPal, and other payment methods. Each cryptocurrency exchange charges a specific fee for completing a transaction.

 

Specific currencies may gain or lose value depending on external circumstances, and more investors are looking to hedge their funds and are acquiring Bitcoin. The world's premier cryptocurrency, Bitcoin's value can also change, but it has demonstrated time and time again that it is worthy of trading.


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What Are The Cheap Ways To Get Bitcoin?


1.    Free ways to get Bitcoin

 

There are several ways to get Bitcoin for free. For example:

 

  • Online shopping often leads to rewards in the form of free BTC, with services like Lolli and Pei.

  • Opening a crypto interest account (storing crypto assets in a BlockFi Interest Account, or BIA) also leads to free Bitcoin.

  • Crypto mining will also help you produce free BTC.

  • Completing surveys will usually provide you a payment in the form of BTC. The Time Bucks platform is a good example.

  • Becoming an Affiliate Marketer will let you earn Bitcoins for free.

 

2.    Some Cheapest places to buy Bitcoin

 

There is a long list of websites to buy bitcoin online, with or without fees. Some of them will be detailed later in this article, and they include crypto exchanges such as Coinbase, Kraken, and Binance; as well as other platforms such as Cointiply.


A Partial List of Cheap Ways to Get Bitcoin Online


Website
Types
  Coinbase  Cryptocurrency exchange
  Localbitcoins  Peer to Peer trading platform
  Gemini  Bitcoin exchange
  Kraken  Crypto exchange 
  Bitstamp  Bitcoin exchange
  CEX  Crypto exchange 
  Binance  Bitcoin exchange
  Cointiply  Bitcoin Faucet


1. Coinbase

 

Coinbase is maybe the world's most famous cryptocurrency exchange; at least in Western civilization. It has a "Pro" version with exciting features and tools for more advanced traders, like charts, graphs, and other options.

 

The platform supports several forms of payment: wire transfer, credit cards, debit cards, and even PayPal are available, albeit the latter is only active for withdrawals.

 

Pros:

There are lots of fiat deposit and withdrawal options

Insured BTC deposit

Several online and mobile wallet-associated services

Excellent security features and 2FA

Easy to use

 

Cons:

Not entirely anonymous

Support and help is not among the fastest

Deposits and withdrawals can be delayed for up to 72 hours

It doesn't support many crypto assets

 


2. Localbitcoins-Peer to Peer Trading

 

LocalBitcoins offers several payment methods to buy and sell using Bitcoin. The available ones will depend on your location, but you can generally use debit, credit cards, and PayPal. The latter is not recommended in the platform, though.

 

Pros:

It is a platform that promotes privacy at the moment of buying Bitcoins

It has several payment methods

It doesn't impose limits when it comes to buying and selling

If users buy via cash deposits, the Bitcoins will be available within an hour

In-person cash transactions are very quick

 

Cons:

Buying with cash may come with high fees

Large amounts may require ID verification

Whether or not the delivery is fast depends entirely on the seller confirming the payment

 


3. Gemini

 

Gemini is a famous Bitcoin exchange administrated by the Winklevoss twins. However, it does not accept common payment methods such as debit cards, credit cards, cash, or checks. To buy Bitcoin online in Gemini, the person needs to link its bank account and initiate an ACH deposit or wire transfer.

 

Pros:

Good reputation

Licensed in 42 US states and numerous countries around the world

Instant Deposit for ACH Transfers

It offers dollar-to-crypto and crypto-to-crypto trading

 

Cons:

The interface is not that user-friendly

It severely lacks in payment methods

Not very good for privacy

 


4. Kraken

 

Kraken is a big American crypto exchange that operates globally and is founded in 2011. It is currently considered the world's largest bitcoin exchange in euro volume and liquidity. Payment methods include bank transfer and SEPA credit transfer, both for deposits and payouts.

 

Pros:

It comes with an integrated wallet

It offers business accounts in addition to regular ones

It has two-factor authentication

Cold storage

Multisig wallets

 

Cons:

It has experienced more than a few technical issues and downtimes in the past

The user interface looks outdated

 


5. Bitstamp

 

Bitstamp is a prominent Bitcoin exchange that has been up and running since 2011. It is licensed with the Ministry of Finance in Luxembourg. While other options are better for acquiring smaller amounts, Bitstamp may be the best platform to buy large amounts of Bitcoins.

 

Payment methods for deposits and withdrawals include SEPA bank transfers, credit, and debit cards. To buy supported crypto assets, people can also use credit cards.

 

Pros:

Customer support is very good

Trades are quick

Plenty of resources for analysis

Licensed and transparent

Easy to use

 

Cons:

The process for the registry is long and somewhat confusing

It has confusing fees

 


6. CEX

 

CEX is a multi-asset platform that has a crypto trading service and brokerage resources, as well. Payment methods include debit and credit cards after a verification process has been completed.

 

Pros:

It reaches the vast majority of the countries in the world

Deposits are available by bank transfer with US dollars (USD), British Pounds (GBP) and Euros (EUR) for free

It is safe

 

Cons:

A little too complex for beginners

 


7. Binance

 

With very low fees, lots of coins, and multiple languages available, Binance is one of the few truly worldwide cryptocurrency exchanges and one of the best and cheapest ways to buy Bitcoin online. Binance has the most trading volume of all exchanges.

 

Binance has several payment methods available, including bank transfers, credit cards, or debit cards.


Pros:

Very low fees

Over 80 altcoins accepted and tradeable

Excellent mobile apps

Anonymous accounts with high limits (2 BTC/day)

 

Cons:

Margin trading only available in the United States

The platform can be buggy

Little support for fiat currencies



8. Cointiply-A Bitcoin Faucet

 

It is a Bitcoin faucet, which means that there will be no commissions associated with any service and that the person will get Bitcoin for free. It has several ways of offering BTC: for example, you can obtain some by completing surveys.

 

The page lets its subscribers have a chance, every hour, to win Cointiply Coins, which will later be exchanged for fractions of BTC. The page functions by promoting people to interact and stay in it, and the traffic will get them enough revenue that they can later redistribute it among its users.

  • Cheap way to buy bitcoin in the UK


Bitcoin faucets like Cointiply and exchanges such as Binance may be the cheapest ways to buy Bitcoin in the UK. Platforms in which completing tasks such as playing games and filling out surveys can help people start collecting crypto assets with a minimum Bitcoin investment, or even for free.

  • Cheap way to buy bitcoin in the USA


Of all the platforms explained above, Coinbase and Kraken are some of best and cheapest ways to buy Bitcoin in American soil. Sites like Cointiply, Lolli, and Pei can help you obtain them for free.


What To Watch Out When Looking For The Cheapest Way To Buy Bitcoin?


First, look for Bitcoin faucets if you don't mind going little by little. However, if you plan on acquiring significant funds, find a platform with low fees, high trading volume, available analysis tools, lots of altcoins available, various pairs, high limits, and, preferably, with mobile apps.

 

Of course, another critical feature to look for is reputation. All the options discussed above are highly reputed platforms. And it goes without saying that you should look for a platform that accepts your preferred payment method.


The above are the partial list of the cheapest ways to buy bitcoin. We can’t list all the other places. A wise investor should do more research and choose the best way that suits himself.


If you don’t want to buy real bitcoin at exchange, there is another cheap way to get potential profit from cryptocurrency. Let’s dive in.

An Alternative Cheap Way To Invest Bitcoin- Buying Bitcoin CFD


This way is totally different with the above ways. You don’t buy real bitcoin assets, but trade the bitcoin derivatives.


Basically, CFD is a financial instrument that means Contract For Difference and refers to trading a derivative product of the underlying asset. The person gets to enjoy high leverages on their trading products.

 

Bitcoin CFD, therefore, is a bet between the person and the broker that lets the former speculate on a specific crypto asset changing its price.


Mitrade- Bitcoin CFD Broker


 15843369463387


Mitrade is a Forex and CFDs broker that offers trading services in several locations. Among its offerings are trading currency pairs and CFDs on commodities, indices, and cryptocurrencies with the floating leverage of 1:200. Payment methods for depositing funds and withdrawing them are wire transfer, debit/credit card, and Skrill.

 

Pros:

Not need crypto wallet

Faster registration

Low cost to start

Leveraged trading

One account with multi-financial markets

Licensed with ASIC

 

Cons:

Can’t buy physical bitcoin

No choice for traders when it comes to account types 

Leverage brings the higher risk


Please note: CFD trading carries a high level of risk and is not suitable for all investors.  Please read the Risk Disclosure Statement before choosing to start trading.   

Conclusion


In conclusion, there are many cheap ways to buy Bitcoin and other cryptocurrencies. 


You can play games to get free bitcoins or buy and sell bitcoins in cryptocurrency exchange, or trade BTC/USD in a bitcoin broker site. In this post, we introduced the three kinds of ways, you should do more research when starting to invest in any asset.


We understand the jitters and the nerves if you are a beginner but look for the safest and cheapest ways to buy Bitcoin online by sticking to one of the sites discussed above.


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I am a Forex/ cryptocurrency trader with a Master's degree in Financial markets. My expertise covers a wide range of topics, including trading strategies, specific analysis, investment advice, and general finance topics.
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