As a newbie it can be a daunting task to know where to start. Cryptocurrency is a fast moving space with many new platforms entering the market on a regular basis. Below we have tried to give you a head start by listing some of the most established exchanges where you can convert your fiat currency for Bitcoin.
1. Coinbase – One of the biggest exchanges for on-ramping. Once you’ve gone through the registration process, Coinbase is a very easy platform to execute purchases of Bitcoin. Can be hit and miss with prices when comparing them to the spot price so keep an eye out for those before hitting that buy button. An added benefit is that you can use a credit or debit card to purchase Bitcoin, although there is a 3 – 4% premium levied for the convenience. Click here for our step by step video tutorial on how to purchase via Coinbase.
2. LocalBitcoins – A favourite with many. Local Bitcoins is a peer-to-peer exchange where users can buy and sell Bitcoins between each other. This can be done by bank transfer or users can arrange to meet in person for a cash transaction. In our experience spreads tend to be quite high, although Localbitcoins is a convenient way to purchase Bitcoin with a good reputation in the community.
3. Bittylicious – Specifically geared towards UK residents to try and make things easier when tackling the over regulated British banking system. Relatively easy set up and simple to use. Spreads can be very high so something to keep your eye on.
4. Blockchain.info – One of the most established companies on par with Coinbase. Initially started out as a wallet provider and recently starting offering an on-ramping service. Nice user interface and respectable spreads from what we’ve seen so far. Blockchain.info also allow the use of credit and debit cards although be prepared to pay big fees for the convenience.
5. Kraken – This also works as an exchange for trading lots of other cryptocurrencies. The user interface is not so easy to use in our opinion, although Kraken is another good option worth consideration.
We believe the list above has some of the easiest ways to purchase Bitcoin. If you’re a beginner looking to get on the ladder, you’ll find at least one of these exchanges will be the right match for you.
Once you’ve bought your Bitcoin – congratulations! Next you’re gonna want to move it into a wallet.
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