How To Buy Bitcoin – Buy Bitcoin Today in Under 5 Minutes

Bitcoin (BTC) is both the origin and the pioneer of all cryptocurrencies. Invented in 2008 by the unknown person/group named “Satoshi Nakamoto”, Bitcoin implementation started in 2009. Bitcoin today – even still in 2021 – remains the best place for beginners to explore the crypto space and to learn how to how buy Bitcoin.

This how to buy Bitcoin guide is here to inform both beginners and veterans of the most effective and efficient methods of buying Bitcoin in the United States (US). We will discuss the advantages and disadvantages of investing in Bitcoin, while providing and analysing the range of options available.

#1 Broker to Buy Bitcoin – eToro

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  • Invest in a wide range of cryptocurrencies
  • Ability to copy more experienced investors and their decisions
  • eToro crypto wallet included which makes it beginner-friendly
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How to Buy Bitcoin – The Quick Four-Step Strategy

Many first-time investors in Bitcoin today can be victim to “shilling” – otherwise known in laymen’s terms as promoting Bitcoin. Shilling can often lead newcomers to incidentally buy the “top” ( the highest price) and watch their investment value plummet.

To overcome such obstacles when buying Bitcoin, simply follow these four steps:

  • Signup to eToro: As our recommended broker, this is the best place to start.
  • Verify your Trading Account: Provide your identification documents to confirm and verify your details.
  • Add funds to the Trading Account: Deposit funds into your trading wallet, ensuring it is not more than you are willing to lose.
  • Buy the Bitcoin Cryptocurrency: Search for Bitcoin on the platform and purchase your preferred amount.

Where to Buy Bitcoin – Choosing the Right Broker

1. eToro – Best Place to Buy Bitcoin

eToro was established in 2006, is the winner of multiple broker awards and boasts a client base of over 19 million global investors. Standing the test of time, eToro provides traders with a secure investing platform accessible to more than 150 nations around the world.

eToro complies with both Commodity Futures Trading Commision (CFTC) and National Futures Association (NFA) regulations. As such, eToro is our recommended broker platform for newcomers to buy Bitcoin in the US.

Supporting multiple payment methods, both depositing and withdrawing funds with eToro function seamlessly and efficiently. Payment methods include debit/credit cards, crypto wallets and bank transfers.

With eToro, there are no hidden fees and zero commission on trades. Additionally, beginners also have the opportunity to practice with $100,000 in virtual funds. This helps newcomers learn how to buy Bitcoin and trade sufficiently before diving into to the real thing.

Whether you choose to access eToro on the web or from your phone, the eToro trading platform is the best place to buy Bitcoin in the US. If you still need further convincing, try it out yourself here.

eToro Fees

Deposit fees 0%
Withdrawal fees 0%
Trading Commissions 0%
Extra fees 0%

 

Pros Cons
CFTC and NFA compliant Charges 5% for withdrawals
 Multi-award-winning broker platform  Lacks sophisticated trading tools for advanced traders
 Good reputation
 Zero commission trading
 Wide portfolio of crypto available
 Access to tier 1 cryptocurrencies
 User-friendly platform
 Best copy trading tech
 Educational support

 

67% of all retail investor accounts lose money when trading CFDs with this provider.

2. Coinbase – Cheapest way to buy Bitcoin

Established in 2012, Coinbase is one of the first platforms that offered crypto exchange services in the US. As one of the most trusted brokers, Coinbase still has 30 million users as of 2021 that continue to buy Bitcoin today.

Offering over 2500 digital assets – including Bitcoin and a plethora of altcoins – Coinbase provides a secure and insured (up to $250,000) exchange platform that users trust.

Today, Coinbase is still ranked among the largest exchanges by trading volume, featuring over $420 million daily trading volume in Bitcoin alone.

With Coinbase, users can expect a user-friendly interface, rapid order filling, and accessibility to vast numbers of cryptocurrencies. On the other hand, Coinbase does charge a 1.49% commission fee for each transaction. This fee is also applied when withdrawing funds – essentially doubling to almost 3% in transaction fees.

Furthermore, when depositing via debit/credit card, Coinbase also deducts a further 3.99% transaction fee. Considering all fees combined, traders that carry out multiple transactions can quickly find their profit margins shrinking. As such, Coinbase seems better suited to long-term traders.

Coinbase Fees

Deposit fees 3.99%
Withdrawal fees 0%
Trading Commissions 1.49%
Extra fees 0%
Pros Cons
 Trusted by 30 million traders High commission rates
 User-friendly platform  Your privacy may not be guaranteed
 Over 2500 digital assets
 Strong reputation
 Widely regulated
 Compliant in the US
 Little slippage due to high liquidity held on the platform
 Straightforward registration process for beginners

 

67% of all retail investor accounts lose money when trading CFDs with this provider.

3. Coinmama – Simplest way to Buy Bitcoin

The Coinmama cryptocurrency exchange is another great platform for beginners to buy Bitcoin today in 2021. Accepting multiple payment methods including debit/credit cards and Apply Pay, Coinmama makes buying Bitcoin simply and accessible.

Unlike the aforementioned exchanges, Coinmama does not facilitate trading. Instead, users can both buy and sell Bitcoin on Coinmama directly from the company as it has its own inventory of cryptocurrencies.

Furthermore, Coinmama does not have a wallet/storage system on the platform. This means users have to have a pre-established wallet outside of Coinmama before Bitcoin can be purchased.

Coinmama’s strengths come from its simplicity. You select how much Bitcoin you want, assess how much fiat (USD) you wish to spend and confirm the transaction.

Despite this simplicity, broker charges applied by Coinmama are often enough to discourage buyers. Adding a 2% markup on Bitcoin market price, 3.99% commission on purchases, 0.99% on sales and a 5% fee for Apple Pay/debit/credit card deposits; ; Coinmama fees stack up quickly.

Coinmama fees

Deposit fees 5%
Withdrawal fees 0.99%
Trading Commissions 3.99%
Extra fees 2% markup on BTC market price

 

Pros Cons
 User-friendly interface High transaction fees
 $0 account minimum  No platform-based crypto wallet
 Offers tier 1 cryptos  No mobile/desktop app
 Wide range of payment options  Does not support crypto-to-crypto trading
 No fees for crypto deposits  Customer support via email only

 

67% of all retail investor accounts lose money when trading CFDs with this provider.

Why Buy Bitcoin Today?

Pioneers the crypto space

As the origin of all cryptocurrencies, Bitcoin appeals to mainstream adoption simply due to its pioneering nature. In the same light as company’s such as Facebook or Instagram, Bitcoin was the first of its kind and without competition for some time. This has solidified it’s place in the crypto space as the cornerstone of all other cryptocurrencies.

Despite 1000’s of cryptocurrencies being accessible to the public and on crypto exchanges, the chances are that 90% of them have never been heard of. Bitcoin, however, is known globally and continues to gain recognition as we venture towards 2020.

As the most publicised and recognised cryptocurrency, Bitcoin is the best place to start when learning to invest in crypto. Once accustomed to crypto, with your owned BTC you can then diversify into practically any other cryptocurrency available via crypto-to-crypto exchanging.

Equivalent to gold in the crypto space

Naturally referred to as the equivalent of gold in the crypto space, the value of Bitcoin can often transcend its use cases. This means to say that its value fluctuates based on what the general consensus believes its value should be.

Bitcoin has a total supply of 21 million BTC and already, a total of 18,790,806 Bitcoins have been mined. To “mine” Bitcoins is a long acquisition process which essentially brings them into existence for trade. With just over 2 million BTC left to mine, the supply is becoming scarce.

The best trading principle to remember is that scarcity increases value and as Bitcoin becomes more scarce, value is highly likely to increase significantly.

Unparalleled return on investment (ROI)

Whether mining or purchasing Bitcoin, most people invest into Bitcoin because BTC price can drastically increase. Considering the price of Bitcoin in 2015 at $333, just six years later in 2021 each Bitcoin reached a value of over $63,000. Taken further, this would be equivalent to turning $100 into just over $18,900 after six years.

As many continued to invest into Bitcoin over the years since its conception, many Bitcoin holders have become millionaires, multi-millionaires; even billionaires as a result of the extraordinary ROI.

Let’s make the assumption you were able to purchase a single Bitcoin last March, 2020, at just under $4000. Even at this late a stage, the ROI is over 1500% within a year. When you compare that to bank interest rates, it’s easy to see the appeal Bitcoin has and how it attracted mainstream adoption.

Mainstream acceptance

As of 2021, Bitcoin acceptance and mainstream adoption has continued to grow. Despite Bitcoin being considered decentralised – meaning no bank/government controls it – it has become accepted all throughout the US. Even now, when completing tax returns, questions surrounding cryptocurrency holdings are now in the spotlight as regulations steadily legitimise Bitcoin.

In 2021, a leap forward for Bitcoin recognition was established when the congress of El Salvador approved the president’s proposition to make Bitcoin legal tender. This pioneering decision means that businesses in El Salvador must now accept Bitcoin as a form of payment; only further solidifying Bitcoin’s place in modern society.

Even high-profile names like Elon Musk, Mark Cuban and Raol Pal are acquiring Bitcoin and openly announcing their support of the cryptocurrency. Every day, regulations and acceptance continue to create an increasingly permanent place for Bitcoin in global economy.

Secure

Bitcoin works on blockchain technology that decentralises financial Bitcoin holdings among multiple independent entities. These blockchain distributed ledgers function to create a trustless system that is time-stamped, monitored and open-sourced for anyone to see. While this lack of financial privacy may be unappealing, it does mean that any malicious intent carried out by hackers is overt and can be monitored down to the decimal.

A central bank holding your money could potentially be victim of a hacker and all money in the accounts drained. To avoid this and be able to openly witness/deter all external party involvement, the Bitcoin blockchain technology works with complete transparency. In the unlikely event of a hack, any money taken can be traced and recovered in almost all circumstances.

Safest Ways to Buy Bitcoin Today

When first purchasing Bitcoin, it is vital to understand the best methods of buying Bitcoin in the US. The first step being to identify a reputable and reliable broker to purchase your Bitcoin today. As our #1 broker of choice, eToro is the best option to buy Bitcoin for those new to the crypto space.

Here are some of the safest methods of purchasing Bitcoin in the US:

Buy Bitcoin with PayPal

PayPal functions as a secure e-wallet for both receiving and sending Bitcoin. To begin purchasing Bitcoin today securely via PayPal, select PayPal as a deposit option on your platform’s funding page. Ensure you confirm whether PayPal is a valid method of payment on your platform before moving any funds. You can buy Bitcoin today safely on eToro via PayPal with zero transaction fees.

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Buy Bitcoin with Debit/Credit card

An often traditionally safe and time-tested method of purchasing Bitcoin is via a debit/credit card like American Express. If your broker supports this method of funding your account, it is one of the most secure means of purchasing Bitcoin today in the US. Please be aware that some brokers may charge excessive fees for debit/credit card deposits. You can buy Bitcoin today via eToro with a debit/credit card without excessive fees.

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Buy Bitcoin via Bank Wire Transfer

Another safe method for purchasing Bitcoin today in the US is via bank wire transfer. Unlike the previous two methods, bank wire transfers can take up to two to three working days for the money to be transferred. Make sure to check whether any charges are applicable at your bank before choosing this method when buying Bitcoin.

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Risks of Buying Bitcoin Today

Volatility and Fluctuation

When considering the general stability of the well-established stock markets, cryptocurrencies rarely share such minimal volatility. Were you to purchase a single Bitcoin in April, 2021, it would have cost $60,000. Now if you were to sell it in July 2021, you would have been lucky to get back $40,000.

Fluctuation in cryptocurrencies is normal and should be expected. To avoid any significant losses when first entering crypto, make sure to only invest small amounts that you are willing to lose.

Upcoming Competition

Despite Bitcoin being the founding cryptocurrency, much has happened since its origination. Many other cryptocurrencies with faster transaction speeds, lower costs and improved energy efficiently are entering the space. These are referred to currently as “altcoins” and are both far more affordable and often promise significantly greater profits as the result of price exploration.

Susceptibility to Fraud

Though Bitcoin transactions are secure and transparent on the blockchain, this does not protect your investment and holdings from fraud. While a Bitcoin transaction hijacking may be impracticable, there are other methods hackers find to obtain your funds. This could be by creating fake crypto exchange websites and acquiring your private key to your holdings. Make sure to stay vigilant and verify your broker platform before committing any finances.

How to Buy Bitcoin – A Full eToro Guide

Step 1: Signup for an Account on eToro

how to buy bitcoin

Through due diligence, we have confirmed that eToro is the #1 best broker in the US to buy Bitcoin today for newcomers to the crypto space. Simply visit their website and click “sign up” to begin setting up your account. before registering, have the following prepared:

  • Full Name
  • Date of Birth
  • Picture of government-issued ID/Passport
  • Picture of a recent utility bill containing your address

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Step 2: Verify your Trading Account

how to buy bitcoin

During the signup process, you will be asked to submit the aforementioned information to verify your identity. To do so, simply upload your government-issued ID and utility bill (including same address registered with). With the correct documentation and information provided, eToro will confirm your account is ready to be funded by email within 10-15 minutes

Step 3: Fund your Trading Account

how to buy bitcoin

With your information verified, now it is time to invest in Bitcoin. As all deposits are free on eToro, you have nothing to fear in terms of fees. When using debit/credit card or PayPal, funds deposited will be reflected in your account near-instantly. For other methods such as Bank Wire Transfer, please allow two to three days for funds to appear.

Step 4: Buy Bitcoin Today

how to buy bitcoin

The final step is to purchase your first sum of Bitcoin. Start by typing “Bitcoin” or the ticker symbol “BTC” into the search bar. Next click on trade and purchase your Bitcoin today. Congratulations, you now own some Bitcoin on eToro.

67% of all retail investor accounts lose money when trading CFDs with this provider.

Selling Bitcoin: A Quick Overview

With the guide above explaining how to purchase Bitcoin today, now it’s important to learn how to sell the cryptocurrency. When/if you decide to sell your Bitcoin, on the eToro platform, simply click “sell” to cash out your Bitcoin. A window will appear asking for confirmation of your intention to sell. Click confirm and your trade will be complete.

Conclusion: Buy Bitcoin Today

Spending too much time contemplating whether or not to buy Bitcoin can mean lost opportunity to get in early before the next price movement to the upside. While short-term fluctuations may be unforgiving with Bitcoin, we advise investors to hold Bitcoin long-term for the most profit. Despite all fluctuations in Bitcoin price, the general trend in the Bitcoin market is bullish and set for higher price levels.

eToro.com – the #1 Broker Platform to Buy Bitcoin Today

1
$50Exclusive promotion
Our score10
  • Invest in a wide range of cryptocurrencies
  • Ability to copy more experienced investors and their decisions
  • eToro crypto wallet included which makes it beginner-friendly
0% Commissionstart TradingOur score 10

How to Buy Bitcoin today?

Where to Buy Bitcoin?

Is Bitcoin a good investment?

Is Bitcoin a safe investment?

How to Sell Bitcoin?

About Kane Pepi PRO INVESTOR

Kane Pepi writes for several high profile publications such as InsideBitcoins, the Motely Fool, and Learnbonds. Based in Malta, Kane is extremely skilled at complex subjects related to financial matters - including a Bachelor’s Degree in Finance, a Master’s Degree in Financial Crime, and actively engaged in Doctorate Degree research, for the money laundering threats of the blockchain economy.