How to Buy Bitcoin in 4 Easy Steps

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How to Buy Bitcoin in 4 Steps
1. Choose a crypto exchange

For most people, the best place to buy Bitcoin is on a crypto exchange.

These are online platforms dedicated to facilitating trades in cryptocurrency, usually by offering trading pairs and usually by matching buyers with sellers.

More inexperienced traders may wish to try a more general trading platform such as Robinhood.

2. Choose a payment method

Most major platforms do offer the option of linking your bank account for wire and ACH transfers, as well as the option of linking a debit card.

Some also let you pay via PayPal, with Coinbase also supporting Apple Pay.

Quick tip: Most bank transfer deposit options incur no fees.

Nonetheless, certain special services may require a small charge, while using PayPal to deposit money into your exchange incurs a 2.5% charge with Coinbase, for instance.

Regardless of the option you choose, you will have to verify your identity when first signing up for an account and registering a payment method.

3. Place your order

Once you're verified and have deposited cash into your account, you can then begin buying Bitcoin.

This process varies according to the exchange you use, with some exchanges offering a process that simply involves clicking a Buy or Sell button and then specifying how much Bitcoin you want to buy (or sell).

In general, most crypto exchanges offer at least three basic order types:

Market order: the option to choose if you simply want to buy Bitcoin at its current price. This type of order is usually completed in a matter of seconds, depending on the time of day.

Stop order: an order where you specify the price at which you will buy or sell Bitcoin.

This type of order can take some time to execute, depending on how quickly the market moves.

This type is good if you want to make sure you sell Bitcoin before it falls too sharply.

Limit order: instructs the exchange to execute a buy or sell order at a specific price or better. In contrast to stop orders, limit orders are visible to the market and can take longer to fill.

Again, executing any one of these options usually involves clicking a Buy, Trade, or New order button on an exchange's home screen.

4. Store your crypto in a safe place

Cold wallets: also known as hardware wallets, these are small devices that store your Bitcoin address' private key, which is necessary to transfer Bitcoin out of the address.

Hot wallets: also known as software wallets, these are apps that can be used through your phone, desktop computer, or web browser.