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How to buy Bitcoin in 2020: step-by-step instructions for six popular ways

29/08/2020 13:47
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Before buying bitcoin, install a wallet and read about safe storage of cryptocurrencies. Afterwards be sure to explore the available options for buying Bitcoin and select the one that suits you best. Good luck.

Way number 1. Buy Bitcoin via bank card

Target audience. This way is convenient for those who rarely use cryptocurrency and prefer bank cards such as VISA, MIR or MasterCard. For example, in case you need to make a one-time payment or purchase coins for long-term storage.

How to buy. Register on This is a verified electronic wallet, enabling to convert fiat money into Bitcoin. After registration, be sure to pass account verification, select a convenient payment method and top up your Payeer account balance. Next, you need to take a photo of your bank card, upload the photo to the system and wait for the verification to complete.
If everything is in order, be sure to open the "Exchange" tab, select any available cryptocurrency, exchange and transfer the funds to your crypto wallet.

What to take into account. You can start working without verification, but the payment will not work without passport data and card information. This is how Payeer takes care of your safety and prevents anonymous payments. Other international e-wallets have approximately the same verification rules.

Payeer account replenishment methods: popular bank cards, payment systems and mobile payments. Funds can be credited in rubles, dollars or euros. There is an intrasystem exchange for conversion fiat money with a minimum commission

Way number 2. Buy Bitcoin via bank transfer

Target audience. This is an option for investors who keep an open bank account to buy various assets. Direct purchase allows saving on fees and increases the transactions security, since a minimum of intermediaries are involved in them. Perfect for large sum transactions.

How to buy. Select a reliable cryptocurrency exchange that has bank transfers as payment option. Register, verify your account as needed and settle protection for your trading account. After that, be sure to browse the account replenishment section, select a currency and specify the replenishment amount. Next you will be redirected to the third party payment processor. Examine the requirements, send money to the specified details and indicate your bank details in the comments to the payment. The procedure is over. You just have to wait a few days until the money gets to the balance and become available for buying Bitcoin.

What to take into account. Not all banks work with the details of cryptocurrency exchanges partners so you need to check this point first with your bank. In case if you don’t it is Ok too. The payment will be frozen for several weeks, and then returned to your account.

For a bank transfer conditions quick check, be sure to contact the technical support or the help department of the selected cryptoexchange. They have the details and examples of transactions.

Way number 3. Buy Bitcoin via SWIFT

Target audience. SWIFT transfers are international bank payments with a lower commission compared to money transfers through systems such as MoneyGram or Western Union. They enable you to transfer money from your bank account to the bank account of another person or organization. It is suitable for users looking for the most profitable cryptocurrency exchange rate.

How to buy. We do not consider the situation when the Bitcoin seller is your good friend. Here you act as it is convenient. Also, we do not review cases that you will look for people on dubious sites or message boards. Such a way has always been an increased risk, where the likelihood of losing everything is too high.

You have to look for people for SWIFT transfers on specialized cryptocurrency exchanges like Localbitcoins. You register, study the rules of the service, select a seller and make a payment. Next the exchange checks the entered data, books the seller's and the buyer’s money, and makes account settlement next. For this service you just pay a small commission and completely protect your trade from scammers.

What to take into account. The crypto exchanges with SWIFT transfers enable sellers to set limits for transactions, so the best deals are available only to large scale buyers in most cases. Plus, it's impossible find the right seller every day.

Pay attention to the limits and the total cost. In the first case, the minimum limit starts from $ 10,000, while the BTC price is 9,569 UAH. In the second case, the minimum limit starts from $ 300, while the price of BTC exceeds 10,200 UAH

Way number 4. Buy Bitcoin on the cryptocurrency exchange

Target audience. Cryptocurrency exchanges are suitable for users who constantly work with cryptocurrency or deal with trading. They speculate on buying and selling cryptocurrency exchange rates. Crypto exchanges have the most profitable rate, minimum commissions and many opportunities for making a profit.

How to buy. Look at the rating of cryptocurrency exchanges in 2020, select any platform you like, pass the registration procedure, set up your account security and replenish your deposit using one of the available options. After that, create a trade order and exchange your fiat money for the desired cryptocurrency. Each site has a simple and intuitive interface that you can understand in just a couple of minutes without any additional instructions.

What to take into account. If you plan to use cryptocurrency exchanges for trading, pay attention to the availability of margin trading and different orders types. You can implement any technical analysis strategy and get more chances for a quick deposit acceleration in case if the leverage and flexible orders are available.

The interface of any cryptocurrency exchange consists of a chart, a book of unfulfilled orders and a settings panel, where you can set trade parameters and change the chart view to suit your trading system, and get the access to the different indicators,

Way number 5. Buy Bitcoin via cryptocurrency online exchangers

Target audience. This is an option for those who rarely use cryptocurrency and who need to quickly make a cryptocurrency payment for a small amount. Here you will pay a higher commission, but you can make an instant exchange.

How to buy. If you do not have a verified site in mind, use the online monitoring bestchange. Go to the website which suits you, specify the exchange direction and get a list of services with the most favorable cryptocurrency exchange rates. Select any option you like and make the payment. – The procedures are very simple so that in most cases you won't even need to register.

What to take. There are a huge number of online cryptocurrency exchangers on the Internet, while a significant part of which are engaged in fraud and do not process payments. Sometimes it even deceives long-running sites, steel their users’ data, rebrand and start over. Therefore, do not trust exchangers with large amounts, and if you need frequent transfers, take a few minutes to set up an account on a trusted exchange.

Additional inconveniences of online exchangers are in limited reserves. In most cases the most profitable exchange rate is offered by those sites where you cannot change more than one BTC for one time

Way number 6. Buy Bitcoin on specialized services for buying cryptocurrency

Target audience. This is an option for those who constantly buy cryptocurrency and store fiat money in different places. Today it may be beneficial for such a person to make a payment with a bank card, tomorrow - by SWIFT transfer, and the day after tomorrow to issue an ordinary bank transfer. Specialized services combine different methods of exchanging cryptocurrencies, save time and simplify work greatly.

How to buy. Register at, go through the verification procedure and confirm your identity, replenish your account, select the appropriate exchange method and direction, before payment completion.

What to consider. If you are creating a cryptocurrency portfolio and plan to add as many coins as possible to it, working on special services will be inconvenient due to the limited number of available cryptocurrencies. In this case, you need to go to a reliable cryptocurrency exchange without restriction.

In most cases the international services work without Russian-speaking support, so the first transaction can take time to get to understand the interface.

We also recommend checking interesting and profitable update autotrading. Join Telegram channel and Twitter devoted to copytrading at Bingbon exchange. Here you will find all answers to the questions you are interested at and the channel author shows at his example and test deposit the amount which you can earn.

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