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Additionally, comparing them and their BTC price at the time of making your purchase is also a good idea. Bank transfers are usually the cheapest ways to fund your exchange account and buy Bitcoin. This also applies to other cryptocurrencies. You would only need to have a cryptocurrency account open at any of the largest exchanges. Then, you will have to deposit funds by linking your bank account to the site.
This can be done in just a few simple steps. The transfer may take just a few days or even a few hours depending on the transfer method you select. Once you have your funds in local currency in your platform, you will be able to select a trading pair and acquire Bitcoin. You should take into consideration that the bank transfer may have some fees. This is why you should closely analyse and understand which are the hidden fees.
This method should then be compared to others to understand which is the cheapest way to buy Bitcoin. Some of the platforms that support bank transfers include Coinbase, Binance and other local and smaller platforms. Everything will depend on the sites you use and the services you need the most. When you think about the cheapest way to buy Bitcoin, you need to take into consideration the different commissions that would make your purchase more expensive. If you search for the cheapest way to buy Bitcoin using a credit card, you should know this has a commission.
Although the commission will change depending on the jurisdiction, you are starting at a higher price level. This is why the cheapest way to buy Bitcoin using a credit card is to search for the platform that offers an overall cheaper price for the digital asset. If you have the possibility o buy Bitcoin using two platforms A and B you need to analyse the commission for processing credit card purchase.
Furthermore, you will also have to know the price of BTC in each of these platforms. If the commission for processing a credit card purchase is the same, then you would only have to pay attention to the price of BTC. This is an easy thing to do. However, things would become more complicated if the commissions are higher in one of the platforms. If commissions and BTC price are the highest in one platform compared to the other, then you should buy where is cheaper.
This is a clear strategy you should be implementing if you are searching for the cheapest way to buy bitcoin using a credit card. The cheapest way to buy Bitcoin Reddit users are talking about is by waiting for exchange offers. Cryptocurrency exchanges are platforms that want to attract a large number of users. This is why they sometimes offer users with discounts. Some of these discounts could be on the commissions they charge for some transfers. For example, it might be possible for you to deposit funds with a bank transfer without paying commissions.
This would make your Bitcoin purchase cheaper. You should always be searching for these options offered by exchanges in order to buy cheap Bitcoins. The same can happen with the commissions they charge on credit and debit card purchases. They want to welcome new users and they usually do these discounts. Use them on your favour. If you see this chance, you should definitely use it. Stay far away from platforms that offer you direct credit or debit card purchases.
They usually charge large commissions for users that want to get access to them. Although they are very simple and easy to use, commissions are also higher. If you are searching for the cheapest way to buy Bitcoin, then this might not be the best option. Nevertheless, if you are a person that wants to have immediate access to BTC, this could be a great option.
Some of these platforms include Changelly, Coinbase or Paxful, among others. Bitcoin ATMs might not be the cheapest way to buy Bitcoin. Indeed, these are usually expensive platforms. However, they can be one of the best ways to get access to the cryptocurrency market with cash. If you do not feel comfortable using cryptocurrency exchanges, using BTMs could be a solution. These are physical machines that look like traditional ATMs.
They can be located in a wide range of places all over the world. In general, they are located in shopping centres, malls and crowded streets. Although this is not the cheapest way to buy Bitcoin, it will certainly be very useful for you to get access to it. However, they are also a very good and easy way to get cash. Some of these BTMs are supporting cash withdrawals.
Despite not being the cheapest way to buy Bitcoin they can certainly be very useful. Depending on the region you are located you would have one or more of these options available. PayPal has recently added support to cryptocurrency purchases. By paying a small fee, you can get access to BTC. However, we know that PayPal as usually charged higher prices for their services. This is why you should understand which are the fees they charge for the transfers.
Revolut and Robinhood work in different ways. These platforms can be the best ones if you want to buy a small number of cryptocurrencies. Some of their transfers do not have fees. Revolut charges some fees when the user process more than 3 purchases per month in the free account. Things are different with the premium accounts. There you pay a monthly fee but you have fewer limits to trade Bitcoin and other cryptocurrencies.
In this case, you should understand whether the price of BTC in this platform is offering is cheaper than traditional exchanges. Robinhood, instead, offers free trading to users.