Where to Buy

Learning Objectives

In this section you will learn about the different ways you can purchase cryptocurrency, some are easier than others, some are cheaper than others. As your experience and knowledge grows you will find the best option for your circumstances.

Crypto-currency ATM

An easy way to buy crypto currency is from a Bitcoin ATM, other currencies are typically provided as well.

Site https://coinatmradar.com will give you a list of all the ATM's that are in your local area.

Feed your cash into the device and it will pay out the value in crypto less any fees for using the service.

PROs:

Easily accessible secure devices, provide you with the amount of crypto you purchased.

No need to register or provide any personal details for small amounts

Pay crypto direct into your wallet if you already have one available

CONs

Paper wallets can be damaged easily especially if they get wet, destroyed in a fire.

High fees for the convenience of instantly buying crypto-currency

Local Bitcoins

Another option is a site called Local Bitcoins, this is an online market place that securely connects buyers and sellers of crypto-currency.

Visit site: https://localbitcoins.com

The site has a secure escrow service that holds the bitcoins being sold and only releases them into the buyer’s wallet after the seller has confirmed funds have been received.

This is a very safe way to buy crypto currency.

The price of the currency listed here will be slightly higher than market rate on most exchanges, check you’re happy with the price before purchase.

PROs:

Secure site, all parties register on the site before they are allowed to trade

Coins are stored in the site secure wallet for buying and selling

The buyer has a selection of sellers and can pick the cheapest

CONs:

High fees for the buyer to provide the convenience of instantly buying crypto-currency

The seller has to be competitive against other listings in the market

Someone you know

If you know someone who has cryptocurrency for sale you can agree a price, exchange money and have the crypto sent to your wallet.

This is a very advanced method and does require a high level of trust between both parties to do this outside of a platform like Local Bitcoins.

You would need knowledge of how wallet transactions are made, be able to provide your public wallet address and most important be able to view your wallets transactions in a blockchain explorer.

This will give you the evidence that the funds have been sent by viewing the transaction log and seeing the payment waiting to be confirmed.

PROs:

Cheaper access to coins paying less fees

Great if you know someone you can trust and is able to help you

CONs:

Risk of not getting any crypto if seller is dishonest

Not recommended for new users

Exchange

There are lots of crypto-currency exchanges available whom offer a limited or wide range of coins and tokens, as you progress and learn more about the different coins / tokens you may want to register on a number of exchanges depending on what you’re interested in. Some coins / tokens are exclusive to certain exchanges.

Here are a few popular exchanges, to get the URL I recommend finding the currency on the website www.coinmarketcap.com and using the market tab to find the exchange with the most liquidity.

Coinbase, uphold, Bitstamp, Poloniex, Binance, gate.io, Gemini, Bitfines, Kraken, bit Flyer, Bittrex

PROs:

The rate you purchase is the market rate

Very low buy and sell fees compared to ATM and Local bitcoins

Quickly buy and sell cryptocurrency on your phone

CONs:

Need to register on each exchange

Provide your personal information

Pass KYC know your customer (for money laundering laws)

Can take a few days to get your money onto the exchange with a money transfer

Summary:

There are many ways to obtain crypto-currencies via an ATM, Local Bitcoins, someone you know or an exchange.

The buyer and the seller have to pay a fee, with an ATM and local bitcoins the fee is high because the service is providing the coins immediately.

The fees are a lot cheaper on the exchange, but you need to do some prep work beforehand such as registering, providing personal documents to prove who you are. It can also take time to transfer funds to your exchange.

Once that is all setup then it is very easy to buy and sell.

Next Steps:

Check out the ATM website to find a machine local to you and try out buying a small amount of crypto to get you started.

I am planning some detailed blogs on the practical side so please look out for those in the future.

If you can't wait please get in touch with any questions you may have.