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Technology How to Buy Bitcoin on Coinbase, Binance and Other Cryptocurrency Exchanges

18:26  03 february  2021
18:26  03 february  2021 Source:   newsweek.com

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Interest in cryptocurrencies, such as Dogecoin, saw a resurgence following last week's GameStop buying craze, driven by investments from users on the subreddit r/WallStreetBets.

A photo illustration of Bitcoin, the world's first cryptocurrency, displayed in Paris, France on January 8. © Chesnot/Getty Images A photo illustration of Bitcoin, the world's first cryptocurrency, displayed in Paris, France on January 8.

Here we outline how to buy Bitcoin, the world's first cryptocurrency, which is among the most widely traded cryptocurrencies today.

Listed as BTC on the cryptocurrency market, Bitcoin can be purchased using Coinbase, Binance and other cryptocurrency exchange platforms noted below.

Coinbase

Claiming to be the "best place to buy Bitcoin," San Francisco-based Coinbase is "trusted by 30+ million customers worldwide," according to the Coinbase website.

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To start buying Bitcoin, users will need to open an account by clicking on the "get started" icon at the homepage. This requires entering your email address and choosing a password to set up your login.

Users can also access their account on the Coinbase mobile app, which can be downloaded on the Google App Store or Apple's App Store.

The website advises: "To prevent identity theft or fraud, you'll need a photo ID to make sure it's really you."

Once an account has been created, you can "start with as little as $25" and make purchases by clicking on the "Buy Bitcoin" icon on the Bitcoin page. Payments can be made by debit card or from your bank account.

"Coinbase offers our USD Wallet and Hosted Cryptocurrency Wallet Service free of charge. This means we will store your USD and cryptocurrency at no cost to you," the website explains.

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Users should also be aware of fees that may apply with different transactions.

The website notes: "Coinbase Fees may vary based on your location, payment method, and other circumstances. In some cases, we may charge an additional fee on transfers to and from your bank account.

"We will always notify you of all Coinbase Fees (not including the margin) and any other service fees that apply to each transaction immediately before you confirm each transaction and in the receipt we issue to you immediately after each transaction has processed," it adds.

See the Coinbase website for more information on fees.

Binance

To buy Bitcoin on Binance you must first set up a user account. Click on the "register" icon, towards the top right of the homepage, which will require providing your email address and selecting a password.

Users can also access their Binance account using the Binance mobile app by downloading it from the Google Play Store or Apple's App Store.

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Once an account has been set up, users can purchase Bitcoin using several payment options, including credit or debit card as well as bank transfer.

"Once you complete the purchase, we will deposit your new crypto directly to your Binance wallet - a safe and simple way to manage your crypto assets. You can immediately trade your purchased crypto on the many products and services on the Binance Platform.

"Binance accepts a wide range of currencies and makes it easy for you to buy crypto using US Dollars, Euros, Pound Sterling, and other fiat currencies. You can also use a wide range of accepted stablecoins such as Binance USD (BUSD), Coinbase USD Coin (USDC), PAXOS (PAX), Tether (USDT), and True USD to buy crypto," the Binance website notes.

Users should also be aware of charges including trading, deposit and withdrawal fees, among others. See the Binance website for more information on fees.

Coinmama

Coinmama caters to those "looking to buy Bitcoins fast" and "instantly" using a debit or credit card or by bank transfer, according to the website.

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"Since 2013, Coinmama has been trusted by over 2,600,000 users in 190 countries worldwide as the fast, easy way to buy Bitcoin," the website states.

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To start making purchases, users need to set up an account by clicking the "sign up" icon at the top right of the homepage. A confirmation link will be sent to the email address you enter when signing up.

The website notes: "You need to verify your account before you can buy BTC with credit or debit card. This involves the uploading of your passport, national ID or other documents. Once approved and cleared, you can buy Bitcoins for up to 15,000 USD with your credit/debit card.

"If you don't have a credit card, you can also buy Bitcoin with debit card. Coinmama currently accepts payments via Visa and Mastercard. Please note that American Express, Discover and PayPal are currently not accepted. Regardless of the method you choose, you need to make sure that the card belongs to you.

"Please note that there's an additional processing fee added to card payments. After your account is verified and a purchase is made you will receive your Bitcoin within a few minutes. Coinmama offers industry-leading purchase limits," the website adds.

Users should be mindful of fees that may apply. "Fees incurred on buy orders depend both on your loyalty level and method of payment," Coinmama advises.

See the Coinmama website for more information on fees.

eToro

Noted to be a good option for those new to the cryptocurrency world, eToro's mission was "to make trading accessible to anyone, anywhere" when it launched in 2007 and has been serving the U.S. cryptocurrency market since July 2018, according to the website.

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Those who want to buy Bitcoin will need to open an account by clicking on the "sign up" icon found in the lower left part of the homepage, which requires entering your email address and creating a password. Users can also opt to login using their existing Facebook or Google accounts instead of creating a new eToro account.

Once you're logged in, you can start making purchases by clicking on the "trade" icon located in the top right portion of eToro's Bitcoin page.

EToro charges no commission fees, so there are no management, rollover, ticket or additional broker fees.

"Zero-commission means that no broker fee will be charged when opening or closing the position and does not apply to short or leveraged positions. Other fees may apply," the website advises.

See the eToro website for more information on fees.

Robinhood

Several cryptocurrencies, including Bitcoin, can be bought using the Robinhood trading app. To start making purchases via Robinhood, users must first open an account by clicking on the "sign up" icon in the top right section of the homepage. Users can also access their account on the Robinhood mobile app.

Once your account has been set up, users can click the "Buy" icon located at the right side of the Bitcoin page to make their purchase.

Robinhood is also commission-free. "However, self-regulatory organizations (SROs) such as the Financial Industry Regulatory Authority (FINRA) charge us a small fee for sell orders. They charge these fees for all sell orders, regardless of the brokerage. Robinhood passes these fees to our customers and remits them to the applicable SROs," the website advises.

See the Robinhood website for more information on fees.

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Coinbase fined $6.5 million over cryptocurrency trade claims .
Coinbase is paying the price for its earlier cryptocurrency trading practices. Coindesk and the Wall Street Journal say the Commodity Futures Trading Commission has fined Coinbase $6.5 million for allegedly providing misleading info about its trading volumes. The company's Coinbase Pro exchange ran two programs that sometimes traded Bitcoin and Litecoin with each other between 2015 and 2018, and included those trades in data it shared with outside services — making it look like there was more trading volume than there really was.

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