Before registering, you should look for an online broker whose payment method you prefer - such as a debit card or bank account. However, since there
Before registering, you should look for an online broker whose payment method you prefer – such as a debit card or bank account. However, since there are so many platforms to choose from, choosing one can be difficult.
This guide explains the quickest, safest, and most cost-effective way to buy Bitcoin in Europe. Then, I provide a simple instructional guide on how to purchase your first Bitcoin, including a step-by-step walkthrough on how to purchase it online today as well.
Right away, I have the following suggestions:
Platforms to trade bitcoins
The first step in buying Bitcoin in Europe is to open a trading account with a platform that accepts cryptocurrencies.
Besides Bitcoin ATMs, Europeans also have the option to choose a platform that’s right for them. ATMs, as their name implies, allow you to buy Bitcoins using cash.
Even though this sounds great, Bitcoin ATMs are incredibly costly. The mark-up can be as high as 10-20%, depending on the provider. Because of this, I suggest you use a trusted online platform instead of Bitcoin ATMs.
TRUST AND REPUTATION
It is vital to investigate the credentials of the cryptocurrency platform before transferring any money from your EU bank account. Media should hold some sort of regulatory license, ideally.
As a result, a good percentage of this industry still operates unregulated – partly due to the fact that Bitcoin is independent and ungoverned. In this case, you must consider other factors in determining whether the platform is trustworthy – such as general online feedback.
Some cryptocurrency exchanges in Europe have earned a solid reputation after trading for several years. We’re talking about Kraken and Coinbase here – which I will elaborate on later.
Fees for trading
Stock trading on a traditional share trading platform is similar to how you would do it. There is a fee to access the market regardless of the cryptocurrency platform you decide to use. These are generally paid as a ‘commission’ on trading.
Depending on which platform you choose, the fee may vary. You will pay a commission of €10 on a $1,000 Bitcoin purchase if the platform charges 1%.In that case, your 1% commission will be equal to €20 if you sell your Bitcoin holdings for €2,000.
Besides the above fees, there are other costs to consider. Some cryptocurrency platforms may charge a fee for deposits and withdrawals. When using a debit card, you will be charged 3.99% by Coinbase, for example.
Luckily, you’ll only have to pay a few cents in fees if you transfer money via SEPA. A debit card is also arguably less safe than this payment method as it permits larger purchases.
ACCOUNT MINIMUMS AND PAYMENTS
Additionally, you need to ensure your chosen cryptocurrency platform accepts your preferred payment method. As mentioned above, SEPA transfers are a popular choice among Europeans, as they are cost-effective, secure, and usually fairly fast.
If you want an instant deposit, you might rather consider using a credit or debit card. eToro, for instance, also supports e-wallets. They include PayPal, Skrill, and Neteller, for example. Furthermore, you should examine the withdrawal policy of the platform in addition to the fee for each payment method.
Bitcoin Buying Platforms
After considering all of the above, I have listed a few cryptocurrency platforms that really stand out from the crowd. If you do not have the time to investigate platforms yourself, you might want to consider several of the providers below.
Bitcoin broker Coinbase may be the industry’s best-known player. Since its launch in 2012, the US-based platform has served over 35 million people across over 100 countries, making it the go-to broker for many first-time buyers.
Due to Coinbase’s ease of use, it is so popular. Accounts can often be opened in just minutes, and your ID is often verified immediately. Debit cards and SEPA deposits make the purchasing process easy. It is the best to buy crypto in Europe.
As one of the largest cryptocurrency exchanges globally, Binance, the best crypto in Europe, needs no introduction in the cryptocurrency community. CoinMarketCap reports that Binance has facilitated over $9 billion in trading volume alone in the last 24 hours.
There are a lot of cryptocurrency pairs available on Binance, and this is one of the company’s greatest assets. Currently, there are well over 600 pairs.
As well as short-selling, the platform offers you the opportunity to use the leverage of up to 1:2 and engage in CFD activity. It is the best to buy crypto in Europe.
Specifically, it means that you will be able to trade Bitcoin when you have twice the amount in your account. Buying Bitcoin on this trading platform is 100% commission-free, which is a huge plus.
Having read this guide from beginning to end, you should now be able to buy Bitcoin for the first time in Europe.
Finding a cryptocurrency broker suitable for your needs is an important aspect of the battle, as I have discussed extensively. There are plenty of options when it comes to support payment methods, fee levels, or user-friendliness.