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How to Buy Bitcoin Online in 2022

Last updated 7th Sep 2022
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Bitcoin (BTC) is the largest digital currency in terms of market capitalization and an investment asset for most crypto enthusiasts. Due to Bitcoin’s insane popularity, it’s listed on most cryptocurrency exchanges, making it difficult for newcomers to identify the best exchanges from the entire lot.

For this purpose, we have curated this comprehensive guide, disclosing the best cryptocurrency exchanges and brokers to use when buying Bitcoin. These exchanges have been cherry-picked based on multiple important parameters. Moving forward, you will also find other ways you can earn money with Bitcoin in 2022.

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eToro - The Overall Best Way to Buy Bitcoin

The top choice for buying Bitcoin is with eToro, as this platform offers a premium investing experience. They host plenty of useful services like social trading, e-wallet deposits, demo accounts, and courses. You can learn more about the broker below:

💰 Trade Values:CFDs, ETFs, Currencies, Indices, Cryptocurrencies, Stocks, and Commodities.
📊 Software:Website and smartphone app.
🏆 Demo Account Available:Yes
📺 Ease of use:Excellent
⭐ Our rating:5/5
📱 App Available:iOS and Android
🧩 Regulation:Cyprus Securities and Exchange Commission (CySEC)
💰 Fees:1% of purchase order
🔁 CFDs Available:Yes
⚽ Social Trading:Yes

Best Platforms to Buy and Trade Bitcoin

This part of the guide walks you through the top platforms for buying or trading Bitcoin.

Buy Bitcoin Using Cryptocurrency Brokers - The Easiest Way

Cryptocurrency brokers are easy to use because they feature simple steps for acquiring Bitcoin followed by simple sign-up processes and multiple deposit methods. The most convenient platforms are listed in the table below:

ProviderFee (USD 1000)Get Started
🥇 eToro1% fee for buying or selling crypto.Start with eToro now
🥈 BinanceStarts from 0.1%; varies based on trading volume.Start with Binance now
🥉 CoinbaseStarts from 0.6%; varies based on trading volume.Start with Coinbase now

eToro

eToro is the most beginner-friendly platform as it offers an educational section containing many courses. Moreover, you can open a demo account to test the trading app before risking real money.

Binance

Binance is one of the renowned cryptocurrency exchanges with ultra-low trading fees and intuitive trading interfaces. On top of that, the platform supports multiple trading pairs for Bitcoin, making it convenient to convert most coins into BTC.

Coinbase

One of the top choices is Coinbase because the platform provides a premium service for beginners with its simple interfaces, quick deposit times, and educational content. Also, their Coinbase Pro app comes with charts and multiple order types that can help buy Bitcoin.

Buy Bitcoin on eToro: Step-By-Step Guide

Step 1: Open eToro
Step 2: Verify your identity
Step 3: Deposit money
Step 4: Buy Bitcoin
Step 5: Send Bitcoin to a wallet

Best Wallet to Buy and Store Bitcoin - Bitcoin Wallet Comparison

Bitcoin wallets are software or hardware devices that store your cryptocurrency investments. They offer far superior protection than exchanges, and you have ownership of your coins, remember, not your keys, not your coins. Therefore, you want to withdraw to a personal crypto wallet. The wallets below are compatible with multiple coins, so you can store Bitcoin and other cryptocurrencies.

ProviderWallet TypeGet Started
🥇 Ledger Nano XHardwareStart with Ledger now
🥈 Trezor Model THardwareStart with Trezor now
🥉 Trust WalletSoftwareStart with Trust Wallet now

How to Sell Bitcoin in 2022 Using eToro?

Selling coins like BTC is a smooth process with eToro. Here’s a simple guideline for cashing out your investment:

  1. Sign in to eToro and head over to the cryptocurrencies tab. Select BTC to open the trading interface.

  2. At the top of the page, select the sell option and input the amount of BTC to exchange. Review the order and press “Open Trade” to finish.

Buy Bitcoin Using CFDs - Best for Trading

Contract for difference (CFD) is a different way of investing in Bitcoin. These contracts are issued by crypto brokers like eToro, Plus500, and Eightcap. However, with this method, you cannot spend your Bitcoin because you are purchasing a derivative product.

ProviderFee (USD 1000)Get Started
🥇 eToro1% fee for buying or selling crypto.Start with eToro now
🥈 Plus500The market spread is 0.30%.Start with Plus500 now
🥉 EightcapThe minimum spread is 12.Start with Eightcap now

eToro

eToro is brilliant for investing due to its straightforward trading interfaces and deposit methods. Also, they’re the only broker that allows you to withdraw to their cryptocurrency wallet.

Plus500

Plus500 lets you set up alerts, indicators, and view the trading graph to help trade. Moreover, beginners can always access numerous courses, news articles, and analytics. Also, you can set up price alerts on assets you want to track.

Eightcap

Eightcap has many useful features like trade order types, different trading software, educational content, and a news section. It also comes with an interactive smartphone app that lets you trade while on the go.

Best Apps to Buy Bitcoin - Most Convenient

Trading on a smartphone app is convenient with the listed options underneath. They all provide interactive screens, Bitcoin trading, and popular deposit methods. Also, some of the exchanges have an instant buy section, letting you conveniently use a bank card to buy BTC.

ProviderFee (USD 1000)Get Started
🥇 CoinbaseStarting from 0.6%; varies based on trading volume.Download now
🥈 Crypto.comStarting from 0.075%; varies based on trading volume.Download now
🥉 BinanceStarting from 0.1%; varies based on trading volume.Download now

Buy Bitcoin on eToro App: Step-By-Step Guide

Step 1: Create an account
Step 2: Verify your identity
Step 3: Deposit money
Step 4: Buy BTC

Buy Bitcoin With Exchanges - The Cheapest Way

Cryptocurrency exchanges offer the best trading experience along with competitive fee rates. After searching through the marketplace, Binance, KuCoin, and Kraken are the most cost-effective. Also, Binance and KuCoin have native tokens that give a discount on fees.

ProviderFee (USD 1000)Get Started
🥇 BinanceStarting from 0.1%; varies based on trading volume.Start with Binance now
🥈 KuCoinStarting from 0.1%; varies based on trading volume.Start with KuCoin now
🥉 KrakenStarting from 0.26%; varies based on trading volume.Start with Kraken now

Buy Bitcoin on Binance: Step-by-Step Guide

Step 1: Open Binance and register
Step 2: Deposit money
Step 3: Open the trading interface
Step 4: Complete the trade
Step 5: Confirm the transaction using the Blockchain explorer

Buy Bitcoin Using Decentralized Exchanges (DEX) - The New Way

DEXs (Decentralized exchanges) are dApps built on top of a blockchain network like Ethereum or BNB Smart Chain that facilitate trade orders using a liquidity pool system. You can start using a DEX by connecting your decentralized wallet like MetaMask (if using an Ethereum-based DEX) and selecting the tokens you want to swap. They do not require ID verification and are not regulated. The most user-friendly dApps are:

ProviderFee (USD 1000)Get Started
🥇 SimpleSwapVariesGet started now
🥈 ThorSwapVariesGet started now
🥉 Bisq0.88% of the purchase order.Get started now

Can You Buy Bitcoin Using P2P Services?

Peer-to-peer platforms connect buyers and sellers for a small fee. You can purchase Bitcoin from verified sellers with a set price for each coin. Alternatively, you can set up a location and time of where to make a trade.

ProviderFee (USD 1000)Get Started
🥇 LocalbitcoinsStarts from 0.1%; varies based on trading volume.Get started now
🥈 PaxfulStarts from 0.1%; varies based on trading volume.Get started now
🥉 Bisq0.88% of the purchase order.Get started now

Can You Buy Bitcoin Using Other Trading Platforms?

Bitcoin being the first cryptocurrency ever created and having the largest market cap, it’s listed on most platforms offering cryptocurrencies. The table below will disclose the fees and if BTC is listed in their exchange.

Cryptocurrency PlatformCan You Buy Bitcoin?Fee (USD 1000)Review
BinanceYesStarting from 0.1%; varies based on trading volume.Binance review
TD AmeritradeYes$0 commissionsN/A
BitstampYesStarting from 0%; varies based on trading volume.Bitstamp review
BittrexYesStarting from 0.35%; varies based on trading volume.Bittrex review
CoinbaseYesStarting from 0.6%; varies based on trading volume.Coinbase review
PoloniexYesStarting from 0.155%; varies based on trading volume.Poloniex review
BitMartYesStarting from 0.25%; varies based on trading volume.N/A
BitrueYesStarting from 0.098%; varies based on trading volume.Bitrue review
BlockFiYesStarting from 1% spread; varies based on trading volume.N/A
CoinDCXYesStarting from 0.2%; varies based on trading volume.N/A
CoinSwitchYesStarting from 0.5%; varies based on trading volume.N/A
Crypto.comYesStarting from 0.075%; varies based on trading volume.N/A
EtherDeltaNoN/AN/A
E*TRADENoN/AN/A
FidelityYes$0 commissionsN/A
FTXYesStarting from 0.07%; varies based on trading volume.N/A
Gate.ioYesStarting from 0.2%; varies based on trading volume.N/A
HotbitYesStarting from 0.2%; varies based on trading volume.N/A
KrakenYesStarting from 0.26%; varies based on trading volume.Kraken review
KuCoinYesStarting from 0.1%; varies based on trading volume.KuCoin review
RobinhoodYes$0 commissions; varies based on order flow fee and trade volume.N/A
UpholdYesBuy spread of 0.85%.N/A
VenmoYesThe fee will vary based on the purchase or sale amount.N/A
VoyagerYes$0 commissionsN/A
WazirXYes0.2% commissionsWazirX review
WealthsimpleYes$0 commissions.N/A
WebullYes$0 commissions.N/A

What Is the Difference Between Buying Bitcoin and CFDs?

When you purchase Bitcoin from an exchange, you can withdraw, spend, lend, or store it. However, with a derivative product like CFDs, you cannot move your coins and must leave your invested funds within the broker. Buying CFDs means you will be invested in Bitcoin while not actually owning it.

Pros

Easy to get started with CFDs.
Can short or long Bitcoin.
Brokers issuing CFDs are secure and regulated.
Brokers provide demo accounts so you can test their services before buying Bitcoin CFDs.

Cons

No asset ownership.
You must leave your funds in the broker.
Usually higher fees with CFD brokers than exchanges.
You cannot spend your Bitcoin on services or products.

Best Ways to Buy Bitcoin

Here is a rundown of the top platforms for specific payment methods when buying Bitcoin.

Buy Bitcoin Instantly With Online Banking - The Fastest Way

Online banking is a popular deposit method because it’s fast and cheap. Coinbase Pro is the overall best platform for buying Bitcoin via this payment option because it's secure, straightforward to set up, and you can use recurring payments.

Buy Bitcoin With PayPal - The Safest Way

Investors can buy Bitcoin with PayPal via the cryptocurrency tab featured on the platform. Also, PayPal can be used as a deposit method with eToro, Binance, and Coinbase.

Buy Bitcoin Using a Debit Card - The Cheapest Way

The most low-cost way to buy BTC with a debit card is to use it as a deposit method on Coinbase. Also, avoid using instant buy sections as they have significantly higher fees than the spot trading platform.

Buy Bitcoin Using a Credit Card

Crypto.com is a premium exchange offering several Bitcoin trading pairs at competitive fee rates. The platform accepts multiple funding methods, including credit cards.

Best Platforms to Buy Bitcoin in Other Countries

Laws and regulations can impact the accessibility of exchanges worldwide. Therefore, the top provider in each country will vary based on the nation’s individual cryptocurrency regulations. Here you can explore the best platforms to use along with the starting fee rates.

Country to Buy Bitcoin inBest ProviderProvider TypeFee
AustraliaCoinbaseExchangeStarting from 0.6%; varies based on trading volume.
UKCoinbaseExchangeStarting from 0.6%; varies based on trading volume.
BangladesheToroBroker1% fee for buying or selling crypto.
CanadaBinanceExchangeStarting from 0.1%; varies based on trading volume.
HawaiiCEX.ioExchangeStarting from 0.25%; varies based on trading volume.
IndiaWazirXExchangeStarting from 0.2%; varies based on trading volume.
JapanBitFlyerExchangeNo trading fee
NepalKrakenExchangeStarting from 0.26%; varies based on trading volume.
New ZealandBinanceExchangeStarting from 0.1%; varies based on trading volume.
PakistanKuCoinExchangeStarting from 0.1%; varies based on trading volume.
PhilippinesBinanceExchangeStarting from 0.1%; varies based on trading volume.
SingaporeCrypto.comExchangeStarting from 0.075%; varies based on trading volume.
South AfricaeToroExchange1% fee for buying or selling crypto.
UAECoinbaseExchangeStarting from 0.6%; varies based on trading volume.

What Are the Fees When Buying Bitcoin?

This table calculates the costs of buying Bitcoin and holding it for 30-days.

PlatformeToro BrokerPlus500 CFDBinance Exchange
Deposit fees$0$0$0
Purchase fees$10Spread of 0.30%$1
Holding fees$0$0$0
Selling Fees$10Spread of 0.30%$1
Payout fees$5$0$15
Total fees$25Spread of 0.30% for selling/buying$17

Cheapest Way to Buy Bitcoin

Crypto exchanges have the best fee structures that work on a tier-based system. This means if you have a high 30-day trading volume, you’ll receive better fee rates when buying Bitcoin.

Moreover, exchanges like KuCoin and Binance have developed their own native cryptocurrencies, that can be used for paying trading fees. KCS gives a 20% discount while BNB gives 25%.

ProviderFee (USD 1000)Get Started
🥇 BinanceStarting from 0.1%; varies based on trading volume.Download now
🥈 KuCoinStarting from 0.1%; varies based on trading volume.Download now
🥉 BitFlyNo trading feeDownload now

Fastest Way to Buy Bitcoin

These crypto platforms were chosen for their fast sign-up processes and easy-to-use interface. Also, all these platforms provide educational resources as a bonus for clients looking to learn topics about investing. The fastest broker is eToro, as it doesn’t feature complicated trading pages, while Coinbase and Crypto.com are ideal options because of their high liquidity with multiple trading pairs.

ProviderFee (USD 1000)Get Started
🥇 eToro1% fee for buying or selling crypto.Get started now
🥈 CoinbaseStarting from 0.6%; varies based on trading volume.Get started now
🥉 Crypto.comStarting from 0.75%; varies based on trading volume.Get started now

How to Buy Bitcoin Anonymously?

Now you’ll discover the top platforms for buying Bitcoin anonymously or without ID verification.

How to Buy Bitcoin Without Registration or KYC?

You can use a decentralized exchange to avoid creating an account or fulfilling the KYC process. These dApps are not owned by a central company, and they do not require verifying your identity to use.

How to Buy Bitcoin Without Verification?

To buy Bitcoin without an ID, you can use a DEX or not verify your account with Binance. In the latter case, you can only deposit cryptocurrency to the exchange and cannot fund your account with fiat currency. After trading on Binance, you can withdraw Bitcoin to the wallet, although you will have transfer limits for not completing the KYC.

Can You Buy Bitcoin Offline?

No, you cannot buy Bitcoin offline, as all cryptocurrency platforms need an internet connection to function.

Should You Buy or Sell Bitcoin?

Bitcoin is the most popular coin bought by individuals, businesses, banks, and institutions. It has led and peaked in all bull runs since its creation. Therefore, most investors would consider Bitcoin an essential asset in their portfolio. If you’re undecided on BTC, here are some pros & cons:

Why should you buy Bitcoin?Why should you sell Bitcoin?
Bitcoin has the largest market cap.There are better payment coins, like Cardano.
Bitcoin is decentralized.Regulations and bans negatively impact Bitcoin.
Bitcoin is the most popular cryptocurrency.Drops heavily during bear markets.
BTC is often referred to as digital gold for its store value.Unregulated.
Bitcoin performs amazingly during bull runs.Slow transfer speeds compared to other blockchains, like Solana.

Do You Need to Pay Tax on Bitcoin in the US?

Bitcoin investors in the US must pay long or short-term capital gain tax as crypto is viewed as an asset similar to “property”. Also, the amount to pay depends on your tax bracket and how long you hold. For more concrete information, you should check your state’s official websites.

Bitcoin Price Prediction: What Is the Future of Bitcoin?

Speculating the future value of Bitcoin is challenging, and many experts have voiced their opinions. This section will cover what can impact BTC’s price.

What Impacts Bitcoin Price?

These are the five main factors that can swing Bitcoin’s value:

  • Demand: Increased demand with lower supply grows Bitcoin’s price as investors are willing to pay more for each coin.

  • Market status: Bitcoin performs best during bull runs as more money goes into the cryptocurrency market. On the other hand, Bitcoin loses tremendous value during bear markets as its price bottoms out.

  • Regulations: Countries regulating and implementing new crypto laws can impact the growth of Bitcoin negatively or positively. Crypto-friendly nations have more potential investors, which increases the demand for Bitcoin.

  • Adoption: Bitcoin becoming more adopted by individuals and businesses boosts its value as it gets utilized more.

  • Influencers: Bitcoin trending on social media is great for increasing its popularity and demand on a global level. More people find the cryptocurrency market and begin exploring coins like Bitcoin.

Historical Bitcoin Course: Major Milestones in the History of Bitcoin:

Here, you can examine a few major milestones since Bitcoin’s creation:

Current Price Prediction News

Below, you can read about what experts have to say about the future potential of Bitcoin.

Other Ways to Make Money With Bitcoin in 2022

The following part of the guide shows alternative ways to earn money with Bitcoin.

Stake Bitcoin Using DeFi or CeFi

Unfortunately, Bitcoin cannot be staked as it uses a POW (Proof-of-work) consensus mechanism.

Buy Bitcoin Using ETPs (ETFs & ETNs)

Exchange-traded product (ETPs) are securities traded on the stock exchange. The best place to buy Bitcoin ETPs is ProShares.

Buy and Sell NFTs Using Bitcoin

While popular NFT marketplaces like OpenSea, Mintable, and Foundation only allow purchases with Ethereum, the closest any NFT project has come to Bitcoin is Stacks, which verifies NFT transactions on the Bitcoin blockchain. However, you, as a buyer, can only purchase in their native tokens called Stacks.

There is no marketplace where you can buy or sell NFTs with Bitcoin. Hence, you would need to convert your BTC to the NFT platform’s supported cryptocurrencies.

Buy Stocks and Shares in Companies Owning Bitcoin

Tesla is one of the largest global companies investing in Bitcoin. However, the company has sold 75% of its holdings to improve its liquidity position. You can buy their stock conveniently with eToro.

Bitcoin Mining

Bitcoin mining is a process in which your GPU solves complex cryptographic hash puzzles to verify transactions on the blockchain. In return, you are rewarded with Bitcoin for allocating your computational power.

Unfortunately, Bitcoin mining is not worth it today as you need to invest in expensive GPUs to be profitable. Also, Bitcoin’s halving is expected on May 4th, 2024. This is when mining each block becomes harder, and rewards are cut in half.

Use Bitcoin Faucets

Bitcoin faucets are platforms that offer a small amount of bitcoins after completing a quiz or a task. The best platforms to earn crypto rewards via faucets are Coinbase and Binance, as these two platforms have a great selection of quizzes to take. However, you are likely to earn different cryptocurrencies, which you can sell after for Bitcoin.

What Cryptocurrencies Are Similar to Bitcoin?

Here you’ll find different payment cryptocurrencies similar to Bitcoin that you may find interesting.

CoinSymbolLearn how to buy
LitecoinLTCBuy Litecoin
EthereumETHBuy Ethereum
DogecoinDOGEBuy Dogecoin
Bitcoin CashBCHBuy Bitcoin Cash
ZcashZECBuy Zcash

Is It Still Worth Investing in Bitcoin or Not?

Bitcoin is a behemoth in the cryptocurrency space in terms of its market cap and global adoption. It has performed best during bull runs and gathered a loyal community that supports a decentralized economy. Factoring in all aspects of Bitcoin, it’s definitely worth buying and holding long-term. Note: Not a Financial Advice (NFA).

FAQs

What Is the Best Provider to Buy Bitcoin in the US?
What Is the Cheapest Provider to Buy Bitcoin in the Us?
Is It Worth Investing in Bitcoin Right Now?
Is There a Limit to How Many Bitcoin I Can Buy?
Can You Buy Bitcoin on the Blockchain?
What Can You Buy With Bitcoin?
Can I sell Bitcoin using the same service I used to buy it?

Dominikas Pupkevicius

Dominikas is a content and research writer with over 6 years of experience. He is passionate about blockchain technology and believes cryptocurrency is the future of humanity. Dominikas lives in the countryside with his 3 dogs and enjoys long walks.