How to buy bitcoin

How to buy Bitcoin

Buying Bitcoin is as simple as opening a trading account and buying an asset. You:

  • Fill out some forms to create the account
  • Fund the account with cash*
  • Trade that cash to buy bitcoin

*In some cases you can skip this step, meaning you buy Bitcoin directly using the payment method of your choice.

Payment options

Your payment options may include bank transfers, credit/debit, e-currency, and wire transfers. Determining the best payment option depends on:

  • How quickly you need access to your bitcoin
  • The amount of bitcoin you’re buying
  • Your country of residence

This guide is organized by country of residence.

Select Your Country of Residence

Select Payment Method

Pros & Cons

Pros

  • Lower fees when making large purchases
  • Maximum daily purchase amount (limit) is high

Cons

  • Relatively higher fees for small purchases
  • Verification can take longer and may require additional personal information.

Bottom Line

Linking your bank account can be suitable for larger purchases and regular buyers.

Setup may take longer, but bank funding can provide increased flexibility and potentially lower fees for larger transactions.

Recommended approach: use a reputable regulated exchange.

Linking Your Bank Account

Most regulated cryptocurrency exchanges provide instructions for connecting an eligible bank account through their funding or payment settings.

Before linking an account

Verify that the exchange supports your bank and review processing times, limits, verification requirements and applicable fees.

Buying Bitcoin

Once your account has been funded, locate Bitcoin in the exchange's purchase or trading interface.

Enter the amount, review the exchange rate and fees, and confirm the transaction only after checking the details.

Sending Bitcoin

To transfer Bitcoin, enter the receiving Bitcoin wallet address into your exchange or wallet's withdrawal interface.

Verify the wallet address and transaction amount before confirming because cryptocurrency transfers can be irreversible.

Receiving Bitcoin

Your Bitcoin wallet provides a receiving address that can be shared when someone needs to send Bitcoin to you.

Always ensure that the address belongs to the correct wallet and cryptocurrency network.

Withdrawing Cash

If your exchange supports cash withdrawals, available bank withdrawal methods will normally appear within the account's funding or withdrawal section.

Credit / Debit Card

Some cryptocurrency exchanges allow eligible customers to purchase Bitcoin using a supported debit or credit card.

Card purchases may process quickly, but fees and transaction limits can differ from bank-funded purchases.

Wire Transfers

Bank wire transfers may be available for larger funding amounts. Follow the exact banking instructions issued by the exchange.

Select Payment Method

Pros & Cons

Pros

  • Convenient for eligible Canadian users
  • Useful for small and medium purchases

Cons

  • Fees vary depending on the provider
  • Withdrawal holding periods may apply

Bottom Line:

Interac e-Transfer can be a convenient funding method for eligible customers in Canada.

Always compare fees and withdrawal rules before choosing an exchange.

Funding Your Account

Follow your exchange's instructions for initiating an eligible Interac e-Transfer.

Check transaction limits and processing times before confirming the transfer.

Buying Bitcoin

After funds are available, select Bitcoin, enter the amount you want to purchase and review all fees before confirming.

Sending Bitcoin

Enter the recipient's Bitcoin wallet address carefully and verify it before submitting the withdrawal.

Selling Bitcoin

Exchanges normally provide a sell or trade interface where eligible users can convert Bitcoin into supported fiat currency.

Receiving Bitcoin

Use the Bitcoin deposit address supplied by your wallet or exchange when receiving Bitcoin.

Bank Wire

For bank wire funding, follow the exact beneficiary, reference and banking instructions provided by your chosen regulated exchange.

Select Payment Method

Pros & Cons

Pros

  • Bank transfers can offer competitive fees
  • Useful for larger transaction amounts

Cons

  • Verification may take additional time
  • Availability depends on the exchange and bank

Bottom Line:

Bank-funded purchases can be suitable for regular buyers who prioritize lower fees over immediate access.

Linking Your Bank Account

Follow the banking instructions provided inside your exchange account and ensure all account details are correct before transferring funds.

Funding Your Account

Deposit supported fiat currency into your exchange account using one of the available bank-transfer methods.

Buying Bitcoin

Select Bitcoin, enter your desired purchase amount and review the exchange rate and charges before confirming.

Sending Bitcoin

Carefully verify the recipient's Bitcoin address before approving a withdrawal or transfer.

Select Payment Method

Pros & Cons

Pros

  • Competitive fees for larger purchases
  • Bank transfers are widely available

Cons

  • Processing times can vary
  • Verification requirements depend on provider

Bottom Line:

Bank transfers can be useful for customers who plan larger or recurring cryptocurrency purchases.

Linking Your Bank Account

Follow the supported bank-account connection process offered by your exchange.

Depositing From Your Bank Account

Use the exact bank-transfer instructions and reference supplied by your exchange when making a deposit.

Buying Bitcoin

Once funds become available, select Bitcoin, choose the desired purchase amount and review the order before confirming.

Sending Bitcoin

Copy the recipient address carefully and verify the destination before approving the transaction.

Select Payment Method

Creating an Account

Buying Bitcoin through a regulated exchange with established banking relationships is one common way to access cryptocurrency.

Before opening an account, research whether the exchange operates legally in your jurisdiction and review independent user feedback.

Creating an account

Regulated exchanges generally require identity verification before allowing cryptocurrency purchases. Requirements vary according to jurisdiction and provider.

Funding Your Account ›

Funding Your Account

Select one of the funding methods supported by your exchange and jurisdiction and follow the provider's instructions.

Buying Bitcoin

Review your purchase amount, exchange rate and fees before confirming the transaction.

Sending Bitcoin

Enter the destination wallet address carefully and confirm all details before sending.

Selling Bitcoin

Supported exchanges typically provide an interface for converting Bitcoin into available fiat currencies.

Receiving Bitcoin

Use your wallet's Bitcoin receiving address when receiving funds.

Peer-to-Peer Trading

Peer-to-peer marketplaces differ from centralized exchanges. Research the platform's protections, dispute process and local regulatory requirements before using one.