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These Places May Be The Cheapest Ways to Buy Bitcoin In 2021

Suzie|December 27, 2021 07:00
50772

If you are searching for some cheap ways to buy bitcoin, you are in the right place. I will show you the free ways to get bitcoin and some of the cheapest places to buy or sell Bitcoin.


Naturally, acquiring Bitcoin has some associated costs. Although some of the cheapest ways to buy Bitcoin may be in faucets, the safest way to acquire BTC is at crypto exchanges, in which people can buy them with their credit cards, debit cards, PayPal, and other payment methods. Each cryptocurrency exchange charges a specific fee for completing a transaction.


You can also trade bitcoin online, go long or go short the bitcoin price, and not actually own bitcoin. Bitcoin's price is volatile, so it is a good instrument for short-term traders and speculators.


👉Read more:  How to Day Trade Crypto Like a Pro?


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What Are The Cheap Ways To Get Bitcoin?

1  Free way to get Bitcoin

 

There are several ways to get Bitcoin for free. For example:


● Online shopping often leads to rewards in the form of free BTC, with services like Lolli and Pei.


● Opening a crypto interest account (storing crypto assets in a BlockFi Interest Account, or BIA) also leads to free Bitcoin.


● Crypto mining will also help you produce free BTC.


● Completing surveys will usually provide you with a payment in the form of BTC. The Time Bucks platform is a good example.


● Becoming an Affiliate Marketer will let you earn Bitcoins for free.

 


2 Some Cheapest places to buy Bitcoin

 

There is a long list of websites to buy bitcoin online, with or without fees. Some of them will be detailed later in this article, and they include crypto exchanges such as Coinbase, Kraken, and Binance; as well as other trading platforms such as Cointiply, Mitrade 


Crypto exchanges:  Crypto exchanges allow you to buy or sell real physical crypto with Fiat or another crypto coin, such as Binance, Huobi, Coinbase.


Crypto trading platforms: Most trading platforms allow you to invest in crypto in other ways, such as bitcoin derivatives, crypto CFD, futures, options. You only trade based on the bitcoin price changes, not owning the real assets.


Cheap Way To Invest Bitcoin - Trade Bitcoin CFD


This way is totally different from the way to buy bitcoin in exchange. You don’t buy real bitcoin assets but trade the bitcoin derivatives.  Basically, CFD is a financial instrument that means Contract For Difference and refers to trading a derivative product of the underlying asset. 


CFD provides the opportunity to profit by going long or short. 


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You think bitcoin price may rise , so you buy bitcoin (BTC/USD). If the market price meets your expectation, you may profit from the price rising. This process is called ‘going long’.


You think bitcoin price may fall , so you sell bitcoin (BTC/USD). If the market price meets your expectation, you may profit from the price falling. This process is called ‘going short’.


👉Read more:  Strategies for Trading Volatility With CFDs


Pros

Cons

✔️ Not need crypto wallet


✔️ Faster registration


✔️ Low cost to start


✔️ Leveraged trading


✔️ One account with multi-financial markets

❌ Can’t buy physical bitcoin


❌ Leverage brings higher risks


It should be noted that CFD is a leveraged product, and you only need a small margin to obtain a larger market position.


Below I will introduce how the different leverage will affect your potential profit and maximum loss when investing in a product of $20,000.



Non-leveraged trading

Leveraged trading

Initial capital

$20000

$2000

leverage used

0

1:10

Total value

$20000

$20000

Price increase 10%

2000

2000

Return 

10%

100%


Note that although CFD is convenient, it is possible you will lose all of your money if leverage is not performed properly. Therefore, investors should carefully manage risks, such as choosing licensed brokers, using stop-loss and take-profit, negative balance protection, and other risk management tools.


Trade With Australia's Popular Bitcoin CFD Broker -  Mitrade



Please note:  The cryptocurrency market’s high volatility offers endless trading opportunities. You can trade cryptocurrency online directly on Mitrade platform.


Step1: Open an account on Mitrade



Step2: Go long ( buy) or go short ( sell ) on Bitcoin


Sell    Buy  




Step3: Set up the position size, stop-loss/take-profit


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Step4: Place this trade




Cheap Ways to Buy Bitcoin With Exchange


ExchangeTypes
  Coinbase  Cryptocurrency exchange
  Localbitcoins  Peer to Peer trading platform
  Gemini  Bitcoin exchange
  Kraken  Crypto exchange 
  Bitstamp  Bitcoin exchange
  CEX  Crypto exchange 
  Binance  Bitcoin exchange
  Cointiply  Bitcoin Faucet


 1.  Coinbase

Coinbase is maybe the world's most famous cryptocurrency exchange; at least in Western civilization. It has a "Pro" version with exciting features and tools for more advanced traders, like charts, graphs, and other options.

 

The platform supports several forms of payment: wire transfer, credit cards, debit cards, and even PayPal are available, albeit the latter is only active for withdrawals.

 

Pros:

There are lots of fiat deposit and withdrawal options

Insured BTC deposit

Several online and mobile wallet-associated services

Excellent security features and 2FA

Easy to use

 

Cons:

Not entirely anonymous

Support and help is not among the fastest

Deposits and withdrawals can be delayed for up to 72 hours

It doesn't support many crypto assets

 

2. Localbitcoins


LocalBitcoins offers several payment methods to buy and sell using Bitcoin. The available ones will depend on your location, but you can generally use debit, credit cards, and PayPal. The latter is not recommended in the platform, though.

 

Pros:

It is a platform that promotes privacy at the moment of buying Bitcoins

It has several payment methods

It doesn't impose limits when it comes to buying and selling

If users buy via cash deposits, the Bitcoins will be available within an hour

In-person cash transactions are very quick

 

Cons:

Buying with cash may come with high fees

Large amounts may require ID verification

Whether or not the delivery is fast depends entirely on the seller confirming the payment

 

3. Gemini


Gemini is a famous Bitcoin exchange administrated by the Winklevoss twins. However, it does not accept common payment methods such as debit cards, credit cards, cash, or checks. To buy Bitcoin online in Gemini, the person needs to link its bank account and initiate an ACH deposit or wire transfer.

 

Pros:

Good reputation

Licensed in 42 US states and numerous countries around the world

Instant Deposit for ACH Transfers

It offers dollar-to-crypto and crypto-to-crypto trading

 

Cons:

The interface is not that user-friendly

It severely lacks in payment methods

Not very good for privacy

 

4. Kraken


Kraken is a big American crypto exchange that operates globally and is founded in 2011. It is currently considered the world's largest bitcoin exchange in euro volume and liquidity. Payment methods include bank transfer and SEPA credit transfer, both for deposits and payouts.

 

Pros:

It comes with an integrated wallet

It offers business accounts in addition to regular ones

It has two-factor authentication

Cold storage

Multisig wallets

 

Cons:

It has experienced more than a few technical issues and downtimes in the past

The user interface looks outdated

 

5. Bitstamp

Bitstamp is a prominent Bitcoin exchange that has been up and running since 2011. It is licensed with the Ministry of Finance in Luxembourg. While other options are better for acquiring smaller amounts, Bitstamp may be the best platform to buy large amounts of Bitcoins.

 

Payment methods for deposits and withdrawals include SEPA bank transfers, credit, and debit cards. To buy supported crypto assets, people can also use credit cards.

 

Pros:

Customer support is very good

Trades are quick

Plenty of resources for analysis

Licensed and transparent

Easy to use

 

Cons:

The process for the registry is long and somewhat confusing

It has confusing fees

 

6. CEX


CEX is a multi-asset platform that has a crypto trading service and brokerage resources, as well. Payment methods include debit and credit cards after a verification process has been completed.

 

Pros:

It reaches the vast majority of the countries in the world

Deposits are available by bank transfer with US dollars (USD), British Pounds (GBP) and Euros (EUR) for free

It is safe

 

Cons:

A little too complex for beginners

 

7. Binance


With very low fees, lots of coins, and multiple languages available, Binance is one of the few truly worldwide cryptocurrency exchanges and one of the best and cheapest ways to buy Bitcoin online. Binance has the most trading volume of all exchanges.

 

Binance has several payment methods available, including bank transfers, credit cards, or debit cards.


Pros:

Very low fees

Over 80 altcoins accepted and tradeable

Excellent mobile apps

Anonymous accounts with high limits (2 BTC/day)

 

Cons:

Margin trading only available in the United States

The platform can be buggy

Little support for fiat currencies


8. Cointiply


It is a Bitcoin faucet, which means that there will be no commissions associated with any service and that the person will get Bitcoin for free. It has several ways of offering BTC: for example, you can obtain some by completing surveys.

 

The page lets its subscribers have a chance, every hour, to win Cointiply Coins, which will later be exchanged for fractions of BTC. The page functions by promoting people to interact and stay in it, and the traffic will get them enough revenue that they can later redistribute it among its users.


What To Watch Out?


First, look for Bitcoin faucets if you don't mind going little by little. 


However, if you plan on acquiring significant funds, find a highly reputed exchange with low fees, high trading volume, available analysis tools, high limits, and preferably, mobile apps. Of course, another critical feature to look for is reputation. 


If you don’t want to buy real bitcoin in exchange, another cheap way to get a potential profit from cryptocurrency is trading crypto CFD. You can just trade the bitcoin price moves through a forex broker. 


The above is a partial list of the cheapest ways to buy bitcoin. We can’t list all the other places. A wise investor should do more research and choose the best way that suits him.


In conclusion, there are many cheap ways to buy Bitcoin and cryptocurrencies. 


We understand the jitters and the nerves if you are a beginner, you can work with Mitrade's trading tools ( e.g. Trading Analysis/economic calendar) to discover the trading possibility in market fluctuations.


Happy trading!


For more information on Bitcoin CFD trading,  please visit  Mitrade APP


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The content presented above, whether from a third party or not, is considered as general advice only.  This article does not contain and should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments. Mitrade does not represent that the information provided here is accurate, current or complete. For any information related to leverage or promotions, certain details may outdated so please refer to our trading platform for the latest details.  *CFD trading carries a high level of risk and is not suitable for all investors.  Please read the PDS before choosing to start trading.


Suzie
Investments professional who excels at forex and and personal finance, featured on prominent financial literacy, fintech, B2B, and crypto.
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Risk Warning: Trading may result in the loss of your entire capital. Trading OTC derivatives may not be suitable for everyone. Please consider our legal disclosure documents before using our services and ensure that you understand the risks involved. You do not own or have any interest in the underlying assets.

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