One thing that all these kinds of buyer have in common is that they want to find the cheapest place to buy Bitcoin. So, whatever kind of buyer you are, I can help you find the cheapest way to buy Bitcoin that fits your needs.
One of the most popular places for newbies to buy their first Bitcoins is Coinbase. Is Coinbase the best site to buy Bitcoins? Let’s see…
Buying Bitcoin With Coinbase cheapest way to buy bitcoin
Coinbase is a Bitcoin broker exchange. This means it buys Bitcoin for you! All you need to do is open an account here and decide how much Bitcoin you want to buy. To pay for your Bitcoin, you’ll need some fiat currency.
Note: A fiat currency is the legal money of a country. For example, the fiat currency of France is the Euro (EUR).
Coinbase is based in the USA and is available in 32 countries around the world. They include Canada, Australia, Singapore, the United States and numerous European countries that are in the SEPA.
Note: The SEPA is the Single Euro Payments Area. If you live in the SEPA then you can send Euros between SEPA countries quickly and easily. However, if you live in a SEPA country that doesn’t use the Euro as its fiat currency – like Great Britain – then your bank may charge you a currency conversion fee to use SEPA services.
You will pay at least 1.49% of your purchase amount as a fee when you buy Bitcoin with Coinbase. You will pay this if you deposit fiat currency into your Coinbase account before you buy Bitcoin. Coinbase doesn’t charge for deposits of fiat currency made by bank transfer.
Coinbase will charge at least 3.99% of your purchase amount if you use a credit or debit card to buy Bitcoin.
Note: If you use Coinbase in Canada or Australia you will only be able to buy Bitcoin with a credit or debit card.
Is Coinbase The Best Place For You To Buy Bitcoins?
Some critics think that Coinbase operates too much like an online shopping app. If you want to meet the hardcore crypto community, it’s probably not at Coinbase! Coinbase probably isn’t for users who want anonymity either. In February 2018, Coinbase gave the American taxman the account details of 13,000 of its users!
However, Coinbase is a very easy platform to use. It also has a great safety record. Coinbase has never been hacked and around 98% of its funds are stored offline. It’s the perfect place for most crypto newbies to buy Bitcoin.
Let’s have a look at the fees of a couple of other broker exchanges to see if Coinbase is the cheapest way to buy Bitcoin…
Other Broker Exchanges
There are a few other brokers that offer similar services to Coinbase. But which is the cheapest Bitcoin exchange?