Key points
- Bitcoin is the most coveted cryptocurrency and the largest by market capitalisation. You can buy it in many ways, but for beginners the most convenient and safest route is a popular, well-known crypto exchange.
- To buy your first coins, you will need a registered account on a trading platform, a crypto wallet, and a bank card or account.
- Now is a good time to learn about crypto and acquire your first bitcoin. If you are new and unsure where to start, this guide is for you.
What do you need to buy bitcoin?
First decide where you will store your crypto. There are two main options: a custodial wallet on a trading platform, or a non-custodial wallet you control.
Next choose an app for buying. For a first trade, we recommend a centralised cryptocurrency exchange with high trading volumes, such as FTX, Huobi, Binance or Kraken.
Once you register on an exchange, your profile will have a wallet for storing crypto. Strengthen security by enabling two-factor authentication for sign-in and withdrawals, and complete Know Your Customer (KYC) identity verification.
Most major exchanges now comply with financial regulations and therefore require KYC. Users who skip it face limits on trading and available features, though small-volume trading often remains possible. If the set limit suits you, you can forgo KYC.
For your first trade you will also need to fund your exchange account via card or bank transfer. Leading platforms support multiple fiat currencies.
Where is the best place to buy your first bitcoin?
Bitcoin trades almost everywhere: on cryptocurrency exchanges, P2P platforms and online exchangers. In some countries you can even buy it at crypto ATMs.
For beginners, a centralised exchange is usually the best option. Such platforms offer a wide choice of cryptoassets and account settings, customer support and many additional services. You can fund an exchange account in various ways, including by card or bank transfer. See current rankings of popular centralised exchanges on CoinMarketCap.
Centralisation is also the main drawback. Platform administrators have full access to user accounts, can share personal data at the request of law enforcement, or even freeze an account.
How to buy BTC on a crypto exchange
Here is the process on the centralised platform KuCoin.
First register, enter your details and pass KYC. Without identity verification, some important features on KuCoin are unavailable: you cannot deposit fiat (including by card), and withdrawals are capped at 1 BTC per day.
The exchange offers P2P trading, purchases via third-party services BTC Direct, Banxa and Simplex, and a simplified mode called Fast Trade. We will use the latter. Choose it under “Buy Crypto” in the top menu.
You will land on the order page. Select the fiat currency you wish to use to buy bitcoin. KuCoin supports more than 40 national currencies, including the hryvnia and the rouble. When paying in hryvnias, bitcoin can be purchased using Visa or MasterCard. Enter the purchase amount, then click the green “Buy BTC” button.
Once the card payment is completed, the cryptocurrency will be credited to your KuCoin account. You can check your balance in the wallet in the top-right corner, under “Main Account”. You can store crypto on the exchange, but the safest approach is to transfer it to an external address you alone control.
What other ways are there to buy bitcoin?
You can buy and sell crypto outside exchanges. On exchanges, prices are set by supply and demand; off-exchange, counterparties can agree their own terms, size and price.
Off-exchange options include P2P platforms and swap sites, physical exchangers and even crypto ATMs.
Physical crypto exchange offices operate in many countries. They are much like traditional currency booths, except they swap cash for digital assets. Each operator typically sets its rate based on quotes from leading global exchanges, but may also factor in current conditions, risks and additional costs.
The same applies to online exchangers, though some may even offer rates better than the market average. Use only vetted sites, as the risk of fraud is significant. A directory of exchangers and reviews is available on the aggregator Bestchange.
You can also use crypto ATMs. These terminals, akin to bank machines, allow you to buy and sell bitcoin and other cryptocurrencies for cash or by card.
Such devices send bitcoin to your wallet in exchange for fiat. Insert cash or a card, then provide your wallet address or scan its QR code. Crypto ATMs charge relatively high fees. Find the nearest machine on Coin ATM Radar.
What are the advantages of a P2P trade?
Many online platforms let people exchange bitcoins directly with one another. Any user can browse listings and respond, or post their own after registering.
P2P services protect participants through their platforms, feedback systems and escrow accounts. Each user has a rating from past counterparties; the higher it is, the more reliable the trader. For a trade to execute, both seller and buyer must lock the required amount in the service.
Among the largest P2P platforms are LocalBitcoins, Paxful, Binance P2P and others.
How to buy bitcoin in Telegram
A Telegram wallet is an automated service powered by bots that handle storage and exchange of cryptocurrencies. It lets you transact inside the messenger without installing extra apps.
As an example, consider buying bitcoin via the Any.Cash wallet. The service supports the hryvnia, tenge, euro and US dollar, as well as popular cryptoassets such as bitcoin, Ethereum, Litecoin, Tron and Tether (USDT).
Users can withdraw up to $200 in crypto and $50 in fiat without verification. To raise limits and enable bank-card support, you must pass KYC.
Start by funding one of the wallets: press start in the Any.Cash Telegram bot and choose an asset. You can then proceed to exchange.
Each asset has several trading pairs. Before execution, the service displays the total transaction amount including fees. Your trade history is saved in your profile.
For added security, Any.Cash offers two-factor authentication via one-time codes sent to email or generated in an app.
What fees apply when buying bitcoin?
When buying bitcoin on an exchange you will typically face three fees: for fiat deposits, for the trade itself, and for withdrawing BTC to your own wallet.
For example, Binance offers tiered fees and trading conditions based on account balances. The standard fee is 0.1%. You can get an extra discount by paying fees in the ecosystem’s native token, BNB. Similar features exist for other exchange tokens—OKX (OKB), Huobi (HB), FTX Token (FTT), KuCoin Token (KCS), GateToken (GT), and so on.
Some P2P platforms charge for operations, but fees are usually lower than standard exchange trading commissions. For instance, on Binance P2P, users placing orders on bitcoin buy listings pay no commission at all.
Physical and online exchangers are simple and convenient to use but offer far fewer features than exchanges and are considered the riskiest method. They often rely on hidden fees: formally they do not charge for exchanges or other operations, but bake their profit into prices.