How to Buy Bitcoin and Other Cryptocurrencies
We understand that it can be difficult and confusing for new users to take their first steps into the world of Bitcoin, blockchain and cryptocurrencies.
sentory.vn is here to help! We’ve collected information from over 300 cryptocurrency exchanges globally and through that data, prepared a quick guide to help you choose the best crypto exchange so you can finally buy your first Bitcoin!
The options available to purchase Bitcoins and other assets do differ from one country to another due to the laws that exchanges operate under. The options to buy Bitcoin with credit cards, debit cards or transfers from a bank account also differ from country to country and between exchanges. Here at sentory.vn, we are here to help guide you through those options.
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As you might have seen from our homepage, there are thousands of cryptoassets to choose from. While most people start with one of the biggest coins — such as Bitcoin, Ethereum, Bitcoin Cash or Ripple — it is possible to purchase very obscure, high-risk and speculative assets as well.
Choosing the Best Bitcoin Exchange
The very first step involves choosing an exchange or trading platform that supports the deposit and withdrawal of your local fiat currency. Many exchanges are localized and only support a select number of currencies. This page allows you to see which exchanges support your currency of choice.
Using our extensively collected data from all exchanges, we are able to rank these exchanges based on volume, liquidity (how easy it is to buy and sell Bitcoin) and each exchange’s estimated number of users. We hope this ranking can help you better decide where you would like to buy your first Bitcoin!
You can also check if exchanges are licensed and regulated, the different deposit and withdrawal methods they support, their fees and trading commissions and their Bitcoin price. We have conveniently displayed all the information for you to make your decision on just one page.
These subjects might sound a little mundane, but it is important to remember that a crypto exchange has to operate under similar rules to a stockbroker. This means that they have very high standards for documentation to comply with the local laws. Certain exchanges might not be a good fit for you because of the country you are from and it is helpful to know that in advance, so that you can choose the best place to buy Bitcoin and crypto for your own situation.
Understanding the Different Payment Methods Available
There are four main methods of depositing local currencies on a crypto exchange. They are: 1) Local bank transfers; 2) International wire transfers; 3) Third party payment processors; 4) Credit/debit cards.
For the first several years, it was not possible to buy Bitcoin or any of the other early cryptocurrencies with a credit card, debit card, or with third party payment processors like PayPal, because it is possible to reverse those transactions. Since a blockchain transfer cannot be reversed, it would have been possible to pay, receive the crypto, transfer it off the exchange and then reverse the payment. This meant that for years, the price of BTC and all crypto was supported by real money with no borrowing.
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Therefore, until quite recently, it was only possible to get Bitcoins from an exchange with either a local bank transfer or a wire transfer.
|Local Bank Transfer||Usually the quickest, easiest and cheapest with a local bank account||Not all exchanges will offer this service|
|International Wire Transfer (SWIFT)||The SWIFT protocol is widely accepted and used to transfer money (large and small amounts)||May take a few days to process, higher fees|
|Third Party Payment Processor (Paypal, Webmoney, Skrill, etc.)||Quick and easy for users with accountson these platforms to deposit and withdraw||Need to create an account with third party payment sites|
|Credit/Debit Card (Visa, Mastercard)||Quick and easy to deposit small amounts of money||Very expensive (credit card fees are passed to you), and there is usually a maximum deposit sum (which will be small)|
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