One of the biggest mistakes that new investors to the cryptocurrency space make is choosing the wrong exchange, or method, to buying bitcoin or any other cryptocurrency. Lets learn how to safely purchase bitcoin and set ourself up to securely store it later too. By the end of this lesson you will learn how to buy bitcoin, how to sell bitcoin, an introduction to storing your bitcoin and some recommended cryptocurrency exchanges.
Buying bitcoin
In order to buy bitcoin you will need to sign up with a cryptocurrency exchange. There are tons of them out there and they are all not created equal. The biggest and most important aspect that cannot ever be overlooked when deciding on which exchange to use is to ensure that you can transfer your bitcoin OFF of the exchange and into a personal cold wallet (outside and off the exchange). There are a number of places you can buy bitcoin that do not allow you to remove bitcoin from the exchange and into a personal wallet; or transfer elsewhere. One prime example and very popular one is Robinhood. Robinhood does let you buy bitcoin and is one of the most inexpensive in terms of costs (typically free) but they do not let you take your bitcoin off the platform. This is very bad and should be avoided. If you cannot move your purchased bitcoin into your own wallet, you can't transfer them, spend them and in reality, you actually don't even own the bitcoin! There is a cryptocurrency saying "not your keys, not your coins" and this is certainly true with a platform like Robinhood. Rule #1, choose the right exchange.
To purchase bitcoin, you'll need to register with a reputable exchange, some top choices are listed below. You will then need to connect the account up with one of your personal checking or savings account to fund it. Some will allow you to purchase bitcoin or other crypto with a credit card but that is of course not a recommended approach and typically comes with significantly higher fees.
Recommended Exchanges
Gemini
One highly recommended exchange that is easy to use, has relatively low fees and does offer advance trading (like setting limit orders) is Gemini. One of the main reasons we recommend Gemini is because of it's accessibility. Gemini is available in 60+ countries and all 50 U.S. states.
Gemini is a safe, trusted way to build your crypto portfolio and to buy bitcoin. If you
use our link below you will receive $15 in free BTC bitcoin after you buy or sell $100 in any cryptocurrency. No strings attached.
Coinbase
Another top and highly reputable crypto exchange is Coinbase. Coinbase is also available in 100+ countries and all U.S. states except Hawaii (as of 3Q 2022). Coinbase also allows users to transfer their crypto funds off their exchange and into their own personal wallets. As for fees, Coinbase seems to be slightly higher, but not by much, in our experience. However, for higher volume trading and frequency, Coinbase offers a pro plan with a subscription fee that significantly lowers other fees.
Coinbase is another safe and trusted exchange that also offers the same $10 in free bitcoin after buying or selling $100 in any cryptocurrency. There are no string attached but you must use a referral link, like ours below.
Robinhood
Not recommended, "not your keys, not your coins"! Stay away.
Not your keys, not your crypto!
coming soon...
Selling bitcoin
coming soon...
Exchanging or trading bitcoin
coming soon...
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