Get your first crypto in minutes!
1. Download the multi-chain Bitcoin.com Wallet app.
2. Setup your payment method (credit/debit, Apple Pay, etc.).
3. Follow the instructions to buy.
The three key points to consider when buying crypto are:
Payment methods range from credit card to bank transfer, payment app (PayPal, Apple Pay, Google Pay, Samsung Pay, etc.), face-to-face with cash, and even barter. Each payment method carries tradeoffs in terms of convenience, privacy, and associated fees.
Platforms/venues for buying crypto include digital wallet providers, centralized spot exchanges, OTC desks (private 'Over-The-Counter' exchange services used primarily by high-net-worth individuals), peer-to-peer marketplaces, and even payment apps like PayPal.
Of course, it's also possible to buy crypto face-to-face. For example, you could give cash to your friend in exchange for receiving an agreed amount of a cryptocurrency.
As for where your crypto goes after you buy it, the options are:
When you hold crypto in a wallet you control (known as a ‘self-custodial’ or 'non-custodial' wallet), you never have to ask for permission to use it. This means you can receive your crypto without waiting for a third party like a centralized exchange to approve the transaction. It also means you can send your cryptoassets wherever you want, whenever you want.
By contrast, many custodial crypto wallets impose severe restrictions on what you can do with your crypto. For example, you may be asked to register an address before sending crypto to it, and you may be required to wait several days before being allowed to make a withdrawal. In some cases, withdrawals of any kind are simply not permitted. It's also not uncommon to have your account frozen altogether. If you've been deemed a security or fraud risk, for example, you may be locked out of your account with no recourse to action.
The best self-custodial crypto wallets also enable you to customize the 'network fee' each time you send. This means you can save money on transaction fees when you're not in a rush, or pay more to send faster when you are.
Perhaps most importantly, self-custodial crypto are more secure. As long as you maintain key management best practices, you'll never have to worry about getting hacked, nor will you be exposed to counter-party risks like a centralized exchange getting hacked or going bankrupt. Red more about these risks here.
If you don't have a crypto wallet yet, we encourage you to consider the multi-chain Bitcoin.com Wallet. It’s the easy-to-use, self-custodial crypto wallet trusted by millions.
Read more: What's a self-custodial crypto wallet?
When you buy crypto with a government-issued currency through an exchange service, you're interacting with a regulated business. Such businesses must comply with Know-Your-Customer (KYC) and Anti-Money-Laundering (AML) regulations pertaining to the transfer of money. These regulations require the collection and storage of customer information, including identity documents and sometimes proof of address.
Fees for buying crypto depend on the payment method and platform/venue used. For example, if you're buying directly from a friend and settling in cash, you'll only need to consider the 'network fee' for sending the crypto from your friend's crypto wallet to yours.
Learn about sending crypto, including information on network fees and more.
If you're paying with a credit card or by bank transfer, you'll of course need to factor in the fees for using those payment methods.
Beyond that, exchange services charge additional fees for facilitating trades. In general, you'll pay lower overall fees for larger purchases, so it often makes sense to avoid making many small buys.
Read more: How crypto exchange works.
Having gone through the basics of buying crypto, let's look in more detail at the methods and processes.
Skip ahead:
Cryptocurrency wallets allow you to buy cryptoassets conveniently from within the wallet app, and the Bitcoin.com Wallet is no exception. Importantly, the Bitcoin.com Wallet is fully self-custodial. This means you're always in complete control of your crypto. Here's the process for buying crypto using the Bitcoin.com Wallet app:
Of course, you can also use your Bitcoin.com Wallet to receive, hold, and use the cryptoassets you've already purchased via a different method. Other methods for buying crytpo include:
You can buy a range of cryptocurrencies from the Bitcoin.com website using your credit/debit card or other payment method (Apple Pay, Google Pay, etc.). When you buy crypto from our website, you'll need to decide where to receive it. This means you'll need to input an appropriate crypto address when prompted.
For example, a Bitcoin address looks something like this:
3J57t1XpEZ73CZmQvfksriyiWrnqLhGTLy
An Ethereum address looks like this:
0xb794f5ea0ba39494ce839613fffba74279579268
Here's the process for buying from our website:
Here’s a video showing how to find your cryptocurrency address in the Bitcoin.com Wallet:
With this method, the cryptocurrency you purchase will at first be held by the crypto exchange on your behalf. If you'd like to take full control of your crypto, you'll need to withdraw it from the exchange to a self-custodial wallet like the multi-chain Bitcoin.com Wallet. When you withdraw crypto from an exchange, you'll be subject to the exchange's withdrawal policy and fees. In some cases, you may not be able to withdraw for days or weeks, and the withdrawal fee could be much higher than a crypto transaction fee for that network would normally be.
Read more: How to send crypto.
Here's the typical flow for buying cryptocurrency from an exchange.
A variety of platforms facilitate the trading of cryptocurrencies by offering 1) a venue for buyers and sellers to post their buy and sell orders, and 2) an escrow and dispute resolution service.
Since these platforms principally help people find each other, in many jurisdictions the platforms themselves aren't technically classified as 'money transmitters,' so in some cases they don't require you to reveal your identity in order to use them. For privacy-conscious buyers, therefore, P2P platforms can be an effective method for obtaining cryptocurrencies, despite being generally less convenient, and often more costly overall (it can be hard to get the "correct" market rate using this method due to lack of liquidity). Note however, that, as a seller, using a peer-to-peer platform to engage in the commercial sale of cryptoassets (beyond, say, a few small transactions here and there) may find you on the wrong side of the law in your country since you may be considered a money transmitter operating without a license.
Read more: How crypto exchange works
Most peer-to-peer crypto exchanges integrate a reputation system, meaning they track and display the trading history of their users. If you're looking to buy using a P2P exchange, you'll want to choose sellers who have a good reputation, meaning they've completed several trades and never had a complaint.
The process for buying cryptoassets using a peer-to-peer exchange is typically as follows:
Sending crypto is as easy as choosing the amount to send and deciding where it goes.
Receiving crypto is as easy as simply providing the sender with your appropriate crypto address, which you can find in your cryptocurrency wallet.
Learn how to quickly and easily create a crypto wallet. Understand the different wallet types and their respective pros & cons.
Make sure your cryptoassets are safe with these simple tips.
Learn how to sell crypto into local currency safely.
Sending crypto is as easy as choosing the amount to send and deciding where it goes.
Receiving crypto is as easy as simply providing the sender with your appropriate crypto address, which you can find in your cryptocurrency wallet.
Learn how to quickly and easily create a crypto wallet. Understand the different wallet types and their respective pros & cons.
Make sure your cryptoassets are safe with these simple tips.
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