You might end up selecting any of the top Bitcoin exchanges to make the purchase. However, you are still stuck, as you might wonder; which site is the cheapest way to buy Bitcoin?
If you are an impulsive buyer, you may not pay big attention to it.
But, if you are a smart buyer, stop for a few minutes, check all the options, and then purchase the Bitcoin. By picking the cheapest bitcoin site, you may end up saving $100-200 (1-2%) on your purchase of $10000. And if you planning to buy tons of Bitcoin, this saving could be significant.
In this guide, I have shared my findings about cheap Bitcoin sites where you pay the least.
First thing first,
Bitcoin price is going to be almost the same on all the websites. The place where you can save money is on the markup, deposit fees, and withdrawal fees. You can lower down your cost based on factors such as:
- Which country you are from
- What is your preferred mode of Payment
- How much time you can wait for buying Bitcoin
- Do you wish to withdraw Bitcoin or use the exchange as a wallet (Not recommended)
- How tech savvy you are
Here are a few things you should know:
- Buying using a bank account is the cheapest
- Buying using a credit card is the costliest (I have given the cheapest solution below)
- Using P2P exchanges like Paxful or Localbitcoin is the cheapest, but they are not the most convenient way to buy.
There are simple to use exchanges like Coinbase, CEX out there, which is perfect for beginners. However, the fees (transaction fees, deposit, and withdrawal fees) are pretty significant, but perfect due to the ease of comfort.
Top Cheapest Way To Buy Bitcoin:
CEX is one of the top destinations across the globe to buy Bitcoin for cheap. It solely depends on which mode are you using to fund your account, and that determines how cheap or costly your purchase would be.
Here is a screenshot of CEX fees page:
If you select bank transfer as a payment method, you would pay zero fees for USD, EUR, and GBP. Even the transaction fees are pretty nominal (see below screenshot)
The only thing which I don’t like about CEX fees are withdrawal fees, but as long as you wish to hold the Bitcoin for a long time like many others, this should not bother you.
Getting started with CEX is easy and read how do you buy a bitcoin to understand the complete process.
Binance is perhaps the unicorn of the Bitcoin and cryptocurrency industry. It is a fully fledge exchange which is idle for beginners and for pro users. Recently Binance added a feature that lets you buy Bitcoin using a master or visa card.
What really significant here are the fees, which is perhaps the cheapest in the whole industry. As per their announcement “Low Fees: only 3.5% per transaction or 10 USD, whichever is higher”.
Even the transaction fees on Binance is one of the lowest, in case if you plan to trade your purchased Bitcoin.
To get started, follow the steps:
- Create an account on Binance
- Click on Buy Crypto > Credit/debit card
- Enter the amount between (USD 15-5000)
- Pay with visa/master card
- Complete the verification (5 minutes)
- And complete the purchase
Even Bitcoin withdrawal fees is the lowest, and as I said earlier: Binance is the unicorn of cryptocurrency. You would find a lot of value by using this site.
Paxful is a P2P exchange, and I have shared a detailed Paxful review before. Since it is a P2P exchange, I have listed it the last as a lot of users preferred regulated exchanges like CEX, Coinbase to buy Bitcoin. For those who are ok with buying from a P2P platform, you are in luck as Paxful is a zero fees platform to buy Bitcoin.
Here is the screenshot of Paxful fees page:
Note: When purchasing cryptocurrency from another customer on Paxful, you are buying cryptocurrency at a rate set by the customers themselves. These rates vary based on numerous factors such as your verification status, payment method, currency pair (such as USD, EUR, CNY), and order size.
Conclusion: Cheap Bitcoin sites
You need to be careful with websites that bluntly advertise buy cheap bitcoin, as you also need to look at the reliability and authenticity of the platform, else you might become a victim of a scam. These websites listed above are some of the best when it comes to buying cheap BTC and at the same time have a proven track record.
Now, if you have come across any other site which should be listed here, let me know in the comment section below. As always, happy buying cheap bitcoins.
Have a question? Feel free to ask in the comment section below.
Creatonics is the Crypto exchanges contributor for CoinSutra.
He has a background in both finance and technology and holds professional qualifications in Information technology.
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