Bitcoin is by far the largest cryptocurrency in terms of both market capitalization and value. This is what makes it a huge point of appeal for newcomer investors; however, it is also why many are afraid of getting into it.
Due to its high market cap, many people uninitiated in the world of crypto assume that they need thousands of dollars of spare capital in order to buy Bitcoin, but this isn’t the case.
There are many ways through which you can buy Bitcoin for cheap.
Today, we will be taking a deeper look into the world of platforms that offer investors the opportunity to buy Bitcoin for cheap, so let’s dive in.
Summary for Fast Readers
- Cryptocurrency exchanges such as Crypto.com, Coinbase Pro, Binance, DXOne and Kraken will provide you with ways to buy Bitcoin for cheap.
- The cheapest Bitcoin exchange you can use is Crypto.com due to its 30 day No Fee bonus.
- Before buying Bitcoin, always be aware of potential hidden fees, full ownership of the tokens, and the safety of the exchange you are using.
- Buying Bitcoin with a credit card on an exchange is one of the most expensive ways through which you can buy it, but exchanges like Crypto.com and DXOne offer cheap options for you.
Cheapest Places to buy Bitcoin (with USD, Euro & Other Fiat)
There are cryptocurrency exchanges that will provide you with the cheapest way through which you can buy Bitcoin, specifically when using USD, Euro, and other Fiat currencies.
These exchanges have all been picked based on their variety of features on offer, but most importantly, the low fees they have.
DXOne is on the top of this list due to the fact that it has some of the cheapest fees out there when it comes to buying Bitcoin.
It is an exchange that launched in 2020 and has gathered a lot of attention due to its altcoin offerings. That said, the main point we are interested in here is the fees, and this is where things get interesting on DXOne.
Before we discuss the fees, we need to discuss the DX1U token. Once users hold enough DX1U tokens, which is a native token for the exchange, they can get a 50% discount on the taker and maker fees whenever they buy or sell cryptocurrencies on the platform.
Additionally, there’s the DX1S token which grants its holders a proportionate share of 25% of all crypto-revenue that is generated on the platform.
When we dive a bit deeper into the fees here, they start at a 0.40% taker fee and a 0.40% maker fee, which decrease depending on the amount of trading volume you have.
Note that just by holding DX1U tokens, you get a 50% discount on these fees, which makes it one of the cheapest options on this list.
Crypto.com is a cryptocurrency exchange that was initially founded in 2016 in Hong Kong and currently offers 100’s of cryptocurrencies to millions of customers on a worldwide basis. The main advantages it has that have made it stand out are its Crypto.com Chain and native CRO cryptocurrency token.
In terms of the fees, they start at Level 1 with 0.40% taker fee and a 0.40% maker fee, where through staking CRO tokens, you get a discount of 10% on each. This makes it a solid option for buying Bitcoin cheaply.
At the moment, Crypto.com offers Buying Cryptocurrencies completely for free for new users for the first 30 days after registration.
Coinbase is another popular cryptocurrency exchange founded in 2015 that provides users with a selected amount of cryptocurrency tokens that need to be approved by the platform before being listed and is very strict about which tokens get listed. However, since Bitcoin is the biggest cryptocurrency token out there, Bitcoin is of course available. The exchange is known for its high level of security, as well as its vast liquidity.
The fees start at 0.50% taker fee and 0.50% maker fee but decrease the more volume you transact.
Binance is a leader when it comes to cryptocurrency exchanges that offer features tailored towards experienced enthusiasts. It allows users to buy crypto with over 40 FIAT currency options. Binance was founded in 2017 and currently has multi-platform support, making it regularly available on just about any device that you might be using.
Binance has a reputation for its low trading fees and only charges a 0.10% trading fee. However, for instant buy or sell orders, the actual fee amount will depend on the amount of the trade but is generally under $1.
Kraken is the oldest exchange on this list, which was founded in 2011. This means that it is a well-established exchange with a solid reputation that has stood the test of time. It offers a lot of educational content and even 24/7 customer support. However, the real question we want to answer here is its trading fees.
Kraken charges $0.90 for any stablecoins and a 1.5% fee for any other crypto or FX pair for instant-buy orders. However, when it comes to Kraken Pro, it charges a 0.16% maker and a 0.26% taker fee. Through the Kraken Pro offering, it is genuinely a cheap exchange through which you can buy Bitcoin. However, its instant-buy fees are high.
Other Places to buy Bitcoin
There are literally hundreds of other offerings out there in terms of exchanges that you can pick from, both regulated and unregulated, globally available or limited to a specific region, and so on. However, these are rarely worth considering, mostly due to the fact that since they have a lower level of liquidity and a much smaller user base, they tend to be a bit more expensive in order to keep up. Generally speaking, you can find other solid options if you look for them. However, the picked selection here should be more than sufficient for all of your Bitcoin-buying needs.
What is the Cheapest Bitcoin Exchange?
Out of all of the exchanges on this list, there is one that stands out due to the unique functionality which is offered by its native cryptocurrency token, so let’s dive in.
DXOne is the recommended option specifically for newcomer traders due to the fact that it offers a simple-to-use interface, as well as solid fees. As previously discussed, by default, you have a 0.40% taker fee and a 0.40% maker fee. However, if you hold its native cryptocurrency token, known as the DX1U token, you get a 50% discount on trades, which drops this to a 0.20% fee for each option.
Additionally, the DX1S token grants its holders a proportionate share of 25% of all crypto-revenue that is generated on the platform, which can contribute to an even lower overall cost when using the exchange.
Be aware of this when buying cheap Bitcoins!
Buying Bitcoin for cheap can be a simple and straightforward process for many cryptocurrency exchanges out there, but as always, there are things that you should keep in mind. Make sure that you go over any potential hidden fees, the Bitcoin ownership process, and the safety of the platform.
#1 Hidden Fees
There are a few fees that you need to be aware of that might be considered hidden on some exchanges so that you can make a better, more educated decision. These include the network fees, the wallet fees, the premium rate, the exchange rate, and the conversion rate.
#2 Not Owning your Bitcoin
There are cryptocurrency platforms out there that might not directly sell you BTC cryptocurrency tokens but instead offer Contract-for-difference (CFDs) or other types of contracts and derivatives instead of the Bitcoin tokens themselves. Through these, you are speculating on the price of Bitcoin without owning the underlying asset, which in this case are the BTC tokens, so watch out for exactly what you are buying before you finish the purchase.
Ensure that the cryptocurrency exchange and overall platform you are using have genuine security measurements in place. This includes two-factor authentication (2FA), as well as, in some cases, biometric verification. Some exchanges will even give you digital wallets where you control your private keys, although this is rare. Additionally, try to find a platform that stores at least a certain percentage of the cryptocurrency tokens in cold storage devices and platforms that are fully regulated by reputable cryptocurrency regulators.
Cheapest App to buy Bitcoin
When you are on the mobile side of things, you will be using the mobile variation, or in this case, the application of the platform you are using to conduct your purchase of the Bitcoin (BTC) cryptocurrency token. As such, the best app for this job is Crypto.com.
On the Crypto.com app, you have fees that range from 0.04% to 0.40% in terms of maker fees and 0.1% to 0.40% in terms of taker fees, plus an additional 2.99% fee for credit card purchases.
To buy Bitcoin on the Crypto.com app, here is what you need to do:
- Step 1: Once your account has been funded, click on the Accounts Tab and navigate to your Fiat Wallet Menu and tap on it.
- Step 2: From the Buy Cryptocurrency menu, select Bitcoin (BTC).
- Step 3: Enter the amount of Bitcoin you would like to buy.
- Step 4: Review and confirm your purchase to complete the process.
Cheapest Way to buy Bitcoin with Credit Card
When it comes to buying Bitcoin through the credit card method directly, then DXOne is your cheapest option.
DXOne offers the fairest fees when it comes to buying Bitcoin through the usage of a credit card, and if you want to use it as your platform of choice for this task, here is what you need to do, step-by-step.
- Step 1: create the Buy Order by navigating to the “Buy Crypto” tab.
- Step 2: Set the specifics of the order and enter all of the required information, such as the amount you would like to buy in the currency you have chosen (USD, Euro, or other supported Fiat currency).
- Step 3: Acknowledge the disclaimer after reading it, and click on “Confirm.”
- Step 4: Continue with the payment process, where you will now be able to enter your credit card details.
FAQs about Buying Cheap Bitcoins
How should beginners buy Bitcoins?
The recommended option for beginners when it comes to buying the Bitcoin cryptocurrency token is to simply use methods that they are experienced with and know well, such as Credit Cards or Debit Cards, even despite the fact that they are pricier.
This will lead to a lot less confusion and will allow beginners to dip their toes into the world of cryptocurrencies with ease. After they gain some experience, they can use the more cost-effective methods of purchasing Bitcoin (BTC).
Can you get free Bitcoin?
You can learn everything you need to know about getting Bitcoin for free on our official post here.
How to buy Bitcoin without fees?
The only way for you to get Bitcoin without paying any fees is to simply find a cryptocurrency brokerage or exchange which has no fees, if one exists.
There are many cheap offerings out there when it comes to buying Bitcoin (BTC). This is one of the most popular and large cryptocurrency tokens in terms of both value and market capitalization, and as such, it is available on just about any platform out there, which facilitates the process of buying or selling cryptocurrencies as a whole.
That said, do not let the huge cost of Bitcoin (BTC) trick you into thinking that you need a huge budget in order to buy the token. This is due to the fact that you do not have to buy a whole Bitcoin, and you can just buy a fraction of a Bitcoin instead.
This means that it does not matter what kind of budget you have; you can simply sign up for an exchange or brokerage, fill in the minimum deposit and buy Bitcoin for cheap at any time.
Hopefully, now you know everything you need to know about the cheapest way to buy Bitcoin.