How to buy bitcoin

Before you can buy bitcoin, you’ll need to fund your Coinsquare account by sending cash to it.

• Navigate to Transfer or Fund, select CAD as your currency, and choose Interac e-Transfer as your funding method.
• Log into your online banking portal and begin the e-Transfer process using the information provided by Coinsquare.

NOTE: Interac e-Transfers may take 1-3 business days to process. Further, bitcoin purchased is subject to a 3-day withholding period, meaning you’ll have to wait 3 days before you can send the bitcoin outside of Coinsquare.

Once your Coinsquare account is verified and funded, you’re ready to buy Bitcoin.

Navigate to the Quick Trade area, select BTC from the list, then enter the amount of bitcoin you’d like to buy and confirm the purchase.

You can send bitcoin from your Coinsquare account to any external Bitcoin wallet.

Navigate to the Transfer or Withdraw section and select bitcoin as the currency you’d like to withdraw. In the Send To field, paste the Bitcoin wallet address of the recipient.

NOTE:

The fee for withdrawing bitcoin is determined by Coinsquare which, like a bank, is playing an intermediary role. As a Coinsquare user, you’ll be paying a premium for the services it provides.

You can take self-sovereign possession of your bitcoin by sending it from Coinsquare to your own custodial Bitcoin wallet. Doing so will give you more control over the fees you pay for sending bitcoin in the future. Here’s our guide for how to create and manage a bitcoin wallet.

You can sell bitcoin into CAD by navigating to the Quick Trade area, selecting BTC from the list, then entering the amount of bitcoin you’d like to sell.

You can receive bitcoin to your Coinsquare account from any external Bitcoin wallet. You just need to determine your Bitcoin address for your Coinsquare account.

Navigate to the Fund or Transfer section, select BTC, then choose Get Address. Copy the address provided to you and use it as the destination address when you’re sending bitcoin to your Coinsquare account from another cryptocurrency exchange or Bitcoin wallet.

Note:

You can take self-sovereign possession of your bitcoin by creating your own custodial Bitcoin wallet. Doing so will give you more control over the fees you pay for sending bitcoin in the future. Here’s our guide for how to create and manage a bitcoin wallet.

You can withdraw cash from Coinsquare using direct bank deposit. Navigate to the Withdraw or Transfer area, then select Direct Bank Deposit. Follow the instructions to request your withdrawal.

NOTE: If you haven’t already, you’ll need to add a bank account by filling in your bank details.

Bottom Line:

If you plan to buy more than $10,00 worth of bitcoin, it’s worth it to take the extra time and effort to conduct a wire transfer.

Our recommended platform: Coinsquare

Before you can buy bitcoin, you’ll need to fund your Coinsquare account by sending cash to it.

• Navigate to Transfer or Fund, select CAD as your currency, and choose Wire Transfer as your funding method.
• Follow the instructions to send your wire transfer

NOTE: Domestic wire transfers in Canada usually during the same business day.

Once your Coinsquare account is verified and funded, you’re ready to buy Bitcoin.

Navigate to the Quick Trade area, select BTC from the list, then enter the amount of bitcoin you’d like to buy and confirm the purchase.

You can send bitcoin from your Coinsquare account to any external Bitcoin wallet.

Navigate to the Transfer or Withdraw section and select bitcoin as the currency you’d like to withdraw. In the Send To field, paste the Bitcoin wallet address of the recipient.

NOTE:

The fee for withdrawing bitcoin is determined by Coinsquare which, like a bank, is playing an intermediary role. As a Coinsquare user, you’ll be paying a premium for the services it provides.

You can take self-sovereign possession of your bitcoin by sending it from Coinsquare to your own custodial Bitcoin wallet. Doing so will give you more control over the fees you pay for sending bitcoin in the future. Here’s our guide for how to create and manage a bitcoin wallet.

You can sell bitcoin into CAD by navigating to the Quick Trade area, selecting BTC from the list, then entering the amount of bitcoin you’d like to sell.

You can receive bitcoin to your Coinsquare account from any external Bitcoin wallet. You just need to determine your Bitcoin address for your Coinsquare account.

Navigate to the Fund or Transfer section, select BTC, then choose Get Address. Copy the address provided to you and use it as the destination address when you’re sending bitcoin to your Coinsquare account from another cryptocurrency exchange or Bitcoin wallet.

Note:

You can take self-sovereign possession of your bitcoin by creating your own custodial Bitcoin wallet. Doing so will give you more control over the fees you pay for sending bitcoin in the future. Here’s our guide for how to create and manage a bitcoin wallet.

You can withdraw cash from Coinsquare using direct bank deposit. Navigate to the Withdraw or Transfer area, then select Direct Bank Deposit. Follow the instructions to request your withdrawal.

NOTE: If you haven’t already, you’ll need to add a bank account by filling in your bank details.

Bottom Line:

If you already use Flexepin, this is a fast, convenient, relatively low-fee way to buy small to buy small amounts of bitcoin.

Our recommended platform: MyBTC.ca

Creating and verifying a MyBTC.ca account

Go to MyBTC.ca and follow the instructions to sign up for an account. You’ll need:

• A valid email account
• A mobile number than can receive SMS for verification
• A utility bill or bank statement
• Government-issued ID

NOTE: It typically takes about an hour to complete the verification process and you won’t be able to make purchases until verification is complete.

From the Buy Bitcoin tab, choose Flexepin Vouchers as your payment method.

If you don’t already have a Flexepin voucher, you can buy one with a debit card at TopMeUp.ca.

Start your order by clicking the Flexepin Voucher Buy Now button.

Complete the required fields to create the order. You’ll need:

• The public address of your Bitcoin wallet
• Your 16-degit Flexepin voucher

NOTE: MyBTC.ca doesn’t take custody of your bitcoin. Instead, bitcoin you purchase through MyBTC.ca is sent directly to your self-sovereign Bitcoin wallet. For instructions on sending and receiving bitcoin using your Bitcoin wallet, please read our guide for how to create and manage a Bitcoin wallet

Bottom Line:

If you’re buying a small amount of bitcoin, want access to it quickly, don’t care about high fees, AND your credit card provider allows Bitcoin purchases, paying with credit card can be a fast and convenient method.

Our recommended platform: MyBTC.ca

Creating and verifying a MyBTC.ca account

Go to MyBTC.ca and follow the instructions to sign up for an account. You’ll need:

• A valid email account
• A mobile number than can receive SMS for verification
• A utility bill or bank statement
• Government-issued ID

NOTE: It typically takes about an hour to complete the verification process and you won’t be able to make purchases until verification is complete.

From the Buy Bitcoin tab, choose Credit Card as your payment method.

Payments are processed through a third-party company called Simplex.

NOTE: MyBTC.ca doesn’t take custody of your bitcoin. Instead, bitcoin you purchase through MyBTC.ca is sent directly to your self-sovereign Bitcoin wallet. For instructions on sending and receiving bitcoin using your Bitcoin wallet, please read our guide for how to create and manage a Bitcoin wallet

You can link either a Euro bank account that accepts SEPA payments, or a UK Bank Account that uses the Faster Payments Service (FPS).

Navigate to Settings > Payment Methods > Add Account and follow the instructions to link your account.

Having completed the above, your bank account is now linked and ready to use as a direct payment method for buying bitcoin. However, it may take several days before your Coinbase account is verified. In other words, you’ll likely have to wait a few days before you can start buying bitcoin.

After verifying your Coinbase account and linking your bank account, you can either buy Bitcoin directly using your linked bank account (see Buying bitcoin below) or fund your Coinbase GBP / Coinbase EUR wallet using your Euro bank account or GBP bank account. In this case of the latter you should:

• Select Portfolio on the menu at the top of the page
• Select the Deposit button in the GBP WalletorEUR Wallet
• Use the information displayed to initiate a UK bank transfer in GBP from your UK bank account or a SEPA bank transfer in EUR from your Euro bank account. Include the Reference Code listed (with no spaces or additional text) to ensure that the deposit is correctly associated to your Coinbase account.

Simply look for the Bitcoin logo, select Buy, and choose your payment method.

You can buy either a GBP/EUR amount of bitcoin, or a specific fraction of bitcoin:

You can send bitcoin from your Coinbase account to any external Bitcoin wallet.

Find the Bitcoin logo and select the Send button. Copy the Bitcoin wallet address of the person or business you’re sending to and paste it in the recipient field.

A typical Bitcoin address looks something like this: 3Qnnv4tDf2upANvwopHvSgTKCxDB2JEDsf

NOTE: Coinbase has the option of inputting an email address in the recipient field. This can only be used to send bitcoin to people who also have a Coinbase account.

You’ll notice there’s a Network Fee when sending bitcoin. This fee is determined by Coinbase which, like a bank, is playing an intermediary role. As a user, you’ll be paying a premium for the service provided by Coinbase.

You can take self-sovereign possession of your bitcoin by sending it from Coinbase to your own custodial bitcoin wallet. Doing so will give you more control over the fees you pay for sending bitcoin in the future. Here’s our guide for how to manage a bitcoin wallet.

NOTE: For new accounts, Coinbase implements a waiting period between the time you purchase bitcoin and when you’re allowed to send it out of your Coinbase account. This is done for security reasons.

To sell bitcoin, simply navigate to the sell tab and input either the GBP/EUR amount or the specific fraction of BTC you’d like to sell. By default, the value of sold bitcoin will be deposited in your Coinbase GBP Wallet:

You can receive bitcoin directly in your Coinbase account. You just need to determine your bitcoin address for your Coinbase account. To do so, find the Bitcoin logo, look for the Receive or Request button, and copy the displayed address.

NOTE: Any bitcoin address Coinbase generates for you will always be usable and you can generate as many addresses as you like. In fact, for privacy reasons, Coinbase will generate a unique bitcoin address every time you request to receive bitcoin.

Once you’ve sold your bitcoin into GBP or EUR, you can withdraw the cash back to your linked bank account. Just look for the Withdraw button in your portfolio.

NOTE: As with bitcoin withdrawals, Coinbase implements a waiting period for cash withdrawals from new accounts.

Bottom Line:

Best for small (less than £200), quick & easy purchases

When you don’t expect to be regularly buying bitcoin, or the amount you’re buying is small and you need it immediately, this is the best option.

Our recommended platform: Coinbase

Navigate to Settings > Payment Methods > Link a New Account, then chooseCredit/Debit Card.

Enter your card information including the billing address details for your credit/debit card and select Add Card.

If your card doesn’t support 3D secure, you’ll get an error message when you try to link it.

Go to the Buy/Sell Digital Currencypage, look for the Bitcoin logo, and select Buy. Having linked your 3D Secure credit/debit card (see instructions above), it should now be listed in the Payment Methods drop-down menu. You can buy either a GBP amount of bitcoin, or a specific fraction of bitcoin:

You can send bitcoin from your Coinbase account to any external Bitcoin wallet.

Find the Bitcoin logo and select the Send button. Copy the Bitcoin wallet address of the person or business you’re sending to and paste it in the recipient field.

A typical Bitcoin address looks something like this: 3Qnnv4tDf2upANvwopHvSgTKCxDB2JEDsf

NOTE: Coinbase has the option of inputting an email address in the recipient field. This can only be used to send bitcoin to people who also have a Coinbase account.

You’ll notice there’s a Network Fee when sending bitcoin. This fee is determined by Coinbase which, like a bank, is playing an intermediary role. As a user, you’ll be paying a premium for the service provided by Coinbase.

You can take self-sovereign possession of your bitcoin by sending it from Coinbase to your own custodial bitcoin wallet. Doing so will give you more control over the fees you pay for sending bitcoin in the future. Here’s our guide for how to manage a bitcoin wallet.

NOTE: For new accounts, Coinbase implements a waiting period between the time you purchase bitcoin and when you’re allowed to send it out of your Coinbase account. This is done for security reasons.

To sell bitcoin, simply navigate to the sell tab and input either the GBP amount or the specific fraction of BTC you’d like to sell. By default, the value of sold bitcoin will be deposited in your Coinbase GBP Wallet, but having linked your 3D secure credit/debit card, you should also have the option to withdraw directly to that card:

You can receive bitcoin directly in your Coinbase account. You just need to determine your bitcoin address for your Coinbase account. To do so, find the Bitcoin logo, look for the Receive or Request button, and copy the displayed address.

Note:

Any bitcoin address Coinbase generates for you will always be usable and you can generate as many addresses as you like. In fact, for privacy reasons, Coinbase will generate a unique bitcoin address every time you request to receive bitcoin.

Once you’ve sold your bitcoin into GBP, you can withdraw the cash back to your linked 3D Secure credit/debit card. Just look for the Withdraw button in your portfolio.

NOTE: As with bitcoin withdrawals, Coinbase implements a waiting period for cash withdrawals from new accounts.

UK residents also have the option of withdrawing to a PayPal account.

Navigate to Settings > Payment Methods > Add Account and follow the instructions to link your account. Depending on your country of residence, Coinbase supports deposits via SEPA and Ideal/Sofort. You’ll be asked to complete an initial verification deposit of at least €6, which will be credited to your Coinbase EUR Wallet. Be sure to include the provided reference code exactly as it appears (no spaces or additional text).

Having linked your bank account, you’re ready to fund your Coinbase account with EUR by transferring from your linked bank account to Coinbase.

In the Portfolio tab, select EUR Wallet then Deposit. Use the information displayed to initiate a transfer in euros from your bank account. Be sure to include the provided reference code exactly as it appears (no spaces or additional text).

In most cases it takes between 1-3 days for bank transfers to clear.

Having funded your Coinbase account with EUR, you’re ready to purchase bitcoin. Navigate to the Buy/Sell area, set EUR Wallet as your payment method, and enter the amount you’d like to purchase. You can purchase either a Euro amount or a specific fraction of bitcoin.

You can send bitcoin from your Coinbase account to any external Bitcoin wallet.

Find the Bitcoin logo and select the Send button. Copy the Bitcoin wallet address of the person or business you’re sending to and paste it in the recipient field.

A typical Bitcoin address looks something like this: 3Qnnv4tDf2upANvwopHvSgTKCxDB2JEDsf

NOTE: Coinbase has the option of inputting an email address in the recipient field. This can only be used to send bitcoin to people who also have a Coinbase account.

You’ll notice there’s a Network Fee when sending bitcoin. This fee is determined by Coinbase which, like a bank, is playing an intermediary role. As a user, you’ll be paying a premium for the service provided by Coinbase.

You can take self-sovereign possession of your bitcoin by sending it from Coinbase to your own custodial bitcoin wallet. Doing so will give you more control over the fees you pay for sending bitcoin in the future. Here’s our guide for how to manage a bitcoin wallet.

NOTE: For new accounts, Coinbase implements a waiting period between the time you purchase bitcoin and when you’re allowed to send it out of your Coinbase account. This is done for security reasons.

To sell bitcoin, simply navigate to the Sell tab and input either the EUR amount or the specific fraction of BTC you’d like to sell. By default, the value of sold bitcoin will be deposited in your Coinbase EUR Wallet:

You can receive bitcoin directly in your Coinbase account. You just need to determine your bitcoin address for your Coinbase account. To do so, find the Bitcoin logo, look for the Receive or Request button, and copy the displayed address.

NOTE:

Any bitcoin address Coinbase generates for you will always be usable and you can generate as many addresses as you like. In fact, for privacy reasons, Coinbase will generate a unique bitcoin address every time you request to receive bitcoin.

Once you’ve sold your bitcoin into EUR, you can withdraw the cash back to your linked bank account. Just look for the Withdraw button in your portfolio. Choose your linked bank account and input the EUR amount you’d like to withdraw.

NOTE:As with bitcoin withdrawals, Coinbase implements a waiting period for cash withdrawals from new accounts.

Most EU residents also have the option of withdrawing to an e-currency wallet like NETELLER or Skillex.

Bottom Line:

Best for small (less than £200), quick & easy purchases

When you don’t expect to be regularly buying bitcoin, or the amount you’re buying is small and you need it immediately, this is the best option.

Our recommended platform: Bitpanda

Before you can buy bitcoin on Bitpanda, you’ll need to deposit money into your Bitpanda account. Euro deposits can be done using SEPA, GIROPAY/EPS, iDEAL and SOFORT, as well as a variety of e-currency services. There are fewer options for deposits in Swiss Francs, GBP, and USD respectively.

Find the Deposit button, select the currency you’re depositing, choose a payment method, and enter the amount you want to deposit. For bank transfers, you’ll be presented with Bitpanda’s payment details and asked to initiate a transfer from your bank. Otherwise you’ll be redirected to the secure portal of your chosen payment provider.

Bank transfers take from 1-3 days to complete and you won’t be able to buy Bitcoin until the deposit is received. The first transfer is capped at 2,500 EUR. After you’ve made an initial deposit, your deposit limit is increased.

The limit for E-currency services (NETELLER and Skrill) is 10,000 EUR.

Having funded your Bitpanda account with cash, you’re ready to buy bitcoin. Look for the Bitcoin logo and select Buy BTC. Enter the EUR amount (or other currency) you’d like to buy, and confirm the order.

You can send bitcoin from your Bitpanda account to any external Bitcoin wallet.

• Navigate to Trade or Sendand select Bitcoin.
• Copy the Bitcoin wallet address of the person or business you’re sending to, and paste it in the recipient field. A typical Bitcoin address looks something like this: 3Qnnv4tDf2upANvwopHvSgTKCxDB2JEDsf
• Enter the amount of bitcoin you’d like to send, then confirm the transaction.

You’ll notice there’s a Network Fee when sending bitcoin. This fee is determined by Bitpanda which, like a bank, is playing an intermediary role. As a user, you’ll be paying a premium for the service provided by Bitpanda.

You can take self-sovereign possession of your bitcoin by sending it from Bitpanda to your own custodial bitcoin wallet. Doing so will give you more control over the fees you pay for sending bitcoin in the future. Here’s our guide for how to create and manage a bitcoin wallet.

You can sell your bitcoin back into the currency of your choice. To do so:

• Navigate to the Trade section, select Sell,and choose bitcoin.
• Select the currency you’d like to sell your bitcoin into.
• Choose the amount you want to sell and confirm your order.

You can receive bitcoin directly in your Bitpanda account. You just need to determine your bitcoin address for your Bitpanda account.

• In the web version: click on the Deposit section, choose Assets, and select Bitcoin.

In the app version: tap on the Wallet button, select Bitcoin, then tap Deposit.

You’ll be presented with your Bitpanda Bitcoin deposit address and a corresponding QR-code.

• Use your Bitpanda Bitcoin deposit address as the recipient address to send coins from your other wallet to your Bitpanda Bitcoin wallet.

You can withdraw cash by either initiating a bank transfer (SEPA) or by using e-currency providers NETELLER or Skrill. To do so:

• Navigate to the Withdraw section and select your withdraw method.
• Enter the amount your wish to withdraw and confirm the transaction.

NOTE: The minimum withdrawal amount is 25 EUR.

Bottom Line:

Best for small (less than €200), quick & easy purchases

When you don’t expect to be regularly buying bitcoin

Our recommended platform: Coinbase

Navigate to the Payment Methods page and select Add a Debit Card.

Enter your card information including the billing address details for your credit/debit card.

Having linked your 3D Secure debit card, you’re ready to buy Bitcoin.

Navigate to Buy/Sell and select the Bitcoin logo. Enter the desired amount of bitcoin either in EUR or as a specific fraction of bitcoin. Select your previously linked 3D Secure Debit card as the payment method and confirm the order.

You’ll be directed to your bank’s secure portal. After completing the required procedure you’ll be redirected back to Coinbase and your purchase will be complete.

You can send bitcoin from your Coinbase account to any external Bitcoin wallet.

Find the Bitcoin logo and select the Send button. Copy the Bitcoin wallet address of the person or business you’re sending to and paste it in the recipient field.

A typical Bitcoin address looks something like this: 3Qnnv4tDf2upANvwopHvSgTKCxDB2JEDsf

NOTE: Coinbase has the option of inputting an email address in the recipient field. This can only be used to send bitcoin to people who also have a Coinbase account.

You’ll notice there’s a Network Fee when sending bitcoin. This fee is determined by Coinbase which, like a bank, is playing an intermediary role. As a user, you’ll be paying a premium for the service provided by Coinbase.

You can take self-sovereign possession of your bitcoin by sending it from Coinbase to your own custodial bitcoin wallet. Doing so will give you more control over the fees you pay for sending bitcoin in the future. Here’s our guide for how to manage a bitcoin wallet.

NOTE: For new accounts, Coinbase implements a waiting period between the time you purchase bitcoin and when you’re allowed to send it out of your Coinbase account. This is done for security reasons.

To sell bitcoin, simply navigate to the Sell tab and input either the EUR amount or the specific fraction of BTC you’d like to sell. By default, the value of sold bitcoin will be deposited in your Coinbase EUR Wallet:

You can receive bitcoin directly in your Coinbase account from any external Bitcoin wallet. You just need to determine your bitcoin address for your Coinbase account. To do so, find the Bitcoin logo, look for the Receive or Request button, and copy the displayed address.

NOTE: Any bitcoin address Coinbase generates for you will always be usable and you can generate as many addresses as you like. In fact, for privacy reasons, Coinbase will generate a unique bitcoin address every time you request to receive bitcoin.

To withdraw cash from your Coinbase account, you’ll need to or initiate a bank transfer.

Once you’ve sold your bitcoin into EUR, you can withdraw the cash back to your linked bank account. Just look for the Withdraw button in your portfolio. Choose your linked bank account and input the EUR amount you’d like to withdraw.

NOTE: As with bitcoin withdrawals, Coinbase implements a waiting period for cash withdrawals from new accounts.

Bottom Line:

Best for small (less than €200), quick & easy purchases

When you don’t expect to be regularly buying bitcoin, or the amount you’re buying is small and you need it immediately, this is the best option.

Our recommended platform: Bitpanda

Look for the Buy button and select Bitcoin. You’ll be presented with a list of payment options that depends on your country of residence:

Select your preferred payment method, input the Euro amount you’d like to purchase, and follow the instructions to complete the payment.

You can send bitcoin from your Bitpanda account to any external Bitcoin wallet.

• Navigate to Trade or Sendand select Bitcoin.
• Copy the Bitcoin wallet address of the person or business you’re sending to and paste it in the recipient field. A typical Bitcoin address looks something like this: 3Qnnv4tDf2upANvwopHvSgTKCxDB2JEDsf
• Enter the amount of bitcoin you’d like to send, and confirm the transaction.

You’ll notice there’s a Network Fee when sending bitcoin. This fee is determined by Bitpanda which, like a bank, is playing an intermediary role. As a user, you’ll be paying a premium for the service provided by Coinbase.

You can take self-sovereign possession of your bitcoin by sending it from Bitpanda to your own custodial bitcoin wallet. Doing so will give you more control over the fees you pay for sending bitcoin in the future. Here’s our guide for how to manage a bitcoin wallet.

You can sell your bitcoin back into the currency of your choice. To do so:

• Navigate to the Trade section, select
• Sell,and choose bitcoin.
• Select the currency you’d like to sell your bitcoin into.
• Choose the amount you want to sell and confirm your order.

You can receive bitcoin directly in your Bitpanda account. You just need to determine your bitcoin address for your Bitpanda account.

• In the web version: click on the Deposit section, choose Assets, and select Bitcoin.

In the app version: tap on the Wallet button, select Bitcoin, then tap Deposit.

You’ll be presented with your Bitpanda Bitcoin deposit address and a corresponding QR-code.

• Use your Bitpanda Bitcoin deposit address as the recipient address to send coins from your other wallet to your Bitpanda Bitcoin wallet.

You can withdraw cash by either initiating a bank transfer (SEPA) or by using a e-currency providers NETELLER or Skrill. To do so:

• Navigate to the Withdraw section and select your withdraw method.
• Enter the amount your wish to withdraw and confirm the transaction.

NOTE: The minimum withdrawal amount is 25 EUR.

Sending cash to your local Bitcoin exchange depends on the banking relationships your exchange has managed to establish. Options may include bank transfer, debit/credit card, and e-currency transfer (PayPal, Skrillex, etc.)

Once you’ve funded your exchange with cash, buying Bitcoin is a matter of completing a purchase order for the currency amount or the fraction of bitcoin you want.  In most cases, the bitcoin you purchase will initially be held by the exchange you buy it on. From there, you should have the option of sending your bitcoin to your own Bitcoin wallet or to any external Bitcoin address. Here’s our guide for how to create and manage a bitcoin wallet.

Most Bitcoin exchanges allow you to sell your bitcoin back into your local currency or, in many cases, another major currency like USD or EUR. Many exchanges also provide the option to trade bitcoin for another cryptocurrency like Ethereum. All exchanges impose a small fee for trading bitcoin.

A Bitcoin exchange should allow you send bitcoin you’ve purchased to any external Bitcoin address. Exchanges charge a fee for sending bitcoin, and the fee they charge is generally higher than the normal fees for using the Bitcoin network. You can take self-sovereign possession of your bitcoin by sending it from a Bitcoin exchange to your own custodial bitcoin wallet. Doing so will give you more control over the fees you pay for sending bitcoin in the future, as well as providing you with additional security. Please read our guide for how to create and manage a bitcoin wallet.

You should be able to receive bitcoin to your Bitcoin exchange account. From there, you can either sell it for cash, send it to another Bitcoin address, or trade it for another cryptocurrency. To receive bitcoin in your exchange account, you’ll need to determine the Bitcoin address associated with your exchange account. Instructions for doing so will be provided by the exchange.

Your options for withdrawing cash from a Bitcoin exchange depend on the banking relationships established by that exchange and whether your identity has been verified by the exchange. In most cases the exchange will extract a fee when you withdraw cash and, depending on the withdrawal method, you may also incur other transaction fees.

In theory you can buy bitcoin face-to-face using cash. This method may not be advisable due to the risk of exchanging cash with strangers, but understanding the process provides insight into the fundamental nature of the Bitcoin network.

Bottom Line:

To buy bitcoin peer-to-peer, you first need to create your own Bitcoin wallet. Please read our guide for how to create and manage a bitcoin wallet. The process works like this:

• Give the seller your Bitcoin address. A typical Bitcoin address looks something like this: 3Qnnv4tDf2upANvwopHvSgTKCxDB2JEDsf
• The seller then sends an agreed amount of bitcoin to your address. You can monitor the transaction using a “block explorer” like this one, which tracks all Bitcoin transactions in real time. When the seller initiates the transaction through his or her Bitcoin wallet, he or she will be given a transaction ID, which you can paste into a block explorer like this:

To buy bitcoin peer-to-peer, you first need to create your own Bitcoin wallet. Please read our guide for how to create and manage a bitcoin wallet. The process works like this:

• Give the seller your Bitcoin address. A typical Bitcoin address looks something like this: 3Qnnv4tDf2upANvwopHvSgTKCxDB2JEDsf
  The seller then sends an agreed amount of bitcoin to your address. You can monitor the transaction using a “block explorer” like this one, which tracks all Bitcoin transactions in real time. When the seller initiates the transaction through his or her Bitcoin wallet, he or she will be given a transaction ID, which you can paste into a block explorer like this: