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The Bitcoin cap market is currently more than $710 billion. And this means Bitcoin is now the most valuable and significant cryptocurrency.
Different merchants accept Bitcoin as a payment method. What’s more, some individuals are investing in this cryptocurrency. Regardless of the reason why you want to buy Bitcoin, it’s wise to shop around. That way, you can find places to buy Bitcoin at the lowest price.
Why You Should Find Cheap Ways to Buy Bitcoin
Most people use trading software to buy and sell Bitcoin. These are Bitcoin trading platforms that make buying and selling this cryptocurrency easier. However, the exchange rates for these platforms vary. They also charge different fees for buying and selling Bitcoin. Although some platforms are free, they charge brokers that use them to maintain their operations.
It’s also crucial to note that the acceptable payment method influences the exchange rate. Also, remember that Bitcoin price is highly volatile. Therefore, finding cheap ways to buy Bitcoin can affect the total amount you invest in this cryptocurrency. You can start using online bitcoin trading platform to trade online
The Costs of Buying Bitcoin
You will incur four main costs when purchasing Bitcoin via an exchange.
- Trading fees
- Payment method charges
- Instant-buy fees
Most exchanges charge spreads and trading fees. That means you will have a hard time trying to get away with these fees. But you can choose a payment method that does not charge additional fees. Also, you can avoid instant-buys to save money when buying Bitcoin via an exchange.
Cheap Bitcoin versus Free Savings
You will come across many platforms that purport to sell Bitcoin at a low price. But, are they genuine? When looking for a place to buy cheap Bitcoin, consider the current price of the coin. Also, consider the Bitcoin exchange fees and then calculate to find out whether you will save money when you use it instead of an alternative platform.
For instance, if a Bitcoin exchange sells 1 Bitcoin with an additional cost of 10%, it means your Bitcoin value will immediately decrease to 0.9BTC. If an alternative platform charges additional fees of 0.5%, your Bitcoin will be worth 0.995BTC.
And this might not seem significant when you calculate over one transaction. However, these charges can add up very fast when you buy and sell your Bitcoin frequently.
How to Buy Cheap Bitcoin
The best way to buy cheap Bitcoin is to research different crypto exchanges. That’s the only way to find platforms with the best deals for buying and selling Bitcoin. In some cases, you can even get free Bitcoin. Although this might not sound true, it’s possible. However, you will have to do some work.
For instance, you can use the BTC faucet to get Bitcoin for free. BTC faucet is a site that allows you to get a Bitcoin fraction for performing a simple task like watching some ads.
You can also participate in crypto bounty programs. These programs allow you to earn Bitcoin by performing some content creation tasks on social media.
Things to Watch Out for When Buying Cheap Bitcoin
Although you want to save money when buying Bitcoin, do it cautiously. Here are tips to guide you when looking to buy cheap Bitcoin.
- Safety: An exchange might claim to sell cheap Bitcoin. But could it be doing so at the expense of your security? Most crypto exchanges do not earn from the trading fees. If they don’t do so via brokers, be concerned about safety.
- Hidden fees: It’s also wise to be concerned about hidden costs. These charges can be in the form of your data sale or a spread.
- Ease of use: Also, choose a crypto exchange that is easy to use. Ideally, don’t spend hours studying a platform before you use it. After all, you mostly need the platform to save time when trading Bitcoin.
You need the right crypto exchange and time to research if you want to buy cheap Bitcoin. Nevertheless, be careful to avoid putting your safety at risk or losing money to a platform that charges exorbitant hidden fees.