In this article we will show you how to buy bitcoin with normal fiat money. There are a number of exchanges that offer the possibility to purchase bitcoin, ethereum, litecoin or other cryptocurrencies directly with normal fiat money. Exchanges might offer different methods of payment.
A couple of examples of big cryptocurrency exchanges are: Binance, Bitstamp, Coinbase, Bitfinex and Bitcoin.de. We will now show you how to purchase bitcoin through Bitcoin.de
Bitcoin.de is one the biggest bitcoin marketplaces in Europe. Please note that Bitcoin.de only supports payments in euros. Luckily there are also several exchanges that accept euros as well as US dollars or British Pounds. Cryptocurrency exchange Binance also offers the possibility to purchase Bitcoin through credit card payment. Click here to go to the Binance website.
So let’s take a look. The website of Bitcoin.de is easy to find under Bitcoin.de. The website is available in several languages. On the website bitcoins can be traded directly among users. Bitcoin.de acts as a trustee for the offered currencies on the website. Therefore you will have to register on the site. As you can see there is a possibility to register on the top right of the page.
Once registered and verified you can start buying and selling on the platform. On the front page of the website you will see different buy prices and different sell prices. The sell price reflects the price the seller would like to sell his or her bitcoin for. The buy price reflects the price a buyer is willing to pay for a bitcoin. The difference between the buy and the sell price is usually regarded as the spread.
When we click on marketplace on top of the page we will see all the available bitcoins that are quoted at different prices. You can see the trading amount, the requested price and the volume expressed in euros.
Besides the possibility to purchase or sell the quoted amounts you can also create a purchase order. When you want to purchase bitcoin for instance you can set the maximum price that you want to pay. This order is a kind of limit order. When you want to buy and enter the market directly at the quoted sales price we speak of a so-called market order.
Let’s say we want to buy 0.1 bitcoin for a maximum price of 9100 euros (price per bitcoin). In the number of bitcoins field we type 0.1 and in the maximum price field we type 9100 euros. After clicking to create a purchase request we can click a couple of extra options. In this case we think it is a good idea to accept offers from fully verified users only.
After creating the purchase request the order will pop up in the market place. Let’s take a look. Here you can see the order or purchase request that we just placed.
When a seller would like to sell the amount that we are requesting for the set price he or she can just click the sell button. When a purchase is made we will find the purchase under purchases. All that is left to do is pay the seller for the 0.1 bitcoin that we just purchased. This is possible through a normal sepa bank transfer. After payment we will have to wait for the seller to verify the payment. As soon as the payment is cleared we will have our 0.1 bitcoin on our account balance.
When we go back to marketplace we can see that Bitcoin.de also offers the possibility to buy and sell bitcoin cash, bitcoin gold and ethereum.
Please note that there can be some differences in the buy and sell processes among different exchanges. Luckily most platforms offer an explanation or a manual on their website about the use of the exchange or platform. On Bitcoin.de for instance you will find a frequently asked questions section on top of the page. Make sure you read all the available information so you will not make any unnecessary mistakes. If you would like to disburse your bitcoin account balance or send your bitcoin to a different exchange you can take a look at the deposits/disbursements section. All you need is a target bitcoin address. This address is usually generated by the exchange. Please make sure always to double check whether you entered the correct receiving address since bitcoin transactions cannot be reversed.Leave a comment