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Cheapest Way to Buy Bitcoin 2020

Bitcoin has quickly become a phenomenon amongst those involved in the financial trading markets. During its steady appreciation to a historical high of just under $20,000 at the end of 2017, the financial press could not stop reporting on the success of this new asset class. This also resulted in the broader cryptocurrency market skyrocketing right alongside Bitcoin. Since its introduction into the market, there have been numerous brokers and exchanges which have begun offering access to purchase Bitcoin.

However, not all of these options are equal. Some are more expensive than others. There are some platforms which charge fees for deposits and withdrawals. Many times these deposit and withdrawal fees will vary depending upon the amount of the transaction as well as what payment method you choose to use.

Cheapest Way to Buy Bitcoin 2020

Also, fees for transactions are quite common among platforms for buying Bitcoin. There are even a few platforms which charge fees for account inactivity. Overnight interest charges are also some of the costs associated with buying Bitcoin that you should be aware of. Many platforms charge a spread margin on their pricing for purchasing Bitcoin and other cryptocurrencies. With all that in mind, let us take a look at the cheapest way to buy Bitcoin.

EuropeFX

This worldwide brokerage offers access to the markets of a variety of asset classes, not just Bitcoin. EuropeFX also provides investors with the ability to buy and sell an array of other types of cryptocurrencies, such as Litecoin, Ethereum, Ripple and Dash. Beyond just cryptocurrencies, the broker has more than 300 tradable instruments available on the EuropeFX platform.

Also, there are a variety of features which are designed to help users maximize their trading results. Investors will enjoy leverage of up to 1:30 which will help you to increase the potential profit you can earn from trading with EuropeFX. Additionally, EuropeFX provides access to various educational materials, such as eBooks and a trading academy. These educational materials can provide you with the knowledge you need to take your trading to the next level.

Despite the many benefits, it is important to note that EuropeFX does charge some fees in order to cover its overhead. There is a $25 deposit fee for most transaction methods. Also, EuropeFX levies commissions on trades which are percentages of the value of the trades. The amount of commission changes depending upon which asset you are trading along with other factors. The commission charged for Bitcoin ranges from 3% to 4.7%. EuropeFX does also charge interest rates for holding a position overnight.

The EuropeFX support team is available to help you around the clock. The representatives are highly-trained, knowledgeable and ready to go the extra mile to help you find solutions to any questions or issues that may arise for you during your trading experience with the platform. You can get in touch with a customer service representative through email and telephone. Also, you can message the customer support team via the messenger feature on the EuropeFX website.

Overall, EuropeFX is a solid choice for buying Bitcoin at a cheap price.

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eToro

Not only does eToro allow users to buy Bitcoin, but the broker also has an impressive menu of other cryptocurrencies CFDs available to trade. The platform provides access to over 90 different cryptocurrency markets to trade. Some of these other cryptocurrencies available for trading include Ethereum, Ripple, Litecoin, NEO, IOTA, Dash, Bitcoin Gold and EOS.

One notable feature which makes eToro unique is the Copy Trading feature which allows you to copy the trades of high performing cryptocurrency traders. It also allows you to provide trade signals to other traders as well. If you are good enough when it comes to profitable trading, you can make significant money from providing your own trade signals to other investors using the eToro platform.

Additionally, eToro provides investors with some helpful educational materials which can optimize your profits earned, while also minimizing risk. The broker’s blog will keep you up-to-date on the latest news which has the potential to create price fluctuations. It also includes blog posts from experts who provide their analysis on what is happening in the markets. Another great educational feature is eToro’s podcast which features experts and professionals who provide you with insight into the latest market trends and how to react to them.

The broker charges a withdrawal fee of $5 with a minimum withdrawal amount of $30. Also, eToro makes money from a trading spread which is 0.75% for trading Bitcoin. However, in comparison to other brokers in the market, these costs are quite competitive.

Due to the reasonable spread and fees, the various trading features, educational resources offered and the wide array of cryptocurrencies to trade, eToro is a good place to start when looking for a good way to begin purchasing cheap Bitcoin.

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Coinbase

Founded in 2012, Coinbase is not just a broker. The platform also provides users with a digital wallet which can be used to store cryptocurrencies, while allowing consumers and merchants to make transactions for products and services. Also, Coinbase allows you to easily exchange one cryptocurrency for another. However, the broker does charge different types of fees for Bitcoin and other cryptocurrencies.

Coinbase does charge a fee of $10 if you are in the U.S. and using U.S. dollars for a wire transfer. There is a $25 fee for using wire transfer for withdrawals as well. However, if you use an ACH transfer method, there are no fees for deposits and withdrawals for users located in the U.S. Other fees for users located outside of the U.S. will vary from free to as much as 3.99%, depending upon your location and your type of transaction and your chosen payment method. Also, Coinbase charges a spread of around 2.00% for buying and selling Bitcoin, however, this fluctuates with the existing market conditions.

Overall, Coinbase fees and spreads are quite generous compared to other options available to choose from. Of course, you should always consider all potential options when making a final decision on how to buy Bitcoin. Just make sure to fully research all of the available brokers and exchanges.

Although it ultimately depends on your personal preferences, you can be sure that Coinbase is legitimate due to it being such a widely utilized platform. This means your deposited funds will likely be safe and secure with the Coinbase platform. However, if you do happen to run into any issues or have any questions, the customer service team at Coinbase is always ready to assist. You can easily contact the representatives through the website.

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Capital Seven

Based in the EU, Capital Seven provides traders with access to a quality online trading platform with access to a wide variety of tradable assets, including Bitcoin. Capital Seven charges a commission on trades, ranging from as low as 3% to as high as 6%. The amount of commission charged will depend on the tier level of your account. However, Capital Seven’s deposit bonuses can be as high as 100% which could make up for any fees or costs. The lowest bonus starts at 20% which is credited to your account.

Impressively, Capital Seven provides its users with access to more than 800 cryptocurrencies, which is definitely more than many other brokers in the industry. Capital Seven’s customer service team is available 24 hours per day, six days per week. The support representatives are knowledgeable about trading and are eager to help find you the solutions to any issues or questions which may arise. The platform is also available for mobile which can be quite convenient for those looking to trade and buy Bitcoin while on the move and are not able to be in front of a computer.

With reasonable fees and commissions, along with all of the various features included, Capital Seven could be the cheapest way to buy Bitcoin in the UK or anywhere else. Capital Seven’s team also has over 25 years’ worth of experience in the Fintech and financial brokerage industry. Therefore, you know that they know what they are doing in providing you with a solid platform to buy Bitcoin. However, whether or not a broker or exchange is suitable for you will depend upon your own individual circumstances and financial goals. The best thing to do is to thoroughly research the advantages and disadvantages of any platform you are considering before signing up and starting to trade.

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AvaTrade

Having won nine industry awards since 2009, AvaTrade is quickly becoming one of the most reputable brokers available. AvaTrade has more than 200,000 registered customers around the globe. Additionally, AvaTrade has a full spectrum of tradable assets, including Bitcoin.

AvaTrade users, along with Bitcoin, will have access to numerous other cryptocurrencies as well. Some of these other cryptocurrencies include Bitcoin Gold, Ethereum, Dash, IOTA, EOS, Litecoin, Ripple, NEO and Stellar. You can also access Forex, stocks, indices and commodities as an account holder with AvaTrade.

In order to maximize your profits, you can choose to trade these numerous assets using an automated trading platform. Some of the automated trading platforms which can be integrated with AvaTrade include, DupliTrade, ZuluTrade and MQL5. These automated platforms allow you to copy the trades of various trade signal providers, including some of the most talented traders in the world.

AvaTrade also provides you with access to many educational resources as well as market analysis tools. Some of these educational resources include eBooks and trading videos. Their blog also has some information for beginner traders.

The broker uses a spread for trading Bitcoin and other assets. Also, AvaTrade charges overnight interest fees, which is currently at 0.03% for BTCUSD. Additionally, traders should be aware of the broker’s inactivity fee of $50 which is charged if your account is inactive for three months. If your account is inactive for 12 months, an additional administrative fee of $100 will be charged.

Although these charges and fees are worthy of consideration, you should also consider the various advantages of AvaTrade. This includes a 24-hour multilingual customer support team. Also, the broker provides excellent educational resources for traders of all experience levels. AvaTrade is definitely worth a try when looking for affordable ways to buy Bitcoin.

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Binance

With a daily volume of $2 billion in transactions, Binance is one of the most popular cryptocurrency exchanges in the world. The platform facilitates more than 1,400,000 transactions per second for various cryptocurrencies, including Bitcoin. Binance does not charge fees for deposits but does charge a 0.01% trading fee. However, if you pay fees with BNB, a cryptocurrency native to the Binance network, you will be able to receive a discount on your trading fees.

If you trade assets on margin, you will also be charged a daily interest rate. For Bitcoin, this interest rate ranges from 0.024% to 0.03% depending upon the tier level of your trading account. Also, Binance charges fees on leveraged tokens for cryptocurrencies, such as Bitcoin. This includes a redemption fee of 0.1% per redemption and a daily management fee of 0.01%. On the other hand, Binance does not levy fees on funding rate transfers for leveraged tokens.

There is no fee charged for depositing Bitcoins, however, you will have to pay a fee to withdraw Bitcoin. For each Bitcoin token withdrawn, you will have to pay 0.0004 BTC. The minimum withdrawal amount required is 0.001 BTC.

One advantage with Binance is that you will have the option of exchanging your Bitcoin for other types of cryptocurrencies as well. Some of the available cryptocurrencies include Monero, Ethereum, Dash, Zcoin, Litecoin and Verge. You can also exchange non-Bitcoin cryptocurrencies for other altcoins.

The fees that Binance charges are not extreme by any measure. There are many exchanges which charge quite a bit more. Also, the various features for exchanging cryptocurrencies as well as the savings accounts will make Binance well worth it. For most people, Binance is definitely a decent choice for buying Bitcoin affordably.

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CEX.IO

Many investors may prefer CEX.IO because the firm offers services as both a Bitcoin exchange as well as a cryptocurrency broker. In fact, CEX.IO was one of the first companies to offer fiat-to-cryptocurrency transactions via bank transfers and card payments. However, CEX.IO does charge some fees and commissions which you should be aware of.

The platform does charge deposit fees for some payment methods. For instance, there is a 2.99% deposit fee for using Visa or MasterCard. However, you can avoid a deposit fee if you use ACH transfer or one of the accepted eWallet options. On the other hand, there are a few eWallet options which will incur charges ranging from 1% to 4%.

CEX.IO also charges transaction fees for buying and selling Bitcoin. The amount charged will depend on whether you are considered a “maker” or a “taker.” Makers are those who add liquidity to the exchange while takers subtract liquidity. The fees charged will also depend upon how large your transaction volume has been for the last 30 days. This amount is calculated every day. The larger the transaction volume, the smaller the fees which are charged. Fees charged can range from zero to 0.25%.

Given that CEX.IO is one of the original Bitcoin exchanges, you can be sure the firm has enough experience to ensure your transactions are safe and secure. With more than 250 professionals located in several offices around the world, all working to improve your experience on the platform, you can be confident that you will be taken care of. The customer service team can be contacted at any time through the messenger feature on the CEX.IO website.

This exchange is definitely worthwhile to check out if you are looking for cheap and secure ways to purchase Bitcoin.

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Summary

With all of the different possible charges and fees one can incur at the different brokers or exchanges, it is a good idea to thoroughly research your available options. Not only should you consider the total fees charged, but you should also consider the various features that come with each platform. Perhaps the increased opportunities of a larger menu of tradable assets can make the costs more worth it for a specific platform. However, if you are not interested in having many assets to trade, you may be attracted to a platform’s educational resources. Others may prefer a platform which has been around for a while and is easy to use and to navigate.

How you ultimately decide will also depend on your own circumstances and personal goals for buying Bitcoin. You may want to buy actual Bitcoins and this will need to be done through an exchange or you could trade Bitcoin CFDs (contracts for differences). With CFDs, you are not actually buying Bitcoin but rather simply speculating on the direction that the price of the digital asset will move. Based on these options, it is a good idea to determine your trading preferences and goals before signing up with either an exchange or a broker. Doing comprehensive research with all this in mind will ensure you will be able to find the best option and cheapest way to buy Bitcoin.Buy Bitcoin Now

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