Last update: Jun 6, 2022

How to Buy Bitcoin (BTC)

Marco velaAuthor: Marco Vela - Fact-checked ✓

So you’re looking for a guide on how to buy Bitcoin. Depending on where you’re located, you’ll have various exchanges to choose from.

In this guide, we not only cover the top 3 global crypto exchanges, but also the best exchanges for Australia, Canada, and the UK.

Let’s get started!

Bitcoin

How to Buy Bitcoin – 4 Easy Steps

1. Choose a crypto exchange

Finding a crypto trading platform isn’t that hard. There are plenty of big players out there that have been around for quite some time.

This is where our comparison tables can help. The important factors to look for are fees, security, and if they have Bitcoin of course.

2. Sign up with the cryptocurrency exchange

Signing up with any of the major exchanges is generally very easy. The initial sign up should be very fast, and even the verification processes are very well set up these days.

3. Fund your account

Next, you would need to fund your account with either fiat money (USD, AUD, GBP, CAD, etc) or another cryptocurrency like BTC or ETH. This process should again be straightforward and easily done using one of the bigger cryptocurrency exchanges.

4. Buy Bitcoin

Now that you have what you need to buy Bitcoin, head over to the market or buy section of the cryptocurrency trading platform and buy some BTC.

If the crypto exchange doesn’t have any Bitcoin on offer, for most cryptocurrencies you can buy Ethereum instead, transfer it to a decentralized exchange like Uniswap (check if Uniswap has Bitcoin first), and trade your Ethereum for Bitcoin.

Where to Buy Bitcoin (BTC)

These are our top 3 exchanges based on the number of cryptocurrencies on offer, security, ease of use, and fees.

ExchangeFiat currenciesCryptocurrenciesDeposit methodsSite
BinanceUSD, AUD, EUR, GBP, CAD, CNY, and many more.350+Credit card, Cryptocurrency, Debit card, and moreVisit Binance
FtxUSD, EUR, GBP, AUD, HKD, CAD, CHF, BRL250+Wire transfer, Credit card, Silvergate Exchange Network, SIGNETVisit FTX
Etoro logoUSD, GBP, AUD, EUR, and more50+credit card, skrill, paypal, bank transfer, and moreVisit eToro
Disclaimer: Cryptocurrencies are volatile and may involve a lot of risk. Their performance is very unpredictable and past performance is no guarantee of future performance. Consult a financial advisor or obtain your own advice independent of this site before relying and acting on the information provided.

How to Sell Bitcoin

  1. Sign into the exchange where you bought Bitcoin.
  2. Move your Bitcoin to the right place on the cryptocurrency exchange. Some exchanges have trading accounts you need to use for buying and selling.
  3. Sell Bitcoin.

 

Crypto trading

How to Buy Bitcoin (BTC) in Australia

Looking at Australian crypto exchanges, it's always good to check if the exchange is registrered with AUSTRAC (Australian Transaction Reports and Analysis Centre). In addition, it would be handy if the exchange has integrated with POLi pay and PayID for instant AUD deposits.

If you’re looking to buy Bitcoin in Australia, the process remains the same:

  1. Find a cryptocurrency exchange below.
  2. Sign up for an account.
  3. Fund your account with AUD.
  4. Buy Bitcoin if it’s available. If the exchange doesn’t have Bitcoin. You can buy ETH instead, transfer it to a decentralised exchange like Uniswap (check first if Uniswap has Bitcoin), and trade your ETH for Bitcoin.

You can also check out our comparison of the cheapest crypto exchanges in Australia If you’re looking to learn more about the exchanges we prefer.

ExchangeFiat currenciesCryptocurrenciesDeposit methodsSite
Swyftx logoAUD, NZD300+bank transfer, POLi pay, PayID, credit cardVisit Swyftx
Binance logoUSD, AUD, EUR, GBP, CAD, CNY, and many more.350+Credit card, Cryptocurrency, Debit card, and moreVisit Binance
Ftx logoUSD, EUR, GBP, AUD, HKD, CAD, CHF, BRL250+Wire transfer, Credit card, Silvergate Exchange Network, SIGNETVisit FTX

How to Buy Bitcoin (BTC) in Canada

When researching Canadian crypto exchanges, make sure they're registered with FinTRAC (Financial Transactions and Reports Analysis Centre of Canada) and ideally support Interac e-Transfer (in addition to wire transfer and maybe credit cards) for smooth CAD deposits.

If you’re looking to buy Bitcoin in Canada, the process remains the same:

  1. Find a crypto trading platform below.
  2. Sign up for an account.
  3. Fund your account with CAD.
  4. Buy Bitcoin if it’s available. If the exchange doesn’t have Bitcoin. You can buy ETH instead, transfer it to a decentralised exchange like Uniswap (check first if Uniswap has Bitcoin), and trade your ETH for Bitcoin.

If you’d like to learn more about the exchanges we like, check our comparison of the sites for bitcoin trading in Canada.

ExchangeFiat currenciesCryptocurrenciesDeposit methodsSite
Bitbuy logoCAD15+Wire transfer, Interac e-TransferVisit Bitbuy
Coinberry logoCADBitcoin, Ethereum, Litecoin, BCH, XLMInterac e-Transfer, Wire transfer, Credit card, Debit cardVisit Coinberry
Ndax logoCADBitcoin, Ethereum, Litecoin, and 4 morewire transfer, Interac e-Transfer, Bank draftVisit ndax

How to Buy Bitcoin (BTC) in the UK

We recommend only looking at UK cryptocurrency exchanges that are registered with the FCA (Financial Conduct Authority). As for GBP deposit methods, the top exchanges should support FPS transfers (Faster Payments Service) and ideally credit/debit cards.

If you’re looking to buy Bitcoin in the UK, the process remains the same:

  1. Find a crypto trading platform below.
  2. Sign up for an account.
  3. Fund your account with GBP.
  4. Buy Bitcoin if it’s available. If the exchange doesn’t have Bitcoin. You can buy ETH instead, transfer it to a decentralised exchange like Uniswap (check first if Uniswap has Bitcoin), and trade your ETH for Bitcoin.

Also, take a look at our analysis of the most reliable UK crypto exchanges if you’re interested in learning more about which ones we like.

ExchangeFiat currenciesCryptocurrenciesDeposit methodsSite
Cex logoGBP, USD, EUR10+Bank transfer, credit card, debit cardVisit CEX
Coinjar logoGBP50+Bank Transfer (FPS), Visa, MastercardVisit Coinjar
Coinbase logoUSD, GBP, EUR150+Bank transfer (FPS), credit/debit cardVisit Coinbase

Cryptocurrency trading

Considering buying Bitcoin? BTC Rundown

Bitcoin is a decentralized cryptocurrency that was first described in 2008 whitepaper by Satoshi Nakamoto (or a group of people). It was launched in January 2009, shortly after.

Bitcoin is an online peer-to-peer currency. This means that transactions are made directly between equal network participants without any intermediary. According to Nakamoto, Bitcoin was created to allow online payments to be made directly between two parties without having to go through a financial institution.

While there are many ideas for a decentralized electronic currency that look similar to Bitcoin, Bitcoin is the only cryptocurrency that has ever been used in practice.

The unique advantage of Bitcoin is its first appearance on the market.

It has created a worldwide community and an industry that is populated by millions of people who use Bitcoin and other cryptocurrency in their daily lives. The first cryptocurrency was a technological breakthrough that led to the creation of thousands of other competing projects.

The cryptocurrency market, now valued at more than $2 trillion, is built on Bitcoin's idea: money that can be sent to and received anywhere in the world, without the need for trusted intermediaries such as banks or financial service companies.

BTC's pioneering nature has kept it at the top of this vibrant market for over a decade. Although Bitcoin lost its undisputed dominance, the cryptocurrency is still the largest, with a market cap that exceeded $1 trillion in 2021. This was after Bitcoin's all-time high of $64,863.10, on April 14, 2021. This is due in large part to the growing institutional interest in Bitcoin and the widespread availability of platforms that offer use-cases for BTC, such as wallets, exchanges and payment services.

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author Marco Vela

A crypto obssessed digital marketer passionate about making a difference in the world. When he's not behind the computer he can be found hiking, camping and relaxing with his dog.