Last update: Jun 6, 2022

How to Buy Wrapped Bitcoin (WBTC)

Marco velaAuthor: Marco Vela - Fact-checked ✓

So you’re looking for a guide on how to buy Wrapped Bitcoin. Depending on where you live, you’ll have a few cryptocurrency exchanges to choose from.

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

Let’s get started!

Wrapped bitcoin

How to Buy Wrapped 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 Wrapped Bitcoin of course.

2. Sign up with the crypto 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 crypto exchanges.

4. Buy Wrapped Bitcoin

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

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

Where to Buy Wrapped Bitcoin (WBTC)

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 Wrapped Bitcoin

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

 

Crypto trading

How to Buy Wrapped Bitcoin (WBTC) 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 Wrapped Bitcoin in Australia, the process remains the same:

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

It’s also possible to check out our comparison of the top 10 crypto exchanges in Australia if you’re curious to know more about which exchanges we like.

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 Wrapped Bitcoin (WBTC) 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 Wrapped Bitcoin in Canada, the process remains the same:

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

It’s also possible to take a look at our analysis of the best cryptocurrency brokers in Canada for those curious to know more about which exchanges we like.

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 Wrapped Bitcoin (WBTC) 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 Wrapped Bitcoin in the UK, the process remains the same:

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

You can also check out our comparison of the cryptocurrency brokers in the UK for those looking to learn more about which ones we would recommend.

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 Wrapped Bitcoin? WBTC Rundown

Wrapped Bitcoin is a tokenized Bitcoin (BTC), that runs on Ethereum (ETH).

WBTC conforms to ERC-20, the basic compatibility standard for the Ethereum blockchain. This allows it to fully integrate into the Ethereum blockchain's ecosystem of decentralized financial (DeFi) applications, including prediction markets, decentralized exchanges, and crypto lending services.

WBTC can also be backed by Bitcoin in a 1:1 ratio through a network automatically monitored merchants/custodians. This ensures that the price of WBTC remains constant at Bitcoin. It also allows users to transfer liquidity between the BTC (and ETH) networks in a decentralized, autonomous way.

Wrapped Bitcoin was officially launched on January 31, 2019, after being first announced on October 26, 2018.

Bitcoin is the most popular cryptocurrency and the largest on the market. It has a large user base and a liquidity pool that can hold several dozen billion dollars. Its blockchain functionality is however, quite basic according to modern standards.

Ethereum, unlike Bitcoin, was designed from the ground up for more advanced use cases. It uses smart contracts technology to create a whole industry called "decentralized finance."

Ethereum and the products that are derived from it provide advanced financial instruments such as insurance and lending, without having to rely on trusted intermediaries.

WBTC allows full integration of Bitcoin-like assets into the advanced financial decentralized environment by "wrapping" BTC according to the ERC-20 standard. This brings along the enormous liquidity associated with BTC markets.

Wrapped Bitcoin also makes it much easier for wallets, exchanges, and payment services that use Ethereum. Instead of running two separate nodes for ETH or BTC networks, they can now support WBTC operations using just one Ethereum node.

The average blocktime of Ethereum blockchain is about 15 seconds, compared with 10 minutes, which increases the speed at which WBTC can transact, as compared to actual bitcoins.

Related:

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.