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Team
Author
J2T Crypto
For Reading
7 minutes
Updated
14-02-2022
hero image for Best ways to buy Bitcoin

Best ways to buy Bitcoin

Introduction

As bitcoin’s price is moving up in the cryptocurrency market, we have increasing number of people wondering where and how, and what is the best way to buy bitcoin online.

The main two ways to buy Bitcoin

Now let’s get into our choices for the best way to purchase bitcoin.

River Financial

In our search for the best way to buy bitcoin our number one choice will be River Financial. It was founded in 2019 so it is very new, but they took the top spot on this list in the quickestway.

Features

Security

They have the bestsecurity practices and philosophy. Now you may want to use a hardware wallet more on to store your bitcoins, but with the services available here you can trust your bitcoin with River Financial more than any other place.

Downsides

One downside is only people who reside in the USA can use it. Furthermore they aren’t in every state in the USA yet. They are only in 30 states with them regularly adding states as they complete all the regularly steps required.

Another downside is they have an order minimum of $100. For some people this might not be a downside as their buys are usually much higher than this. But if you don’t have much money and are wanting to buy a little bitcoin then this might be an issue for you.

How to buy BTC on River Financial?

Now if you turn that off for a second and preview your order you will be able to see that your $100 has a $2.99 fee for purchasing but if you go back and turn it on (the recurring order) and then you go and preview your order you will find it $2.39 and of course this continues to go the higher up your purchases are, but you get that 20% discount regardless of what the purchase amount is.

Cash App

Next on the list is Cash App. Cash App was originally built as a mobile payments app for sending person-to-person fast payments. However later they have added support for buying stocks and bitcoin.

Cash App is the best way to buy bitcoin if you are looking to buy BTC through a mobile app. It’s a great looking and super easy to use app. You’ll be up and running with the app very fast.

When it comes to buying bitcoin Cash App is the best for people who are looking for the easiest method of buying bitcoin and who are looking to make smaller investments of $250 or less each time they buy.

Features

Cash App starts being so economical once you get into the higher order amount. For example a $1000 through Cash App will have a fee of $17.66. However if we put that versus a recurring $1000 order through River would have just a fee of $11.82. Those $6 might not be a big deal for some people, but if you buy regularly it does add up over time.

Downsides

There’s a downside when it comes to use it to buy larger amounts and that is you could only withdraw up to $2000 of bitcoin a day, or up to %5000 a week. So it’s not a great option for big purchases unless you’re okay with withdrawing it in smaller chunks.

How to buy BTC on the Cash App?

Coinbase

Third on our list is Coinbase. This is by far the most popular choice we’re covering.

What’s good about Coinbase is that firstly they have been around for a relatively long time. Coinbase was founded 2012. They are established in the crypto space and they are pretty reputable company that’s growing all the time, as of 2017 they have over 13 million users.

Features

Downsides

Coinbase is good, but it doesn’t do what the other options do as good as they do it.

As for fees, with River you can save a lot of fees with recurring orders, and without recurring orders River still has competitive rates. Also for smaller purchases of bitcoin, Coinbase loses again to the Cash App which saves a lot on fees on the low end, and it also has a better app experience.

If we put Coinbase’s flat fee which is 99 cents for orders under $10 versus Cash App scaling fees for small orders, it eats away half of your purchase if you bought the minimum allowed on Coinbase. That means if you buy two dollars with Coinbase you only get a $1.01 worth, while if you buy two dollars with the Cash App you get $1.94 worth of bitcoin.

These are tiny amounts, but for some people who only buy $1-5 a day or a week of bitcoin that’s a huge difference.

Another downside is that Coinbase offers a bunch of cryptocurrencies to choose from and this can be confusing. For example you can buy one coin called “bitcoin cash”, this is not bitcoin. Some people get confused and think that this is a less expensive bitcoin and get duped into buying this coin.

How to buy BTC on Coinbase:

Buying Bitcoin anonymously

Bitcoin isn’t a tangible item, but rather a currency with the ability to buy things and exchange with other people in a decentralized way. It means that no one owns bitcoin and you can directly pay someone without a third party like a bank, PayPal, debit or credit card.

Some people don’t like the fact that it’s not available to buy BTC anonymously, so they try to find some ways to buy and sell bitcoin anonymously. This is not to seek something illegal but rather they don’t want banks and governments to control their money.

For instance if you work in cryptocurrency and you deposit the coins in UK bank account they may shut down the account because the UK banks are not crypto friendly.

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