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How Do You Purchase Bitcoin?

How do you purchase Bitcoin

NOTE: Wyre announced on June 16, 2023 that they will cease operations. All users must remove funds by July 14, 2023. New accounts will no longer be available.  For more information please refer to their blog article: https://blog.sendwyre.com/wyre-operations-update-712a6d084229

There are many places to buy Bitcoin, including within your Edge wallet. And no matter where you buy, it’s easy to send your coins to your Bitcoin wallet here at Edge.

There are four main options for purchasingBitcoin. They are:

  1. Centralized Exchanges
  2. Decentralized Exchanges
  3. Peer to Peer Exchanges/Sales
  4. And thanks to our many exchange integrations, which we showed you in How Do You Sell Bitcoin, you can buy directly from within your Edge wallet

Centralized Exchanges

Centralized exchanges (CEX) are what we are used to in legacy finance systems where stock trading is completed through companies like Schwab,ETrade, or Fidelity. 

So how do you purchase Bitcoin on an exchange? You sign up for an account, send your fiat money to the exchange, and then buy your Bitcoin.

Binance is the world’s largest crypto exchange, but like many crypto companies and projects, they don’t work with Americans due to regulatory hurdles. Similar to many companies, they created an alternative called Binance.US that offers limited services to Americans.

Gate.io is another popular global exchange that also limits what trades Americans can make.

More global exchanges where Americans and others can set up accounts include:

  • Coinbase
  • Kraken
  • Gemini
  • Paxos (itBit)
  • FTX
  • Crypto.com

All of these exchanges require identity verification to comply with Know Your Customer (KYC) laws to open an account. Once the account is open, it’s often easy to transfer money and make purchases. Comparison sites such as CryptoRunner helps you compare exchanges before you purchase Bitcoin.

Decentralized Exchanges

A great alternative to centralized exchanges are decentralized exchanges (DEX). The biggest benefits of decentralized exchanges over centralized ones are no KYC hoops to jump through and immediate wallet connectivity. It’s simple,fast, and often location-independent. But there’s one big drawback — DEXs only facilitate crypto to crypto trades. While DEXs aren’t designed for fiat-to-crypto exchanges, if you have some Tether or Litecoin and you want Bitcoin instead, you can’t beat the speed of a DEX.

Some of the biggest DEXs include:

  • Uniswap
  • PancakeSwap
  • Curve Finance
  • Trader Joe 
  • And Sushiswap

Many different blockchains offer trading choices with lower fees compared to Bitcoin, but if you already have another cryptocurrency there is no faster, easier way to convert one crypto into another than using a DEX.

P2P Exchanges and Sales

For flexibility in payment options, many prefer using p2p (peer to peer) exchanges to purchase Bitcoin. After all, you are dealing with another person so they will let you pay with whatever payment methods they prefer. That could include PayPal, Venmo, ACH transfer, or meeting in person to exchange cash for coins. Exchange rates and currency types are l based on what the two people agree on.

Paxful and LocalBitcoins are often the biggest p2p exchange options depending on where in the world you live. Both are widely available with many purchase options. This is what a buy offer on Paxful looks like using your PayPal account:

Once you click on the offer, the terms for how this seller wants to receive their money through PayPal will show with a prompt for you to follow to complete the transaction. Flexibility in payment choices gives p2p exchanges an advantage over CEXs and DEXs. However,  you often pay more in fees for that convenience. Pricing won’t be as standardized or low on p2p exchanges as compared to the two exchange options mentioned above.

Other well known p2p options include LocalCoinSwap and Bisq if you want to explore p2p further.

Wallet Integrations

Some apps, including Edge, have integrations that allow you to buy directly from within your wallet. The ease and flexibility of doing so are the biggest advantages. Fees will sometimes be higher than a CEX or a DEX, but again you are paying for the convenience of doing all trading with your wallet. Let’s see how that works.

Step 1: Open the App and Click on Buy

How to purchase bitcoin step 1

On the Wallets page following opening the Edge app, click the “Buy” icon second from the left on the bottom menu.

Step 2: Confirm your Country and Select Your Option

When selling or buying your Bitcoin through the Edge app, there are different provider integrations from which to choose. They are based on your physical location or citizenship. For example, if you are in the US, you have the following four options:

  1. ACH Bank Transfer with Wyre
  2. Credit or Debit Card buys with Simplex
  3. Credit or Debit Card buys with Moonpay
  4. In-person Cash and Debit Card with LibertyX

These integrations provide a range of payment method flexibility based on users’ preferences.

How to purchase bitcoin step 2

Step 3: Follow the Directions and Pay

Select your choice and follow the platform instructions to purchase. After the payment is approved and settled, the coins are right there in your wallet. 
Now that there are so many options for securely purchasing Bitcoin, it’s more convenient than ever before. The Edge app gives you several fast, easy options for buying Bitcoin compared to other ways of purchasing crypto, and due to our unique Edge Security model, your coins and private transactions are safe.

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