How to Buy Bitcoin in 2024 – A Beginner’s Guide

Wondering how to buy Bitcoin in 2024 but not sure where to start?

Consider that a decade ago, Bitcoin was trading at just $100. Since then, Bitcoin has hit highs of over $68,000 – representing growth of 67,000%.

In this beginner’s guide, we explain how to purchase Bitcoin for the first time, highlighting best practices, risk management, and the safest way to invest.

How to Buy Bitcoin – 4 Simple Steps

Before we continue exploring the fundamentals, let’s take a quick look at how to invest in Bitcoin for Beginners.

For this brief tutorial, we’ll explain the process of buying Bitcoin with MEXC – the best exchange for buying Bitcoin with 0% fees.

  • Step 1 – Open an Account With MEXC: First, visit the MEXC website and open an account.
  • Step 2 – Complete KYC: MEXC offers two forms of KYC, Primary and Advanced. Primary allows investors to withdraw up to 80 BTC in a 24-hour period.
  • Step 3 – Make a Deposit: Next, make a deposit by buying the USDT stablecoin. MEXC supports debit/credit cards payments, bank transfers and 3rd-party providers who support Apple Pay and Google Pay.
  • Step 3 – Search for Bitcoin: Head to the Spot trading platform, found under ‘Spot’ in the header. Type ‘BTC’ in the search bar on the right and select the ‘BTC/USDT’ market.
  • Step 4 – Buy Bitcoin: In the order box at the bottom of the page select ‘Market’ and then enter how much USDT you want to trade for Bitcoin. To confirm, click ‘Buy BTC’.

We offer a more detailed guide on how to buy BTC for beginners further down.

Where to Buy Bitcoin – Best BTC Exchanges Reviewed

Wondering where to trade Bitcoin? While stocks can be purchased from a broker, Bitcoin trades on crypto exchanges.

There are more than 200 crypto exchanges to choose from. But beginners should focus on exchanges that are regulated, offer low fees, and support small account minimums.

Below, we explore the best places to buy Bitcoin in 2024.

1. MEXC – Overall Best Place to Buy Bitcoin

The MEXC cryptocurrency exchange was founded in 2018 and is used by over 10 million people in over 170 countries. This high number of users (and 0% spot trading fees) makes it the best place to buy Bitcoin in 2024.

The MEXC platform supports spot, margin, and futures (200x leverage) trading and was developed by experts from the banking industry to support 1.4 million transactions per second.

MEXC is the best exchange for trading Bitcoin, with 0% fees on spot trading, and futures trading with 0% maker fees, and just 0.02% taker fees, through a feature rich trading platform, with advanced charting tools and an order book view.

MEXC Copy Trading Feature Banner

For beginner traders, MEXC offers copy trading feature that allows them to automatically copy the trades of other traders on the platform, a fully developed education library for trading Bitcoin and crypto, while a saving features allows them to lock coins to earn a percentage APR.

Alongside Bitcoin, MEXC supports over 1600 other cryptocurrencies, including both long term and emerging cryptocurrencies. MEXC offers 1:1 proof-of-reserve for all users’ personal assets in Spot, Fiat, and Futures wallets, as well as users’ crypto holdings of BTC, ETH, USDT, and USDC.

The MEXC exchange also has its own token, MX, which offers holders multiple benefits on the platform. Holding the token allows users to vote on business decisions, get discounts in certain trading scenarios, access free airdrops, and more. Those looking to trade Bitcoin Futures can receive 50% off their future trading fees by holding 1000 MX in their spot account for 15 or more days—making MEXC the best exchange for trading Bitcoin futures.

MEXC Homepage

A MEXC mobile app, available for Android and iOS, allows users to access their account, place trades, and buy Bitcoin on-the-go. MEXC is the best place to buy Bitcoin with a credit card and users can also buy crypto via bank transfer, debit card, or through third party services, some of which allow for Apply Pay and Google Pay.

While MEXC is available in most countries, it’s not currently supported in the US. for US traders, we recommend Coinbase or Binance.

Debit/Credit Card Deposit Fee Fee to Buy Bitcoin
Variable, but typically 2%. 0% spot trading fees.

Pros pros

  • 1600+ coins

  • Margin and futures trading (200x leverage)

  • Competitive fee structure, with 0% maker fees on futures

  • Fee free spot trading

  • Copy trading feature

  • Proof-of-reserves

Cons cons

  • Proof-of-Reserves is only for some assets

  • Access and features limited in some regions

2. OKX – Best P2P exchange for Buying Bitcoin

OKX is a feature rich crypto exchange with low fees of just 0.1% on each buy and sell order. These fees can be reduced by either staking the OKB token, the platform’s token, or for accounts with high trading volume.

Users can trade Bitcoin in spot, margin, futures, options and perpetual swaps markets, and staking and saving features allow users to earn passively on their crypto holdings, with high returns for some currencies and 5% APR for Bitcoin.

For advanced users looking for the best exchange to trade Bitcoin, OKX has integrated charts and tooling from TradingView, giving users access to advanced charting tools and indicators.

For beginner traders there is an extensive education center, along with 10 different trading bots following numerous trading strategies and the opportunity to use a demo trading account before committing to trade Bitcoin on an exchange.

OKX homepage

OXK accepts multiple payment methods, including credit/debit cards, bank account transfers, and digital wallet such as Apple and Google Pay. Traders can start by buying as little as $10 of Bitcoin. Users can also connect their non-custodial web3 wallet to the OKX DEX and trade cryptocurrencies across 40 different network—though not the Bitcoin network.

OKX is trusted by over 20 million users worldwide, is one of the best exchanges for trading Bitcoin, and supports over 300 other cryptocurrencies.

Debit/Credit Card Deposit Fee Fee to Buy Bitcoin
2.49% per transaction . 0.1% trading fees.

Pros pros

  • Competitive low fees

  • Over 300 coins and tokens

  • Staking and savings features

  • Trading bots and demo accounts available

  • Low trading fees of 0.1% and under

  • Buy as little as $10 of Bitcoin

Cons cons

  • Bitcoin Not available on DEX aggregator

  • Not available in the USA

3. Binance – Trade Bitcoin at a Commission of Just 0.1%   

Binance review Binance was launched in 2017 and is now the largest crypto exchange for trading volume. It supports more than 350 cryptocurrency markets, including Bitcoin. It takes just minutes to register an account and upload a government-issued ID. After that, users can deposit funds with a debit/credit card or local bank transfer. Payment fees vary depending on the country of residence.

In most cases, debit/credit card payments average 1.8-2%. While bank transfers usually require a small fee of $/€ 1. Once a deposit has been made, users can buy Bitcoin at a commission of just 0.1%. This is very competitive, considering investors pay just $1 for every $1,000 traded. While Binance offers low fees, it isn’t the most user-friendly of platforms.

Binance wallet review

In fact, many of its products and services are aimed at experienced investors. This includes leveraged cryptocurrencies, futures, options, and yield farming. In terms of security, Binance accounts are protected by two-factor authentication. It also keeps the majority of client-owned funds in cold storage. That said, Binance was hacked in 2022 for over $570 million.

Debit/Credit Card Deposit Fee Fee to Buy Bitcoin
Averages 1.8-2%, depending on the country of residence. 0.1% of the purchase amount.

Pros pros

  • Trade Bitcoin and 350+ other cryptocurrencies from 0.1%
  • Largest crypto exchange for trading volume and liquidity
  • Fast withdrawals – usually processed within 10 minutes

Cons cons

  • Best-suited for experienced traders seeking advanced crypto products
  • The exchange was hacked in 2022 for over $570 million

4. Coinbase – User-Friendly Crypto Exchange With Solid Security Tools

Coinbase is a crypto exchange favored by beginners. It offers a simple sign-up process, and no prior investing experience is required. Investors can get started with just $2, and multiple payment methods are accepted. This includes debit/credit cards and PayPal. While Coinbased simplifies the Bitcoin investment process for beginners, it charges high fees.

For example, those buying Bitcoin instantly with fiat money will be charged 3.99%. That’s $39.90 for every $1,000 invested. Additionally, Coinbase charges 1.49% when trading cryptocurrencies. For example, swapping $1,000 worth of Bitcoin for US dollars will cost $14.90. We also found that Coinbase is opaque with its pricing structure – only displaying fees at the point of purchase.

Coinbase review

That being said, millions of customers use Coinbase every day. Not only for its simple investing dashboard but solid security framework. Coinbase is a regulated exchange and is now a publicly traded stock on the NASDAQ. Coinbase accounts come with mandatory two-factor authentication, and 98% of client-owned cryptocurrencies are kept in cold storage.

Debit/Credit Card Deposit Fee Fee to Buy Bitcoin
3.99% Included when buying Bitcoin with fiat money. Otherwise, each trade costs 1.49%.

Pros pros

  • Popular exchange for those learning how to trade Bitcoin for the first time
  • Solid security tools and now a publicly traded stock
  • Buy Bitcoin with a debit/credit card or PayPal instantly

Cons cons

  • Instant fiat payments are charged 3.99%
  • Cryptocurrency trades attract a commission of 1.49%
  • Opaque pricing structure – fees are only displayed when creating an order

The Basics of Buying Bitcoin

Bitcoin is a cryptocurrency that was launched in 2009. It is a digital asset that is not controlled by any single person or authority – let alone backed by a government or central bank. This makes Bitcoin unique and a great alternative to traditional currencies and assets.

But how does an investment in Bitcoin work? Put simply, the price of Bitcoin rises and falls, just like stocks. People buy Bitcoin in the hope its price will increase. And if it does, they will make a profit on their investment. Bitcoin can be purchased from a crypto exchange.

The process is simple and rarely takes more than 5-10 minutes. First, investors must choose a suitable crypto exchange. MEXC is one of the best crypto exchanges, as it supports low minimum deposits, offers 0% spot trading fees, and supports 1600 cryptocurrencies. Then, users will have to complete KYC a procedures and make a deposit into the exchange.

Many crypto exchanges now support debit/credit cards, bank account transfers, and even e-wallets like PayPal. After making a deposit, the investor can then buy Bitcoin. The minimum investment is often just a few dollars, making Bitcoin ideal for first-time investors.

Once Bitcoin has been purchased, the tokens will be stored in a crypto wallet. Most exchanges offer an in-built wallet, making the process frictionless for beginners. Bitcoin trades 24/7, so investors can cash out at any time. When selling Bitcoin, the proceeds will be paid based on its current market price.

What is Bitcoin?

Before buying Bitcoin, it’s wise to have an understanding of the basics. First and foremost, Bitcoin is a digital currency. It operates on the ‘blockchain’, which is often described as a public accounting ledger. This is because all Bitcoin transactions are available to view on the blockchain.

How to buy Bitcoin?

While this ensures that the network is transparent, Bitcoin transfers are not tied to the identity of the sender or receiver. This means that Bitcoin is a pseudonymous framework, allowing users to transact in privacy.

What is Bitcoin Decentralization?

  • A core feature of Bitcoin is its decentralization framework.
  • In a nutshell, this means that no single person or authority owns the network.
  • Moreover, unlike traditional currencies, Bitcoin is not backed by a central bank.
  • This makes Bitcoin attractive for many reasons.
  • For example, Bitcoin is not prone to central bank monetary policies.
  • In other words, Bitcoin does not experience inflation like fiat currencies do.

What’s more, the total supply of Bitcoin is finite. In total, there will only ever be 21 million Bitcoin tokens in circulation. Once again, this makes Bitcoin unique from traditional currencies, which continue to lose value over time because of inflation.

In this sense, Bitcoin is often compared to gold. After all, just like Bitcoin, gold has a finite supply. As long as demand for Bitcoin remains strong, its finite supply can help the digital asset appreciate over time.

The best thing about Bitcoin is it is an inclusive asset class. Anyone can buy and sell Bitcoin – 24 hours per day, 7 days per week. And, when Bitcoin is held in a private wallet, nobody but the owner has access to the funds.

How Does Bitcoin Work?

We will now take a much closer look at how Bitcoin works. This will ensure beginners understand the fundamentals when learning how to buy Bitcoin for the first time.

Blockchain Technology

Blockchain technology sits at the heart of Bitcoin. As we briefly mentioned above, the blockchain is similar to a public ledger of transactions. The blockchain is completely decentralized and does not require third parties to verify transfers.

Instead, transfers are confirmed by ‘miners’. Put simply, miners connect specialist hardware to a device to help keep the Bitcoin network operational. Every 10 minutes, miners will compete with each other to verify a ‘block’, which contains a batch of transactions.

Bitcoin blockchain

In order to verify the block, miners must solve complex mathematical equations. These equations are so complex that only specialist hardware can complete the job. Moreover, it takes approximately 10 minutes for the equation to be solved and the block to be verified on the blockchain.

Can Anyone Mine Bitcoin to Make Money?

While Bitcoin miners consume vast amounts of energy, they are rewarded for their efforts. This is because the miner that verifies the blockchain will receive newly minted BTC tokens. As explained by the NASDAQ, the current block reward is 6.25 BTC, meaning that 900 new BTC tokens enter circulation every day.

Do note, however, that the block reward halves periodically, usually every four years. The next Bitcoin halving event is expected to happen in 2024. This means that the new mining block reward will be 3.125 BTC. Crucially, in the lead-up to Bitcoin’s halving event, the digital asset has historically performed well. As such, those learning how to buy a Bitcoin could be entering the market at a favorable time.

Fixed and Finite Supply

Supply is an important metric to understand when learning how to invest in Bitcoin and make money. As noted above, there will only ever be 21 million BTC tokens in circulation. According to the Blockchain Council, this is expected to happen in 2140.

Bitcoin supply

As per CoinMarketCap data, there are currently just over 19.4 million BTC tokens in circulation. And every 10 minutes, this increases by 6.25 BTC.

So why does this matter? Well, imagine owning an asset that is completely finite – meaning there will never be more in existence. As long as there is demand for that asset, its valuation will continue to increase over time. This is one of the reasons why Bitcoin is increasingly becoming popular with long-term investors, especially those seeking stores of value.

Decentralized Ownership

Now that we have zoned in on how the blockchain and supply of Bitcoin work, let’s take a closer look at why decentralization matters.

As noted earlier, Bitcoin is decentralized because nobody owns the network. And in turn, when an investor holds Bitcoin in a private wallet, nobody can control it other than the owner. This is because there is no involvement from third parties.

  • To illustrate this point, consider the fundamentals of holding money in a bank account.
  • While the account holder technically owns the money, the bank controls the funds.
  • For example, if the account holder wants to transfer the money to another person, this must be approved by the bank.
  • At any time, the bank can refuse to honor the transaction.
  • Even worse, it can elect to freeze the funds and close the account.

While the above example might seem farfetched, consider the infamous Cyprus banking scandal in 2013. As reported by the BBC, the government of Cyprus levied an emergency tax on bank account savings. Accounts under €100,000 were taxed 6.75% of the total amount. While accounts holding more than €100,000 were taxed at 9.9%.

These risks are not present in the world of Bitcoin. On the contrary, Bitcoin is 100% controlled by the investor. They can decide what to do with their Bitcoin without needing third-party approval – whether that’s holding, sending, lending, or selling the tokens.

In other words, no government or third party can access an investor’s Bitcoin tokens – as long as they are held in a non-custodial wallet.

How we Ranked the Best Places to Buy Bitcoin in 2024

When learning how to buy Bitcoin as a beginner, choosing a suitable exchange is crucial. Not only in terms of safety, but fees, trading tools, account minimums, and more.

Read on to learn how we rank the best places to buy Bitcoin for 2024:

Safety and Regulation

When exploring how to buy and sell Bitcoin, it is important to remember that most crypto exchanges are unregulated.

Beginners should ask themselves whether they would feel comfortable depositing funds with a platform that doesn’t take customer safety seriously. This is why the best Bitcoin exchanges hold licenses with reputable bodies.

  • For example, Coinbase holds licenses in most US states. Coinbase is also authorized by the UK’s FCA and other jurisdictions.

In addition to licensing, consider what security tools the chosen exchange offers. For example, two-factor authentication keeps client accounts safe.

MEXC Proof of Reserves

Moreover, the likes of MEXC and OKX produce regular proof-of-reserves, allowing customers to know that the cryptocurrency they hold is actually held by the exchange—helping to prevent similar breakdowns as what happened to FTX.

Can Bitcoin be Purchased Anonymously?

Bitcoin can be purchased anonymously, but only when conducting a crypto-to-crypto transaction. For example, buying Bitcoin with Ethereum, Tether, or another cryptocurrency. However, as per anti-money laundering regulations, it is not possible to buy Bitcoin with fiat money (e.g. debit/credit cards) anonymously.

Accepted Payment Methods

Those learning how to buy Bitcoin for the first time will need to ensure their preferred payment method is supported.

The fastest way to buy Bitcoin is with a debit/credit card or e-wallet. Many exchanges also accept bank account payments.

Beginners should be aware of what fees are charged when depositing funds. Not to mention how long it takes for the payment to be processed by the exchange.

Fees

Trading and non-trading fees should be considered when choosing a place to buy Bitcoin.

There are essentially four fees to focus on:

  • Depositing funds
  • Buying Bitcoin
  • Selling Bitcoin
  • Withdrawing funds

To offer some insight, MEXC allows investors to deposit funds with a fee of, typically, 2% for credit/debit cards. It charges a 0% fee on spots trades, and withdrawal fees vary by coin.

In contrast, Coinbase charges 3.99% on debit/credit card payments. Moreover, Coinbase charges 1.49% to buy and sell Bitcoin.

Supported Cryptocurrencies

After exploring how to trade BTC, some investors will look to diversify into other cryptocurrencies. These are known as ‘altcoins’, which stands for ‘alternative coins’.

MEXC is a great option for diversified portfolios, considering it supports over 1600 cryptocurrencies. OKX is another great option, with more than 250 cryptocurrencies listed.

Markets summary on MEXC

Some of the most popular altcoins in the market include Ethereum, XRP, BNB, Litecoin, Cardano, Solana, Dogecoin, and Shiba Inu. That said, there are almost 26,000 other altcoins listed on CoinMarketCap, so investors have plenty to think about.

Account Minimums

Beginners should choose a Bitcoin exchange that supports small account minimums.

  • For example, MEXC users only need to meet a minimum deposit of $10.
  • Furthermore, $5 is the minimum amount of Bitcoin that can be traded.
  • This is an affordable account minimum that will suit most budgets.

In contrast, some crypto exchanges have much higher account and trading minimums. As such, beginners should consider what they feel comfortable investing in Bitcoin before making a decision.

Trading Tools

Don’t forget to check what trading tools are offered by the chosen exchange. These should mirror the experience and requirements of the investor.

For example, beginners will find MEXC’s copy trading feature, where users can automatically copy the trades of season professionals on the platform with just a few clicks, as an excellent and easy avenue for accessing the world of trading Bitcoin.

Intermediate and advanced Bitcoin traders will find the integrated charts and charting tools excellent for completing technical analysis, and they will also like the exchange’s order book viewer. MEXC also offers Bitcoin futures with up to 200x leverage.

How to Trade BTC Futures?

  • Bitcoin can now be traded via futures contracts on exchanges like MEXC and Binance.
  • Futures are derivatives that allow investors to speculate on Bitcoin without covering the full trade size.
  • Investors need to speculate whether the price of the futures contracts will rise or fall.
  • Bitcoin futures come with an expiry date, which can be daily, weekly, monthly, quarterly, or yearly.
  • Those holding futures on the date of expiry will need to settle the trade at the agreed contract price.
  • If the trader speculated correctly, the futures will be settled at a profit.

Customer Service

The best Bitcoin exchanges offer customer support on a 24/7 basis. This is in line with the global crypto trading markets – which operate around the clock.

Most exchanges offer live chat support, making it simple for all nationalities and time zones to seek assistance.

Is Bitcoin a Good Investment?

Now that we have covered the best places to buy Bitcoin, we can move on to the investment thesis. More specifically, let’s explore whether or not Bitcoin is a good investment in 2024 and ultimately whether you should buy Bitcoin or not.

Investment Returns

While we cover the price history of Bitcoin in more detail shortly, we should note that the digital asset has generated unprecedented returns since it was launched.

  • According to CoinMarketCap data – which goes as far back as 2011, Bitcoin was initially priced at just $0.06.
  • In November 2021, Bitcoin hit an all-time high of over $68,000

Now let’s break these figures down into more detail.

So, let’s suppose that an investor bought $1,000 worth of Bitcoin in 2011 at $0.06. If they held on until Bitcoin’s all-time high in 2021, the same $1,000 would have been worth over $1 billion.

In more recent times, let’s suppose an investor entered the market in 2022. In doing so, the investor would have paid just over $16,000 for a full Bitcoin token. Since then, Bitcoin has hit 52-week highs of over $31,000. That’s gains of almost 100% in under a year. In contrast, the S&P 500 has grown by just 10% in the prior year.

With this in mind, Bitcoin remains one of the most popular investments for those seeking above-average returns.

Buy the Bear Market Dip

While Bitcoin is one of the best-performing assets in recent years, it’s also one of the most volatile. Bitcoin and the broader crypto markets move in bull and bear cycles. But at a much more volatile pace than traditional assets, such as stocks and gold.

For example, after hitting highs of over $68,000 in late 2021, Bitcoin has since hit lows of approximately $16,000. This represents a bear market decline of 75%.

Bitcoin Trading Page MEXC

With that being said, the current bear market offers an opportunity to buy Bitcoin at a ‘discount’. For example, instead of paying $68,000, investors can currently enter the market at approximately $40,000. This is 47% below its prior all-time high.

Store of Value

Bitcoin may also appeal to investors that seek stores of value. This term refers to assets that have a finite supply and retain their value over the course of time. For instance, real estate, gold, and fine art.

Bitcoin meets the criteria as a suitable store of value.

For example:

  • Bitcoin has a maximum total supply of 21 million tokens. No more Bitcoin will ever enter circulation once this figure is met.
  • The supply of Bitcoin is fixed and consistent. Currently, just 6.25 BTC enters the circulating supply every 10 minutes, or 900 BTC per day. This allows investors to predict the circulating supply of Bitcoin with certainty.

Some would argue that Bitcoin is a more suitable store of value than other assets.

For example, consider that Bitcoin can be fractionized into ultra-small units. The same can’t be said for real estate. Moreover, Bitcoin is easily transferred to other users. The same can’t be said for physical gold or fine art.

Bitcoin is also safer to store. For example, it simply needs to be kept in a crypto wallet, either on a smartphone or desktop device. In contrast, gold needs to be stored in insured vaults to retain its value and, ultimately – remain safe.

Bitcoin is an Inclusive Asset Class

Bitcoin is a lot more inclusive than other asset classes. This is because Bitcoin is a decentralized asset class that is not hindered by borders.

Anyone can buy Bitcoin at any time. The Bitcoin markets operate 24/7 without any centralized intermediaries. This means that, unlike publicly traded stocks, government agencies cannot halt trading.

  • Another factor is that Bitcoin is an affordable asset class for all budgets.
  • Sure, while a full Bitcoin trades for many thousands of dollars, investors can buy a small fraction of a token.
  • For example, suppose Bitcoin is trading at $30,000.
  • An investor could buy $30 worth of Bitcoin, representing 0.15 of a token.

Bitcoin is also suitable for people living in the third world that rely on international remittance payments. After all, it takes just 10 minutes to transfer Bitcoin – irrespective of where the sender and receiver are based. Bitcoin fees are also a lot cheaper when compared to traditional remittance methods.

Bitcoin is Highly Liquid

Bitcoin is a highly liquid asset. This means that investors can sell their Bitcoin just as easily as buying it.

Not only is this because Bitcoin trades 24/7, but it attracts vast liquidity levels. For example, in the prior 24 hours, more than $33 billion worth of Bitcoin has been traded. During bullish markets, this figure is often amplified by 2-3 times.

Crucially, Bitcoin can be sold at any time without worrying about finding a buyer.

Different Methods of Buying Bitcoin

Looking for the best way to buy Bitcoin in 2024?

Read on to learn about the different payment methods that can be used when entering and exiting the market.

Buy Bitcoin With a Credit Card or Debit Card

Wondering how to buy Bitcoin with a credit card?

Many first-time investors will buy Bitcoin in this way, not least because:

  • Payments are processed instantly – so investors receive their Bitcoin tokens without delay
  • After selling Bitcoin back to cash, the proceeds can be withdrawn to the same card
  • Many credit and debit cards come with consumer protections, such as chargebacks. This safeguard protects consumers from unscrupulous exchanges.

When learning how to buy Bitcoin online with a credit or debit card, investors should consider fees. As noted earlier, while MEXC charges 2% when using a credit or debit card, Coinbase charges 3.99%.

Buying Bitcoin With PayPal

Exploring how to buy Bitcoin with PayPal? If so, this is another safe and convenient payment method to consider.
In fact, an increasing number of exchanges accept PayPal, including Coinbase.

When using this e-wallet provider to buy Bitcoin, investors are protected by PayPal’s Buyer Protection Scheme. This is similar to a credit card chargeback as it protects consumers from fraudulent transactions.

Buying Bitcoin With PayPal

We also found that PayPal is ideal for receiving payments after selling Bitcoin. Once approved and transferred by the Bitcoin exchange, the funds should land in the PayPal account near-instantly.

Buying Bitcoin With Neteller, Skrill, and Other E-Wallets

Very few Bitcoin exchanges accept other e-wallets, such as Neteller or Skrill. However, many exchanges, including our top rated exchange MEXC, allow you to buy BTC with a bank account.

What is the Cheapest Way to Buy Bitcoin?

There are a variety of fees to consider when buying Bitcoin online. After all, Bitcoin is purchased from crypto exchanges, which are in the business of making money. First and foremost, beginners should consider their preferred payment method. In most cases, credit cards are the most expensive option.

This is because of the high fees that financial institutions charge crypto exchanges, which are then passed onto customers.

For example:

  • While MEXC charges 2% on credit card payments, bank account deposits are fee-free.
  • On Coinbase.com users pay 3.99% when buying Bitcoin with a credit card. But no fees are charged opting for local bank transfers.

In addition to deposit fees, Bitcoin investors should also consider trading commissions. This fee is charged when buying and selling Bitcoin and is usually a percentage of the total trade size.

For example:

  • Coinbase charges 1.49% when users buy and sell Bitcoin
  • At Crypto.com, users pay just 0.075%
  • MEXC offers fee free spot trading

So, when exploring the cheapest way to buy Bitcoin, both payments and commissions should be considered.

Overall, we found that MEXC is the best option for buying Bitcoin with low fees. Not only are bank transfers fee-free, but spot trading can be done with a 0% fee.

Bitcoin Price

The price of Bitcoin fluctuates based on demand and supply. Just like stocks, gold, and other assets, the Bitcoin price will rise and fall throughout the day. But over the course of time, Bitcoin has produced phenomenal growth. As noted earlier, CoinMarketCap states that Bitcoin was trading at just $0.06 in 2011.

With that said, CNBC notes that one of the first Bitcoin trades took place in May 2010. An online deal was made for pizza to be delivered to a US resident in exchange for 10,000 BTC. In today’s money, the same 10,000 BTC would be worth several hundred million dollars. Nonetheless, in 2013, the price of Bitcoin hit $100.

Compared to its 2011 price of $0.06, this netted early holders gains of over 166,000%. It wasn’t until 2017 that Bitcoin was taken seriously as an investment product by the masses. It started the year at $1,000 and closed at a then-all-time high of $20,000. That represents 12-month gains of 1,900%. During the same period, the first regulated Bitcoin futures market was launched by the CME Group.

Bitcoin price history

After hitting highs of $20,000 in December 2017, Bitcoin entered a prolonged bear market. It hit lows of just over $3,000. This represented a decline of 85% from its former peak. Many Bitcoin adversaries used the bear market to brand the digital currency as a scam, bubble, and Ponzi scheme.

How wrong their hypothesis turned out to be. Not only did Bitcoin regain its former all-time high of $20,000 in late 2020, but it went on to set new peaks. In fact, by the end of November 2021, Bitcoin had reached a new all-time high of over $68,000. So, when compared to its prior bear market lows of $3,000, Bitcoin went on to produce growth of over 2,000%.

However, a new bear market developed after Bitcoin hit $68,000. Over the following 12-15 months, Bitcoin hit lows of $16,000 – a decline of 75% from its peak. That said, just like the previous bear market, current prices allow people to buy Bitcoin at a huge discount. As such, if and when the next bull market begins, Bitcoin could set new all-time highs.

Bitcoin Price Prediction

Predicting the future price of Bitcoin is a challenging task. Just like traditional stocks, nobody quite knows what the future holds.

In theory, Bitcoin has all the required fundamentals to continue growing over the course of time.

For instance:

  • It is a global asset class attracting billions of dollars worth of trading volume every day.
  • Virtually all tier-one brokerages offer access to Bitcoin and other cryptocurrencies. There are also regulated Bitcoin futures markets, and ETFs could soon be launched.
  • Numerous global brands accept Bitcoin as payment, including Microsoft and AT&T.
  • According to CFD trading platform Capital.com – more than 1 million people own Bitcoin globally
  • The total supply of Bitcoin is finite, capped at 21 million tokens. This makes a great case for Bitcoin as a long-term store of value.

In terms of recent price predictions:

The above should highlight that Bitcoin price predictions should be taken with a grain of salt. After all, while some analysts have a super-bullish outlook on Bitcoin, others view the digital asset completely differently.

Ultimately, instead of relying on Bitcoin price predictions, investors should focus on the long-term fundamentals.

Is Bitcoin Safe & Legal?

The legality of Bitcoin varies from one jurisdiction to the next. While the vast majority of countries have embraced cryptocurrencies, this isn’t the case globally. For instance, Bitcoin trading is either restricted or banned in Algeria, China, Indonesia, Egypt, India, Nepal, and Vietnam. Interestingly, however, these countries have some of the highest Bitcoin trading volumes.

This goes to show that Bitcoin is a global phenomenon that operates outside of traditional borders. In other countries, however, Bitcoin is completely legal. Not only in terms of buying and selling Bitcoin but using it as a form of payment. That being said, Bitcoin still operates in a largely unregulated environment.

Major economies like the US, UK, and European Union are yet to install specific Bitcoin-related legislation. It is almost a certainty that regulation is on the way in most regions. How this impacts the market remains to be seen. Many analysts believe that regulation is good for Bitcoin, considering that the crypto markets are often reminiscent of the Wild West.

Which is the Best Bitcoin Wallet?

Investors have many options when choosing a wallet to store Bitcoin. The best crypto wallets offer an adequate level of convenience and security, plus additional features like trading and fiat deposits. That said, there are many different types of wallets to consider.

First and foremost, investors need to choose from a custodial or non-custodial wallet:

  • Custodial wallets are offered by third parties. They keep the Bitcoin safe on behalf of investors. MEXC and Coinbase are two examples of safe custodial wallet providers.
  • Non-custodial wallets give investors full control of their Bitcoin tokens. This means investors are responsible for keeping the tokens safe. Only the investor has access to the wallet’s private keys.

After deciding on custodianship, investors need to choose between a hot or cold crypto wallet:

  • Hot wallets are always connected to the internet and come via software. For example, a mobile app, Windows/Mac software, or a Chrome browser extension. While more risky, hot wallets offer seamless access to the Bitcoin markets – especially when buying and selling.
  • Cold wallets are never connected to the internet. By remaining offline at all times, there is no threat of the wallet being hacked remotely. While more secure, cold wallets make it cumbersome to buy and sell Bitcoin regularly.

While the MEXC platform keeps some of their clients funds in a hot wallet, most are kept in cold storage. On top of this, MEXC also regularly updates its proof-of-reserves, so traders can check that the Bitcoin and other cryptos they own are actually held by the company.

How to Buy Bitcoin – Detailed Tutorial

By reading our guide up to this point, investors should have made an informed decision on whether Bitcoin is a suitable asset class.

If so, we will now explain how to buy Bitcoin on MEXC, a leading exchange offering low fees and a low Bitcoin minimum purchase of just 5 USDT.

Step 1: Open an MEXC Account

All MEXC users must open an account before getting started.

Visit the MEXC website and click on ‘Sign Up’. Use your preferred method and set a strong password.

MEXC signup page

Step 2: Get Verified 

The next step is to verify yourself by completing the KYC procedure.

To do this users need to upload a copy of their government issued ID and enter some of the information found on that ID.

Primary KYC on MEXC

Verification of your documents typically takes 24 hours.

Step 3: Deposit Funds

Now your account needs to be funded, the minimum is $10.

MEXC uses the USDT stablecoin as its currency, so when funding their account users will be buying USDT.

Buy Cryptocurrencies page MEXC

MEXC accepts an assortment of deposit methods, from debit/credit cards, to bank transfers, and 3rd-party providers.

Step 4: Search for Bitcoin 

Head to the spot trading page navigating to the ‘Spot’ drop down from the header and then clicking ‘Spot’ in that menu.

MEXC Spot Trading Menu

Next Find the search bar in the top left hand corner of the Spot Trading interface, type in BTC, and select the BTC/USDT market.

Step 5: Buy Bitcoin 

At the bottom of the BTC/USDT Spot Trading market page, select the ‘Market’ tab to ensure that you pay the market price and get your Bitcoin immediately.

The minimum investment is just $5. Type the amount USDT you want to trade for Bitcoin in left hand box and then click ‘Buy BTC’. Your trade will execute immediately and your BTC will appear in your balance.

Bitcoin ETF Token – Perfect BTC Alternative Offers Unique Concept With BTC Related Roadmap

Bitcoin ETF Token ($BTCETF) is a new presale with a unique concept that is tied to the fate of Bitcoin ETF approval by the Securities and Exchange Commission (SEC).

The campaign has been designed to closely follow key events relating to Bitcoin and Bitcoin ETFs. If approval were to take place, it could be the perfect coin to have at hand.

Bitcoin ETF Token Presale Homepage

In the meantime, the ERC-20 presale offers multiple benefits, particularly to early-stage investors. These benefits include a PoS APY above 2,500%, a price increase from $0.005 to $0.0068, and a large token burn of 25%. None of these benefits are available with direct BTC investment. 

There are 5 major milestones mentioned in the Bitcoin ETF Token Whitepaper. These are the $BTCETF trade volume surpassing $100 million, Bitcoin ETF approval by the SEC, Bitcoin ETF trading on exchanges, the total market capitalization of Bitcoin ETFs globally reaching $1 billion, and, the price of Bitcoin surpassing $100,000. Many of these are key milestones for the entire crypto ecosystem at large. At every milestone, 5% of the total token supply is burned.

So this new presale offers many incentives while still remaining closely tied to key events related to Bitcoin, especially BTC ETF approval. This could happen as soon as the end of 2023, or the start of 2024. And if the approval occurs this token could 10x, which is unlikely to happen with Bitcoin ETFs or with Bitcoin. 

A total of 840 million of the 2.1 billion supply is available in the 10-stage presale.

ETH, USDT, BNB, MATIC, and card payments are accepted, with the transaction facilitated through Wallet Connect or MetaMask.  

For further details, inventors can consult Bitcoin ETF Token Whitepaper. Key information is released regularly on the Bitcoin ETF Token Twitter and Telegram accounts.

Hard Cap $4.956 Million
Total Tokens 2.1 Billion
Tokens available in presale 840 Million
Blockchain Ethereum Network
Token type ERC-20
Minimum Purchase NA
Purchase with USDT, ETH, BNB, MATIC, Card

Conclusion

In summary, buying Bitcoin in 2024 is now a simple, cost-effective, and safe process when using a suitable crypto exchange.

MEXC ranks as the overall best option for buying Bitcoin, considering its zero-fee spot trading, high liquidity, and wide-availability. Not to mention a minimum deposit requirement of just $10 through numerous avenues.

For Bitcoin alternatives, our team recommends Bitcoin ETF Token. It is still deeply tied to the Bitcoin markets while offering the benefits of high APY, clear presale price increases, and an aggressive 25% token burn.

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take two minutes to learn more.

References

FAQs

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Kane Pepi

Kane Pepi is an accomplished financial and cryptocurrency writer who has an extensive portfolio of over 2,000 articles, guides, and market insights. With his expertise in specialized subjects such as asset valuation and analysis, portfolio management, and financial crime prevention, Kane has built a reputation for providing clear explanations of complex financial topics. He holds a Bachelor's Degree in Finance and a Master's Degree in Financial Crime, and is currently pursuing his Doctorate degree, which focuses on investigating the complexities of money laundering in the cryptocurrency and blockchain technology sectors. Kane's wealth of knowledge and experience in the field make…