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Key Points

  • Choose a reputable exchange that allows bitcoin withdrawals
  • Complete identity verification (KYC) before you can trade
  • Fund your account through bank transfer for lowest fees
  • Start with small amounts while learning
  • Always withdraw your bitcoin to your own wallet after buying

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Summary

This guide walks you through the process of buying bitcoin on a cryptocurrency exchange. You’ll learn how to choose an exchange, create and verify your account, fund it, and place your first order. While exchanges are the most common way to acquire bitcoin, remember that you should always withdraw your bitcoin to your own wallet after purchasing.

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How to Buy Bitcoin on an Exchange

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1. Choose a Reliable Exchange

We suggest using one of the well-known and regulated exchanges, available worldwide. Like Kraken, Binance or Coinbase

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Detailed Withdrawal Guides by Exchange

For step-by-step withdrawal instructions for specific exchanges:

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2. Create and Verify Your Account

  • Sign up with your email
  • Complete KYC (Know Your Customer) verification
    • Provide ID
    • Proof of address
    • This is required by law in most countries

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3. Fund Your Account

  • Bank wire transfer (cheapest, recommended)
  • Credit/debit card (faster but higher fees)
  • Deposit other cryptocurrencies to trade for Bitcoin
  • Other payment methods (varies by exchange)

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4. Place Your Order

When you’re ready to buy, go on the spot market. Here, you’re buying bitcoin directly at the current market price. You can either place a market order to buy immediately, or a limit order to buy at a specific price you choose. Start small - there’s no rush, and it’s better to learn with amounts you’re comfortable with. Some exchanges offer options to put automatic regular buys in place. This is a great way to buy bitcoin regularly, avoiding both FOMO and market volatility.

“The best time to buy bitcoin was 10 years ago. The second best time is now. But always remember to only invest what you can afford to lose.” — Common Bitcoin Community Wisdom

This article is part of our educational series on cryptocurrency. For more guides on protecting your digital assets, explore our other articles on best practices and security concepts.