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NerdWallet does not offer advisory or brokerage services, nor does it recommend or advise investors to buy or sell particular stocks or securities. Buying bitcoin or other cryptocurrencies can be a fun way to explore an experimental new investment. Never buy more than you can afford to lose. Like all cryptocurrencies, bitcoin is experimental and subject to much more volatility than many tried-and-true investments, such as stocks, bonds and mutual funds.
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Here's the price in U. Information is solely for informational purposes and not for trading purposes or advice. Buying bitcoin and other cryptocurrency in 4 steps Decide where to buy bitcoin. Cryptocurrency exchanges like Coinbase and a few traditional brokers like Robinhood can get you started investing in bitcoin.
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Think about how to store your cryptocurrency. Are you going to keep your bitcoin in a hot wallet or internet investment in bitcoin cold wallet? Make your purchase.
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Figure out how much you want to invest in bitcoin. Manage your investment. Determine your long-term plan for this asset.
Decide where to buy bitcoin There are a few different ways to buy bitcoin and other cryptocurrencies, including exchanges and traditional brokers. Cryptocurrency exchanges You can purchase bitcoin from several cryptocurrency exchanges.
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Many charge a percentage of the purchase price. Do your due diligence to find the right one for you. Some of the more popular exchanges include: Coinbase: This is a popular choice for U. Coinbase also offers access to etherium, litecoin and other cryptocurrencies. On each transaction, Coinbase charges a spread an adjustment in the purchase or sale price of an investment of about 0. The fee is the greater of a variable percentage based on region and payment type — for example, 1.
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Want to know more? Read our Coinbase review. Generally, you can only make purchases using cryptocurrency, though Binance did recently add the option to pay by credit card for an additional fee this option is unavailable in some U. Gemini: This U. This exchange trades in eight cryptocurrencies, including bitcoin.
Like its stock-trading platform, Robinhood charges no fees for bitcoin trades. Other brokers have announced plans to offer cryptocurrency trading in the near future.
Other ways to buy or invest in bitcoin Bitcoin ATMs. These work like normal ATMs, only you can use them to buy and sell bitcoin. Peer-to-peer bitcoin owners.
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You can buy bitcoins directly from other bitcoin owners, much like you would buy items on Craigslist, through peer-to-peer tools like Bisq, Bitquick and LocalBitcoins.
Use extreme caution if buying bitcoin directly from individuals. Bitcoin futures.
Khadija Khartit is a strategy, investment and funding expert, and an educator of fintech and strategic finance in top universities. Article Reviewed on August 30, Khadija Khartit Updated August 30, While it can be hard to tell if Bitcoin is going to go up or down in value, or if it is the future of currency or just a flash in the pan, one thing that is for sure is that Bitcoin is available to buy and sell right now. If you're one of the many who are curious about how this cryptocurrency is bought, sold, and used, keep reading.
TradeStation offers a way for investors to trade on bitcoin futures, but this is pro-level stuff, not for amateurs. Grayscale funds.
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Internet investment in bitcoin Investments is a digital currency asset manager. The thinking is that some investors are willing to pay extra to buy bitcoin through a traditional exchange, without needing to worry about wallets and storage. Setting up a cryptocurrency account takes minutes, but you'll need to provide some information, including your Social Security number and the number to your bank account, debit card or credit card to fund your bitcoin account.
Some providers also may require you to have a picture Internet investment in bitcoin.
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Record and safeguard any new passwords for your crypto how to make money on a personal website or digital wallet more on those below.
Although some providers allow you to purchase bitcoin by credit card, making investments by borrowing from a high-interest product like a credit card is never a good idea. Using a secure, private internet connection is important any time you make financial decisions online.
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Buying bitcoin while at the coffee shop, in your hotel room or using other public internet connections is not advised. Decide how to store bitcoin Bitcoins can be stored in two kinds of digital wallets: a hot wallet or a cold wallet.
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With a hot wallet, transactions generally are faster, while a cold wallet often incorporates extra security steps that help to keep your assets safe but also take longer. Hot wallet With a hot wallet, bitcoin is stored by a trusted exchange or provider in the cloud and accessed through an app or computer browser on the internet.
Any trading exchange you join will offer a free bitcoin hot wallet where your purchases will automatically be stored. But many users prefer to transfer and store their bitcoin with a third-party hot wallet provider, also typically free to download and use.
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Why choose a wallet from a provider other than an exchange? While advocates say the blockchain technology behind bitcoin is even more secure than traditional electronic money transfers, bitcoin hot wallets are an attractive target for hackers. As Bitcoin. Here are a few:.