With all of the economic uncertainty around the world after the recent health crisis, many investors are looking to put their money in safe haven assets like gold, silver and Bitcoin. However, unlike gold and silver, Bitcoin is a relatively new asset class that many people have a hard time gaining access to.
If you are planning to buy Bitcoin in the near future to hedge against economic uncertainty, you have found the right place. This article will completely overview all the steps necessary for you to purchase Bitcoin in any country using the market-leading cryptocurrency exchange comparison platform Buy Bitcoin Finder.
Steps to get started buying Bitcoin in any country
You can get started with Bitcoin in 5 simple steps and be the proud owner of some Bitcoin in under 10 minutes.
1. Get a Bitcoin Wallet
The first step to buying Bitcoin is to get a secure Bitcoin wallet that is not on an exchange. You can come across many offline wallets, but we would recommend a Ledger or Trezor. It is generally best security practice to hold your Bitcoin on an offline wallet and not on an exchange.
This is because it reduces the risk of a third party like an exchange from taking your Bitcoin away from you, or withholding your Bitcoin. A common maxim in the space to always remember is “not your keys, not your crypto”.
2. Find an exchange
You will now need to find an exchange to purchase that has a payment method that you would like to use. Buy Bitcoin Finder compares hundreds of different exchanges, including Bitcoin Futures Trading exchanges, across many countries to make it easy for you to find the best exchange. Make sure you read our reviews carefully to ensure that you are using the most suitable exchange for your preferred payment method, fiat currency and country.
3. Organise your verification documents
If you are planning on buying Bitcoin through a regulated exchange in your country, many will require you to submit KYC (verification) documents. This is an important part of registering for exchanges as it helps them prevent money laundering. Some countries have pretty tight regulations, for example when you buy Bitcoin in Singapore it can take up to 5 days due to their stringent laws.
Alternatively, you can choose a peer to peer exchange that has less KYC requirements, however these are generally considered less safe.
4. Pick your payment method
Many Bitcoin exchanges have 5 or 6 different payment methods to make it easy for you to buy Bitcoin and other cryptocurrencies. Simply choose the best payment method or bank account for you to get started. Make sure you compare different payment methods and the fees associated with them. Some payment methods, like a debit card or credit card, can incur high fees of up to 5% – which you ultimately want to avoid!
5. Buy Bitcoin
Once you have completed all of the above steps, you are ready to safely purchase crypto. Remember, once you purchase your Bitcoin – we recommend that you withdraw it safely to your cold wallet. Make sure to do a small test transaction first before withdrawing the full amount so you become comfortable with the process.