Fastest Way to Buy Bitcoin [2024] | Step-by-Step

Summary: If you are looking for the fastest way to buy Bitcoin, consider acquiring BTC through a regulated third-party cryptocurrency trading platform, such as BYDFi.

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• Easy Deposit & Withdrawal - From Fiat to Crypto, Fast and Easy

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About Bitcoin

Bitcoin’s blockchain, or digital body of interlinked transaction data, can be accessed and edited by anyone. Although this sounds risky, this is the blockchain’s core perk: the majority of stakeholders must verify each transaction, making fraud extremely difficult to pull off. 

After Bitcoin, many other altcoins came forth, such as Ethereum (ETH), XRP, and Dogecoin (DOGE). The estimated number of cryptocurrencies in circulation as of December 2023 is over 8,850.

Where to buy Bitcoin?

Bitcoin is the most popular cryptocurrency, so investors regularly buy and use it to diversify their portfolios. As BTC remains the most popular crypto investment asset, virtually all cryptocurrency exchanges trade it as part of their service. 

You can buy Bitcoin as part of active day trading efforts to profit from price changes or to hold on to it in anticipation of its value rising. Regardless of which, the best way to buy BTC is via BYDFi, a regulated and competitive crypto investing service that provides investors with the following:

• Over 400 different crypto assets;
• Copy trading;
• Advanced features such as pot, leveraged pairs, and perpetual with up to 150x leverage;
• A significant degree of regulation (such as MSB and FINTRAC registration for the US and Canada);
• User-friendly interface.

Additionally, BYDFi maintains tight security measures and implements the ‘Know Your Customer’ policy, making it a safe platform to trade cryptocurrencies.

How to buy Bitcoin fast: step-by-step

Buying Bitcoin with BYDFi can be done in two minutes with a straightforward and quick procedure.

Step 1: Create a free account on BYDFi website or app

Visit the BYDFi website and click the [Get Started] button in the top right corner of the screen.

Alternatively, initiate the process using an email sign-up prompt in the center of the page. Type in your email address and press the [Get Started] button.

Once you do this, the platform will give you two account registration options: via an email address and through a phone number.

Email registration:

If you decide to register using an email, type in your address and press [Send] to start the verification process. Once done, BYDFi will send you an email with a six-digit verification code, which you should copy and paste into the field. 

Move on to create a login password. Click on the circle next to the terms and conditions to check them. Optionally, you can type in an invitation code in the respective field.

After that, press the orange [Get Started] button.

Mobile registration:

The procedure is similar for registration via phone number. BYDFi will send the verification code by SMS; the rest of the steps should be followed as in the first method.

You are now an owner of a BYDFi account and one step closer to buying Bitcoin. The next step is to fund the newly-made account.

Step 2: Decide on the amount and buy Bitcoin

After creating an account and logging in, the next step is to transfer the funds and buy Bitcoin.

1. Click the [Buy Crypto] button on the top left side of the main navigation bar. 

2. Find and select BTC as the receiving coin and choose the fiat currency you want to buy it with.

3. Scroll down to see the payment channels and select your preferred method. Note that third-party services may charge a fee for fiat deposits. The BYDFi platform does not process fiat purchases directly.

4. Depending on your preference, after you press [Buy Now], you will get several payment options:

• Credit card payment;
• Apple Pay;
• Google Pay;
• CashApp;
• Bank wire.

Consider the amount of BTC you want to purchase. Transfer times will be different depending on the payment method you choose. As for BYDFi, the transaction is complete within 2-10 minutes.

Step 3: Review the fees and confirm your order

BYDFi will provide precise information on fees, costs, and the number of BTC tokens you receive once you confirm the order and make the transaction.

The platform’s fees are straightforward and competitive – crypto spot trading fees range between 0.1% and 0.3% of the transaction amount, depending on the cryptocurrency you invest in. BYDFi does not have deposit fees, only a flat fee per transaction to cover the maintenance costs. Third-party crypto exchanges and fiat transfer services may introduce their own rates if mandated by your trading method. 

Step 4: Set up storage

We are nearing the end of the process; you confirmed your order and received (or are about to receive) the tokens. You can hold the received sum of BTC in your BYDFi account or store it in a personal crypto wallet.

When it comes to storage, BYDFi securely stashes your crypto investment in offline devices named cold wallets. Regardless, if you want to, you can manage security yourself and use a crypto wallet of your own. Either way, you should limit or completely deny potential access points to your digital portfolio. 

Ultimately, even if the platform goes through a digital breach, hackers will not run away with your tokens, as BYDFi’s servers do not keep a record of private keys.

Trading tips for the fastest buying of Bitcoin

Trading Bitcoin, or any other cryptocurrency, requires meticulous planning and preparation. In order to be ready for the potential challenges of investing, you need to understand both the market and the asset. 

So, to maximize your profit, make sure you do your research before you put your money into any speculative asset. Follow the golden rule: ‘Plan your trade and trade your plan.’ To manage the risks involved, diversify your portfolio. Finally, familiarize yourself with the following:

• Crypto day trading;
• Swing trading;
• The most common chart patterns in trading;
• Different trading techniques.

BTC price today

Pros and cons of buying Bitcoin

Pros

• Store of value: Bitcoin carries the title of ‘digital gold’, as investors expect it to retain value over time;
• High liquidity: As BTC is accepted in many commercial activities, even becoming a legal tender in some countries, it is highly liquid, and you can change it to and from cash quickly;
• Historically high returns: Quickly after it entered commercial use, Bitcoin became the best-performing asset in the past decade. Even small companies and individuals who invested in Bitcoin early on made colossal success stories;
• Fixed supply: As Bitcoin has a set number of tokens, it has a deflationary aspect that is expected to boost each coin’s value.

Cons

• Volatile: Cryptocurrencies are volatile assets that have to be regularly monitored: Bitcoin, although stabler than many, is not an exception;
• Competition: Although it is still the best-performing token, BTC has gained thousands of rivals in past years, all vying for dominance. If any crypto coin provides a better transaction formula, Bitcoin will decrease in significance;
• High energy consumption: Bitcoin functions on the proof-of-work consensus, incentivizing miners to run specialized computers that consume stunningly large amounts of energy;
• Low TPS: Bitcoin has significantly fewer transactions per second, unlike some of its peers like Solana.

Mistakes to avoid when investing in cryptocurrencies

Mistakes do hurt, but some are inevitable in this branch of commerce. However, you can easily prevent making some common investing mistakes that others have made if you follow specific guidelines. What you should avoid at all costs includes:

• Not doing research: Many decisive factors make the crypto market turn. Thoroughly researching them is necessary if you want to increase your investment’s success;
• Not considering their budget: There are no guaranteed outcomes in investing. All crypto coins have volatile periods, even Bitcoin. Invest only what you can afford to lose;
• Falling for fraud: Rug pulls and pump and dump schemes occur frequently in the crypto market, most targeting novice traders. Trade crypto with caution and via regulated and authorized services only;
• Neglecting security: The security of your investments is just as important as earning money in the first place. Consider using a crypto wallet;
• Impulsive decision-making: Conclusions made and followed through under emotional stress can harm your investment goals. Keep your head cool and your hand steady.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

FAQs about the fastest way to buy Bitcoin:

All-in-One Crypto Exchange - Get Your First Coins in 2 Minutes

• Multiple Licenses - Reliable and Regulated

• Service Diversification - One-Stop Trading Platform

• Copy Trading - Get Copied, Get Paid

• Easy Deposit & Withdrawal - From Fiat to Crypto, Fast and Easy

500,000+ Users

Get Started