Best Payment Methods for Buying Bitcoin

Bitcoin is currently the most popular cryptocurrency in the world. It is the first peer-to-peer money that is backed by the blockchain. The Bitcoin price recently hit 65,000$. Everyone wants to buy Bitcoin as it is has a limited supply. In this article, we are going to talk about the best payment methods for buying bitcoin. 

1. Etoro 

You can invest in both cryptocurrency and stocks if you are using Etoro. CFD assets are also available for trading on this platform. 

These CFDs are very complex instruments and they are high-reward high-risk instruments. You can lose your entire amount due to high leverage. Make sure that you know about CFDs before you invest them.

Deposits can be done via bank transfer, e-wallet, bank card, and wire transfer. You can withdraw your funds to your bank whenever you want. However, you need to do a minimum deposit of $50 in starting. This limit is set to $200 for other countries. 

Advantages of Etoro:

• Etoro has an excellent reputation in the market. 
• It has a very user-friendly interface. 
• It has great customer support.
• Etoro charges very low fees from their customers.

Disadvantages of Etoro:

You can need to convert bitcoin to fiat currency for withdrawing it.

2. Paxful 

Paxful is similar to Localbitcoins. It is a peer-to-peer marketplace where you can directly find buyers and sellers. Paxful provides a secure place for both seller and buyer. 

You should have a PayPal account for buying bitcoin on Paxful. Most vendors will ask for your identification. They just want to verify your identity before accepting your offer. The trading process is very simple on Paxful. If you find a seller with the No verification sign, then you can buy Bitcoin without any verification.

Advantages of Paxful:

• It is a very simple platform.
• You can quickly buy bitcoins. 

Disadvantages of Paxful:

Paxful is charging high fees from their clients.

There is a transaction limit for new Paxful users.

3. XCOINS 

XCOINS is another peer-to-peer lending platform. You can directly find sellers and buyers on this site. However, the purchase will be done for a fixed time period only. The bitcoin will return to the seller after this time period. Thus, you can only take bitcoin loans on this platform.

The fees are also very high on this platform as you are essentially taking loans. You need to pay around 15% on every transaction. 

Advantages of XCOINS:

• It has a very good user interface.
• You can directly lend bitcoin on this website.

Disadvantages of XCOINS:

There is a high transaction fee on this platform.

4. Localbitcoins

LocalBitcoins is the most popular peer-to-peer trading platform in the market. It will help you in connecting with sellers and buyers. You can create offers in any currency on this site.

Advantages of LocalBitcoins:

• It will available in every country.
• You can choose from a huge selection of sellers and buyers.
• It supports multiple payment methods.
• You can do private transactions.

Disadvantages of LocalBitcoins:

It doesn’t support other cryptocurrencies like ADA and Dogecoin.

Sometimes you can get scammed as you are directly dealing with the seller or buyer.

5. Wirex 

You can use wirex in real life as it will help you in converting multiple cryptocurrencies at the point of sale. It is a debit card that you can use for using your cryptocurrencies in the real life.

Advantages of Wirex:

• It offers multiple funding methods to customers.
• You can buy the bitcoin at the current market rate.
• You can store your bitcoin in wallets.

Disadvantages of Wirex:

• Sometimes the debit card can lag.
• It is not supported by every country.

Conclusion

You can use the above-mentioned sites for purchasing cryptocurrency. Bitcoin is currently one of the best assets in the world. The price of Bitcoin has jumped from 5000$ to 65000$ in one year. However, you should do proper research before investing your money in cryptocurrencies. Make sure that you are comparing above mentioned platforms before using them.