Often our readers ask about the simplest way to buy Bitcoin, Ethereum or Monero for the money in common use (FIAT). For some, it is more interesting to change the virtual currency to the euro, for example, the mined earnings. We have really tried different ways, and have chosen two most convenient for you.
We want to start with the identity verification as this is required in all the platforms we have tried. It is important to note that some platforms realizing that identification may be not the most desired thing initially do not mention it, and make a requirement only when the money is already written off. Be attentive to it as the purchase process may become rather long for the simple reason that you have already paid the money. The service provider is not that much interested to work fast for you.
Identity is checked in really numerous ways so we strongly recommend not cheat submitting such data as your name, surname, place of residence, etc. You might have your account blocked. Unblocking is an even longer process because at the moment cryptocurrencies have aroused great interest, and exchange offices are extremely busy.
Checking is usually done by photo uploading. Photos may be different including “selfies”, photos for passport or ID card, a “selfie” of you holding your passport/ID card/payment card open.
Some platforms that check identity in addition require a proof regarding the place of residence. Usually some accounts like for utilities, mobile communication can be suitable. You can provide simple photos or screenshots of these accounts as PDF for some unknown reasons they do not accept.
Identity checking times are also very different – ranging from a few hours to a few work days or even weeks.
How to buy Bitcoin or Ethereum with your account
This method is also valid for Ethereum currency since 28.12.2017! The page is updated so in our photos you can see the former version. For the current page, all the features remain unchanged.
There are really a lot of ways to buy Bitcoin or Ethereum. The simplest and quickest way that we found is to pay by debit (or credit) card and get criptocurrency directly into your Bitcoin or Ethereum wallet at the Bitit marketplace.
Bitit exchange was very fast. After registering and starting the authentication process, Bitcoins were sent to our wallet the very next day, and we paid by mastercard debit card. The Bitit platform is also specific because it does not offer virtually any additional services – just sells Bitcoin and Ethereum. It is convenient that they not only accept payment cards. Other modes of payment are also acceptable.
The biggest disadvantage of this platform is rather high fees, although compared to other popular exchanges still meets the norm. Currently, the fees are reduced – 6,9 % are deducted from the card – and the bonus system installed.
Another option for buying not only Bitcoin or Ethereum but also Ripple, Monero, and many other currencies is the Kraken platform. It is important to mention that in this exchange you can not only buy but also sell cryptocurrencies.
Note [2018-01-04]: Due to the high interest in cryptocurrencies many exchanges stopped registration of the new users, and some function with difficulties, often breaking or are not working properly (unstable) . Kraken is promising to solve problems by the end of January but at the moment troubles like not loading pages are very frequent. If you want to buy cryptocurrencies urgently we recommend using Bitit (to buy Bitcoin and Ethereum) or HitBTC platforms (sometimes breaks but functioning is more stable).
Kraken is a currency exchange office where you can change one currency (including usual such as euros or US dollars) to another, and store currencies (use as a wallet/account). This platform sets really very low fees.
We recommend authenticating (in the menu – option “Get Verified”) up to level 3 (Tier 3) from the very beginning so that you do not have any problems in the future. This identification took about 5 working days for us but we can now use the platform without any problems.
So this exchange has the main minus, which is a rather long period of identification. Also, in our view, if you want to buy Bitcoin, important nuance is that Kraken unlike the rest of the world is shortening Bitcoin not to the BTC but to the XBT. Why it is so – do not ask.
Exchange rates and terms
As we mentioned this exchange sets unusually low fees:
- Setting up of the Euro on the platform by sending from Eurozone bank did not cost anything (SEPA order) and was credited to the next business day in the morning;
- Transfer of Euros from the exchange to Eurozone bank was charged 0.09 EUR (SEPA transfer) and was credited in the morning of the next working day;
- Changing the currency on platform different fees are applied depending on the currency pair and your turnover. They range from 0.00% to 0.26% per transaction
Our advise. Check if you can make transfers to abroad. We encountered a problem with our service agreement at the Eurozone bank as it did not include transferring of the Euro to the German bank. It was necessary to go to the Bank and renew the agreement.
We advise trying the updated Kraken Exchange investor interface We appreciate convenience of interface and abundance of necessary information. All the information is provided in a concise and clear way, and on the dark background, which is much more pleasant to the eyes if you work on the computer investing in currencies at the end of the day, and especially at night.
FIAT operations on the Kraken platform
If you have already been verified by the exchange office, the next step obviously should be a money deposit. Please note that you can deposit into your account not only Euro but also Bitcoin, Monero, Ethereum and other currencies. As to how Kraken functions, it is not the most predictable operation of the platform for the user so we briefly explain how to deposit to account.
Depositing and withdrawal of money
Basically, operations to deposit or withdraw money (standard FIAT or crypto money) from this platform are performed in the Funding menu option. By choosing it, you can also select the desired transaction – “Deposit” (money deposoting to account) or ” Withdraw” (money withdrawal from account). Then select the currency of transaction and – reading the instructions carefully – complete the required actions.
Note. Be sure that you carry out all actions by the instructions of the platform, for example, transferring Euros, you really entered the “Reference” of payment, and you execute the transfer from the account that belongs to the same person as the confirmed identity. In the case of cryptocurrencies, make sure that you have specified in the transfer the address to which you send the paticular currency, and do not forget to provide “Payment ID” (not for all currencies).
We bring into your knowledge that for transfer from eurozone countries we recommend SEPA method of payment. The fees are provided in the article.
The main service of the platform is the currency trading (conversion). You just need to create a new order to buy Bitcoin or another currency. Keep in mind that there are different types of instructions, such as the “Limit” or “Market price”. You can find out more about this in the Dictionary of Trading in Virtual Currencies.
Where to buy cirptocurrencies – you decide
We believe that these two options for buying Bitcoin and other crypto assets are among the best in the market. We use it by ourselves. Disadvantage of the first method is comparatvely higher fee, and the second – comparatvely longer initial process.
What we want to remind you once more – that we do not recommend storing large sums on platforms. Especially if it is your long-term investment. Create your wallet on the computer, and store your money safer in the wallet!
We believe that this information will help you to take the first steps in the crypto world both buying and selling virtual currencies.
Good luck in trading!