What’s the cheapest way to buy Bitcoin you might ask? Before doing research for this article, I didn’t really know myself. However, I discovered a few tricks and came to some great revelations while doing so which I think you’ll appreciate.
What most blogs say
The fact is, many bloggers will try to answer this question by creating some kind of guide for buying Bitcoin on a reputable exchange. They might try to use something like Coinbase as an example.
The problem with that is, that it’s not 100% accurate. Who says Coinbase is the cheapest option? Who knows where the person lives that’s searching for a solution to the cheapest way to buy Bitcoin? Can they even access Coinbase? Can they use USD to buy BTC or do they need to figure out something else?
You get what I’m saying?
What influences the cost of buying BTC?
For me personally, there are a few variables that influence the price of buying BTC. It’s not just about getting it at the lowest price, it’s also about using your time effectively. In other words, price, time to buy, fees to upload/send money and do a transaction are factors I consider and think you should too.
Also, keep in mind that the crypto market is highly volatile most of the time. If you want to buy BTC today at $6500, tomorrow it can be sold at $6600 which means you get less bang for your buck.
Usually with dollar cost averaging you can solve that issue and even out the prices you buy against, but I think you get the point.
What does it all add up to?
There is no a one size fits all solution to buying BTC at the cheapest price. My personal opinion is that when you are buying BTC in small amounts (that’s anything less between $0 – $1000) you should find an exchange that works with your situation and not worry about the price that much.
With this I mean, find an exchange that offers Bitcoin at a relatively low price, quick money deposits and provides a good user experience. This could either be a local exchange in your country or something popular like Binance, Bittrex or Coinbase.
How to find the cheapest Bitcoin price?
If you’re really serious about buying BTC at the cheapest price possible I have two simple solutions for you.
#1 – Check Coin Market Cap
Solution #1 is very similar to #2, it’s just a different variation of each. However, if you want to get the cheapest price for BTC, the best solution would be to buy on the exchange where it’s listed at the lowest price. Makes sense doesn’t it?
Undoubtedly this leads to other potential issues such as if you’re able to join the cryptocurrency exchange because of the country you reside in, payment options etc. To check and compare prices BTC is trading at you can go to the Bitcoin page on Coin Market Cap.
Next, scroll down the page and click on “Markets”. Once you are on the markets section just arrange the exchanges from lowest price first. It should look something like this:
Keep in mind that there are different trading pairs and crypto exchange categories. So all in all, this method isn’t really perfect, but it’s a good place to start.
#2 – User Cryptoradar.co
Go to https://cryptoradar.co and do a search for buying BTC. It should look something like this.
Once you’ve hit the search button you’ll be directed to a screen that shows you all the different buying options for BTC and pricing. This seems a lot more accurate than my previous Coin Market Cap method.
What makes this site great is the fact that they provide you with so many filter options. You can check all the different payments methods, find out if the exchange is available in your country, arrange the list in different ways and more.
I’m not sure if there are other sites like it out there, but this is definitely a bargain hunter’s paradise.
#3 – Do what rich Whales do
If you haven’t heard of the term “whale” before, it refers to the super rich crypto investor. The kind of person or group that doesn’t mess around with 1 or 2 Bitcoins, but buys up millions of dollars worth.
Unfortunately, I’m not a whale so I can’t spill the beans, but I’m sure they have some ways of buying BTC at lower prices than the rest of us and super cheap. Maybe over the counter trading could be one of them?
There you have it, using Crypto Radar to find the cheapest BTC on an exchange is the best option I could come up with. If you have any other way, I’d love to add it to this post.