Over the last few years, most of the cryptocurrencies have given their investors phenomenal returns. This is why more and more investors are getting attracted to the cryptocurrency market. Among all the cryptocurrencies, Bitcoin is the most popular and highest traded ticker. Most of the trades in Bitcoin in the world take place from the European Union. The future scope of price appreciation in Bitcoin is very strong, with more valuable companies like Tesla investing in it. If you are considering to buy Bitcoin from the European Union, this article will be highly useful for you.
How To Buy Bitcoin in the EU?
There are two ways to buy Bitcoin in the European Union.
- By opening a trading account with an online Bitcoin trading platform.
- By buying directly through Bitcoin ATM.
A Bitcoin ATM is a physical ATM that you insert cash into the ATM machine and get Bitcoin in return. Though it seems to be the most convenient option, it is not in reality. Buying from Bitcoin ATM will cost you a lot more than the market value of Bitcoin. Depending on the Bitcoin ATM provider, you will have to pay 10%-20% more than the market value. Therefore, it is very uncommon to buy Bitcoin from Bitcoin ATM. The best way is to buy through a trusted online Bitcoin trading platform.
Factors To Check In A Bitcoin Trading Platform –
Reputation – There are too many online trading platforms available for trading and investing in Bitcoin. However, some of them are total scams and fraud, and you can easily lose all your money. Therefore, it is always wise to go with the crowd and choose a reputable and trusted online trading platform. To make things easy for you, we have selected the best Bitcoin trading platforms for you which are listed later.
Trading Charges – The reason we rejected the Bitcoin ATM option for investing in Bitcoin is due to high charges. Similarly, while selecting an online trading platform, you need to ensure that the trading charges will not cut a deep hole in your pocket. However, you will always have to pay a commission or brokerage, just like when you trade in stocks. Apart from that, there could be some more charges, especially when depositing and withdrawing money.
Payment Option – Most of the trading platforms have payment option through debit and credit cards. However, the European Union has the option of SEPA transfer for depositing money. This is highly cost-effective as the charges are very low as compared to debit cards. Therefore, you should opt for a trading platform that has a SEPA transfer option. Some platforms also offer e-wallet options, such as PayPal, Skrill, and Neteller. Moreover, you should be watching out for the minimum deposit or withdrawal limit so that it is as per your convenience.
Choosing The Best Bitcoin Trading Platform –
CoinBase – Most Popular Platform
This is the most reputable and trusted Bitcoin trading platform in the European Union. The platform has been in the market since 2012. It has over 35 million customer base and presence in more than 100 countries. It is the perfect trading platform for beginners as the interface is super convenient. You can open your account within a few minutes as ID verification is instant. The platform offers payment through debit card and SEPA transfer. There is also a mobile app available for easy trading.
However, its chargers are on the higher side due to its popularity. Depositing money through debit card takes 3.99% charges, and withdrawal takes 2% fees. But with SEPA transfer, the deposit is free, and for withdrawal, it charges a flat €0.15. The trading charges are variable, and you can check their website for more details. Overall, it is the most-trusted and perfect platform to get started in Bitcoin investing.
Kraken – Highest Daily Traded Platform
In terms of trading volume, Kraken is the most popular platform for cryptocurrencies in Europe. With a European bank account, you can quick transfer and withdraw money with SEPA transfer. There are different commissions applicable depending on your monthly volume. Even then, it is a relatively low-commission platform.
The platform has been in existence since 2011. It complies with all European regulations, and hence, it is one of the oldest and safest platforms for buying Bitcoin. There is also a mobile app available, and payment option includes debit, credit and even SWIFT.
eToro – Commission-Free Platform
Everyone wants to save money by paying commission as least as possible. EToro does not charge you anything when you buy Bitcoin. Apart from Bitcoin, there are 15 more popular cryptocurrencies available that you can buy commission-free. It offers a complete CFD facility which means you can also short-sell Bitcoin and others when you think that they are going to correct or crash.
The user interface is very simple to operate. Most importantly, it offers 1:2 leverage positions. Apart from that, it supports debit and credit cards, e-wallets like PayPal, Skrill, and bank transfers. However, there is 0.5% deposit fee, and there is a minimum deposit limit. If you are going to trade in Bitcoin regularly, it is the best platform as you can save a lot on commission.
To buy Bitcoin in the EU, you need to open an account with any of the best Bitcoin trading platforms. Fill the registration form online and verify your ID through government-issued documents. After verification and account opening, you need to deposit money in your account and start purchasing Bitcoin. Do not fall into the trap of huge offers from different new platforms and select only from the list of the best Bitcoin trading platform we have selected for you. And if you want to learn more, check out this guide, “How To Buy Bitcoin With SEPA“.