How to Buy Bitcoin with Cash Using a Crypto Exchange

Categories: FINANCE

Bitcoin, the pioneer cryptocurrency, is continuing to attract the attention of investors and enthusiasts alike. This has led many people to want to know how they can buy Bitcoin with cash using crypto exchanges, even if there are other options people can use to buy bitcoins, or BTC, such as using online platforms and others.

To help you make an informed decision and get the most bitcoins from your cash, we explore in this article how you can buy Bitcoin with cash through a crypto exchange.

Why do people buy crypto with cash?

Below are some of the reasons people buy Bitcoin with cash:

·        Speed – using cash eliminates the wait for funds to clear through the banking system and other processes, speeding up the process of acquiring Bitcoin

·        Privacy – if you want to avoid other people or the authorities getting to know about your Bitcoin purchase, you can consider buying BTC with cash, especially through channels that maintain privacy.

·        Cost-savings – buying BTC with cash can save on costs for remittances and other processes

·        No banking hassle –you don’t have any problems opening a bank account or going through other hassles steps.

Steps to follow when buying BTC with cash through an exchange

Here are the steps you need to follow if you want to buy Bitcoin with cash using a crypto exchange:

Choose a reputable crypto exchange

The first thing you need to do as you explore how to buy Bitcoin with cash through an exchange is to choose a reliable exchange that supports cash transactions. When looking for the best exchange to use, consider such things as its security measures, compliance, speed of transitions, user-friendliness, and transaction charges.

Set up an account

Having identified a reputable exchange, the next step as you look into how to buy Bitcoin with cash is to open an account with the exchange. Setting up an account is pretty easy and involves providing your personal details, such as your email address, name, and contact details, and verifying your identity with a government-issued document, like an ID card, driver’s license or passport.

Find a seller

If you’re using an online platform, you need to browse through the platform to look for sellers willing to exchange BTC for cash. The seller can be individual or institutional sellers.

initiate the purchase transaction

After finding a seller, you can initiate the trade request by stating the amount of Bitcoin you want to buy and agreeing on the price and payment method. However, if you’re buying through a physical exchange, you can go ahead to start the process of buying by agreeing on the exchange rate with the staff and handing over the cash.

Make the payment

Depending on the agreement with the seller, you make the payment. This can be done through a cash deposit into their account or any other way you agree. When using an exchange office, you just hand over the cash or remit to them through an agreed method.

Confirm the transaction

Once you complete the payment or hand over the cash, you then confirm the transaction on the exchange platform. The seller will then transfer Bitcoin to your wallet on the exchange.

Secure your Bitcoin

Having received Bitcoin in your exchange wallet, you need to move the coins to your secure wallet. This can be an online wallet or even an offline wallet for enhanced security and safe storage. A wallet that is independent of the exchange also ensures you have full control over your assets.

Conclusion

If you’ve been searching for how to buy Bitcoin with cash, the above step-by-step guide can help you buy BTC using an exchange. It is crucial to take proper precautions to secure your assets and look for ways to save costs so you get the most for your cash.