Best places to buy Bitcoin after ETF goes wild
- Bitcoin price spikes after SEC approves first US Bitcoin ETF.
- Analysts predict BTC could hit $200k in 2025.
- Compare the best places to buy Bitcoin today.
2024 is the year of the Bitcoin ETF. The Securities & Exchange Commission’s decision to permit the first listing of spot Bitcoin ETFs in the United States in January saw $4.6 billion flow into these new investment vehicles on the very first day.
If the analysts are to be believed, that’s just the start of it. In the aftermath of the SEC’s decision, Standard Chartered forecast that as much as $100 billion could flow into Bitcoin ETFs this year.
What’s more, the immediate success of the Bitcoin ETF is just one indicator of the upcoming bull market. Another is the next Bitcoin ‘halving’, which hits in April. Some forecasts suggest that a combination of the ETFs and the halving could send the Bitcoin price soaring north of $200k by 2025.
With all this positive momentum and now that investing in Bitcoin is more convenient than ever before, we’ve put together some guidance to help you make your first steps into the crypto world.
3 best places to buy Bitcoin, chosen by the expertsCopy link to section
Here are a few more of our favourite crypto platforms:
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What you need to buy BitcoinCopy link to section
A phone and the internet is all you need to invest in Bitcoin, but in order to make your experience as straightforward as possible, it’s useful to have these to hand:
- A crypto exchange account. It’s a good idea to set up an account straight away, so you’re ready to invest in Bitcoin as soon as the price hits a level you’re happy with.
- A way to pay. Many people buy Bitcoin with a bank account or card payment. You can also buy crypto with PayPal or another e-wallet. Make sure you have the details of the account you want to use, whether that’s your credit card, PayPal, or a different service.
- Photo ID (a copy is fine). You usually have to provide ID when you set up an account to buy Bitcoin. Most crypto platforms ask for ID verification in order to comply with KYC (Know Your Customer) regulations, which are in place to prevent fraud.
How to buy Bitcoin nowCopy link to section
Choosing a crypto exchange to get started with is just the first phase. Next, you need to learn how to set up an account and buy your first Bitcoin.
Step 1. Sign up to eToroCopy link to section
eToro is the safest crypto exchange to get started with. Enter a few of your details to set up an account, then you may be asked for a copy of your photo ID to verify it.
Step 2. Make a depositCopy link to section
To add money to your new account, choose either a card payment, bank transfer, or alternative payment method like PayPal. You can deposit as little as $10, or as much as you like to get started.
Step 3. Buy BitcoinCopy link to section
Type BTC into the search box then click ‘trade’ or ‘buy’. Fill in how much cryptocurrency you want to buy, and execute the trade.
Now you own Bitcoin, wonderful!
What to look for in a crypto exchangeCopy link to section
When you choose a cryptocurrency exchange, it’s essential to pick one that offers value, security, and convenience all in one package. Here’s some things to look out for:
- Competitive trading fees. These fees can range from 0.1% to 1.25%, and lower rates mean more value for your investments. Some platforms offer reduced fees for high-volume traders or holders of their native cryptocurrency. For instance, Binance provides lower fees for BNB token holders.
- Regulatory compliance and protection. The jurisdiction of the crypto exchange impacts the level of regulatory protection. For robust protection, opt for exchanges regulated in top-tier financial jurisdictions like the US, UK, or EU. This was exemplified by the case of FTX.US, where US regulatory standards provided better protection for users.
- User-friendly interface. Ease of use is crucial. The best exchanges offer intuitive interfaces, allowing you to focus on trading rather than navigating the platform. Platforms vary, with some catering to beginners and others offering advanced features for experienced traders.
- Wide range of cryptocurrencies. Ensure the exchange supports the cryptocurrencies you’re interested in. Check the availability of your preferred assets and the trading pairs offered, like BTC/USD, which indicates the ability to trade Bitcoin for US Dollars.
- Accessibility in your region. Confirm that the exchange operates in your country or state, as access can be geographically restricted. Some countries, like the UK, have recently introduced stricter guidelines over how you can buy crypto.
Look out for the halvingCopy link to section
The Bitcoin ETF is the first part of the bulls’ hopes for 2024. The next phase is the Bitcoin ‘halving’ is due to hit in April, when the mining rewards are slashed in half.
Each halving cycle prompts a wave of attention and, typically, speculation as well. Each halving has seen short term volatility followed by a surge to all-time highs over the next 12-18 months.
In the long term, these halvings are viewed with positivity and excitement by most Bitcoin investors. Smaller mining rewards act to reduce the supply and push the price of the existing Bitcoins up.
For investors who want to jump aboard the Bitcoin train after the ETF news, this is an important consideration. With the halving ahead, the window for getting in before the bull market begins in earnest is shrinking. Choose an exchange today to make sure you don’t miss out before the BTC express leaves the station.