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So you want to buy Bitcoin but you have no idea where to start. How much money do you need? What is the validation process? And how can you actually buy that damn thing? Don’t worry, we’re going back to the basics and we’ll give you a step-by-step guide from the verification to your first successful Bitcoin purchase. The best thing about it? There are only three steps!
Is there a minimum amount of Bitcoin I have to buy?
No. You don’t need to buy whole Bitcoin, but you can buy small fractions of it. In Bitpanda, the minimum for deposits, for example, is € 25. And the minimum to buy and sell Bitcoin is € 1. So we can dispel the myth that you need a lot of money to start investing! There are many other popular misconceptions about investing. So why not read our previous article where we dismantle all the most popular Bitcoin legends.
How much should I invest in Bitcoin?
This is entirely dependent on you and your financial circumstances. Some investors like to deposit a one-off lump sum when they think it’s a good time to invest, and some choose to create a smaller savings and deposit plan each month in the hope that they will benefit from something called the “impact equalizing costs ”. ”
Bitcoin is an investment, so you should look at your personal finances and add Bitcoin purchases to your budget. You can always start small with a minimum investment of € 25 a month and go up from there once you grow in confidence (obviously this is not financial advice and depends a lot on your personal situation and risk preference) . Either way, you should only invest what you can afford to lose.
Now that we’ve covered those two basic questions, how exactly do you buy Bitcoin?
Step one: Create an account and check on Bitpanda
Before you can start investing, you must register and verify yourself to comply with our legal requirements. It only takes a couple of minutes of your time, but it is absolutely necessary and, unfortunately, cannot be waived.
In Bitpanda, we need some form of identification, such as a passport or driver’s license, you can check which document we receive for each country we operate in advance on our Helpdesk.
Please note that you will have to go through a video identification process with one of our trusted providers. Don’t worry, it’s not as scary as it sounds, and this procedure actually helps make Bitpanda a safe place to trade. For a more in-depth validation tutorial, visit this Helpdesk article.
Step two: Deposit money on Bitpanda
The money to buy Bitcoin has to come from somewhere, right? That’s why you need to deposit money from your bank account to your Bitpanda account so you can buy cryptocurrencies at any time. To do that, we offer a variety of payment options, such as SEPA (completely free) bank transfers and also various credit cards or payment service providers like Neteller. With these latter options, you can get euro or any other available currency you choose in your Bitpanda account right away, but you have to pay a small payment fee. You can find a useful overview of all payment options available on Bitpanda here.
Imagine if you realize that Bitcoin is going to run a bull and you want to buy some Bitcoin before the price skyrockets. If you do not have money in your fiat Bitpanda wallet, you must make a bank transfer and possibly wait two to three days before the fiat money finally hits your Bitpanda account. By then, you may think the price is going to be too high and it might be too late to buy! That’s why it’s always a good idea to have money in your wallet, click on “Deposit now” to do so and transfer a minimum of € 25.
Step three: Buy Bitcoin (or any other asset you like)
So we’ve reached our destination: Buying Bitcoin. Here’s how you do it.
You have logged in to your Bitpanda account in your browser and at the top of your dashboard you will see a slide of all the assets you can choose from, it will look similar to this:
Click on the asset you want to buy, in this case Bitcoin. This will take you to the Bitcoin price page which tells you the current value of Bitcoin. If you look to the bottom right, you will see three buttons: Purchase, Exchange and Savings. Click “Buy” and select the wallet you want to pay for and select the amount or Bitcoin value you would like to buy. For example, we’re going to buy € 1 of Bitcoin.
Once you have entered the amount, click “Go to summary”. Here’s where you’ll see confirmation of the amount you’d like to spend, look good and make sure there are no mistakes (like accidentally substituting € 100 for € 1.00!) The summary will look like this:
Click “Buy now”. And then guess what? You are now the proud owner of some Bitcoin! Congratulations!
And that’s it! It only takes three simple steps to buy your first Bitcoin. Simpler than you thought, right?
If you have any other questions about buying cryptocurrencies on Bitpanda, then check out this informative article on our Help Desk and feel free to reach out to our amazing support team!
So, ready to buy some Bitcoin?
Go over to Bitpanda to start trading Bitcoin and over 50 other digital assets!