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How To Buy Bitcoin With Cash

By Ehis Ohiwerei -
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Wondering if you could buy bitcoin (BTC) with cash? Well, you sort of can. There are some payment options like:

  • Trading Platforms 
  • Peer-to-Peer
  • BTC ATMs

Through crypto exchanges like Binance and Coinbase, who have trading platforms, you can make cash deposits in your FIAT of choice for a BTC equivalent. Depending on your approach to security and risk, you may want to go with centralized or decentralized crypto exchanges. 

Then there is the option of BTC ATMs strewn across the United States and the globe in their tens of thousands. You can walk up to any of the near 40,000 BTC ATMs worldwide to exchange cash for bitcoins. 

For Peer-to-Peer (P2P) options, you get to send cash to a trusted holder of bitcoin through different payment methods and then wait for your bitcoin wallet to receive equivalent bitcoins. You could do bank transfers or send cash via mail.

Other online payment systems include PayPal, Oxxo and Xpress money. In this article, we’ll explore these different ways to buy bitcoin safely with cash.

How To Buy Bitcoin With Cash

If you want an easy way to exchange some cash for  bitcoin, you should consider a crypto exchange. They have such well thought-out user interfaces that the whole process is just a few clicks from success.

For many, they get to pay cash for instant bitcoin all on their smartphones or similar electronic devices. We’ll examine 3 steps to buy bitcoin with cash via a crypto exchange.

1.Choose A Platform

There are a couple criteria to determine the best crypto exchanges for buying bitcoin with cash. Buying cryptocurrencies via exchanges used to be treacherous waters for almost everyone. But thanks to the ever-improving technology in the blockchain ecosystem, many exchanges score high in these 8 criteria below.

  • Safety and Security
  • Trade Offerings
  • Fiat Support 
  • Transaction Fees 
  • Liquidity Levels
  • Insurance Policy 
  • Regulatory Fit
  • Trade Gains

You can check out another list of the best possible crypto exchange options out there. But for time sakes, here’s our crypto exchange recommendation below. At this point, all that remains is to fill in important details like your name, email address, photo ID and other identifying documents for registration.

1
Min Deposit
$ 100
User Score
5
CFDs on BTC, ETH, LTC, NEO, XRP, IOTA, EOS, BAB, ADA, TRX, XMR
No need to open a crypto exchange account or use a special wallet
Regulated Broker - FCA, ASIC, CySEC (license number 250/14)
Visit Site
Description:
Plus500 is a leading provider of Contracts for Difference (CFDs), delivering Leveraged trading on +2,000 financial instruments, including Forex, Commodities, Indices, Shares, Options and Cryptocurrencies. CySEC license number (#250/14)
Payment Methods:
American Express, Apple Pay, Bank Transfer, Credit Card, Debit Card, Discover, Google Pay, Mastercard, PayPal, SEPA, Trustly, Visa, , skrill
Full Regulations:
ASIC, FCA, FSA, MAS, cysec-250-14-regulator, isa-regulator
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

2. Fund Your Account With Cash

Once you’re done with registration, it’s time to fund your account. With a verified account, go to the deposit page. Enter the deposit amount of choice and choose cash as the payment method. Then click ‘Deposit’ to transfer funds.

3. Buy Bitcoin

Having funded your account, find a trading pair on your platform that fits your fiat balance. It should be in this format: “BTC/Chosen-Fiat”.

Then put in the amount of BTC you want to get and hit the ‘Buy’ or ‘Trade’ button. You’ll get your bitcoin instantly.

Table of Contents

Where To Buy Bitcoin With Cash

We’ve looked at 8 criteria to select the best crypto currency exchange for your BTC/Cash transactions. Many of the crypto  exchanges in operation today meet these criteria but there can be slight discrepancies that could make you go with one exchange over the other.

For example, transaction fees could be the reason you go with Binance over Coinbase. For some other person, who is a crypto beginner, Coinbase’s easy and simple onboarding experience is valued above other features. 

Yet another crypto user, who values safety and privacy over all else, wouldn’t mind a cumbersome transaction process if it means their financial footprint stays private. Such users would opt for a decentralized crypto exchange as opposed to a centralized one. 

We stretch this discussion on where to buy BTC with cash and explore crypto exchange options available to you now.

1
Min Deposit
$ 100
User Score
5
CFDs on BTC, ETH, LTC, NEO, XRP, IOTA, EOS, BAB, ADA, TRX, XMR
No need to open a crypto exchange account or use a special wallet
Regulated Broker - FCA, ASIC, CySEC (license number 250/14)
Visit Site
Description:
Plus500 is a leading provider of Contracts for Difference (CFDs), delivering Leveraged trading on +2,000 financial instruments, including Forex, Commodities, Indices, Shares, Options and Cryptocurrencies. CySEC license number (#250/14)
Payment Methods:
American Express, Apple Pay, Bank Transfer, Credit Card, Debit Card, Discover, Google Pay, Mastercard, PayPal, SEPA, Trustly, Visa, , skrill
Full Regulations:
ASIC, FCA, FSA, MAS, cysec-250-14-regulator, isa-regulator
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
2
Min Deposit
$ 10
User Score
4.95
Up to $240 bonus!
Build a diversified portfolio with crypto, stocks, and ETFs — all in one place.
Trade on the world's leading social trading and investing platform
Open Account
Description:
eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.
Payment Methods:
Bank Transfer, Credit Card, Debit Card, PayPal, Wire Transfer
Full Regulations:
CySEC, FCA
3
Min Deposit
$ 1
Promotion
User Score
4.8
Offers trading for over 180 cryptocurrencies, making it one of the exchanges with the broadest selection of tradable assets
Binance provides a cost-efficient trading experience, with a maximum fee of 0.1% for makers and takers
Supports advanced trading features, including futures trading with up to 125x leverage and margin trading with up to 3x leverage
Visit Site
Description:
Binance is a prominent global cryptocurrency exchange platform that provides a venue for buying, selling, and trading a vast array of digital currencies. Founded in 2017, it has quickly risen to become one of the largest platforms in terms of trading volume. Binance offers a variety of services including a crypto wallet, margin trading, and futures trading, catering to a diverse user base from casual traders to institutional investors.
Payment Methods:
Banxa, Credit Card, Cryptocurrencies, Debit Card, Mastercard, Simplex, Visa
Full Regulations:

Pros and Cons Of Using Cash To Buy Bitcoin

Pros

  • It can be an easy transaction given that you just need to move money from your own account to a crypto exchange account or via mail to a trusted seller. It better suits developing countries without access to BTC ATMs.
  • Buying bitcoin in-person, and with cash, can be a catalyst for networking for crypto users. Sellers meet buyers at networking events like local meet-ups and regional conferences.
  • Buying bitcoin with cash gives both buyer and seller flexibility to do transactions at whatever time that pleases them.

Cons

  • Large BTC/Fiat transaction can quickly complicate the whole process. Transporting huge sums of cash can be difficult and cumbersome.
  • Safety becomes an issue if you do in-person cash transactions with individuals you really don't know well.
  • Extra precaution is needed with in-person cash transactions like having the required amount of cash and a device to validate the transfer of bitcoin to the buyer's wallet.

Is Buying Bitcoin With Cash Right For Me?

Buying bitcoin with cash would be right for you if you want to get bitcoin as soon as possible. You can register with a crypto exchange, fund your trading account with cash and have your bitcoin instantly. Another reason to buy BTC with cash is to move large sums of money fast and for small transaction fees.

Is buying Bitcoin with cash safe?

Yes. You can buy BTC from crypto exchanges that are regulated and have a history of transparency and multiple secure transactions. If they’ve had a security breech, how did they respond to the problem and their customers? 

Other questions to ask are their liquidity levels and their insurance policy. Screening crypto exchanges this way would help you choose a safe platform to buy BTC with cash.

If you’re to buy BTC with cash in-person, do such transactions with friends and family. Expand that circle only after careful and thorough vetting of the bitcoin seller.

Can you buy Bitcoin with cash?

Yes you can, via peer-to-peer transactions. We talked extensively in this guide, showing the different ways to buy bitcoin. You can use the mail, deposit money into seller’s bank account, send it to crypto exchanges via Xpress money, PayPal and other online payment options.

You can also meet in-person to trade your cash for Bitcoin. If you’re worried about security, go to BTC ATMs and other vendors that can help you buy BTC with cash.

Fees for buying Bitcoin with cash

We’ll look at 7 crypto exchanges and what their trading fees look like after BTC/Fiat.

Crypto Exchange 

Transaction Fees (%)

Binance

0.1

Coinbase 

0.6

Pionex

0.05

Bybit

0.1

Prime XBT

0.05

What are the alternative methods to buy Bitcoin?

There are many online payment systems that can help you buy bitcoin with cash. Here’s a list of some of them.

FAQs

Is it easy to buy Bitcoin with cash?
Yes. With crypto exchanges and payment options like PayPal and Venmo, you can easily buy BTC with cash.
Can I buy other cryptocurrencies with cash?
Yes. Many crypto exchanges like Binance and Coinbase have trade options that include a wide array of cryptocurrencies and other digital assets.
Can I buy Bitcoin with cash instantly?
Yes. You can buy BTC from BTC ATMs, Vendors, In-person P2P transactions and crypto exchanges. Once you've done the transfer, you get your bitcoin instantly.
Can I buy Bitcoin with cash anonymously?
Yes. You can buy BTC anonymously but you'd have to go the extra mile to hid your financial footprint. These are usually cash transactions that are done in-person and peer-to-peer with hard wallets where you don't have to fill a form of registration.