Best Ways to Buy Bitcoin

Buy BTC The Way That Works Best for You

Not long ago, the only way to get crypto was to mine it, trade for it with a trustworthy peer, or buy it off unregulated online exchanges. CoinFlip was started in part to help fill the accessibility gap in the cash-to-crypto marketplace by providing easy-to-use Bitcoin ATMs across Chicagoland, then the rest of the U.S., and now throughout the world. These days you can buy Bitcoin through just about any payment method, so this blog aims to provide the pros and cons of all the different ways to pay. 

Buy with Cash at a Local Bitcoin ATM

Pros 

Assuming you have access to cash and can get to your local BATM (find a location here), this is possibly the easiest way to purchase crypto. There’s no bank account required, a familiar ATM-style purchasing process, and because you get 24/7 support through CoinFlip, it’s the most beginner-friendly purchasing method. Another bonus is that ATM transactions are fast. While certain blockchains can be slow to finalize the transaction, CoinFlip, unlike many exchanges, does not hold up settlements unless compelled to for compliance reasons.  

Time-Saving Hack: U.S. customers can pre-register before visiting a BATM and monitor activity through the CoinFlip Account page.  

Cons 

The BATM is not ideal for large purchases as there is a physical limit to how much cash a machine can hold. Also, some states limit how much you can buy per day or month through a BATM.  

There’s also limited coin and token selection compared to online exchanges. You can see CoinFlip’s offerings here, or at the machine, but if your desired coin or token isn’t available you might be able to get it through another CoinFlip purchasing method.  

Buy with Wire Transfer, Interac, or ACH through the OTC Desk 

CoinFlip Preferred is our over-the-counter (OTC) purchasing option, ideal for large purchases with assistance from certified client managers. The main advantage of an OTC desk is that you can safely perform large purchases with low fees that are clearly defined. It’s a great option for institutions or people who want to do regular buys through their paycheck. 

Pros 

Wire transfers are a proven way to move money, supported by most banks and credit unions. Transfers are typically handled within a day or two and the fees are reasonable – around $30 for many banks. In Canada, CoinFlip Preferred clients can use Interac e-Transfer to finish transactions through email or text with same-day settlement and no fees. And while there are certain stipulations for ACH transactions (ask a client manager for details) it provides many of the advantages of a wire transfer but with lower fees.  

Cons 

You need a bank account to perform wire transfers, Interac, or ACH transactions, which also means increased personal identification information exposure and enhanced KYC. Because of the bank fees associated with wire transfers, it’s usually only cost-effective for larger transactions. The BATM or online debit card purchase method might offerlower total fees for smaller buys.  

Buy through Onramper 

Onramper is our 3rd party payment provider for online purchases or transactions in the CoinFlip Wallet app. It allows customers to use a variety of methods to buy a wide range of cryptocurrencies, and will recommend the payment method it thinks is best, based on fee rate and the customer’s location.  

Debit Card 

Pros 

Common payment method that’s easy to use and usually comes with some consumer protections against fraud and abuse. Debit cards typically have lower fees than other payment methods on Onramper.  

Cons 

Some financial institutions do not allow crypto purchases with the debit cards they issue.

Credit Cards 

Pros 

Just like debit cards, credit cards are easy to use and come with some consumer protections.  

Cons 

Again, like debit cards the issuer can deny your crypto purchases.  

Apple Pay 

Pros 

The payment details associated with your Apple Pay account are never shared directly with merchants, so its considered one of the more secure purchasing options. Since payment is pre-loaded to your account, you’ll save time by not having to manually enter card numbers.  

Cons 

In addition to only working on Apple devices, Apple Pay adds another layer between you and your crypto purchase, and while that might offer security it can also lead to higher fees. Onramper allows you to change your payment method in their widget to see who gives you the best price. 

Google Pay 

Pros 

Google Pay has many of the same advantages as Apple Pay, plus it works on Android phones and most desktop devices.  

Cons 

Like Apple Pay, adding another layer also brings fees. Onramper allows you to change your payment method in their widget to see who gives you the best price. 

PayPal 

Pros 

As one of the premier digital payment providers, PayPal has a history in the digital currency and cryptocurrency space, including the issuance of their own stablecoin (PYUSD). PayPal is generally low-friction and fees are similar to credit cards.  

Cons 

Unlike traditional PayPal purchases, crypto buys are irreversible, so always double-check your wallet address and pay attention to red flags. For many purchases, CoinFlip Preferred will offer better fee rates.  

Venmo 

Pros 

Venmo is the mobile-first arm of PayPal, and benefits from the same security features and low-friction transactions. It’s also beginner-friendly and easy to use.  

Cons 

All the same downsides as PayPal.  

Other Options 

Note that Onramper allows ACH, wire transfer, and Revolut Pay, but CoinFlip Preferred usually offers better rates for ACH and wire transfer. 

Which Method is Best for You? 

In today’s crypto market, there’s no one-size-fits-all approach to buying Bitcoin. Your ideal payment method depends on your priorities, whether that’s speed, privacy, low fees, or convenience. Cash at a Bitcoin ATM offers simplicity and accessibility, OTC transfers excel for large purchases with professional guidance, and online options through Onramper provide flexibility with multiple payment types. By weighing the pros and cons of each method, you can choose the one that fits your budget, comfort level, and investment strategy, ensuring your path to owning Bitcoin is as smooth and secure as possible. 

Purchase Method FAQs 

Q: What is the fastest way to buy Bitcoin? 

A: Using cash at a Bitcoin ATM is often the fastest way to buy Bitcoin. Transactions can be completed in minutes without waiting for bank processing times. 

Q: What is the cheapest way to buy Bitcoin? 

A: The cheapest method depends on your purchase size. Bank transfers or ACH through an OTC desk often have lower fees for large purchases, while cash may be more cost-effective for smaller buys. 

Q: Can I buy Bitcoin without a bank account? 

A: Yes. You can buy Bitcoin with cash at a local Bitcoin ATM, which does not require a bank account. 

Q: What payment methods can I use to buy Bitcoin? 

A: You can buy Bitcoin using cash, bank transfers, debit or credit cards, PayPal, Venmo, Apple Pay, Google Pay, and more through CoinFlip ATMs, CoinFlip Preferred OTC, or the CoinFlip App.