Europe is arguably one of the continents with the strongest financial reserve. The continent is full of rich businessmen and its people are always proactive when it comes to investment. When cryptocurrency started in 2010 and begin to make waves across the globe, it really hit hard on Europeans and it doesn’t take them too long before they embraced and started making good money from crypto trading.
Today, European countries have the major supply of cryptocurrency, especially the likes of Bitcoin. If you presently stay in Europe and would love to join the cryptocurrency bandwagon to make a huge return on your investment, you are on the right path. There are only a few other investments that will give such a high return in a short while as crypto does.
To begin trading with cryptocurrency, you need to buy your first cryptos. So how do you buy cryptocurrency in Europe? Read on to see some options available for you.
Different Ways You Can Buy Cryptocurrency in Europe
Whether you are buying Bitcoin, Ethereum, Dogecoin, Ripple, or other forms of cryptocurrency, there are basically three ways to go about that in Europe. You can either buy with cash or debit/credit cards from dedicated merchants, buy through cryptocurrency exchanges, or at Bitcoin ATMs.
Let’s explore each of these options to see how to go about them.
#1: Buy with Cash from Merchant Stores
This method provides the most privacy when it comes to buying cryptocurrencies. There are some merchant stores from where you can Bitcoin, Ethereum, Cardano, etc online. Some of them include BitPanda and LitBit. So if you are in Europe, you online need to visit the sites to buy your cryptos.
There are also some physical stores where you can buy bitcoin. As of the time of this writing, there are about 4000 stores in Austria where people can buy vouchers that contain bitcoin. They call these vouchers Bitcoinbon.
Also, there are tabacs in France where you can purchase bitcoin vouchers. There is also a growing number of stores in London, the U.K. working with Cashin to provide an easy way for people to buy their bitcoins. The Cashin app allows you to choose the amount of cryptocurrency you want to buy and then display the QR code on your phone to the teller.
Once your QR code is received, you will have the chance to exchange your cash for bitcoin. This is a quick and easy way to buy cryptocurrencies without having to verify your identity.
#2: Buy Through Cryptocurrency Exchanges
This is one of the easiest ways to buy cryptocurrency in Europe, and there are lots of exchanges on the continent you can try. Furthermore, buying Bitcoin or other cryptocurrencies through crypto exchanges provides you the chance to right away use the cryptocurrency to trade against other cryptocurrencies.
However, any crypto exchange you use for this purpose will usually charge transaction fees which will include a small flat fee and a percentage fee that is usually between 1.4% and 3.99%. Below is the list of the most popular exchanges that allow you to exchange pounds (GBP) or euros (EUR) for any cryptocurrency of your choice.
- Binance Jersey
What Are the Steps for Buying Cryptocurrency Through Crypto Exchanges?
Well, buying crypto from these platforms is super easy and convenient. Many of them offer multiple payment methods, which means you can buy your crypto either using wire transfer, credit card, debit card, or other cryptocurrencies. Generally, below are the steps to follow when using exchanges for crypto purchases.
- Choose your preferred platform: All cryptocurrency exchanges are not created the same. While some provide high security on your transaction, some promise flexible and multiple payment methods. So choose a reliable platform based on your needs.
- Create an account: Once you know the exchange you are going with, create an account with them to get started.
- Deposit money into your account: Once your account is approved, you can connect your debit or credit card to it to fund the account. You can also do wires transfer too. Fund the account with the amount you need to make the purchase.
- Buy your cryptocurrency: With the money deposited into your account, go ahead to buy any cryptocurrency of your choice. Choose the crypto and enter the amount you will like to buy.
- Wait for your crypto to arrive: When buying the cryptocurrency, you will be required to input the wallet into which you want to receive your cryptocurrency. Once the purchase is confirmed, you will receive your coin in your wallet.
#3: Buying from Bitcoin ATMs
If you are buying a small amount of bitcoin, this method will be a very suitable option to explore. And due to the low fees associated with the method, it usually doesn’t require verification. That means if you are looking to buy some cryptos without identification, Bitcoin ATMs will be your best bet.
Some European countries like Austria, the Czech Republic, the U.K., Slovenia, and Spain have most of their capital cities housing a couple of bitcoin ATMs. Even smaller nations like Latvia, Albania, and San Marino also have a number of bitcoin ATMs in their cities. However, since bitcoin ATMs are not as common as cash ATMs, you will need to first find out if you have one around you before you can use the option for buying cryptocurrency in Europe. You can do a quick check by using CoinATMRadar’s map to find the nearest ATM to you.