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Bitcoin Cash is a fork of the popular cryptocurrency, Bitcoin, which was first created in 2017. Just one year after it was created, the currency went through another split, with Bitcoin SV resulting as a fork of Bitcoin Cash. Although still a volatile currency, Bcash is a popular digital currency for effecting payments. GoCoin and Coinify are just two examples of payment providers which support this currency.
You can invest in Bitcoin Cash on the following CFD trading platform:
The following page will provide you with all you need to know about buying Bitcoin Cash, including several payment methods you can use and ways to benefit from the currency’s price movements without actually owning it.
The popularity and versatility of Bitcoin Cash means that you can find it being traded on a variety of exchange platforms. Buying Bitcoin Cash is normally a very simply process, which can be summarised in the following steps:
If you intend to buy Bitcoin Cash, whether to use as a payment currency or in order to speculate on its value, you need to choose which platform to use. An important factor when making this decision is to understand which payment method or methods are accepted by respective platforms. Fortunately, the increase in competition between platforms has resulted in more options than ever before.
Buying Bitcoin Cash with a credit or debit card is one of the easiest, fastest and most convenient methods available. When using a card, you can buy cryptocurrency in virtually any fiat currency imaginable, since the card’s issuer will automatically exchange your base currency into one of the currencies accepted by the exchange.
When using a credit or debit card to purchase the cryptocurrency, there are usually no additional fees, and you will find the newly purchased Bitcoin Cash in your account instantly. This allows you to start trading it or transfer it out immediately.
CEX.io is one of the more popular cryptocurrency exchanges which allows you to buy Bitcoin Cash using a credit or debit card. The platform welcomes three main currencies for deposits, namely EUR, USD, and GBP. Apart from converting fiat to crypto and vice versa, CEX.io also supports margin trading.
Other top exchanges and trading platforms which allow you to buy Bitcoin
Cash with a card include:
Paypal is an extremely popular eWallet service provider which is used by millions across the world. Although it is loved by shoppers, PayPal tends to charge high fees, so many online platforms prefer to stay away from it. Nevertheless, there are some top trading platforms which you can use to buy Bitcoin Cash with PayPal.
eToro is a popular online trading platform where investors can trade a range of cryptocurrencies and other markets. The platform, known across the world for its social trading feature, accepts a great selection of payment methods, including PayPal.
Unlike cryptocurrency exchange platforms, eToro is a cryptocurrency CFD broker, which allows you to trade Bitcoin Cash contracts without actually acquiring the actual coin. Trading CFDs is a high-risk investment which you should only consider if you fully understand the risks involved.
Plus500 is another top online CFD trading platform which also allows you to speculate on Bitcoin Cash’s value without actually buying the currency. Like eToro, Plus500 also accepts PayPal, allowing you to instantly deposit your funds into your account.
Bank transfers remain a very popular way of buying Bitcoin Cash and other cryptocurrencies, even though they might seem like a slow and outdated payment method. Many users opt for bank transfers when they are not able to access alternative methods, such as eWallets or credit cards. Others prefer them as they can get better exchange rates than credit cards or PayPal.
Bank transfers can be slow, sometimes taking up to five business days to
arrive in your account, and you often incur a transfer fee. Nevertheless, they
are so popular that numerous cryptocurrency exchanges and trading platforms
allow you to buy Bitcoin Cash with a bank transfer.
Coinbase, one of the world’s largest cryptocurrency exchanges, accepts bank transfers in a variety of currencies, including USD, EUR, CAD, and GBP. The exchange specialises in a handful of crypto, including, of course, Bitcoin Cash, and offers both novice and experienced traders a range of services tailored to their needs.
platforms which allow you to buy Bitcoin Cash with a bank transfer include:
Due to an increase in fraudulent activity and government restrictions, cryptocurrency exchanges have had to limit or completely remove anonymous transactions on their platforms. As a result, it is very difficult to buy Bitcoin Cash anonymously, however, it is not yet impossible.
Changelly, for example, allows you to open an account by filling in basic information and providing an email address. While not fully anonymous, this option does not require you to submit any ID document for verification. There is currently no limit on the amount of currency you can purchase in this way on Changelly, which is great news for those looking to buy Bitcoin Cash without providing ID.
Another option is to seek persons who own Bitcoin Cash and deal with them directly to buy the currency. LocalBitcoins is a P2P platform which accomplishes just that, but it is currently only open to Bitcoin trades. Until something similar becomes available for Bitcoin Cash, your best option is to seek out users on community platforms, however, it is good to note that doing this increases the risk of scams.
Several major cryptocurrency exchanges allow you to buy Bitcoin Cash using a variety of methods, including another cryptocurrency, such as Bitcoin or Ethereum. Each platform dictates its own conversion fee, so it is a good idea to shop around for the best rate. Alternatively, you could look at using a broker, who could provide you with an even better rate since the overheads are generally lower.
Buying Bitcoin Cash with money is difficult since this requires meeting the seller in person. The only way to do this, especially if the amount you intend to purchase is small, is to get connected with a seller in your geographical area.
Unless you manage to locate a broker in your area who accepts cash, your only option would be to directly locate a Bitcoin Cash seller on online forums or similar platforms. Buying Bitcoin Cash with money can be risky, so make sure that the seller transfers the cryptocurrency to your wallet while you are still together.
There are several ways to trade Bitcoin Cash, especially online. If your goal is to generate a return from your investment, then you should open up accounts with multiple cryptocurrency exchanges. This will allow you to perform arbitrage, the process by which you can buy Bitcoin Cash from one exchange and then sell it on another. Cryptocurrency Arbitrage is possible since different cryptocurrency exchanges sometimes offer different prices for the same currency.
BitMEX is amongst the best cryptocurrency exchanges to use if you wish to buy Bitcoin Cash in order to speculate on its market value. The exchange is best suited for experienced traders who would like the opportunity to trade with leverage. In fact, the exchange offers margins of up to 100x and very competitive fees. Unfortunately, BitMEX does not accept fiat currency, so you will need to deposit your funds in the form of one cryptocurrency, and then exchange it for Bitcoin Cash.
If, on the other hand, you have no need for a cryptocurrency exchange which allows margin trading, you should consider Binance, one of the biggest exchange platforms in the world. Binance is known for its very low trading fees, and its ability to accept a wide selection of cryptocurrencies. In fact, if you own new or lesser-known currencies, such as Agrello, Nuls or Ark, Binance is one of the few exchanges which will allow you to trade them for Bitcoin Cash.
When deciding which cryptocurrency exchange or trading platform to choose, you need to remember that certain restrictions apply based on jurisdictions. Depending on where you live, buying cryptocurrencies, such as Bitcoin Cash, may be restricted or, in extreme cases, outlawed. As a result, certain platforms are not able to offer their services to users of certain countries.
Users in the USA, for example, would not be able to open an account with major exchanges, including Binance, BitMEX, and ChangeNow. If you are a US resident, you would need to buy Bitcoin Cash on an alternative exchange, such as Coinbase. Furthermore, due to the outright ban of CFDs in the country, platforms such as Plus500, IQ Option, and AvaTrade are not available there. Others, such as eToro, Kraken, and CEX operate with certain restrictions.
Similar situations are present in many countries across the world. In Australia, for example, users cannot open an account with both IQ Option and BitPanda. Users in Europe, including the UK, have considerably fewer restrictions and are able to open accounts with practically all the major platforms.
Bitcoin Cash CFDs are a popular way to benefit from the cryptocurrency without having to own it. Contracts for Differences are a financial instrument whose value is derived from the underlying asset, which, in this case, is Bitcoin Cash. These contracts are traded on trading platforms, such as AvaTrade and Plus500, based on a trader’s speculation on the future price of the currency.
Bitcoin Cash CFDs are considered high-risk investments. They are not recommended for inexperienced traders or those who are new to cryptocurrencies. If, however, you have the necessary experience and understand the risks involved, they offer the potential to maximise your returns by capitalising on leverage.
In most cases, once you buy Bitcoin Cash you will need a place to store it unless you plan to use or trade immediately. The most secure way to store the cryptocurrency is to invest in a hardware wallet such as Ledger. Alternatively, if you are looking for a free wallet, you can opt for a desktop, web or mobile wallet. Several top exchanges also offer an in-built wallet, however, due to security concerns you shouldn’t store large sums of Bitcoin Cash on an exchange for a long period of time.
If you decide to trade Bitcoin Cash CFDs, storing your cryptocurrency is not an issue. In fact, many investors who want Bitcoin Cash simply to trade it and generate a return prefer buying CFDs instead of the actual currency, since the need to store it securely is eliminated.