Buying Bitcoin/Cryptocurrency Using Alternative Methods

Jump to page contents

Buying Bitcoin/Cryptocurrency Using Alternative Methods

The most popular way to buy Bitcoin and other cryptocurrencies seems to be with debit and credit cards. However, there are, in fact, several alternative methods which you can use instead.

PayPal

As one of the most recognisable eWallets in the world, PayPal is used by millions of people. Nevertheless, this payment option is not accepted at most cryptocurrency exchanges. PayPal normally charges merchants (or exchanges) considerably high fees, which are oftentimes passed on to the client. The advantage of using PayPal is that funds are normally transferred instantly, so you can buy crypto immediately.

You can use Paypal to buy Bitcoin on LocalBitcoins, as long as you find sellers willing to accept this payment method. Coinbase also supports the use of PayPal, however, it is currently only accepted for withdrawals.

Skrill

Skrill is similar to PayPal but charges much lower fees to merchants. As a result, the number of exchanges which accept this payment method is much higher. This eWallet option allows the instant transfer of funds to exchanges and even includes a feature which lets you purchase crypto directly from your wallet. This option is only suitable if you’re planning to speculate on the value and eventually sell, as you are unable to move your crypto to other wallets.

If you are indeed planning to use or transfer your coins, then you can use Skrill to buy Bitcoin on EXMO and Bitpanda, with the latter charging the lowest fees for such transfers. LocalBitcoins is also an option, as long as you find sellers willing to accept Skrill.

Cash or Cheques

Although buying crypto with cash or cheques looks like an outdated concept, it is still popular, especially in areas with limited access to online banks and wallets. These payment methods come with virtually no fees, but also pose the highest potential for fraud. As a result, these payment methods are only recommended when you are buying Bitcoin from friends or family, or if you are using a P2P crypto exchange which rates sellers.

Bank Transfers

You can buy Bitcoin and other cryptocurrencies with a bank transfer in a variety of exchanges. Although such transfers are slow, sometimes taking up to 5 business days, there are several advantages to this payment method.

Many exchanges charge little to no fees for deposits made via bank transfer, and, similarly, banks themselves charge low fees, especially SEPA transfers. If you opt to use this payment method, then exchanges including Coinbase Pro, Coinmama, CEX, and Kraken are all available to you.

Bank transfers are also sometimes accepted on LocalBitcoins, although you should be careful of using this payment method here. These payment methods are not reversible at any point, so once you send the funds it is almost impossible to get them back. At the same time, the platform offers an escrow service which protects both buyers and sellers.

Ready to join our tribe?

We respect your email privacy

Subscribe now to recieve exclusive updates and offers!

Recently Similar Guides

Latest Guides

Crypto Mining,Cryptocurrency,Investment

Why Investing in Dogecoin Now is Lucrative?

2021 has greatly been touted as the year of meme investments. Memes took over the financial trading industry towards the first quarter of the year – from the stock market to bonds trading. The crypto market wasn’t left behind either – Dogecoin emerged as the winner of this trend. But contrary to what has been […]

5 May, 2021
Bitcoin,Crypto Wallets,Exchange Platforms,Investment

Should I Sell My Bitcoin?

HODLing Bitcoin isn’t for the faint-hearted. Period. One minute the prices are in the red zone, the next the price skyrockets shattering known resistance zones and setting new all-time highs. If you are among the few lucky people who boarded the Bitcoin bus early, there’s a question that’s always lurking on your mind – should […]

25 April, 2021
Altcoins,Cryptocurrency,Liquidation

Top 3 Most Volatile Cryptocurrencies

According to a publication by CNBC, the total crypto market value crossed the $2 trillion mark in April 2021. The major milestone marked the entry of the asset class as a worthy contender in the global financial market scene. However, despite the impressive history and growth of cryptocurrencies, the issue of volatility still bugs this […]

24 April, 2021
Cryptocurrency,Exchange Platforms,Stablecoin

How Many Cryptocurrencies Are There?

Bitcoin, the first decentralized cryptocurrency, was launched in 2009. It took several years before the world heard about it. However, it didn’t take long after that for the world to recognize its value – and for its value to soar to prices higher than $20,000. Bitcoin demonstrated the potential of cryptocurrencies. It also inspired the […]

22 April, 2021
Bitcoin,Exchange Platforms,Investment

How To Cash Out Large Amounts Of Bitcoin

Bitcoin is a form of digital currency launched in 2009, which earned it the status of the first cryptocurrency to ever exist. It is a decentralized digital currency that does away with middlemen such as banks and government agencies during any financial transaction, but it requires a certain level of knowledge on how to cash […]

20 April, 2021
Altcoins,Cryptocurrency,Investment

How to Buy Penny Cryptos In 2021?

Cryptocurrencies are increasingly becoming the main headline in news broadcasts and the central topic of finance and technology discussion forums. The price of the leading coins, Bitcoin and Ethereum, has led to the crypto market cap topping $2 trillion, and this has only increased interest amongst investors. Whilst major coins continue to take much of […]

19 April, 2021
Banking,Bitcoin,Cryptocurrency

How to Buy Bitcoin with Bank Account

The mainstream explosion of cryptocurrencies has led to an increase in the number of ways you can buy cryptos. It wasn’t long ago when Bitcoin was considered a risky fringe asset, with banks and most financial service providers refusing to handle any transactions related to Bitcoin. There are some countries where you cannot buy Bitcoin […]

10 April, 2021
Cryptocurrency,Exchange Platforms,Investment

Coinbase vs Coinbase Pro: Which one to choose?

With cryptocurrencies making waves globally, many people now look for ways to convert their fiat currencies into popular cryptos like Bitcoin, XRP, Ethereum, etc., on different crypto exchanges. Today, more than 300 crypto exchanges are available, and it can be daunting to know which to choose. One of the most popular exchanges with over a […]

9 April, 2021