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Where to buy my Bitcoins and altcoins?

What is the best way to buy Bitcoins or altcoins?4 min read

Are you as frugal as the Dutchmen? That’s okay, cause then you don’t want to spent more pennies needed on Bitcoins or altcoins like I do.

If you Google for ‘Buying Bitcoins’ in the Netherlands, you will find plenty of companies who are selling Bitcoins and putting a lot of money in search engine optimization: page 1 of the search results is mostly filled with paid advertisements of those companies. The other 50% is filled with the same companies, but than as a ‘normal’ search result.

Buying your first Bitcoins

At the beginning of this year I did my first cryptocurrency investment. The ingredients: reading different websites about cryptocurrencies for a couple of weeks and following the exchange rates of bitcoins and altcoins. My conclusion: I would buy a total of 250 euros Ethereum, Ripple, Dogecoin, Litecoin and Bitcoin.

The purchase of these digital coins is not like buying a bowl of fried fish at the fishmonger. Most sellers of digital currency (cryptocurrency) want to remove all semblance of criminal activity. That means before you can make a purchase, you must identify yourself. If you take your first steps into cryptocurrency- like I did – then you probably don’t want to wait a few days to get your account approved. You want to start right away.

BTCdirect

To answer my impatience and immediately buy some coins, I found BTCdirect; a Dutch company that offers Bitcoins, Lite Coins and Ethereum for sale. For registration you have to create an account, but you don’t have to verify your account with a drivers license or passport, which makes everything quite fast.

The purchase – 50 euro and 50 euro Bitcoin Ethereum – was done in a few minutes, but a one time thing. Not because of service, but because of the relatively high fees. The purchase cost is at least two per cent, excluding the transaction fees for iDEal. In comparison, Bittrex or Kraken asks fees around 0.26 percent: on a thousand euros quite a bit!

+ buy your coins with Euros
+ accepts iDeal
+ no account needed
 high fees
 only Ethereum, Bitcoin and Litecoin

Litebit

Apart from the fact that the fees are quite high, BTCdirect only offers Bitcoins, Litecoins and Ethereum. I also wanted to buy some Ripple and Dogecoin. A came to the answer in a way I usually solve my problems: just search on Google. And yes, i found Litebit. A party who a) advertises quite aggressive on the Dutch market and b) offers neat service at a fairly high price.

Where I bought for 50 euros Bitcoins and 50 euros Ethereum at BTCdirect, I wanted to spend the same amounts on Dogecoin and Ripple. If I had known then what I know now: the rates applied by Litebit are not advantageous for buyers. By comparison, where you pay at Kraken € 3.95 for one Litecoin, the same Litecoin costs at Litebit € 4.16.

Again, you want to buy fast digital currency, then Litebit and BTCdirect excellent exchanges to make purchases, but with some patience and preparation …

+ buy your coins with euros
+ accepts iDeal
+ lots of different coins
 high fees

Kraken

… its cheaper to buy coins at Kraken. At this American company you can buy the most popular cryptocurrencies with euros, at a moderate rate.

But, before you can start trading, you need to identify yourself first. Once you’re screened, it’s time for step 2; transferring money. This goes through the traditional transfer from your bank to the German Fidor bank. Rushing this does not make any sense; it takes at least a day before the money is deposit on your Kraken account.

+ buy your coins with euros
+ quite low fees
 transferring euros only possible with a wire transfer

Bittrex

Are you like me more interested in altcoins, then there are dozens of alternatives for Kraken, BTCdirect or Litebit. Some well known exchanges are Yobit, Poloniex, Cryptopia and Bittrex. The latter is together with the Kraken where I do my purchases and sales.

Altcoins like Gulden and Antshares are not offered at Kraken at time of writing., but are digital currency that I wanted to buy.

+ Choose from dozens of different altcoins
– not possible to buy directly in euros.

Cryptopia

With my new miner, I collected several altcoins (for example LiteDogeCoin, InfiniteCoin and MyriadCoin) and these coins are not tradable via Bittrex. That’s why I went to Cryptopia.

Basically, the exchange offers the same services as Bittrex, adding a marketplace – of course you can buy digital currency products – and a forum. In addition, their range of altcoins is a lot bigger than the previously treated trading sites.

+ Choice of dozens of different altcoins
+ Also the unknown (smaller market cap) altcoins can be found
– Not possible to buy directly with Euro.
– Personally I think the UI of the exchange looks horrible

Conclusion

Yes, I know there are many other cryptocurrencyexchanges (nice word for hangman) are, but I have with parties YoBit, Poloniex and Bitstamp no experience, so I can not comment on them.

If you want t get started right away or you just want to do a one-time purchase, Litebit and BTCdirect will meet your needs. Are you planning to buy more Bitcoins and Altcoins? I would suggest you create an account on Bittrex or Kraken. This saves significantly in purchasing costs.

Next

In what kind of wallets can I store my cryptocurrency?

2 Comments

  1. Diji

    EUR Exchange on NEW altcoins is almost impossible. if you want to get good deals you must have BTC or ETH in your wallet. i am using Litebit and Bittrex but not really happy with it because i only trade altcoins since 2-3 years.

    • Michiel

      You’re right about that. Did you ever tried Cryptopia or other exchanges?

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