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| Meta Title | How to Buy Bitcoin (BTC): Quick-Start Guide - NerdWallet | |||||||||
| Meta Description | Buying Bitcoin has never been easier, but there's still plenty of risk to consider when investing in digital assets. Here's how to invest in Bitcoin. | |||||||||
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| Boilerpipe Text | Buying Bitcoin can feel like an unfamiliar landscape for someone used to traditional financial products. The good news: There are many ways to buy Bitcoin and other cryptocurrencies, from stockbrokers to dedicated exchanges and even in-app purchases in some crypto-linked applications.
We should note, though, that Bitcoin has traded as low as $77,000 and as high as $96,000 at different points in 2026, and it's swung even more wildly in previous years. Be sure to take the time to consider whether you have the stomach for such a volatile asset. And if you do decide to invest, keep this maxim in mind: Only invest what you can afford to lose.
6 ways to buy Bitcoin
The most common way to buy Bitcoin is through a
cryptocurrency exchange
, many of which are suitable for beginners. Traditional stockbrokers, Bitcoin ETFs and P2P money apps are also fairly straightforward, while BTC wallets and ATMs are a bit more advanced.
Can withdraw cryptocurrency?
Costs/fees?
Advised for beginners?
Cryptocurrency exchanges
Yes
Medium, up to around 4%
Yes
Traditional stockbrokers
Not always
Low, around 1%
Depends on the broker
Wallet software
Yes
Highly variable
No
Bitcoin ETFs
No
Low, 0.15% to 1.5%
Yes
P2P money apps
Not always
Medium, around 1-4%, but can rise higher depending on amount purchased.
Yes
Bitcoin ATMs
Yes
High, around 15%
No
Here's a more detailed overview of the various ways to buy Bitcoin:
1. Cryptocurrency exchanges: Best for seasoned crypto investors
The most common way to buy Bitcoin, especially for beginners, is through a cryptocurrency exchange. Many offer hundreds of cryptocurrency choices, while others simply have Bitcoin and a few alternatives. However, as cryptocurrency has grown in popularity, dozens of crypto exchanges have emerged with varying degrees of consumer protection and customer service, security features and fee structures.
»
View our list
of
the best crypto exchanges and platforms
. We waded through all the fees, customer service complaints, staking features, withdrawal minimums and more to highlight the best exchanges out there.
2. Traditional stockbrokers: Best for investors who want to get into crypto
Traditional stockbrokers have also started rolling out offerings that give clients access to Bitcoin and other cryptocurrencies. Generally, these offerings are more limited in every way than what's offered by the pure-play cryptocurrency exchanges referenced above, with fewer coins available, few (if any) trading pairs and limited withdrawal accessibility. Basically, these platforms let you buy Bitcoin with the U.S. dollar, then sell Bitcoin for USD.
However, these platforms do have a lot going for them. Fees are generally low and easy to understand, whereas crypto exchange fees can sometimes be high and confusing for users. Moreover, using a traditional broker may mean you can start investing in Bitcoin in the brokerage account you already have.
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3. Bitcoin wallets and wallet software: Best for Bitcoin power-users
Technically, a bitcoin wallet is not a way to buy Bitcoin; it's a method of storing Bitcoin. When using a Bitcoin wallet, it's common to buy Bitcoin on a cryptocurrency exchange, then move your Bitcoin off the platform and onto a wallet for long-term storage.
But most Bitcoin wallets these days let users purchase Bitcoin within the app that controls the wallet, typically through third-parties that facilitate the transaction. Some common names you may see when buying Bitcoin via a wallet's purchase function are MoonPay, Ramp or Paxos.
Some crypto apps, such as games, crypto wallets or other online services that use blockchain technology, allow users to buy and sell digital assets directly within their app. Such services can cost a bit more than regular exchanges, but offer some advantages in the form of quick, relatively painless transactions.
4. Bitcoin exchange-traded funds: Best for traditional investors who just want to diversify
In early 2024, the Securities and Exchange Commission approved spot Bitcoin ETFs, which track the price of Bitcoin and trade over major exchanges. This was a long-awaited approval from the SEC, and one that makes it even easier for traditional investors to gain access to Bitcoin.
Bitcoin ETFs are an excellent choice for investors who believe Bitcoin will continue to rise in value, but don't want to deal with actually owning any Bitcoin. If this is what you're looking for, the first step is to
open a brokerage account
, which only takes about 10 minutes. Then, look through all the
spot Bitcoin ETFs
available to decide which one you'd like to buy.
The costs associated with Bitcoin ETFs are a little different from buying Bitcoin outright. While the aforementioned ways to buy Bitcoin typically charge fees to purchase, you most likely won't pay a fee to buy an ETF. (That's called a commission, and most brokerages no longer charge them.) However, you will pay an "expense ratio" to own the ETF. Basically, that means you'll pay a percentage of the ETF's value to the company that runs the ETF, expressed annually. Currently, expense ratios for Bitcoin ETFs range from around 0.15% to 1.5%. So if you spend $1,000 on a Bitcoin ETF with an expense ratio of 0.2%, you'll pay $20 per year to own it.
5. Peer-to-peer money transfer apps: Best for casual users and investors
Cash transfer services like
PayPal
,
Venmo
, or
Cash App
allow their users to purchase Bitcoin using their apps. You can purchase, store, send and sell Bitcoin directly through the apps, which is convenient if you're used to those interfaces. Fees on these platforms are generally comparable to the fees you'll pay to buy Bitcoin on an exchange, however these apps are better suited for quick transactions, such as paying someone for a good or service.
It's also important to note that while fees are generally in the medium-range, they can rise higher (as a percentage) if you're buying smaller amounts. On PayPal, for example, you'd pay a 2.20% fee to buy $10 worth of Bitcoin. But the fee to buy $1,000 is 1.8%
.
6. Bitcoin ATMs: Kinda gimmicky
These work like normal ATMs, only you can use them to buy and sell Bitcoin. They are often placed in locations where you might find normal ATMs, such as convenience stores and grocery stores. Before you carry out a transaction, make sure you look at the fees you'll be charged, and have a plan for where to send the Bitcoin once you buy it. Fees on Bitcoin ATMs are typically much higher than any fee you'd pay using a crypto exchange or traditional stockbroker. You'll also need to set up a Bitcoin wallet before you use the ATM, which, generally, is less beginner-friendly than just using a crypto exchange, as we outlined above.
Using data from CoinATMRadar, we analyzed the Bitcoin ATM fees of 7,520 ATMs around the U.S., and found the most common fee was 13% on Oct. 24, 2025
. This is substantially higher than any fee you would pay on a centralized exchange.
Between the high fees, knowledge required to use a Bitcoin wallet and the lack of customer support for Bitcoin ATM transactions, this is one of the more cumbersome and costly ways to buy Bitcoin.
What to know about Bitcoin transaction fees
When a Bitcoin transaction happens (such as an investor buying or selling Bitcoin), computers on the Bitcoin network have to validate the transaction and add it to the blockchain (the permanent online ledger of all Bitcoin transactions). They collect transaction fees for this work, which can fluctuate based on how many people are trying to execute Bitcoin transactions at a given time.
Bitcoin's transaction fees can be volatile. In the last year, they've varied between less than 50 cents per transaction and more than $100 per transaction during periods of exceptionally low or high transaction activity
.
Many crypto apps and exchanges will estimate transaction fees for you while you're setting up an order. Make sure you take note of these fees — plus any additional fees charged by the app or exchange itself — before buying Bitcoin.
How to store the Bitcoin you buy
If you're purchasing Bitcoin, you'll need a place to keep it.
Bitcoin can be stored in two kinds of digital wallets: a
hot wallet or a cold wallet
. With a hot wallet, transactions generally are faster, while a cold wallet often incorporates extra security steps that help to keep your assets safe but also make transactions take longer.
Hot wallet
With a hot wallet, Bitcoin is stored by a trusted exchange or provider in the cloud and accessed through an app or computer browser on the internet. Any trading exchange you join will offer a free Bitcoin hot wallet where your purchases will automatically be stored. But many users prefer to transfer and store their Bitcoin with a third-party hot wallet provider, also typically free to download and use.
Why choose a wallet from a provider other than an exchange? While advocates say the blockchain technology behind Bitcoin is even more secure than traditional electronic money transfers, Bitcoin hot wallets are an attractive target for hackers. As
Bitcoin.org warns
: “Many exchanges and online wallets suffered from security breaches in the past and such services generally still do not provide enough insurance and security to be used to store money like a bank.”
Cold wallet
A cold wallet is a small, encrypted portable device that allows you to download and carry your Bitcoin. Cold wallets can cost less than $100 and are considered much more secure than hot wallets.
When creating accounts for your digital wallets and crypto exchange, use a strong password and two-factor authentication.
What to do with the Bitcoin you buy
Bitcoin can function either as an investment or a medium of exchange. So you can either spend it, trade it or hold it. If you're spending Bitcoin, there are a handful of retailers and digital services that allow you to use crypto as payment.
If you're investing, it's good to think about what kind of investor you want to be. Investors who day trade — a risky investment strategy that involves frequent buying and selling — try to buy Bitcoin low and sell it if and when its value moves higher.
But if you see a future for Bitcoin as a digital currency, perhaps your investment plan is to buy and hold for the long haul. Whatever your plan, know that
owning Bitcoin may create a complex tax situation
.
Frequently asked questions about buying Bitcoin
Is Bitcoin right for you?
Bitcoin can be a risky investment, so it's important to think carefully about your goals and your strategy before you decide.
That said, there are some basic guidelines. One common rule of thumb is to invest no more than 10% of your portfolio in individual stocks or risky assets like Bitcoin. And as always, it's a good idea to make sure you understand what you're investing in.
If you're not ready to put a large amount of money at risk, you can start small and still get a good grasp for how the process works. Many crypto exchanges have minimum purchases of $10 or less.
Cryptocurrencies are digital assets that are usually created using a cryptographic computer networking technology called blockchain, which makes it possible to exchange them without the need for a central authority such as a bank. Cryptocurrencies are traded on public exchanges, but they are generally not subject to the same regulations as stocks and other traditional investment products.
Why choose Bitcoin over other cryptocurrencies?
Bitcoin is the dominant force in the market for cryptocurrencies, but there are thousands of other cryptocurrencies — some reputable, some not. Different cryptocurrencies are often designed for different purposes. For instance, Bitcoin was developed as a payment system.
Some other cryptocurrencies, such as
Ethereum
, are used to carry out more complex transactions. Some, such as
Dogecoin
, were created as jokes but have attracted investor interest anyway.
If you're thinking about buying Bitcoin or any cryptocurrency, there are a few ways to think about the risks and potential rewards. Bitcoin is a bet both on the cryptocurrency space itself and the specific technology behind Bitcoin. Both are relatively new and untested, and neither is guaranteed to reach the potential some of its proponents anticipate.
If you believe in the ideas behind cryptocurrency in general, but you're not convinced that Bitcoin is the ultimate expression of those concepts, you might want to consider a more
diversified portfolio of cryptocurrencies
.
What do you need to buy Bitcoin?
For investors who are ready to buy Bitcoin, here are a few things to consider before getting started:
Have information you may need handy.
Setting up a cryptocurrency account takes minutes, but you'll need to provide some information, including your Social Security number and the number to your bank account, debit card or credit card to fund your Bitcoin account. Some providers also may require you to have a picture ID. Record and safeguard any new passwords for your crypto account or digital wallet (more on those below).
Don’t take on credit card debt to make the purchase.
Although some providers allow you to purchase Bitcoin by credit card, it's best to avoid taking on high-interest debt to invest in a risky asset like Bitcoin. If the value of Bitcoin sinks, you could get stuck with big losses.
Understand investor protections.
Or in this case, the lack thereof: Bitcoin and other cryptocurrency investments are not insured by the Securities Investor Protection Corporation for exchange failures or theft, a protection that traditional stock brokerage accounts enjoy on up to $500,000. Some exchanges provide private insurance, but that doesn’t protect against individual online breaches, such as someone stealing your password.
Use a secure, private internet connection.
This is important any time you make financial transactions online. Buying Bitcoin while at the coffee shop, in your hotel room or using other public internet connections is not advised.
Can you get rich buying Bitcoin?
While Bitcoin's price has appreciated dramatically at times, not every person who has bought it has gotten a piece of those gains. Because cryptocurrency markets in general are very volatile, it's nearly impossible to find the "right time" to buy or sell — the price could soar moments after you sell, or plummet as soon as you buy. | |||||||||
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Home insurance by state
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NerdWallet's Picks
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Financial advisors
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[Best travel business credit cards](https://www.nerdwallet.com/business/credit-cards/best/travel)
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Running your business
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Taxes
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- [Compare top mortgage lenders](https://www.nerdwallet.com/mortgages/top-mortgage-lenders)
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NerdWallet's Picks
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How to Buy Bitcoin (BTC): Quick-Start Guide
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# How to Buy Bitcoin (BTC): Quick-Start Guide
Bitcoin wallets, cryptocurrency exchanges and Bitcoin ETFs: There are a variety of ways to invest in Bitcoin.
![]()
Many, or all, of the products featured on this page are from our advertising partners who compensate us when you take certain actions on our website or click to take an action on their website. However, this does not influence our evaluations. Our opinions are our own. Here is a list of [our partners](https://www.nerdwallet.com/p/our-partners) and [here's how we make money](https://www.nerdwallet.com/p/advertiser-disclosure).
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The investing information provided on this page is for educational purposes only. NerdWallet, Inc. does not offer advisory or brokerage services, nor does it recommend or advise investors to buy or sell particular stocks, securities or other investments.
Updated
Feb 2, 2026
· 8 min read
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\+ more
Buying Bitcoin can feel like an unfamiliar landscape for someone used to traditional financial products. The good news: There are many ways to buy Bitcoin and other cryptocurrencies, from stockbrokers to dedicated exchanges and even in-app purchases in some crypto-linked applications.
We should note, though, that Bitcoin has traded as low as \$77,000 and as high as \$96,000 at different points in 2026, and it's swung even more wildly in previous years. Be sure to take the time to consider whether you have the stomach for such a volatile asset. And if you do decide to invest, keep this maxim in mind: Only invest what you can afford to lose.
## 6 ways to buy Bitcoin
| | | | |
|---|---|---|---|
| The most common way to buy Bitcoin is through a [cryptocurrency exchange](https://www.nerdwallet.com/investing/best/crypto-exchanges-platforms), many of which are suitable for beginners. Traditional stockbrokers, Bitcoin ETFs and P2P money apps are also fairly straightforward, while BTC wallets and ATMs are a bit more advanced. | | | |
| | Can withdraw cryptocurrency? | Costs/fees? | Advised for beginners? |
| Cryptocurrency exchanges | Yes | Medium, up to around 4% | Yes |
| Traditional stockbrokers | Not always | Low, around 1% | Depends on the broker |
| Wallet software | Yes | Highly variable | No |
| Bitcoin ETFs | No | Low, 0.15% to 1.5% | Yes |
| P2P money apps | Not always | Medium, around 1-4%, but can rise higher depending on amount purchased. | Yes |
| Bitcoin ATMs | Yes | High, around 15% | No |
Here's a more detailed overview of the various ways to buy Bitcoin:
### 1\. Cryptocurrency exchanges: Best for seasoned crypto investors
The most common way to buy Bitcoin, especially for beginners, is through a cryptocurrency exchange. Many offer hundreds of cryptocurrency choices, while others simply have Bitcoin and a few alternatives. However, as cryptocurrency has grown in popularity, dozens of crypto exchanges have emerged with varying degrees of consumer protection and customer service, security features and fee structures.
» View our list of [the best crypto exchanges and platforms](https://www.nerdwallet.com/investing/best/crypto-exchanges-platforms). We waded through all the fees, customer service complaints, staking features, withdrawal minimums and more to highlight the best exchanges out there.
### 2\. Traditional stockbrokers: Best for investors who want to get into crypto
Traditional stockbrokers have also started rolling out offerings that give clients access to Bitcoin and other cryptocurrencies. Generally, these offerings are more limited in every way than what's offered by the pure-play cryptocurrency exchanges referenced above, with fewer coins available, few (if any) trading pairs and limited withdrawal accessibility. Basically, these platforms let you buy Bitcoin with the U.S. dollar, then sell Bitcoin for USD.
However, these platforms do have a lot going for them. Fees are generally low and easy to understand, whereas crypto exchange fees can sometimes be high and confusing for users. Moreover, using a traditional broker may mean you can start investing in Bitcoin in the brokerage account you already have.
Of the [brokers we review](https://www.nerdwallet.com/investing/best/online-brokers-for-stock-trading), these all offer Bitcoin:
- [M1 Finance](https://www.nerdwallet.com/investing/reviews/m1-finance).
- [Fidelity](https://www.nerdwallet.com/investing/reviews/fidelity).
- [Public](https://www.nerdwallet.com/investing/reviews/public).
- [TastyTrade](https://www.nerdwallet.com/investing/reviews/tastytrade).
- [eToro](https://www.nerdwallet.com/investing/reviews/etoro).
- [Interactive Brokers](https://www.nerdwallet.com/investing/reviews/interactive-brokers).
- [Moomoo](https://www.nerdwallet.com/investing/reviews/moomoo).
- [Robinhood](https://www.nerdwallet.com/investing/reviews/robinhood).
- [Webull](https://www.nerdwallet.com/investing/reviews/webull).
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| NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula for online brokers and robo-advisors takes into account over 15 factors, including account fees and minimums, investment choices, customer support and mobile app capabilities. [5\.0 /5](https://www.nerdwallet.com/investing/reviews/webull) | NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula for online brokers and robo-advisors takes into account over 15 factors, including account fees and minimums, investment choices, customer support and mobile app capabilities. [4\.7 /5](https://www.nerdwallet.com/investing/reviews/uphold) | NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula for online brokers and robo-advisors takes into account over 15 factors, including account fees and minimums, investment choices, customer support and mobile app capabilities. [4\.5 /5](https://www.nerdwallet.com/investing/reviews/coinbase) |
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### 3\. Bitcoin wallets and wallet software: Best for Bitcoin power-users
Technically, a bitcoin wallet is not a way to buy Bitcoin; it's a method of storing Bitcoin. When using a Bitcoin wallet, it's common to buy Bitcoin on a cryptocurrency exchange, then move your Bitcoin off the platform and onto a wallet for long-term storage.
But most Bitcoin wallets these days let users purchase Bitcoin within the app that controls the wallet, typically through third-parties that facilitate the transaction. Some common names you may see when buying Bitcoin via a wallet's purchase function are MoonPay, Ramp or Paxos.
» [See our list of the best Bitcoin wallets](https://www.nerdwallet.com/investing/learn/get-a-crypto-wallet)
Some crypto apps, such as games, crypto wallets or other online services that use blockchain technology, allow users to buy and sell digital assets directly within their app. Such services can cost a bit more than regular exchanges, but offer some advantages in the form of quick, relatively painless transactions.
### 4\. Bitcoin exchange-traded funds: Best for traditional investors who just want to diversify
In early 2024, the Securities and Exchange Commission approved spot Bitcoin ETFs, which track the price of Bitcoin and trade over major exchanges. This was a long-awaited approval from the SEC, and one that makes it even easier for traditional investors to gain access to Bitcoin.
Bitcoin ETFs are an excellent choice for investors who believe Bitcoin will continue to rise in value, but don't want to deal with actually owning any Bitcoin. If this is what you're looking for, the first step is to [open a brokerage account](https://www.nerdwallet.com/investing/learn/what-is-how-to-open-brokerage-account), which only takes about 10 minutes. Then, look through all the [spot Bitcoin ETFs](https://www.nerdwallet.com/investing/learn/spot-bitcoin-etf) available to decide which one you'd like to buy.
The costs associated with Bitcoin ETFs are a little different from buying Bitcoin outright. While the aforementioned ways to buy Bitcoin typically charge fees to purchase, you most likely won't pay a fee to buy an ETF. (That's called a commission, and most brokerages no longer charge them.) However, you will pay an "expense ratio" to own the ETF. Basically, that means you'll pay a percentage of the ETF's value to the company that runs the ETF, expressed annually. Currently, expense ratios for Bitcoin ETFs range from around 0.15% to 1.5%. So if you spend \$1,000 on a Bitcoin ETF with an expense ratio of 0.2%, you'll pay \$20 per year to own it.
### 5\. Peer-to-peer money transfer apps: Best for casual users and investors
Cash transfer services like [PayPal](https://www.nerdwallet.com/investing/learn/how-to-buy-cryptocurrency), [Venmo](https://www.nerdwallet.com/investing/learn/how-to-buy-cryptocurrency), or [Cash App](https://www.nerdwallet.com/investing) allow their users to purchase Bitcoin using their apps. You can purchase, store, send and sell Bitcoin directly through the apps, which is convenient if you're used to those interfaces. Fees on these platforms are generally comparable to the fees you'll pay to buy Bitcoin on an exchange, however these apps are better suited for quick transactions, such as paying someone for a good or service.
It's also important to note that while fees are generally in the medium-range, they can rise higher (as a percentage) if you're buying smaller amounts. On PayPal, for example, you'd pay a 2.20% fee to buy \$10 worth of Bitcoin. But the fee to buy \$1,000 is 1.8%\[1\]
PayPal. [PayPal Cryptocurrency Terms and Conditions](https://www.paypal.com/us/legalhub/paypal/cryptocurrencies-tnc#fees-pricing:~:text=Business%20Cryptocurrencies%20Hub.-,Purchase%20or%20Sale%20Amount,-Fee). Accessed Oct 24, 2025.
[View all sources](https://www.nerdwallet.com/investing/learn/how-to-invest-in-bitcoin#citation-list)
.
### 6\. Bitcoin ATMs: Kinda gimmicky
These work like normal ATMs, only you can use them to buy and sell Bitcoin. They are often placed in locations where you might find normal ATMs, such as convenience stores and grocery stores. Before you carry out a transaction, make sure you look at the fees you'll be charged, and have a plan for where to send the Bitcoin once you buy it. Fees on Bitcoin ATMs are typically much higher than any fee you'd pay using a crypto exchange or traditional stockbroker. You'll also need to set up a Bitcoin wallet before you use the ATM, which, generally, is less beginner-friendly than just using a crypto exchange, as we outlined above.
Using data from CoinATMRadar, we analyzed the Bitcoin ATM fees of 7,520 ATMs around the U.S., and found the most common fee was 13% on Oct. 24, 2025\[2\]
CoinATMRadar. [Buy Fee Size at Bitcoin ATMs](https://coinatmradar.com/charts/buy-fees/).
[View all sources](https://www.nerdwallet.com/investing/learn/how-to-invest-in-bitcoin#citation-list)
. This is substantially higher than any fee you would pay on a centralized exchange.
Between the high fees, knowledge required to use a Bitcoin wallet and the lack of customer support for Bitcoin ATM transactions, this is one of the more cumbersome and costly ways to buy Bitcoin.
## What to know about Bitcoin transaction fees
When a Bitcoin transaction happens (such as an investor buying or selling Bitcoin), computers on the Bitcoin network have to validate the transaction and add it to the blockchain (the permanent online ledger of all Bitcoin transactions). They collect transaction fees for this work, which can fluctuate based on how many people are trying to execute Bitcoin transactions at a given time.
Bitcoin's transaction fees can be volatile. In the last year, they've varied between less than 50 cents per transaction and more than \$100 per transaction during periods of exceptionally low or high transaction activity\[3\]
YCharts. [Bitcoin Average Transaction Fee](https://ycharts.com/indicators/bitcoin_average_transaction_fee). Accessed Feb 26, 2025.
[View all sources](https://www.nerdwallet.com/investing/learn/how-to-invest-in-bitcoin#citation-list)
.
Many crypto apps and exchanges will estimate transaction fees for you while you're setting up an order. Make sure you take note of these fees — plus any additional fees charged by the app or exchange itself — before buying Bitcoin.
## How to store the Bitcoin you buy
If you're purchasing Bitcoin, you'll need a place to keep it.
Bitcoin can be stored in two kinds of digital wallets: a [hot wallet or a cold wallet](https://www.nerdwallet.com/investing/learn/hot-wallet-vs-cold-wallet). With a hot wallet, transactions generally are faster, while a cold wallet often incorporates extra security steps that help to keep your assets safe but also make transactions take longer.
### Hot wallet
With a hot wallet, Bitcoin is stored by a trusted exchange or provider in the cloud and accessed through an app or computer browser on the internet. Any trading exchange you join will offer a free Bitcoin hot wallet where your purchases will automatically be stored. But many users prefer to transfer and store their Bitcoin with a third-party hot wallet provider, also typically free to download and use.
Why choose a wallet from a provider other than an exchange? While advocates say the blockchain technology behind Bitcoin is even more secure than traditional electronic money transfers, Bitcoin hot wallets are an attractive target for hackers. As [Bitcoin.org warns](https://bitcoin.org/en/secure-your-wallet#online): “Many exchanges and online wallets suffered from security breaches in the past and such services generally still do not provide enough insurance and security to be used to store money like a bank.”
### Cold wallet
A cold wallet is a small, encrypted portable device that allows you to download and carry your Bitcoin. Cold wallets can cost less than \$100 and are considered much more secure than hot wallets.
When creating accounts for your digital wallets and crypto exchange, use a strong password and two-factor authentication.
» Get started: [Our list of the best Bitcoin wallets](https://www.nerdwallet.com/investing/learn/get-a-crypto-wallet)
## What to do with the Bitcoin you buy
Bitcoin can function either as an investment or a medium of exchange. So you can either spend it, trade it or hold it. If you're spending Bitcoin, there are a handful of retailers and digital services that allow you to use crypto as payment.
If you're investing, it's good to think about what kind of investor you want to be. Investors who day trade — a risky investment strategy that involves frequent buying and selling — try to buy Bitcoin low and sell it if and when its value moves higher.
But if you see a future for Bitcoin as a digital currency, perhaps your investment plan is to buy and hold for the long haul. Whatever your plan, know that [owning Bitcoin may create a complex tax situation](https://www.nerdwallet.com/investing/learn/bitcoin-taxes).
## Frequently asked questions about buying Bitcoin
### Is Bitcoin right for you?
Bitcoin can be a risky investment, so it's important to think carefully about your goals and your strategy before you decide.
That said, there are some basic guidelines. One common rule of thumb is to invest no more than 10% of your portfolio in individual stocks or risky assets like Bitcoin. And as always, it's a good idea to make sure you understand what you're investing in.
If you're not ready to put a large amount of money at risk, you can start small and still get a good grasp for how the process works. Many crypto exchanges have minimum purchases of \$10 or less.
Cryptocurrencies are digital assets that are usually created using a cryptographic computer networking technology called blockchain, which makes it possible to exchange them without the need for a central authority such as a bank. Cryptocurrencies are traded on public exchanges, but they are generally not subject to the same regulations as stocks and other traditional investment products.
### Why choose Bitcoin over other cryptocurrencies?
Bitcoin is the dominant force in the market for cryptocurrencies, but there are thousands of other cryptocurrencies — some reputable, some not. Different cryptocurrencies are often designed for different purposes. For instance, Bitcoin was developed as a payment system.
Some other cryptocurrencies, such as [Ethereum](https://www.nerdwallet.com/investing/learn/ethereum), are used to carry out more complex transactions. Some, such as [Dogecoin](https://www.nerdwallet.com/investing/learn/buy-dogecoin), were created as jokes but have attracted investor interest anyway.
If you're thinking about buying Bitcoin or any cryptocurrency, there are a few ways to think about the risks and potential rewards. Bitcoin is a bet both on the cryptocurrency space itself and the specific technology behind Bitcoin. Both are relatively new and untested, and neither is guaranteed to reach the potential some of its proponents anticipate.
If you believe in the ideas behind cryptocurrency in general, but you're not convinced that Bitcoin is the ultimate expression of those concepts, you might want to consider a more [diversified portfolio of cryptocurrencies](https://www.nerdwallet.com/investing/learn/best-crypto-top-cryptocurrencies).
### What do you need to buy Bitcoin?
For investors who are ready to buy Bitcoin, here are a few things to consider before getting started:
Have information you may need handy. Setting up a cryptocurrency account takes minutes, but you'll need to provide some information, including your Social Security number and the number to your bank account, debit card or credit card to fund your Bitcoin account. Some providers also may require you to have a picture ID. Record and safeguard any new passwords for your crypto account or digital wallet (more on those below).
Don’t take on credit card debt to make the purchase. Although some providers allow you to purchase Bitcoin by credit card, it's best to avoid taking on high-interest debt to invest in a risky asset like Bitcoin. If the value of Bitcoin sinks, you could get stuck with big losses.
Understand investor protections. Or in this case, the lack thereof: Bitcoin and other cryptocurrency investments are not insured by the Securities Investor Protection Corporation for exchange failures or theft, a protection that traditional stock brokerage accounts enjoy on up to \$500,000. Some exchanges provide private insurance, but that doesn’t protect against individual online breaches, such as someone stealing your password.
Use a secure, private internet connection. This is important any time you make financial transactions online. Buying Bitcoin while at the coffee shop, in your hotel room or using other public internet connections is not advised.
### Can you get rich buying Bitcoin?
While Bitcoin's price has appreciated dramatically at times, not every person who has bought it has gotten a piece of those gains. Because cryptocurrency markets in general are very volatile, it's nearly impossible to find the "right time" to buy or sell — the price could soar moments after you sell, or plummet as soon as you buy.
» Interested in other alternative investments? [Learn how to buy gold](https://www.nerdwallet.com/investing/learn/how-to-buy-gold).
Article sources
NerdWallet writers are subject matter authorities who use primary, trustworthy sources to inform their work, including peer-reviewed studies, government websites, academic research and interviews with industry experts. All content is fact-checked for accuracy, timeliness and relevance. You can learn more about NerdWallet's high standards for journalism by reading our [editorial guidelines](https://www.nerdwallet.com/l/nerdwallet-editorial-guidelines).
- [1\.](https://www.nerdwallet.com/investing/learn/how-to-invest-in-bitcoin#citation-x1781069444)PayPal. [PayPal Cryptocurrency Terms and Conditions](https://www.paypal.com/us/legalhub/paypal/cryptocurrencies-tnc#fees-pricing:~:text=Business%20Cryptocurrencies%20Hub.-,Purchase%20or%20Sale%20Amount,-Fee). Accessed Oct 24, 2025.
- [2\.](https://www.nerdwallet.com/investing/learn/how-to-invest-in-bitcoin#citation-x184254538)CoinATMRadar. [Buy Fee Size at Bitcoin ATMs](https://coinatmradar.com/charts/buy-fees/).
- [3\.](https://www.nerdwallet.com/investing/learn/how-to-invest-in-bitcoin#citation-x364250587)YCharts. [Bitcoin Average Transaction Fee](https://ycharts.com/indicators/bitcoin_average_transaction_fee). Accessed Feb 26, 2025.
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About the authors
[![Kevin Voigt]()](https://www.nerdwallet.com/author/kevin-voigt)
[Kevin Voigt](https://www.nerdwallet.com/author/kevin-voigt)
Kevin Voigt is a former investing writer for NerdWallet. He has covered financial issues for more than 20 years, including for The Wall Street Journal and CNN.com. [See full bio.](https://www.nerdwallet.com/author/kevin-voigt)
[![Andy Rosen]()](https://www.nerdwallet.com/author/andy-rosen)
[Andy Rosen](https://www.nerdwallet.com/author/andy-rosen)
Andy Rosen is a former NerdWallet writer focused on cryptocurrency and alternative investments. He has more than 15 years of journalism experience as a reporter and editor at organizations including The Boston Globe and The Baltimore Sun. [See full bio.](https://www.nerdwallet.com/author/andy-rosen)
Table of Contents
- [6 ways to buy Bitcoin](https://www.nerdwallet.com/investing/learn/how-to-invest-in-bitcoin#6-ways-to-buy-bitcoin)
- [What to know about Bitcoin transaction fees](https://www.nerdwallet.com/investing/learn/how-to-invest-in-bitcoin#what-to-know-about-bitcoin-transaction-fees)
- [How to store the Bitcoin you buy](https://www.nerdwallet.com/investing/learn/how-to-invest-in-bitcoin#how-to-store-the-bitcoin-you-buy)
- [What to do with the Bitcoin you buy](https://www.nerdwallet.com/investing/learn/how-to-invest-in-bitcoin#what-to-do-with-the-bitcoin-you-buy)
- [Frequently asked questions about buying Bitcoin](https://www.nerdwallet.com/investing/learn/how-to-invest-in-bitcoin#frequently-asked-questions-about-buying-bitcoin)
More like this
[Investment Basics](https://www.nerdwallet.com/investing/learn)
[Investing](https://www.nerdwallet.com/investing)
[Cryptocurrency](https://www.nerdwallet.com/investing/hubs/cryptocurrency)
[The 7 Best Crypto Exchanges, Platforms & Apps for 2026 The best crypto app for you will depend heavily on your investing or trading goals and level of experience with cryptocurrencies. We break down all of that to help you choose.![Chris Davis's profile picture]() Chris Davis](https://www.nerdwallet.com/investing/best/crypto-exchanges-platforms)
[Coinbase vs. Robinhood: 2026 Comparison When it comes to buying cryptocurrencies, Coinbase has the upper hand for a few reasons.![Andy Rosen's profile picture]() Andy Rosen](https://www.nerdwallet.com/investing/learn/coinbase-vs-robinhood)
[How to Get a Crypto Wallet Setting up a crypto wallet might seem intimidating if you're new to crypto, but it only takes a few minutes.![Dalia Ramirez's profile picture]() Dalia Ramirez](https://www.nerdwallet.com/investing/learn/get-a-crypto-wallet)
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NerdWallet™ \| 4150 N Drinkwater Blvd, Suite 200, Scottsdale, AZ 85251
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NerdWallet USA
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[%22%3E%3Cg%20clip-path%3D%27url\(%23clipCA\)%27%3E%3Cpath%20d%3D%22M22.81%201H1.42V15.58H22.81V1Z%22%20stroke%3D%22currentColor%22%20strokeMiterlimit%3D%2210%22%20strokeLinejoin%3D%22round%22%20%2F%3E%3Cpath%20d%3D%22M14.7425%2010.5472C14.7961%2010.4936%2017%208.56438%2017%208.56438L16.6245%208.40343C16.4099%208.29828%2016.4657%208.15665%2016.5172%208.03004C16.5687%207.86695%2016.9485%206.58584%2016.9485%206.58584C16.9485%206.58584%2015.9249%206.80043%2015.7103%206.85408C15.5494%206.90558%2015.4957%206.80043%2015.4421%206.69313C15.3884%206.58584%2015.1202%205.99785%2015.1202%205.99785C15.1202%205.99785%2013.9914%207.28326%2013.9378%207.33476C13.7232%207.49571%2013.5064%207.33476%2013.5601%207.12017C13.5601%206.90558%2014.1524%204.33906%2014.1524%204.33906C14.1524%204.33906%2013.5064%204.71245%2013.2918%204.81974C13.1309%204.92704%2013.0215%204.92704%2012.9142%204.71245C12.8047%204.5515%2011.9979%203%2011.9979%203C11.9979%203%2011.1931%204.5515%2011.0858%204.71245C10.9785%204.92704%2010.8712%204.92704%2010.7082%204.81974C10.4936%204.71245%209.84764%204.33906%209.84764%204.33906C9.84764%204.33906%2010.4399%206.90558%2010.4399%207.12017C10.4936%207.33476%2010.279%207.49571%2010.0622%207.33476C10.0086%207.28112%208.87983%205.99785%208.87983%205.99785C8.87983%205.99785%208.61159%206.58369%208.55794%206.69099C8.50429%206.79828%208.45064%206.90343%208.2897%206.85193C8.07296%206.79828%207.0515%206.58369%207.0515%206.58369C7.0515%206.58369%207.42918%207.86481%207.48283%208.0279C7.53433%208.15665%207.59013%208.29614%207.37554%208.40129L7%208.56438C7%208.56438%209.20172%2010.4936%209.25751%2010.5472C9.36695%2010.6545%209.4721%2010.7082%209.36695%2011.03C9.25751%2011.3519%209.15021%2011.7833%209.15021%2011.7833C9.15021%2011.7833%2011.1931%2011.3519%2011.4099%2011.2983C11.5966%2011.279%2011.8026%2011.3519%2011.8026%2011.5665C11.8026%2011.7811%2011.6781%2013.9871%2011.6781%2013.9871H12.3219C12.3219%2013.9871%2012.1974%2011.7833%2012.1974%2011.5665C12.1974%2011.3498%2012.4013%2011.279%2012.5923%2011.2983C12.8069%2011.3519%2014.8498%2011.7833%2014.8498%2011.7833C14.8498%2011.7833%2014.7425%2011.3519%2014.6352%2011.03C14.5279%2010.7082%2014.6352%2010.6545%2014.7425%2010.5472Z%22%20fill%3D%22currentColor%22%20%2F%3E%3Crect%20x%3D%221%22%20y%3D%221%22%20width%3D%225%22%20height%3D%2215%22%20fill%3D%22currentColor%22%20%2F%3E%3Crect%20x%3D%2218%22%20y%3D%221%22%20width%3D%225%22%20height%3D%2215%22%20fill%3D%22currentColor%22%20%2F%3E%3C%2Fg%3E%3Cdefs%3E%3CclipPath%20id%3D%27clipCA%27%3E%3Crect%20width%3D%2228%22%20height%3D%2220%22%20fill%3D%22currentColor%22%20%2F%3E%3C%2FclipPath%3E%3C%2Fdefs%3E%3C%2Fsvg%3E) NerdWallet CA](https://www.nerdwallet.com/ca)
[%22%3E%3Cg%20clip-path%3D%27url\(%23clipCA\)%27%3E%3Cpath%20d%3D%22M22.81%201H1.42V15.58H22.81V1Z%22%20stroke%3D%22currentColor%22%20strokeMiterlimit%3D%2210%22%20strokeLinejoin%3D%22round%22%20%2F%3E%3Cpath%20d%3D%22M14.7425%2010.5472C14.7961%2010.4936%2017%208.56438%2017%208.56438L16.6245%208.40343C16.4099%208.29828%2016.4657%208.15665%2016.5172%208.03004C16.5687%207.86695%2016.9485%206.58584%2016.9485%206.58584C16.9485%206.58584%2015.9249%206.80043%2015.7103%206.85408C15.5494%206.90558%2015.4957%206.80043%2015.4421%206.69313C15.3884%206.58584%2015.1202%205.99785%2015.1202%205.99785C15.1202%205.99785%2013.9914%207.28326%2013.9378%207.33476C13.7232%207.49571%2013.5064%207.33476%2013.5601%207.12017C13.5601%206.90558%2014.1524%204.33906%2014.1524%204.33906C14.1524%204.33906%2013.5064%204.71245%2013.2918%204.81974C13.1309%204.92704%2013.0215%204.92704%2012.9142%204.71245C12.8047%204.5515%2011.9979%203%2011.9979%203C11.9979%203%2011.1931%204.5515%2011.0858%204.71245C10.9785%204.92704%2010.8712%204.92704%2010.7082%204.81974C10.4936%204.71245%209.84764%204.33906%209.84764%204.33906C9.84764%204.33906%2010.4399%206.90558%2010.4399%207.12017C10.4936%207.33476%2010.279%207.49571%2010.0622%207.33476C10.0086%207.28112%208.87983%205.99785%208.87983%205.99785C8.87983%205.99785%208.61159%206.58369%208.55794%206.69099C8.50429%206.79828%208.45064%206.90343%208.2897%206.85193C8.07296%206.79828%207.0515%206.58369%207.0515%206.58369C7.0515%206.58369%207.42918%207.86481%207.48283%208.0279C7.53433%208.15665%207.59013%208.29614%207.37554%208.40129L7%208.56438C7%208.56438%209.20172%2010.4936%209.25751%2010.5472C9.36695%2010.6545%209.4721%2010.7082%209.36695%2011.03C9.25751%2011.3519%209.15021%2011.7833%209.15021%2011.7833C9.15021%2011.7833%2011.1931%2011.3519%2011.4099%2011.2983C11.5966%2011.279%2011.8026%2011.3519%2011.8026%2011.5665C11.8026%2011.7811%2011.6781%2013.9871%2011.6781%2013.9871H12.3219C12.3219%2013.9871%2012.1974%2011.7833%2012.1974%2011.5665C12.1974%2011.3498%2012.4013%2011.279%2012.5923%2011.2983C12.8069%2011.3519%2014.8498%2011.7833%2014.8498%2011.7833C14.8498%2011.7833%2014.7425%2011.3519%2014.6352%2011.03C14.5279%2010.7082%2014.6352%2010.6545%2014.7425%2010.5472Z%22%20fill%3D%22currentColor%22%20%2F%3E%3Crect%20x%3D%221%22%20y%3D%221%22%20width%3D%225%22%20height%3D%2215%22%20fill%3D%22currentColor%22%20%2F%3E%3Crect%20x%3D%2218%22%20y%3D%221%22%20width%3D%225%22%20height%3D%2215%22%20fill%3D%22currentColor%22%20%2F%3E%3C%2Fg%3E%3Cdefs%3E%3CclipPath%20id%3D%27clipCA%27%3E%3Crect%20width%3D%2228%22%20height%3D%2220%22%20fill%3D%22currentColor%22%20%2F%3E%3C%2FclipPath%3E%3C%2Fdefs%3E%3C%2Fsvg%3E) NerdWallet CA](https://www.nerdwallet.com/ca)
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| Readable Markdown | Buying Bitcoin can feel like an unfamiliar landscape for someone used to traditional financial products. The good news: There are many ways to buy Bitcoin and other cryptocurrencies, from stockbrokers to dedicated exchanges and even in-app purchases in some crypto-linked applications.
We should note, though, that Bitcoin has traded as low as \$77,000 and as high as \$96,000 at different points in 2026, and it's swung even more wildly in previous years. Be sure to take the time to consider whether you have the stomach for such a volatile asset. And if you do decide to invest, keep this maxim in mind: Only invest what you can afford to lose.
6 ways to buy Bitcoin
| | | | |
|---|---|---|---|
| The most common way to buy Bitcoin is through a [cryptocurrency exchange](https://www.nerdwallet.com/investing/best/crypto-exchanges-platforms), many of which are suitable for beginners. Traditional stockbrokers, Bitcoin ETFs and P2P money apps are also fairly straightforward, while BTC wallets and ATMs are a bit more advanced. | | | |
| | Can withdraw cryptocurrency? | Costs/fees? | Advised for beginners? |
| Cryptocurrency exchanges | Yes | Medium, up to around 4% | Yes |
| Traditional stockbrokers | Not always | Low, around 1% | Depends on the broker |
| Wallet software | Yes | Highly variable | No |
| Bitcoin ETFs | No | Low, 0.15% to 1.5% | Yes |
| P2P money apps | Not always | Medium, around 1-4%, but can rise higher depending on amount purchased. | Yes |
| Bitcoin ATMs | Yes | High, around 15% | No |
Here's a more detailed overview of the various ways to buy Bitcoin:
1\. Cryptocurrency exchanges: Best for seasoned crypto investors
The most common way to buy Bitcoin, especially for beginners, is through a cryptocurrency exchange. Many offer hundreds of cryptocurrency choices, while others simply have Bitcoin and a few alternatives. However, as cryptocurrency has grown in popularity, dozens of crypto exchanges have emerged with varying degrees of consumer protection and customer service, security features and fee structures.
» View our list of [the best crypto exchanges and platforms](https://www.nerdwallet.com/investing/best/crypto-exchanges-platforms). We waded through all the fees, customer service complaints, staking features, withdrawal minimums and more to highlight the best exchanges out there.
2\. Traditional stockbrokers: Best for investors who want to get into crypto
Traditional stockbrokers have also started rolling out offerings that give clients access to Bitcoin and other cryptocurrencies. Generally, these offerings are more limited in every way than what's offered by the pure-play cryptocurrency exchanges referenced above, with fewer coins available, few (if any) trading pairs and limited withdrawal accessibility. Basically, these platforms let you buy Bitcoin with the U.S. dollar, then sell Bitcoin for USD.
However, these platforms do have a lot going for them. Fees are generally low and easy to understand, whereas crypto exchange fees can sometimes be high and confusing for users. Moreover, using a traditional broker may mean you can start investing in Bitcoin in the brokerage account you already have.
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| NerdWallet rating [5\.0 /5](https://www.nerdwallet.com/investing/reviews/webull) | NerdWallet rating [4\.7 /5](https://www.nerdwallet.com/investing/reviews/uphold) | NerdWallet rating [4\.5 /5](https://www.nerdwallet.com/investing/reviews/coinbase) |
| Fees \$0 per trade | Fees 2%-5.5% | Fees 0% - 5% varies by type of transaction; other fees may apply |
| Account minimum \$0 | Account minimum \$1 | Account minimum \$0 |
| Promotion Up to 4% match (up to \$2M) when you open and fund an account with Webull | Promotion None no promotion available at this time | Promotion None no promotion available at this time |
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3\. Bitcoin wallets and wallet software: Best for Bitcoin power-users
Technically, a bitcoin wallet is not a way to buy Bitcoin; it's a method of storing Bitcoin. When using a Bitcoin wallet, it's common to buy Bitcoin on a cryptocurrency exchange, then move your Bitcoin off the platform and onto a wallet for long-term storage.
But most Bitcoin wallets these days let users purchase Bitcoin within the app that controls the wallet, typically through third-parties that facilitate the transaction. Some common names you may see when buying Bitcoin via a wallet's purchase function are MoonPay, Ramp or Paxos.
Some crypto apps, such as games, crypto wallets or other online services that use blockchain technology, allow users to buy and sell digital assets directly within their app. Such services can cost a bit more than regular exchanges, but offer some advantages in the form of quick, relatively painless transactions.
4\. Bitcoin exchange-traded funds: Best for traditional investors who just want to diversify
In early 2024, the Securities and Exchange Commission approved spot Bitcoin ETFs, which track the price of Bitcoin and trade over major exchanges. This was a long-awaited approval from the SEC, and one that makes it even easier for traditional investors to gain access to Bitcoin.
Bitcoin ETFs are an excellent choice for investors who believe Bitcoin will continue to rise in value, but don't want to deal with actually owning any Bitcoin. If this is what you're looking for, the first step is to [open a brokerage account](https://www.nerdwallet.com/investing/learn/what-is-how-to-open-brokerage-account), which only takes about 10 minutes. Then, look through all the [spot Bitcoin ETFs](https://www.nerdwallet.com/investing/learn/spot-bitcoin-etf) available to decide which one you'd like to buy.
The costs associated with Bitcoin ETFs are a little different from buying Bitcoin outright. While the aforementioned ways to buy Bitcoin typically charge fees to purchase, you most likely won't pay a fee to buy an ETF. (That's called a commission, and most brokerages no longer charge them.) However, you will pay an "expense ratio" to own the ETF. Basically, that means you'll pay a percentage of the ETF's value to the company that runs the ETF, expressed annually. Currently, expense ratios for Bitcoin ETFs range from around 0.15% to 1.5%. So if you spend \$1,000 on a Bitcoin ETF with an expense ratio of 0.2%, you'll pay \$20 per year to own it.
5\. Peer-to-peer money transfer apps: Best for casual users and investors
Cash transfer services like [PayPal](https://www.nerdwallet.com/investing/learn/how-to-buy-cryptocurrency), [Venmo](https://www.nerdwallet.com/investing/learn/how-to-buy-cryptocurrency), or [Cash App](https://www.nerdwallet.com/investing) allow their users to purchase Bitcoin using their apps. You can purchase, store, send and sell Bitcoin directly through the apps, which is convenient if you're used to those interfaces. Fees on these platforms are generally comparable to the fees you'll pay to buy Bitcoin on an exchange, however these apps are better suited for quick transactions, such as paying someone for a good or service.
It's also important to note that while fees are generally in the medium-range, they can rise higher (as a percentage) if you're buying smaller amounts. On PayPal, for example, you'd pay a 2.20% fee to buy \$10 worth of Bitcoin. But the fee to buy \$1,000 is 1.8%
.
6\. Bitcoin ATMs: Kinda gimmicky
These work like normal ATMs, only you can use them to buy and sell Bitcoin. They are often placed in locations where you might find normal ATMs, such as convenience stores and grocery stores. Before you carry out a transaction, make sure you look at the fees you'll be charged, and have a plan for where to send the Bitcoin once you buy it. Fees on Bitcoin ATMs are typically much higher than any fee you'd pay using a crypto exchange or traditional stockbroker. You'll also need to set up a Bitcoin wallet before you use the ATM, which, generally, is less beginner-friendly than just using a crypto exchange, as we outlined above.
Using data from CoinATMRadar, we analyzed the Bitcoin ATM fees of 7,520 ATMs around the U.S., and found the most common fee was 13% on Oct. 24, 2025
. This is substantially higher than any fee you would pay on a centralized exchange.
Between the high fees, knowledge required to use a Bitcoin wallet and the lack of customer support for Bitcoin ATM transactions, this is one of the more cumbersome and costly ways to buy Bitcoin.
What to know about Bitcoin transaction fees
When a Bitcoin transaction happens (such as an investor buying or selling Bitcoin), computers on the Bitcoin network have to validate the transaction and add it to the blockchain (the permanent online ledger of all Bitcoin transactions). They collect transaction fees for this work, which can fluctuate based on how many people are trying to execute Bitcoin transactions at a given time.
Bitcoin's transaction fees can be volatile. In the last year, they've varied between less than 50 cents per transaction and more than \$100 per transaction during periods of exceptionally low or high transaction activity
.
Many crypto apps and exchanges will estimate transaction fees for you while you're setting up an order. Make sure you take note of these fees — plus any additional fees charged by the app or exchange itself — before buying Bitcoin.
How to store the Bitcoin you buy
If you're purchasing Bitcoin, you'll need a place to keep it.
Bitcoin can be stored in two kinds of digital wallets: a [hot wallet or a cold wallet](https://www.nerdwallet.com/investing/learn/hot-wallet-vs-cold-wallet). With a hot wallet, transactions generally are faster, while a cold wallet often incorporates extra security steps that help to keep your assets safe but also make transactions take longer.
Hot wallet
With a hot wallet, Bitcoin is stored by a trusted exchange or provider in the cloud and accessed through an app or computer browser on the internet. Any trading exchange you join will offer a free Bitcoin hot wallet where your purchases will automatically be stored. But many users prefer to transfer and store their Bitcoin with a third-party hot wallet provider, also typically free to download and use.
Why choose a wallet from a provider other than an exchange? While advocates say the blockchain technology behind Bitcoin is even more secure than traditional electronic money transfers, Bitcoin hot wallets are an attractive target for hackers. As [Bitcoin.org warns](https://bitcoin.org/en/secure-your-wallet#online): “Many exchanges and online wallets suffered from security breaches in the past and such services generally still do not provide enough insurance and security to be used to store money like a bank.”
Cold wallet
A cold wallet is a small, encrypted portable device that allows you to download and carry your Bitcoin. Cold wallets can cost less than \$100 and are considered much more secure than hot wallets.
When creating accounts for your digital wallets and crypto exchange, use a strong password and two-factor authentication.
What to do with the Bitcoin you buy
Bitcoin can function either as an investment or a medium of exchange. So you can either spend it, trade it or hold it. If you're spending Bitcoin, there are a handful of retailers and digital services that allow you to use crypto as payment.
If you're investing, it's good to think about what kind of investor you want to be. Investors who day trade — a risky investment strategy that involves frequent buying and selling — try to buy Bitcoin low and sell it if and when its value moves higher.
But if you see a future for Bitcoin as a digital currency, perhaps your investment plan is to buy and hold for the long haul. Whatever your plan, know that [owning Bitcoin may create a complex tax situation](https://www.nerdwallet.com/investing/learn/bitcoin-taxes).
Frequently asked questions about buying Bitcoin
Is Bitcoin right for you?
Bitcoin can be a risky investment, so it's important to think carefully about your goals and your strategy before you decide.
That said, there are some basic guidelines. One common rule of thumb is to invest no more than 10% of your portfolio in individual stocks or risky assets like Bitcoin. And as always, it's a good idea to make sure you understand what you're investing in.
If you're not ready to put a large amount of money at risk, you can start small and still get a good grasp for how the process works. Many crypto exchanges have minimum purchases of \$10 or less.
Cryptocurrencies are digital assets that are usually created using a cryptographic computer networking technology called blockchain, which makes it possible to exchange them without the need for a central authority such as a bank. Cryptocurrencies are traded on public exchanges, but they are generally not subject to the same regulations as stocks and other traditional investment products.
Why choose Bitcoin over other cryptocurrencies?
Bitcoin is the dominant force in the market for cryptocurrencies, but there are thousands of other cryptocurrencies — some reputable, some not. Different cryptocurrencies are often designed for different purposes. For instance, Bitcoin was developed as a payment system.
Some other cryptocurrencies, such as [Ethereum](https://www.nerdwallet.com/investing/learn/ethereum), are used to carry out more complex transactions. Some, such as [Dogecoin](https://www.nerdwallet.com/investing/learn/buy-dogecoin), were created as jokes but have attracted investor interest anyway.
If you're thinking about buying Bitcoin or any cryptocurrency, there are a few ways to think about the risks and potential rewards. Bitcoin is a bet both on the cryptocurrency space itself and the specific technology behind Bitcoin. Both are relatively new and untested, and neither is guaranteed to reach the potential some of its proponents anticipate.
If you believe in the ideas behind cryptocurrency in general, but you're not convinced that Bitcoin is the ultimate expression of those concepts, you might want to consider a more [diversified portfolio of cryptocurrencies](https://www.nerdwallet.com/investing/learn/best-crypto-top-cryptocurrencies).
What do you need to buy Bitcoin?
For investors who are ready to buy Bitcoin, here are a few things to consider before getting started:
Have information you may need handy. Setting up a cryptocurrency account takes minutes, but you'll need to provide some information, including your Social Security number and the number to your bank account, debit card or credit card to fund your Bitcoin account. Some providers also may require you to have a picture ID. Record and safeguard any new passwords for your crypto account or digital wallet (more on those below).
Don’t take on credit card debt to make the purchase. Although some providers allow you to purchase Bitcoin by credit card, it's best to avoid taking on high-interest debt to invest in a risky asset like Bitcoin. If the value of Bitcoin sinks, you could get stuck with big losses.
Understand investor protections. Or in this case, the lack thereof: Bitcoin and other cryptocurrency investments are not insured by the Securities Investor Protection Corporation for exchange failures or theft, a protection that traditional stock brokerage accounts enjoy on up to \$500,000. Some exchanges provide private insurance, but that doesn’t protect against individual online breaches, such as someone stealing your password.
Use a secure, private internet connection. This is important any time you make financial transactions online. Buying Bitcoin while at the coffee shop, in your hotel room or using other public internet connections is not advised.
Can you get rich buying Bitcoin?
While Bitcoin's price has appreciated dramatically at times, not every person who has bought it has gotten a piece of those gains. Because cryptocurrency markets in general are very volatile, it's nearly impossible to find the "right time" to buy or sell — the price could soar moments after you sell, or plummet as soon as you buy. | |||||||||
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