Cheapest Way to Buy Bitcoin: The Best way to Buy Bitcoin in 2023

cheapest way to buy bitcoin


This guide will discuss everything you need to know about buying Bitcoin cheaply and tips for choosing suitable exchanges to invest in crypto assets.

The cheapest way to buy Bitcoin is through a cost-effective online broker like:

  1. Binance
  2. eToro
  3. Coinbase

Other cheap alternatives include bank transfers rather than credit card payments, as they don’t incur additional fees.

The spot market is another excellent way to buy Bitcoin because it allows you to trade Bitcoin at your price.

Cheapest Ways to Buy Bitcoin – Our Top 3 Picks

Buying Bitcoin cheaply can be a hassle, especially in a saturated market with many crypto platforms. Below are our top three cheapest ways to buy Bitcoin:

1. Binance

Binance is one of the cheapest way to buy bitcoin.

Binance is a popular crypto exchange platform with over 120 cryptocurrencies for trading, such as Ethereum, Dogecoin, and Solana. It’s the largest crypto exchange in the world. It offers ultra-low-cost trading fees, making it one of the cheapest ways to buy Bitcoin. Binance is not just an exchange platform but a cheap solution for Bitcoin retailers worldwide.

The trading fees start at 0.10% of your trade value, which is $10 for every $10,000 you trade. You can also make deposits of a minimum of $50 in about 60 different fiat currencies via payment channels like crypto wallets, credit cards, and bank transfers.

The minimum deposit on Binance varies in its peer-to-peer market (P2P). This is because the p2p market consists of traders from different locations transacting with one another. The p2p market is also an alternative way to cut buying and selling Bitcoin costs.

Most Used
Tradable Coins
  • 375+
Payment Options
  • +3
  • 0.1 – 0.5%

More details

Binance, a leading global crypto exchange, offers a user-friendly interface and low fees for trading a diverse range of coins. Accessible to both institutional and individual investors, it supports advanced trading services, although U.S. options are somewhat limited.

  • Industry's lowest trading fees.

  • Advance trading options like leverage.

  • 350+ trading options, 150+ for theUS.

  • Lucrative on-site staking options.

  • Hiccups in account verification.

  • Less regulated than some competitors.

  • The corporate structure is not transparently.

For US users, we recommend Binance.US.

Tradable Coins
  • 150+
Payment Options
  • 0.015 – 0.3%

More details

Binance.US is growing in popularity among U.S. traders due to its lower fees and expertly designed user interface that eases access for beginners. Despite offering fewer features than its global counterpart, it has potential for further enhancement.

  • Broad audience spread throughout the U.S.

  • Staking on multiple cryptocurrencies.

  • Easy to navigate for beginners.

  • Low spot trading fees.

  • Excellent customer service.

  • Not available in a few U.S. states.

  • Fewer crypto-to-crypto trading pairs.

  • No customer support by phone

  • Does not accept credit card deposits.


  • Ensures crypto traders’ security.
  • Provides advanced and basic exchange interfaces for cryptocurrency trading.
  • Has a mobile app.
  • 24/7 chat support.
  • Integrates seamlessly on iOS, Android, Web, macOS, and PC.
  • Offers a wide selection of the best altcoins available.


  • Fiat currency withdrawal takes up to five days.
  • Withdrawal fees are higher for some cryptocurrency exchanges.

Why we chose Binance

Binance is our top choice because of its low trading fees, strong cybersecurity, and cheap bank transfer. Many crypto exchanges claim to offer low withdrawal fees to entice customers. But when your Bitcoin trading volume increases, they charge higher fees.

This isn’t the case with Binance, which charges $1 for a bank transfer and about 1.8% for credit card payments on fiat currency withdrawals. It’s the best platform for newbie crypto traders to access low-free crypto exchange.

2. eToro

eToro a bitcoin exchange for cheap crypto transactions.
eToro is a Bitcoin exchange for cheap crypto transactions.

If you’re conversant with crypto, chances are you’ve come across the name eToro. It’s a popular exchange platform offering customers investing and trading options like stocks, ETFs, and cryptocurrencies.

This social trading community has over 22 million investors from 130 countries worldwide. Global regulators like the Cyprus Securities Exchange Commission (CySEC), the Australian Financial Services (FSA), and the Financial Conduct Authority UK (FCA) ensure eToro is a trustworthy service.

With its social trading features, you can easily create a custom news feed and copy the trades of skilled investors on the site. eToro is one crypto exchange platform that lets you purchase numerous altcoins with a flat 1% trading fee. You can deposit funds of, at minimum, $10 for free, while for amounts above $30, its withdrawal fees cost $5.

eToro uses USD to denominate accounts, so making deposits in other currencies like Euro or GBP will attract conversion fees, depending on the bank rate. The platform accepts payment methods like credit cards, debit cards, and PayPal. You can also make a bank transfer.

If you intend to hold crypto for an extended period, you’ll appreciate its staking features that help generate yield. With the eToro interim crypto wallet, you can transfer Bitcoin off its platform.

Best in class
Tradable Coins
  • 80+
Payment Options
  • +4
  • 0.1 – 1%

More details

eToro is a popular online trading platform for crypto assets, stocks, and ETFs, featuring low fees and a user-friendly interface. With a free eToro wallet and social features like messaging boards, users can copy experienced traders and access numerous assets. Take a look at what makes this platform perfect for starting your trading journey.

  • Provides an attractive, communal atmosphere.

  • Offers zero commission on ETFs.

  • Extensive selection of educational resources.

  • Mobile app with trading features.

  • Smooth account opening and bank transfer.

  • Limited number of cryptocurrencies.

  • Limited customer support.

  • No crypto-to-crypto trading pairs.


  • The cheapest and easiest platform to start Bitcoin mining.
  • Integrates social trading that allows you to copy experienced traders.
  • Has detailed trading and charting tools, including TradeView integration.
  • Offers a free demo trading Bitcoin account.
  • Low minimum deposit amount of $10.
  • Charges no commission.


  • It is unavailable in regions like Canada, Turkey, Japan, and Israel.
  • Provides only one crypto account digital currency, which is USD.
  • Has a limited crypto selection.

Why we chose eToro

We chose eToro as a platform to buy bitcoin cheaply because of its friendly user interface and practice accounts that let novice traders test buying and selling bitcoin without risking fiat currency.

It also has a CopyTrader system, which you’ll find helpful for mimicking trades from professionals on the platform. eToro is a robust platform in terms of regulatory licenses and has built a solid reputation for over 15 years in the crypto community.

If you’re looking for a simple crypto trading site that allows you to learn more about cryptocurrency exchanges while buying Bitcoin, eToro is for you. We also made a guide for buying ETH on eToro if that is what you want.

3. Coinbase

Buy bitcoin cheaply on Coinbase.
Buy Bitcoin cheaply on Coinbase.

With over 68 million users in about 100 countries, Coinbase is one of the largest crypto trading platforms. It supports 120+ cryptocurrencies and is still adding more. Coinbase is a broker exchange, which means it buys Bitcoin for you. All you need to do is open an account and deposit fiat money.

The platform’s flexible payment method and easy-to-use interface make it one of the cheapest ways to buy Bitcoin. It does an excellent job of lowering the barrier of entry for new investors with a minimum trade size of $2.

When you buy Bitcoin with Coinbase, you pay at least 1.49% of the purchase price as a fee. It charges about 3.99% of the transaction fees when you use credit and debit cards to buy Bitcoin. A lot of the time, the transaction fee is higher than the flat fee.

Thankfully, its bank transfers (ACH) are free, while wire transfers cost $10. The platform charges a 1% conversion fee from either crypto to crypto or fiat to crypto and between 0.05% – 0.60% for spot trading.

Tradable Coins
  • 250+
Payment Options
  • +6
  • 1%

More details

Coinbase is one of the largest crypto exchanges in the world and a widely-used platform for buying, selling, and trading over 200 cryptocurrencies. It offers trading solutions for beginner, advanced, and institutional traders alike. Take a look at what makes it an excellent option for individual traders looking to trade in cryptocurrencies and beyond.

  • A wide-selection of coin offerings.

  • Most secure online crypto platforms.

  • Top-rated mobile app.

  • Easy interface and user-friendly.

  • Expensive and complex fee structure for beginners

  • Higher fees as compared to other cryptocurrency exchanges.

  • Slow customer support.


  • Offers a beginner-friendly trading platform.
  • A large number of trading peers and cryptocurrencies.
  • Low transaction fees.
  • An easy-to-use platform for beginners.
  • Popular mobile wallet app for iOS and Android.


  • It is not ideal to buy Bitcoin anonymously.
  • The KYC process is complex.
  • Unreliable customer support.
  • Charges high deposit fees and commissions.

Why we chose Coinbase

Coinbase is not necessarily the cheapest exchange on the market. Still, it offers strong security, many supported cryptocurrency exchanges, and advanced trading functionalities, which come at a cost. With this platform, you get value for your money.

It’s a reputable cryptocurrency exchange that provides insurance in cases of loss of funds due to fraud. Coinbase also has a great safety record as it offers two-factor authentication.

Cheapest Way to Buy Bitcoin: What Are Other Alternatives to Buy Bitcoin?

Aside from our top three choices for the cheapest way to buy Bitcoin, here is a list of other sites we found cost-effective and reliable:

  1. ZenGO
ZenGo is a secure and cheap trading platform.
ZenGo is a secure and cheap trading platform.

ZenGO is a secure wallet for investing in crypto. It supports over 70 coins, including Bitcoin, Ethereum, Dogecoin, and Litecoin. ZenGo charges a 0.1% fee for purchasing stablecoins like USDT via bank transfers.

  • Yes
Supported crypto
  • 70+
Staking APY
  • 5.18%

More details

ZenGo is a foremost keyless cryptocurrency wallet. It provides a secured wallet for numerous crypto assets and NFTs. Also, it allows crypto to fiat transactions via credit and debit cards at minimal fees. Its minimalist, user-friendly interface ensures that all functionalities are user-focused. However, a major drawback is its need for cloud storage to activate and recover the account.

  • Advanced security integrated.

  • Keyless wallet.

  • User-friendly interface.

  • Great staking APY.

  • No desktop version.

  • Cloud storage needed.

  1. Bitstamp
Bitstamp is a cryptocurrency exchange.
Bitstamp is a cryptocurrency exchange.

With a track record of over 12 years of service delivery and a selection of 78 cryptocurrencies, Bitstamp is an excellent exchange for trading crypto. It lets you buy digital assets with fiat currency through ACH and wire transfer.

Bitstamp charges fees of 0.50% on purchase prices less than $10,000. Thankfully, its deposits are free for ACH, crypto, and wire deposits but charge between 0.05% and 5% on debit card purchases.

Tradable Coins
  • 80+
Payment Options
  • 0 – 0.50%

More details

Bitstamp, with its user-friendly interface and reasonable fees, offers a good start for beginners despite a limited choice of 80+ cryptocurrencies. Though seasoned users might seek more coin diversity, Bitstamp does provide advanced order types. Moreover, it supports debit and credit card transactions in fiat currencies like USD, GBP, and EUR.

  • Easy-to-use platform for beginners and pros.

  • Competitive fees compared to other crypto exchanges.

  • Long history of supporting cryptocurrency users.

  • Earn rewards with crypto staking

  • Limited list of supported currencies.

  • KYC for fiat currency, deposits, and withdrawals.

  • No margin trading or lending features.

  • 2015 hack resulted in the loss of $5.2 million

  1. Coinsmart
Coinsmart is a crypto platform with low-cost fees.
Coinsmart is a crypto platform with low-cost fees.

Coinsmart is not only secure but also intuitive for trading digital assets. With this exchange, you can customize your orders seamlessly.

It provides access to several coins, including Bitcoin, Litecoin, Ethereum, Shiba Inu, Polkadot, and Ripple. On this platform, users pay 0.20% for a single trade and 0.30% for a double trade.

  1. Bitpanda
Bitpanda is a cheap way to buy Bitcoin
Bitpanda is a cheap way to buy Bitcoin.

Bitpanda is your number one platform for gaining crypto exposure. You can buy Bitcoin and 170 digital currencies using MasterCard as a payment method. It charges a 2% fee for direct fiat-to-crypto trades and imposes a minimum deposit requirement of €25.

Tradable Coins
  • 95+
Payment Options
  • +
  • 0.05%

More details

Bitpanda, a European crypto broker, provides a range of assets like cryptocurrencies, stocks, ETFs, and commodities. It offers a user-friendly interface, low fees, and a crypto index fund to facilitate accessible investments. However, since January 2020, Bitpanda enforced KYC and restricts its services to European residents.

  • Crypto index fund.

  • Supports stocks and commodities trading.

  • User-friendly interface.

  • Low trading fees.

  • Bitpanda Visa card.

  • Not available in the U.S.

  • Crypto deposit fees.

  • Limited crypto range on Bitpanda Pro.

  1. SoFi

If you want integrated investing in addition to trading cryptos, SoFi is your best choice. It lets you pay fees via transfer, credit, or debit card.

With this exchange, you can invest in and trade Stock Bits, stocks, and ETFs. It charges 1.25% on crypto transactions.

Where Is the Safest Place to Buy Bitcoin?

First and foremost, note that buying and selling digital currency is legal. The FCA regulates several Bitcoin brokers in the UK. So, all you need to look out for is how well crypto exchanges will protect your assets.

Many trustworthy crypto exchanges on our list are safe places to buy Bitcoin. They have a track record in terms of financial and technological safety. Although this won’t guarantee that the price of the crypto coins will rise after you make a purchase, it limits the risk associated with trading.

Keeping your passwords secure is also important, as these platforms don’t protect against unauthorized access. They can only help safeguard your assets when you buy Bitcoin.

Bitcoin exchange.
Bitcoin exchange.

Here are reasons the platforms on our list are safe places to buy Bitcoin instantly:

  • The best and cheapest places for Bitcoin purchases make access to the crypto market easy by allowing users to buy and sell cryptocurrencies online via a mobile app.
  • Many crypto exchanges store a considerable part of users’ assets’ in “cold storage.” This means they keep your information on servers that have no connection to the internet.
  • Most exchanges offer numerous digital currencies and tokens, providing several ways for traders to build a diversified portfolio of crypto assets. 
  • Leading cryptocurrency exchanges offering bitcoin cheaply comply with Anti-Money Laundering and Know Your Customer (AML/KYC) rules to ensure the safety of assets.
  • These cryptocurrency exchanges store your cash balances in banks, providing FDIC insurance of up to $250,000 per customer.
  • They usually keep a percentage of your asset in a “hot wallet. This means servers that have a connection to the internet. Doing this enables these exchanges to handle your withdrawal and transfer funds in cases of liquidity.

Costs Involved in Buying Bitcoin

When purchasing Bitcoin at a low cost, you must know the types of fees to expect during cryptocurrency trading. This can help you know the charges the overall Bitcoin purchase price covers.

Below are the two common types of fees to know in the crypto community:

Exchange Fees

Many crypto exchanges require that you pay multiple service fees to buy Bitcoin or send money to their platforms. It’s through these fees they make money. These service fees include:

  • Trading fees: Most exchanges charge about 0.1% to 0.2% for every trade Bitcoin users make on their platform. This may seem small, but it adds up if you frequently trade crypto.
  • Deposit fiat currency fees: Exchanges charge users this fee when they transfer from their bank accounts to the Bitcoin wallet.
  • Account fees: This is the amount you pay monthly on the platform.
  • Withdrawal fees: You pay this fee when withdrawing fiat currencies or crypto from your account.

Network Fees

On top of the other fees you pay when you transfer Bitcoin, you’ll need to pay network or mining fees. You pay this amount to whichever Bitcoin miner adds your transaction to the Bitcoin blockchain.

So, if you genuinely want to own any crypto asset, you must pay this fee before the exchange sends the altcoin to your wallet. Regardless of the platform you use to buy and sell Bitcoin, expect to pay between $1 and $3 for the network fees.

Why is Bitcoin Cheaper on Some Cryptocurrency Exchanges Compared to Others?

Bitcoin is one of the most popular crypto assets
Bitcoin is one of the most popular crypto assets.

Bitcoin prices vary depending on exchange platforms.

For example, users can trade Bitcoin on these exchanges at the following price (as of writing):

  • Binance – $26,830.26
  • Coinbase – $26,876.01
  • eToro – $26,579.00
  • Bitstamp – $26,874

These varying prices boil down to factors like liquidity pool, network or mining fees, and market size.

First, many exchanges use the liquidity pool to manage trades between fiat currency pairs. So, it’s unsurprising that crypto trading is larger on big exchanges like Binance, Bitstamp, and Coinbase and lower on small exchanges.

This results in a difference in the supply of currencies in the Bitcoin mining pool, affecting the price. As more investors demand a particular coin on an exchange, the law of demand and supply applies, causing the price to go up.

When the demand is low, the price goes down.

Trading and network fees also impact the price difference on exchanges. Platforms with higher fees increase the total price of buying Bitcoin.

Lastly, there’s no established method of pricing Bitcoin. This means nobody knows what it should cost. The price purely depends on crypto trading.

However, you may be lucky to find new cryptocurrency exchanges with Bitcoin at a cheaper amount than popular platforms. But this does not mean newer exchanges offer the cheapest way to buy Bitcoin.

Why is Finding the Cheapest Way to Buy Bitcoin Important?

The price of buying Bitcoin varies depending on the cryptocurrency platform you choose. Factors like the current market demand, supply ratio, and your preferred payment method impact the total cost you spend on purchasing Bitcoin.

The volatile price of Bitcoin makes it even harder to get free coins. This means finding the cheapest way to buy Bitcoin online is quite important.

If you’re assessing Bitcoin’s value using fiat money, such as USD or Euro, the difference in the cost may appear insignificant at first. However, a slight value increase can result in a profit of several dollars in the future.

Assuming you purchased Bitcoin in January, the price was about $300. An overpayment of $2 would translate to almost $64 per coin in August. Having multiple financial transactions like this across many exchange platforms can cause a great loss because you didn’t cost-effectively purchase Bitcoin.

Dogecoin a digital currency.
Dogecoin is a digital currency.

The Smallest Amount of Bitcoin You Can Buy

The smallest possible amount of BTC anyone can buy is 0.00000001 satoshi. Keep in mind that each BTC has 100.000.000 satoshis. However, the minimum amount of Bitcoin you can buy depends on the exchange platform’s policy.

Some bitcoin exchanges allow you to buy or sell bitcoin for as low as 1.00 of digital currency in your local money—for example, $1 or E1.

On Binance and eToro, the smallest amount is worth $10. On Coinbase, the least amount you can place a purchase order using fiat currencies is 2 USD or Euro.

You can buy small bitcoin, but such an investment would hardly bring profit. Nevertheless, buying a small BTC can help you determine if your crypto-buying setup functions so that you can invest more funds in the future.

A Brief Overview of Bitcoin

Bitcoin is a digital currency that allows you to bypass central authorities like the bank and government. It uses blockchain technology to secure a peer-to-peer payment method for transactions between two parties.

A blockchain is a record that securely keeps transactions. This means no one can falsify the records. Unlike banks, users keep Bitcoin in a crypto wallet and have full control over it

Things You Should Consider When Buying Bitcoin

Here are factors that can help you find the cheapest way to buy Bitcoin:


Liquidity is an important factor you should consider when investing in Bitcoin. The level of liquidity on an exchange affects not only the price of Bitcoin but also the ease of selling and buying Bitcoin. A very liquid market indicates it’s easier to buy and sell Bitcoin directly at a cheap rate.

Bitcoin trading.
Bitcoin trading.

Security Measures

An ideal cryptocurrency exchange complies with various security measures, such as Bitcoin locks and two-factor authentication, to help against hackers.


Opt for platforms that give bonuses, such as low spending requirements, promotions, and sign-up promos, to encourage your trade.

Remember that an exchange’s bonus is not a deciding factor for choosing it as your preferred trading site, but it can help you trade coins cheaply.

Customer Service

If you’re a newbie in cryptocurrency, choosing an exchange with reliable customer support is the best move.

Methodology – How We Picked the Best Places to Buy Bitcoin

No one rule fits all. Crypto exchanges operate to help you store and sell cryptocurrencies, but they differ in several areas. We surveyed over 15 best cryptocurrency exchanges and followed numerous metrics to narrow our selection.

We assessed them based on their user experience, functionality, and cost. Other elements we evaluated in our methodology include the availability of coins, security, and payment options.

The best cryptocurrency exchanges on our list ranked high in these categories:

Crypto Availability

An exchange that has a wide selection of coins is important. We picked platforms that supported over 15 famous target cryptocurrencies available. Whether a beginner or an advanced trader, you’ll appreciate this feature for trading multiple coins.


One of the most significant aspects of purchasing Bitcoin is keeping it safe. Hence, keeping your crypto coins with reputable crypto exchanges with strong and audited security protocols would be best. Top exchanges like KuCoin and Binance have experienced security issues, losing millions of dollars.

While exchanges usually reimburse Bitcoin users who are theft victims, it’s better to be safe than sorry. You can reduce trading risks by spreading your purchases across several exchanges.

Or better still, make it a habit to move your cryptocurrency assets from an exchange’s default wallet to your own secure “cold” Bitcoin wallet. Doing this makes it nearly impossible for third parties to hack your crypto account.

Trading Volume

A wide cryptocurrency selection is irrelevant if no trades are happening. We favored exchanges with sufficient trading volume in popular target coins to ensure liquidity. Through this, you can easily trade Bitcoin.

Low-volume trades are a red flag. When there are few sales on an exchange, you could sell at a low price and buy at a higher price than expected. In addition, we ensured the platforms had trading types, like limit orders, to enable you to set a hard price.

User Experience

Whether an advanced crypto trader or a beginner, exchanges with easy-to-use mobile apps make your trades seamless. A poor experience can lead to mistakes or frustrations, causing you to quit trading altogether.

We evaluated leading exchanges’ desktop and mobile app interfaces and prioritized those with intuitive designs.

Educational Resources

We considered how helpful each crypto exchange educational resource was for users. The best platforms had plenty of research tools and educational content to help you understand the complex, developing crypto community.

They had mini-courses and guides on basic crypto concepts. For example, Binance has an academy dedicated to helping its users become crypto literates.


We took extra steps to ensure the exchanges were accessible in most countries. Due to regulatory requirements, some crypto exchanges only allow users from certain countries to open an account or trade.

Besides, some places are still contemplating how they should treat cryptocurrencies from a tax or legal standpoint.


High fees can affect investment returns, so we evaluated multiple crypto exchange fees. We checked their transaction, account, and withdrawal fees,

Many platforms like Bitstamp reduce their transaction cost after you make a certain number of trades. So, the higher your trading volume, the less you pay per trade.

Regarding account fees, most platforms hardly charge you, and as for withdrawal fees, the most expensive payment method is a credit card.


The number of individuals going into the Bitcoin community is constantly rising. Therefore, purchasing Bitcoin cheaply is an expertise that’s becoming increasingly important. Any trader can buy Bitcoin, but not everyone knows how to get good deals.

Getting Bitcoin cheaply will certainly impact your investment. Binance is our best choice for purchasing Bitcoin cheaply and safely.

Its user-friendly platform lets you practice Bitcoin purchases before dabbling into real trading. eToro is another excellent option for cheap instant crypto purchases.