If you wish to buy bitcoin, there are a range of options available. You can buy some crypto asset, maybe a stablecoin like USDT and then convert it to bitcoin, or you can buy it with cash. Not all exchanges support the second option, but there are some platforms that you can use conveniently to buy bitcoin with cash.
The following are five of the best platforms you can use, but which one you choose will depend on factors such as fees, your location among others. You should do your research well to ensure you choose the most suitable one for you. So what are these platforms?
- Paxful: Paxful is a peer-to-peer (P2P) crypto trading platform available to users worldwide. There may be a few exceptions due to local regulations, otherwise anyone can use it. It was initially meant for trading only bitcoin, but now supports Ethereum and USDT also. To use it, you have to register and verify your account depending on how much bitcoin you wish to buy. You can then search for listed sellers and select one you’re comfortable with their conditions. You’ll simply place your trade and receive the bitcoin. Don’t worry, the platform has a mechanism in place that ensures no one cheats.
- LocalCoinSwap: This is also a P2P trading platform where you can easily buy bitcoin. Like Paxful, all you have to do is register, verify your identity, and then proceed to buy from listed sellers. You do not need any superior tech knowledge to use LocalCoinSwap, so even an absolute beginner can use it without any problems. There are several payment options, one of which is cash. Once you place an order, you’ll send your cash and the seller releases the quantity of bitcoin you paid for. It is also available worldwide.
- HodlHold: You can buy bitcoin on this platform from any part of the world, using your local currency. One distinguishing feature of HodlHold is that it is solely for trading bitcoin and nothing more. It is also non-custodial, meaning the platform does not hold your bitcoin or cash. Transactions are carried out directly between two parties without the interference of the platform. If you’re looking to buy large amounts of bitcoin, HodlHold has an over the counter (OTC) platform that facilitates this in partnership with licensed European broker Tenbagger. Simply register, verify, and proceed to buy your bitcoin at any time.
- Bisq: Bisq is also a type of peer-to-peer bitcoin trading platform where you can buy your bitcoin easily. It is one of the most reputed of these platforms, and offers the option to buy bitcoin using cash. You can install the desktop version of the platform on your laptop and trade on the go without using a web browser. A very unique feature of Bisq is that it doesn’t require any form of identity verification to use, unlike most platforms. This makes it much easier to use. Simply register and proceed to buy bitcoin from available sellers without any waste of time.
- Binance: Binance is a centralized exchange that is used for different types of trading. It also allows P2P bitcoin trading between two parties with no interference at all. You can use this service if you’re in a country that allows access to the exchange. The exceptional thing about the platform is that you can buy bitcoin using cash with zero fees. Trades are 100% free, and also very fast. To use the service, you need to register and get verified, and then you can proceed to buy Bitcoin from verified traders. From there, you can proceed to trade it or withdraw to a private wallet, it’s all up to you.
Which is Best for You?
All of these are excellent platforms to buy bitcoin using cash. However, the one you finally use depends on your location, fees, your privacy concerns etc. If privacy is very important to you, you should try using Bisq which doesn’t require any verification.
If your priority is to reduce fees, Binance will be perfect since it deosn’t charge fees for P2P trading. You can consider other low-fee options if Binance is not available in your country.