- To understand the cheapest way to buy bitcoin, one needs to understand the costs involved in buying it. The various costs involved are payment method fees, transaction fees, exchange rate and time and effort costs.
- P2P trading, credits and debit cards, SWIFT transfers and Bitcoin ATMs are among the few popular methods of buying Bitcoin.
- P2P trading is the cheapest way to buy bitcoin due to zero trading fees, competitive prices, and low time and effort costs.
There are many exchanges and ways to buy Bitcoin, hence it can be a confusing and overwhelming process, but it doesn't have to be. In this article, we compare these different options and guide you through everything you need to know to find the cheapest way to buy Bitcoin and other crypto with fiat on Pexpay. To find the cheapest way to buy Bitcoin, you should understand all the different costs involved and the different payment methods available.
What are the costs involved in buying Bitcoin?
Payment Method Fees
The payment method fees depend on the chosen fiat payment method used to buy Bitcoin. While certain payment methods incur zero fees, others might have some fees associated with using it. For example, if you use a credit card, you will usually have to pay a higher fee than if you use a regular bank transfer. This is because credit card companies charge a fee for processing the transaction, which the exchange passes on to you. In contrast, there won’t be any fee charged for using cash as a payment method.
When buying or selling Bitcoin on an exchange, you are charged a small fee for each transaction. This fee, known as a trading or transaction fee, is used to cover the costs of processing the transaction and maintaining the exchange's infrastructure.
The exchange rate is the price of one currency in terms of another. When buying Bitcoin, you effectively exchange your local currency for Bitcoin. Since this exchange rate is volatile and fluctuates daily, it affects the cost of buying Bitcoin.
Time and effort cost
Finally, it is also important to consider the time and effort to create an account, verify your identity, to transfer funds to the exchange and the time to finally receive your crypto in your wallet. Factoring in this opportunity cost when calculating the total cost of buying Bitcoin can not only save time, but also your hard-earned money.
Different Methods of Buying Bitcoin
When it comes to actually buying Bitcoin, you have several options to choose from. In this section we will explore the different methods of buying Bitcoin on Pexpay and highlight the pros and cons of each.
Peer-to-peer (P2P) trading is a popular method of buying Bitcoin. Using this method, you buy directly from another person and therefore eliminate the need for an intermediary. As a result, P2P Trading often has lower trading fees compared to traditional exchanges or no fees at all, making it a cost-effective option for buying Bitcoin. P2P Trading takes the least time and effort as many of the available payment methods settle instantly, allowing for the trade to be completed within minutes.
Credit & Debit Cards
Many exchanges allow you to buy Bitcoin using a credit or debit card. This is a convenient method, but the payment method fees can be quite high. For credit and debit cards, the payment method fees often include hefty foreign exchange markups charged by the credit card company. Besides only being accessible to those with a bank account, a purchase using this method takes 2-3 days due to anti-fraud checks by your bank.
SWIFT Bank Transfer
You can also buy Bitcoin using a traditional SWIFT bank transfer. Depending on the fees charged by your bank, this can be a low-cost method, but it can take several days for the funds to arrive. On top of that, just like with the credit card method, you will need to have a bank account.
Finally, Bitcoin ATMs allow you to buy Bitcoin using cash. They can be a relatively fast and convenient way to buy Bitcoin, but the fees can be high, especially if you're buying a small amount. Additionally, Bitcoin ATMs can be difficult to find, and some of them only allow you to buy, not sell.
When buying Bitcoin, you have several options to choose from, each with its pros and cons. When comparing the different buying methods, we recommend you make sure to carefully consider the costs involved to find the best option for you.
Overall, if you are looking for the cheapest and most cost effective method, P2P Trading on Pexpay is your best bet.
Cheapest Way to Buy Bitcoin: P2P Trading
On most exchanges, P2P Trading is the cheapest trading method and some charge 0 fees for selected users or currency pairs. Pexpay’s P2P Trading proudly offers 0 fees for all users on all pairs, making Pexpay the cheapest platform to buy Bitcoin and the ideal option for both beginner and advanced traders.
P2P trading usually offers the lowest fees on the market and many exchanges also offer 0 fees, but to some users only. If you’re one of the users who is restricted to enjoying the 0 fee offer, fret not, because Pexpay offers 0 fees for all users (makers and takers).
No trading fees and a quick, hassle-free process
Because P2P Trading on Pexpay has no fees at all, you save all the trading fees that all other buying methods incur. You also reduce the time and effort required to purchase Bitcoin, since Pexpay’s user-friendly KYC process is pretty quick and is only required once. Moreover, prices on Pexpay are often lower compared to other exchanges precisely because no trading fees are charged, providing you with the best value for your money.
A wide selection of payment methods with minimal fees
With over 150 payment methods, 40+ currencies, and 15+ tokens offered, P2P Trading on Pexpay offers a flexible and easy way to buy or sell crypto. You can easily choose a payment method with no attached fees such as instant bank payments, wire transfers, cash and more.
In conclusion, P2P Trading on Pexpay is the cheapest and most convenient way to buy Bitcoin, providing you with the best price on the market and a range of other benefits. With no fees or hidden charges, P2P Trading on Pexpay is the ideal solution for anyone looking to buy Bitcoin affordably and with maximum ease.
[You can even sign up as a merchant and earn money via P2P Trading on Pexpay. Click here to find out more.]
How To Buy Bitcoin in the Cheapest Way Possible
Step 1: Create an account on Pexpay
- Go to the Pexpay website and click on [Register].
- Enter your email address and create a strong password.
- Verify your email address by clicking on the link sent to your email.
- Before you can use P2P Trading, you will also need to complete the identity verification. Clickhere for a step-by-step guide on verifying yourself.
Step 2: Choose and set your payment method
- Navigate to the [P2P User Center] and click on[Manage] next to “Payment Methods”.
- Follow these steps to add a payment method .
Step 3: Select an offer
- Go to the P2P Trading page and configure your search criteria on the left tab. Select Bitcoin, enter the amount you would like to invest, choose your currency and your payment method.
- Now, you can see a list of all available offers that match your criteria. The offers show you the offered price per Bitcoin, how much Bitcoin is available from that given vendor and the limits of the order size.
Step 4: Fill your order
- Once you decide which offer you wish to accept, click on the [Buy BTC] button and make sure to take note of the terms and conditions.
- Input the amount of cash you would like to buy Bitcoin for and click the [Buy BTC] button again.
- Now, it is time to transfer the payment to the seller using the specified payment method within the specified time window. Click on [Transferred, notify seller] after you have transferred the payment.
- That’s it! Once the seller confirms the payment, the Bitcoin is automatically released to your wallet.
P2P Trading on Pexpay is the cheapest way to buy Bitcoin and crypto with fiat, offering low fees, a wide range of payment options, and access to some of the best prices in the market. Whether you're a seasoned trader or just starting out, Pexpay is a user-friendly platform that makes buying and selling crypto simple and easy.
By following the step-by-step guide in this article, you can start your Bitcoin trading journey today in the most cost-effective way possible!
Beginners’ Guide to Pexpay P2P:
- All You Need To Know About P2P Trading on Pexpay
- How to Buy Cryptocurrency via P2P Trading on Pexpay App
- How to Sell Cryptocurrency via P2P Trading on Pexpay App
- How to Post Trade Advertisements on Pexpay P2P (App)
- How to Become a Pexpay P2P Merchant
- Pexpay P2P Trading FAQs
Disclaimer: Your use of the Pexpay P2P services and all information and other content (including that of third parties) included in or accessible from the Pexpay P2P services is at your sole risk. Our only responsibility is to handle crypto transactions. All payments are final upon completion unless otherwise required by law. Pexpay P2P platform has neither the rights nor the obligations to resolve any disputes arising from a completed payment. Neither Pexpay P2P platform nor merchants shall be responsible for your loss in a completed payment.