How to Buy Bitcoin: A Beginner’s Guide
June 28, 2023
How to buy Bitcoin? Buying the world’s most popular cryptocurrency is easy, if you use the right tools. As with any other transaction on the internet, it pays to choose the safest as well as the quickest and easiest solution. A crypto exchange like Young Platform has everything you need: in this beginner’s guide you will find out how to buy Bitcoin step by step!
How to buy Bitcoin: the exchange
If you want to find out how to buy bitcoin in the easiest way possible, the first tool to know is the exchange.
An exchange is a site or app where you can buy and sell crypto comfortably. This service also stores your cryptocurrencies and facilitates all money transfers, as well as displaying up-to-date market data. Unlike traditional financial markets, here you can trade any day of the week and at any time.
There are different exchanges on the market, with different features, but in this guide we will explain in a practical way how to buy bitcoin on Young Platform, the largest Italian exchange.
Creating an exchange account
Before you even think about how to buy bitcoin, you need to set up your ‘crypto account’: it all starts by creating an account and choosing a strong password that you can store securely.
Then, in order to activate your account, you will have to complete identity verification.
Identity verification, or ‘KYC’ for insiders, is a procedure required by law for all operators dealing with cryptocurrencies, as well as for financial intermediaries such as banks. It serves to protect these services from any kind of criminality. Don’t worry: in Italy, the privacy guarantor takes the data you provide for this purpose seriously, and makes sure it is collected in accordance with your rights. So take five minutes, and the verification will be done.
Now all you have to do is top up your account balance so that you have funds to buy Bitcoin (and more).
While choosing your exchange, check the available deposit or payment methods: not all of them offer Euro or fast methods such as payment cards. Once you have made a deposit with the amount you wish to use, the purchase is very simple! But let’s see how to buy bitcoin with a practical example, using Young Platform as a reference.
How to buy Bitcoin on Young Platform
As a legally registered exchange in Italy and France, Young Platform will also ask you for identity verification to buy Bitcoin and other cryptos.
If you have an identity document with you, it is a very quick and guided step-by-step procedure, but in case of difficulties you can always contact our multi-lingual Support.
This brings us to topping up the account. Depositing on Young Platform is a pleasure: you have several methods to do so and only need €20.
Cards, Google or Apple Pay and bank transfers are possible thanks to carefully chosen partners and the exclusively Italian banks that Young Platform relies on for greater control over operations and compliance.
Not sure how much to deposit or how? Here are some hints to help you in your decision:
- Check the fees and time required for each deposit method in order to choose the most convenient one for the amount you want to deposit:
- Credit or debit card, Apple Pay, Google Play – instant, 2.2% fee + 0.25€;
- Ordinary transfers – up to 5 working days, free of charge;
- Remember that you don’t have to buy a whole bitcoin, you can start from a fraction! In fact you can buy as little as 5 Euro and get a few decimals of BTC.
- Also consider your future purchases when choosing how much to deposit by checking the minimum amounts required in the last table on this page.
- If you do not use the funds or change your mind, you can always withdraw them by card or transfer
Now that you have topped up your account you can buy Bitcoin and many other cryptocurrencies. It’s simple, and thanks to the app you can do it anywhere.
- Log in;
- Click ‘+ buy’;
- Select the cryptocurrency you want to buy;
- Enter the amount in euros you wish to exchange. Please note: each cryptocurrency has a minimum amount (last table on this page) for BTC is 5 euros;
- Tap ‘continue’ and you will be shown the purchase preview;
- Confirm to receive your first BTCs!
And here is how to buy bitcoins: the purchase itself is a matter of seconds, and you immediately receive BTCs in your Young Platform wallet.
What is the right time to buy bitcoin?
Short answer: there isn’t one!
Long answer: there is more than one. In fact, a study shows that it is sometimes more convenient to spread your purchases over time.
At other times, however, there are special occasions, the conditions of which may be more favourable than usual.
We are talking about the halving, an event scheduled for April 2024 that impacts the supply of Bitcoin by reducing its issuance and thus keeping BTC scarce.
Some people think that towards this event, that occurs every 4 years, BTC price tends to rise. So the current bear market could be the last chance to put aside ‘discounted’ bitcoins. Buying bitcoins now, at a stage when the price is still accessible, could allow you to resell them later, in the face of an eventual significative price rise, and cash in the difference.
Why Choose Young Platform
Everyone has their own strategy and reasons for buying crypto: maybe you searched ‘how to buy bitcoin’ because you just want to give it a try, maybe you are thinking of accumulating it over time, or maybe you want to start trading and study more than one cryptocurrency.
Whatever your case may be, Young Platform meets your needs: here is everything you can do with your new bitcoins on the exchange.
On the homepage of the app, the first thing you will always see is the Euro equivalent of your total balance, which includes all cryptocurrencies or fiat you own.
Further down you can select your favourite cryptos to monitor their market performance, and below you have the Profit & Loss chart, which represents the performance of your cryptos or an individual crypto you have purchased over time. You can also consult the Statistics, which you can find right next to the P&L, to get an immediate overview of the distribution of your currencies.
By activating notifications, then, you will often receive alerts for the most important price movements in the market.
2. Recurring purchase
On Young Platform, you can set up automatic recurring purchases: essentially, you can schedule when and how to buy Bitcoin (and other cryptocurrencies). In this way, you can prevent your trades from being influenced by emotions, such as fear or hype, and the stress given by charts.
3. The Moneyboxes
If you like the idea of recurring buying, or if you want to store your Bitcoins for a long time without selling them, there is the Moneybox. This is a different wallet than the one you use to buy and sell frequently, designed to help you set aside crypto easily.
If you like Young Platform’s services, consider joining its Clubs: multi-level benefit packages. The key to joining is the exchange token: YNG, which is also easily purchased in its marketplace.
5. Selling and converting Bitcoin
Besides buying Bitcoin, you can of course sell it, but you can also convert it into other cryptocurrencies. From your BTC wallet you can choose to sell it for Euros, or to convert it into other cryptos. What’s more, at any time you can move the amount you get from selling in Euros to your bank account or card.
Young Platform fully subscribes to one of the principles of the crypto industry: Do Your Own Research (DYOR). That is why it offers free content on this Academy and on its Blog: to provide you with all the tools you need to be informed in all your actions.
That’s it, we have explained in this guide how to buy Bitcoins, sell them and trade them, you just have to try Young Platform and discover all its simplicity.