If you asked this question back in 2008 when the mysterious Satoshi Nakamoto revolutionised currency, the word cheap still meant precisely that. The brave cyber-warriors that trusted this new decentralised cryptocurrency could buy Bitcoin cheap for as little as £0.0005 apiece. They purchased a concept: a virtual open-source file saved in a public list, aka blockchain technology.
Forward-thinking investors bought heaps of Bitcoin. The ones that held onto this new dream are smiling all the way to the bank today. Although Bitcoin has had a few near-death experiences over the years, and investors saw it tumbling down, it never crashed. Today, each Bitcoin is worth close to £27,000 and climbing.
If you’re late to the Bitcoin party, don’t give up. It’s never too late to invest or start trading in crypto. The sooner, the better. Let’s take a look at how you can buy Bitcoin cheap.
Look for Low Fees
As with all currency conversions the exchange platform you use charges various fees for their services. Bitcoin exchanges are no different, and you can expect to pay either a flat fee per trade or a set percentage for a 30-day trading volume.
So, in layman’s terms, you’re not only paying the mid-market rate of Bitcoin itself, but also an agreed rate on top of it to the platform that provides your Bitcoin wallet and trade. The two fees to enquire about are the Taker and the Maker.
The Maker fee adds to the order book liquidity, and the Taker subtracts from it. If the limit order exists within the order book, the broker might charge you both these fees. These fees should be highlighted in a contract and strictly adhered to by the exchange. It’s a good idea to get quotes from various businesses before committing. It’ll save you substantial amounts in the long run.
Also, make sure that there are no hidden fees in the small print. Look for transfer, deposit, or withdrawal charges. Also, ensure that the rate includes all trade and management costs before parting ways with your hard-earned cash.
Use a Trusted Exchange
As with all new things, unfortunately, there’s also a new generation of cyberpunks, let’s call them opportunistic bullies. They’re crypto hackers that are out to lay their hands on this precious commodity without following legal protocols. For this reason, you must approach buying and selling your Bitcoins only through legit Bitcoin exchanges.
Always do your online homework before you buy Bitcoin cheap on new platforms. Use only tried and tested exchanges with solid online reputations and reviews from trusted sources. If you neglect to use cyber-safe Bitcoin exchanges, it might be a costly lesson that you could avoid.
Let’s Wrap it Up
Cryptocurrencies are here to stay, and Bitcoin is still the leader of the pack. It’s become the proverbial face of currency-future. All investments have a degree of risk attached to it, but Bitcoin has proven over the last ten years that it’s a success due to the sheer volume of users that have realised its benefits.
If the price of a Bitcoin daunts you, please keep in mind that you may also buy fractions of Bitcoin cheap to get started. All you have to do now is to find a trusted exchange and start investing in your crypto-future.