1. Know the risks
Before buying Bitcoin, you should be fully informed. When investing in a speculative market, be sure to familiarize yourself with the risks. A brief summary of these risks can be found here: Bitcoin Risks.
2. Check prerequisites
The requirements for successful registration on most swap meets are:
Email address, address, mobile number, bank account (in your own name). For higher purchase amounts, further identification takes place through e.g. a short video interview or the PostIdent procedure, where a valid identity card or passport must be presented.
3. Choice of exchange
Exchanges differ in many ways: available payment methods, identification procedures, security, fees, available cryptocurrencies, clarity, setting options, regions and more. On this page, we focus especially on buying Bitcoins with common payment methods for users in Germany, Austria and Switzerland.
4. Registration and Verification
The registration process is usually very similar. First, a valid e-mail address must be entered and confirmed. This is followed by the assignment of a new and secure password. Personal data such as first and last name, address and mobile number are requested at the latest for the first purchase. For higher purchase amounts, additional verification conditions usually apply.
5. Configure Settings
For security reasons, it makes sense to activate 2-factor authentication (2FA) after registration, which can be found on most file-sharing sites under "Settings" or "Security". By enabling 2FA, your account is better secured. How to set up a 2FA is usually described on the platform itself. The setup is quick and easy.
6. Buying Bitcoin
The purchase also proceeds similarly:
choosing the payment method → specifying the purchase amount → placing and confirming the order → making payment → receiving Bitcoin amount on the exchange. Sometimes the exchange account is first topped up and then the purchase is made.
7. Withdrawal to a wallet
Exchanges are always exposed to a certain risk from hacker attacks. Therefore, cryptocurrencies like Bitcoins should only remain on exchanges for a short period of time. You can learn how to manage your Bitcoins securely here: Storing Bitcoins.
Disclaimer 2
BitBeginner does not recommend that cryptocurrencies should be bought, sold, or held by you. Before you buy, please keep in mind that Bitcoin is highly volatile. Especially with cryptocurrencies, do not invest more financial resources than you are willing to lose. All information - even after careful examination - is without guarantee. Last update: May 2022
