How to buy Bitcoin with cash deposit

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How to buy Bitcoin with cash deposit

The person investing to cryptos should be aware how to buy Bitcoin. They can do it with cash deposit.  After embarking on a research many concluded that this is the easiest method for many Bitcoin users.

Let us suppose you want to use LocalBitcoins for it. The stages are the following:

  1. Look for the one who sells BTC with cash.
  2. Determine the amount for order placement.
  3. Get number of account where to send money.
  4. Make the deposit on the account of the second party.
  5. Send the receipt to the seller as a proof of deal.
  6. Get your bitcoins to wallet of the platform.       

As you see this is an easy way to buy bitcoin with cash deposit to seller’s bank account.

The main options differ just slightly so the consumer should choose which variant is more preferable. A range of different factors may be involved that affect the decision.

Exchange platforms deliver most automated method. These resources act as middlemen between the two parties. The most famous places are Kraken, Coinbase and a range of others. There the members can witness almost similar procedure. The creation of account and crypto wallet is necessary to place the order. The ability to control the price is the benefit of this means. The seller sets the limit so when price dips below the point marked by you, the sale stops automatically.

Specific sellers have a range of identification requirements when you buy Bitcoin with cash deposit in bank. Though the marketplace mentioned above does not ask for it, one should be prepared that others may request it. The drawback is that the particular site may not be accessible for you when you need urgent transaction. Experienced traders know about influx of buyers and sellers on certain trading periods.  You should be prepared in advance so that not to be nervous during the check when you need to buy Bitcoin with cash deposit fast. Photo-ID verification may be asked from you. Check is performed manually and this is a time consuming procedure.

Fluctuation of prices is another pitfall you should expect when you wait for confirmation. Bear in mind that everything happens fast at the marketplace.

If you want to trade safely, you should apply to the sellers who have a previous history and positive feedbacks. Do not select beginners when you buy Bitcoins with cash deposit format.

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