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Trade or buy cryptocurrency in Europe
Step-by-Step guide to Buying Your First Bitcoin or Other Cryptocurrencies Today
1. Choose a crypto exchange from our recommended list — our top choice is Bitvavo
2. Create a new account
3. Verify your identity through a simple, user-friendly process
4. Deposit funds via bank transfer, credit card, PayPal, or another payment method
5. Select Bitcoin or another cryptocurrency you want to purchase
6. The exchange will store your crypto securely in your account
Compare regulated platforms:
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- Regulatory Confidence: Bitvavo is registered with AFM in The Netherlands and holds a MiCAR CASP license (authorisation number 41000010)
- Trading fees: 0,25%
- Assets: Trade +400 digital assets
- Staking and lending: Rewards up to 20%
- Platform: Easy-to-use interface, suitable for beginners. Switch easily to the advanced platform for experienced traders.
- Promotion: No fees on the first €10,000 of orders for new customers
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- Regulatory Confidence: Finst is registered with AFM in The Netherlands and holds a MiCAR CASP license (authorisation number 41000015)
- Trading fees: 0,15%
- Assets: Trade +340 digital assets
- Staking: Rewards up to 10%
- Platform: Intuitive and user-friendly interface designed for beginners
- Crypto Bundles: Diversify effortlessly with unique crypto bundles, offering exposure to curated crypto market segments.
MiCAR Regulation
Buying Bitcoin Through a Reliable and Safe Platform
If you’re a beginner looking to buy Bitcoin or other cryptocurrencies for the first time, your best option is to use a regulated and reputable exchange.
We’ve compiled a list of trusted, beginner-friendly platforms that are fully licensed to operate in Europe.
Opening an account is quick and easy. Once registered, buying Bitcoin can be as simple as ordering a T-shirt online.
However, be cautious with altcoins (other cryptocurrencies besides Bitcoin). These often carry much higher risks and the chances of losing your entire investment are significantly greater.
Why You Need to Verify Your Identity
Before making your first purchase, you’ll be required to verify your identity.
This is due to anti-money laundering (AML) regulations. Licensed crypto providers must know who their customers are.
Verification typically takes just a few minutes and is done via the exchange’s mobile app. You’ll need to upload a valid ID (such as your passport or national ID card) and link your bank account to your profile.
This bank account will also be used to send and receive funds to and from the exchange.
Choosing the Right Crypto Exchange in Europe
You may have heard horror stories of people being scammed when trying to buy Bitcoin.
That’s why it’s crucial to use a fully licensed exchange.
Under the new MiCAR regulation (Markets in Crypto-Assets), only exchanges with a CASP license (Crypto Asset Service Provider) are legally allowed to operate in the European Union.
By sticking to regulated platforms, you protect yourself against shady operators, reduce the risk of fraud, and ensure your funds are handled securely.
Quick Tips for First-Time Buyers
Start small: only invest what you can afford to lose.
Stick to Bitcoin in the beginning; altcoins can be tempting but are often much riskier.
Use strong security: enable two-factor authentication (2FA) on your account.
Store long-term holdings safely: consider transferring large amounts of crypto to your own hardware wallet instead of leaving them on an exchange.
Buying your first Bitcoin can be the start of a journey into the world of digital assets.
With the right platform and a cautious approach, you can take your first steps with confidence and security.
Pros and Cons of These Platforms
The main advantage of these services is, of course, their ease of use. Even if you know nothing about blockchain or cryptocurrencies, you can still buy and sell in a very user-friendly way. This makes them ideal for beginners who want to explore crypto for the first time.
But these platforms aren’t only for beginners. More experienced users can also benefit from them. Many exchanges offer staking for everyone, without requiring you to run your own node. Some international exchanges even provide extra services, such as crypto debit or credit cards. These allow you to pay in physical stores or online, while the exchange automatically converts your Bitcoin into euros (or another fiat currency) in the background. That way, you can spend your crypto anywhere.
The main downside of these online services is that you’re putting your trust in a central entity to manage your wallets. Such services might, in some instances, freeze your account or, in the unfortunate event of a security breach, expose your cryptocurrency to potential theft. Relying in such a website goes against one of the core principles of cryptocurrency: decentralization and cutting out the middleman.
For beginners, these services are a great starting point. But users with more experience and larger amounts of crypto often prefer to manage their wallets themselves. They invest in a physical or hardware wallet, keeping full control over their private keys. This eliminates the risk of losing your Bitcoin if the exchange is hacked or goes bankrupt. In either of those cases, funds stored on the platform could be lost.
Which Crypto Exchange Is the Cheapest?
So, which exchange actually gives you the best deal? Unfortunately, the answer isn’t always straightforward.
The amount of Bitcoin you end up with depends on three main factors:
- The Price
Bitcoin prices can differ slightly from one exchange to another. For example, one exchange might list Bitcoin at € 95,000, while another lists it at € 95,050. - The Spread
The spread is the difference between the buy price and the sell price. You might buy Bitcoin for €95,000, but if you immediately sell, you only get €94,900 back. On one exchange, the spread might be just €5; on another, it could be €100. - Transaction Fees
These are the fees the exchange charges on your buy or sell order. For example, Finst charges 0.15%, Bitvavo charges 0.25%, while Coinbase charges at least 1.49%.
The balance between these three factors determines where you actually get the best deal. A low Bitcoin price can be misleading if the transaction fees are high. Likewise, low fees aren’t always a win if the exchange’s Bitcoin price isn’t competitive.
Select a reliable platform
Selecting the right platform is crucial in your crypto journey.
Factors like reliability, security, ease of use, and trading costs should top your checklist. Your choice depends on your specific needs, especially considering that not every platform offers the same array of altcoins.
In the ever-evolving world of crypto, sticking with reputable, well-regulated platforms in Europe is a smart move. Opting for a platform where customer funds are separate from the company’s ensures a safety net, offering assistance in your language if anything goes awry. European regulations are designed to prevent major mishaps like the catastrophic collapses witnessed in platforms such as FTX and Mt. Gox.
Finst and Bitvavo, two user-friendly Dutch platforms, stand out in the crowd. Bitvavo, a market leader, boasts an extensive range of crypto coins and an advanced version for seasoned investors and short-term traders. On the other hand, Finst, a relative newcomer founded by DEGIRO stock trading platform alumni, positions itself as a price breaker. With a focus on user-friendliness, Finst charges lower commissions, making it an attractive choice for new crypto investors entering the market.
1 Bitcoin = 100 million Sats
Should I buy a whole bitcoin?
Wondering if you should go all-in and buy a whole bitcoin? The truth is, you don’t have to! Investing in bitcoin doesn’t have to break the bank. While a full bitcoin may be valued at 25,000 euros or even more, you can get started with as little as 10 euros.
Enter Satoshis or Sats, named after the enigmatic creator of Bitcoin, Satoshi Nakamoto. Picture this: one bitcoin breaks down into 100 million Satoshis, with the smallest unit being a mere 0.00000001 BTC. Now, at a bitcoin price of 25,000 euros, you’d need just 4,000 Sats to make a euro.
Imagine, you can toss 10 euros to a crypto exchange, and voila! You’re now the proud owner of 40,000 Sats or 0.00040000 BTC. Getting into Bitcoin doesn’t demand a hefty investment. For crypto newbies, diving into the world of Satoshis provides an affordable gateway to grasp the intricacies of Bitcoin and blockchain technology without burning a hole in your wallet.
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