Places that Provide Cheapest Ways to Buy Bitcoin In 2022.
Owning Bitcoin is the in-thing. Everyone is rushing to get a piece of the pioneer cryptocurrency, some with a plan to sell at a higher price in the future. However, to maximize profits, you must minimize costs. This means using platforms that offer low-cost methods of owning Bitcoins.
If you are searching for cheap ways to buy Bitcoin, you have come to the right place. This article explores free methods to get bitcoin and some of the most affordable places to buy or sell Bitcoin .
Acquiring Bitcoin has associated costs. Using Bitcoin faucets is probably the cheapest. However, crypto exchanges are the safest method of acquiring BTC. They allow you to buy virtual currencies using myriad payment methods, including credit cards, debit cards, PayPal. The transaction fees vary across different cryptocurrency exchanges.
Alternatively, you can trade Bitcoin online without necessarily owning cryptocurrency. In this case, you go long (buy) when you want to increase your Bitcoin holding or go short (sell) to offload the digital assets. Bitcoin's price is volatile, making it a good instrument for short-term traders and speculators.
Cheap Ways of Owning Bitcoin.
1. Get Bitcoin for Free.
There are several ways to get Bitcoin for free. For example:
● Did you know you can earn Bitcoin through everyday online shopping experiences? Companies like Lolli and Pei reward you with free Bitcoin when you shop at any of their merchant partners.
● Storing crypto assets in a crypto interest account such as BlockFi Interest Account (BIA)
● Bitcoin Payment for completing surveys. Time Bucks and Clinchbucks are good examples of survey sites that give BTC for taking surveys.
● Affiliate Marketing can also earn you free Bitcoins.
2. Some Cheapest Places to Buy Bitcoin.
There is a long list of platforms that allow you to buy bitcoin online, with and without fees. We will look at some in detail later in this article. These platforms include crypto exchanges such as Coinbase, Kraken, and Binance; and trading platforms such as Cointiply, Mitrade.
Crypto exchanges: Crypto exchanges allow you to exchange crypto with Fiat currencies or another crypto coin. Top crypto exchanges include Binance
, Huobi, Coinbase.
Crypto trading platforms: Most trading platforms offer numerous ways of crypto investments such as bitcoin
derivatives, crypto CFD, futures, and options. You only trade based on the bitcoin price changes without owning the digital assets.
Cheap Way To Invest Bitcoin - Trade Bitcoin CFD.
Trading Bitcoin CFDs is totally different from buying Bitcoin in exchange. You trade the bitcoin
derivatives rather than buying real bitcoin assets. Basically, cryptocurrency Contract For Difference (CFD) is a financial instrument that enables you to trade a derivative product of the underlying asset. You make a profit by going long or short.
So you buy bitcoin (BTC/USD) if your analysis shows the bitcoin price could rise ↗ . You make a profit if the market price rises. This process is called ‘going long’.
Similarly, you sell bitcoin (BTC/USD) if you believe bitcoin value will drop ↘ . If the market actually falls as per your expectation, bitcoin you rake in a profit. This process is called ‘going short’
✔️ Doesn’t need a crypto wallet.
✔️ Quick registration.
✔️ Requires small starting capital.
✔️ Leveraged trading.
✔️ One account with multi-financial markets.
❌ Can’t own actual bitcoin.
❌ Leverage brings higher risks.
You should note that CFD is a leveraged product . This means you only need a small margin to open a big trading position.
Now, let’s understand how leverage can affect your potential profit and maximum loss when investing in a product worth $20,000.