How to buy Bitcoin

If you want to buy cryptocurrency, bitcoin is still the number one coin on the crypto market. Buying bitcoins has become simpler than ever because it can be done with a variety of methods. Also, bitcoin functions - it is used as a reference for the value of other coins and also for most transactions in the market. This is mostly because bitcoin is traded on every cryptocurrency exchange and has very good liquidity. Here's a guide showing you a few different ways you can purchase cryptocurrency on SpectroCoin.

How to buy cryptocurrency?

Create an account

Since most cryptocurrencies can be purchased with bitcoin or ether, SpectroCoin is a great platform to use whether you want Bitcoin, Ether, XEM, Dash or Tether. Even though BTC and ETH are set as the main pairs in most of the exchanges, SpectroCoin offers a wide range of altcoins and fiat currencies, so you can store digital assets in your local currency as well. Once you have created your account, you will be able to buy bitcoin or any other popular cryptocurrency right away.

Secure your account

SpectroCoin offers you the possibility of setting a two-factor authentication method for your account login. Also, users will be required to input a 2FA key when performing withdrawals or changing their profile information. Make sure you choose an authentication method that you can ensure the security of, whether it is SMS, Google or email. Even though your account login details can be stolen, without the 2FA code your funds cannot be withdrawn from your account.

Add a blockchain wallet

The most convenient wallets for casual bitcoin buyers are online and mobile wallets that allow quick and easy access to bitcoin and other cryptocurrencies.

When you buy bitcoins via a cryptocurrency exchange, the seller is using a blockchain wallet to transfer the ownership of the coins to you. Once your purchase is complete, you become the owner of the coins and not e.g., SpectroCoin. After the exchange has received your payment, it will purchase the corresponding amount of bitcoin on your behalf, and deposit it in an automatically generated digital wallet on the exchange.

Verify your identity

There are certain verification steps that you would have to go through in order to be able to buy cryptocurrency with fiat currencies, credit or debit cards, and a couple of other payment methods. With Know Your Customer (KYC) and Anti Money Laundering (AML) regulations, many exchanges now require identity verification to set up accounts. While it is an extra step, it helps to ensure the safety of our services. Learn why you should verify your SpectroCoin account here.

Add a payment method

Exchanges accept a variety of payment options and SpectroCoin is no exception. Search for your country in the supported countries list and then select your payment method among the ones available: local bank transfer, credit or debit card, e-wallet, and many more that you would like to use to buy cryptocurrency.

How to buy bitcoins at SpectroCoin?

Don't have a SpectroCoin account yet? Click on " Sign Up", and you will be able to fill in the registration form. After completing it, you will receive a confirmation email. Once the email is received, click on the link to complete your registration.

Buy bitcoin through bank transfers (SEPA)

  • Go to the "Deposit" section in your EUR wallet.
  • Select the country, wallet account and amount you want to receive to your SpectroCoin wallet.
  • Select your local Bank as the payment option:
    • For manual payments, select it under the "Bank" subsection;
    • For automatic/instant payments, select it under the "Bank Auto" subsection.
  • If your bank is not present in the list, select SEPA (Single Euro Payments Area).
  • Click "Pay" and confirm the transaction either by making a transfer manually or automatically.
  • Finally, after you receive the funds in your SpectroCoin account, go to the "Exchange" section.
  • In the "Pay currency" field, select the currency you have deposited, then input the amount of money you want to buy bitcoins with.
  • Select bitcoin (BTC) as the "Receive currency" and click "Submit".

Buy bitcoin with a credit or debit card

  • Link your credit or debit card to your SpectroCoin account.
  • Go to the "Deposit" section in your SpectroCoin Bitcoin wallet.
  • Select the country, currency, and amount you want to receive to your wallet.
  • If you have more than one card linked to your SpectroCoin account, select the card you want to use to finalize the deposit.
  • Select your card type as a payment option and click "Pay".
  • After receiving the funds to your SpectroCoin account, go to the "Exchange" section.
  • In the "Pay currency" field, select the currency you have deposited.
  • Input the amount of money you want to buy bitcoins with.
  • Select bitcoin (BTC) as the "Receive currency" and click "Submit".

Where to spend bitcoin?

As you already know how to buy bitcoins, you are probably wondering where to spend them. Bitcoin has become more ingrained in our everyday lives and, as a result, there are more options available to actually spending it. If you are looking to spend it, instead of selling or trading your cryptocurrency, it is way easier for bitcoin owners to purchase goods online, as over 100,000 merchants worldwide accept bitcoin, with some sites being specifically developed to accommodate cryptocurrencies. A variety of places that accept bitcoin as payment can be found online, but you may be surprised to find that, depending on where you are, you might be able to find a local bitcoin-accepting shop near you.

have more questions
Have more questions? Visit SpectroCoin Help pages for more information to help you navigate the SpectroCoin ecosystem or contact us via the “Live chat" option available on our website.