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How to Buy Bitcoin With Cash
| Exchange | Why we like it | Best for |
|---|---|---|
| Coinbase | – User-friendly interface – Native crypto wallet – Earn interest on your crypto – Low account minimum | Beginners looking to trade large-cap coins. |
| eToro | – Access stocks and crypto in one place – Copy the trades of experts – Regulated by global bodies – Access Bitcoin Spot ETF | Investors who want to buy crypto and stocks. |
| Kraken | – Cold wallet storage – Trade with leverage up to 5x – Advanced traders can access – Kraken Pro with sophisticated trading tools – Over 200 cryptocurrencies available | Advanced traders who are interested in margin trading. |
| Crypto.com | – Excellent mobile app – Users can receive trading discounts by holding CRO – Native decentralized wallet – Over 250 cryptocurrencies available | Traders who want to manage their portfolio on their mobile phones. |
| Binance | – Over 500 cryptocurrencies available – Extensive range of educational materials – Automated trading | Users who are looking to build a diverse portfolio with lots of different cryptos. |
What Is a Cash Bitcoin Broker?
A Bitcoin cash broker is effectively a digital platform that lets you purchase BTC with cash. You need to make a cash deposit, and you will get Bitcoin in exchange— as simple as that.
The actual step-by-step process you’ll have to complete varies from platform to platform, but it’s usually fast and straightforward.
These platforms rarely differ from your typical Bitcoin brokers and exchanges, as they are often the same platforms that just happen to offer cash as a payment method. For instance, Binance — one of the most popular crypto exchanges globally — has more than 350 payment methods — one of which is cash.
Where to Buy Bitcoins with Cash?
Before we get into how to purchase Bitcoins with cash, we need to understand where you can buy Bitcoins with cash. There are two types of platforms on which you can potentially buy Bitcoin with cash:
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Peer-to-peer exchanges
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Bitcoin exchanges that let you purchase crypto this way
The two are effectively the same, with a tiny difference — dedicated P2P exchanges act as escrow services so that you can exchange cash for Bitcoin with other people. In contrast, Bitcoin exchanges simply let you buy crypto with real money.
You can also buy BTC with cash using either of the two options listed below.
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On a regular Bitcoin ATM (BATM), as long as you have one near you. If you have a Bitcoin ATM located near you, you can use it to buy Bitcoin with cash deposit.
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Directly from a person willing to send you Bitcoin in exchange for cash
How to Buy Bitcoins with Cash
As we’ve already mentioned, buying Bitcoin with cash is typically straightforward and similar on most platforms.
Here’s the general process, but it will differ from platform to platform:
Step 1: Register an account
Choose a platform from our list and register an account.
Step 2: Verify your account
Verify your account by following the steps the platform provides.
Step 3: Select the P2P/Quick Buy/Buy option
Visit the trade page and select the P2P/Quick Buy/Buy option.
Step 4: Choose BTC
Choose BTC from the offered coins.
Step 5: Choose Cash Payment
Among the payment methods offered, choose Cash Payment. Then, opt for the exact cash payment method (Western Union, for instance).
Step 6: Enter the amount you want to buy
Afterward, enter the amount you want to buy and add other details that are required.
Step 7: Choose the seller
You’ll get a list of sellers that meet your requirements and choices. Of course, you only need to choose one. Each offer will typically display the exchange rate, which should be the main point that influences your decision.
Step 8: Deposit money
After you confirm the offer, you’ll be required to deposit the necessary cash amount to the seller’s account. The Bitcoin amount will be placed in escrow in the meantime. Then, it’ll be released to you once you’ve completed the payment.
If something goes wrong with the trade, you can always start a dispute, as most platforms have mechanisms for solving them.
In many cases, you’ll also get the chance to contact the seller so that you can talk about the trade before you start the process. That way, you’ll get to know the person better and build trust.
How to Buy Bitcoin in Person?
To buy Bitcoin in person, you simply need to find a seller and meet them to exchange cash for Bitcoin.
To find the seller, you can browse online communities such as Reddit to find these sellers or use a P2P service to contact a seller and ask if they will be willing to meet you in person to buy Bitcoin for cash.
However, bear in mind that you don’t know these people so it might not be the safest option to buy Bitcoin.
When you meet the person, follow these steps to exchange your cash for Bitcoin:
Step 1: Give the wallet key
Give your Bitcoin wallet key (public key) to the person sending you Bitcoin.
Step 2: Input BTCs
Ask the person to input how many BTCs they want to send.
Step 3: Verification process
Wait for the verification to start.
Step 4: Pay your cash
Hand over your cash.
Step 5: Confirmation
Confirm that Bitcoins arrive in your Bitcoin wallet.
How to Make Deposits and Withdrawals with Cash
Buying Bitcoins with cash is a bit different from other payment methods, which is why it shouldn’t come as a surprise that the deposit/withdrawal process also differs.
Deposit
On crypto exchanges and brokerages, you usually need to deposit fiat currency via a specific payment method and then use it to buy Bitcoin. However, with cash, it’s different. In this case, you’ll typically get the seller’s bank account, and you’ll have to send them the money to receive BTC in return.
Withdraw
Once you receive BTC, the money will typically be held in your wallet on the exchange/brokerage. You can keep it there, but it’s much safer to transfer it to your own crypto wallet.
What Should I Look for When Buying BTC with Cash?
When you decide to buy Bitcoin this way, there are a few things you need to look out for to make sure that the transactions go smoothly:
Establish trust: If you’re buying directly from a person, you need to ensure that you can trust them. You should also complete the transaction in public.
Choose P2P platforms: It’s always the safest to buy BTC in a P2P exchange that deals with cash payments. With the platform’s escrow services and other security options, you won’t have to worry about scammers.
Compare fees and prices: When choosing a broker, look for platforms that offer lower exchange rates and fees.
Analyze seller feedback scores: If the P2P exchange supports it, always check a specific seller’s feedback score. The ones with the best scores are typically experienced traders and can always be trusted.
Check the user experience: When choosing a trading platform, make sure to select the one that offers a great user experience, especially if you are a beginner. That way, you’ll have an easier time buying BTC.
Should I Buy Bitcoin with Cash?
Buying BTC with cash from a broker is generally the safest option, especially with their escrow service and protection.
However, there are still several pros and cons you should be aware of, as they will help you decide if this method is suitable for you.
Pros & Cons
- It’s incredibly easy to buy smaller amounts of Bitcoin.
- You don’t have to worry about privacy, especially if you’re purchasing a Bitcoin Teller Machine (BTM).
- The whole process is typically fast, almost instantaneous in some cases.
- Cash payments cannot be taken back, so the seller can be confident that you’ve paid them and can then release your BTC.
- It’s harder to buy larger amounts, especially when using a cash deposit on an exchange or broker platform.
- The prices are sometimes higher compared to other payment options.
Is Using Cash the Best Method to Buy Bitcoin?
It depends on what you care about the most when it comes to buying Bitcoin. If privacy is your biggest concern, then buying BTC with cash is undoubtedly a good option.
Even though this is true in many other cases, in general, buying Bitcoin with cash is typically less convenient for beginners than other payment methods.
However, there are other methods you can use if, for any reason, cash is not a good option for you.
What Are the Alternative Payment Methods to Buy Bitcoin with?
Here are a few great alternatives to using cash when buying Bitcoin:
Bank transfer: This option is simple and easy, and the entire process should remain pretty much the same, regardless of what you are buying. Check our guide on how to buy Bitcoin with a debit card if you want to know more.
Credit cards: You use credit cards almost every day, so it shouldn’t be too difficult to use them for purchasing Bitcoin either. Most brokers accept all major credit cards, including Visa, Mastercard, American Express, and Discover. Check our guide on how to buy Bitcoin with a credit card if you want to know more.
E-wallets: E-wallets are often the most convenient option for buying BTC. You’ll usually get to choose between many popular e-wallets of the world, including PayPal.
Final Thoughts on Buying Bitcoin with Cash
Buying BTC with cash can also be ideal for those who value their privacy.
However, you need to familiarise yourself with the process, especially if you are a beginner and it’s one of the fastest methods of buying Bitcoin.
FAQs
Can I buy bitcoin with cash?
Yes, you can buy Bitcoin with cash! However you will need to use a P2P service, or a Bitcoin ATM to deposit cash.
Can I buy Bitcoin anonymously with cash?
Yes, it’s one of the few methods you can use to buy BTC while staying anonymous. This is especially true if you’re using a BTM. However, if you’re using a dedicated platform, you’ll sometimes have to provide the site with your details when registering an account. Still, you won’t have to share details regarding your payment method, which is a massive plus for many.
How fast is buying Bitcoin with cash?
It depends on the exact platform you’re using. It also depends on the sellers and how active they are. In most cases — especially when you’re dealing with reputable sellers — buying BTC this way can be one of the fastest methods of all.
Do I need a crypto wallet?
No, but we recommend that you have one. Your BTC will always be the safest in a good hardware wallet that you can keep with you at all times. This kind of wallet will also be disconnected from the web when you’re not using it, so you won’t have to worry about hackers.
Are there low fees when using cash to buy Bitcoin?
It depends on the platform you choose, but they are often relatively low.
Can I buy other cryptos using cash?
Yes, of course. As long as you can find sellers, you’ll be good to go.
Can I buy Bitcoin with cash in USA?
Yes, you can buy Bitcoin with cash in USA. You will either need to find a Bitcoin ATM to deposit cash, find someone to meet in person or use a P2P service.
Can I buy Bitcoin with cash in the UK?
Yes, you can buy Bitcoin with cash in the UK. You will either need to find a Bitcoin ATM located in the UK to deposit cash, find someone to meet in person or use a P2P service available in the UK.
Can I buy Bitcoin with cash instantly?
Cash is not an instant payment method, as you’ll still have to rely on the seller’s speed as well. Thankfully, this option is often one of the fastest.
Is cash the easiest way to buy Bitcoin?
Not for everyone, but you will quickly get the hang of things.
Does Coinbase accept cash?
Yes, Coinbase accepts cash payments.
Here are some more ways to buy Bitcoin
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