Online payments, debit or credit cards, and bank transfers are probably the most common ways to purchase cryptocurrency. However, it’s also possible to buy cryptocurrency with cash.
Here are some of the best ways to buy cryptocurrency with cash.
Buying Via an ATM
Using a cryptocurrency ATM is one of the fastest ways to purchase cryptocurrency with cash. First, you will need to locate a cryptocurrency ATM near you. Once you find one that is convenient for you, visit it and scan the QR code to get the Bitcoin wallet address. This is the wallet where you’ll receive your cryptocurrencies. Alternatively, the ATM can generate a paper wallet.
You’ll also need to enter additional details such as your personal information, fingerprint, password or ID verification. The requirements will vary depending on the ATM configuration. Once this is done, enter the amount of fiat currency you wish to spend on your chosen cryptocurrency. Lastly, insert the cash amount into the ATM and wait for the transaction to be completed. Confirm your cryptocurrency balance before leaving the ATM.
However, you need to be aware that ATMs charge some of the highest transaction fees compared to other methods of buying crypto. Therefore, you should carefully weigh up it is a good option for you.
Buying from merchants in person
You can also buy cryptocurrency with cash from merchants selling them in person. First, you need to identify a licensed merchant in your area. Once you find one, arrange a meet-up, preferably at in public place.
Since different merchants trade different cryptocurrencies, ensure the merchant deals with in preferred cryptocurrency. Agree on the price and payment method with the merchant, which may from one trader to another.
Upon deciding on the number of cryptocurrencies you want to purchase, give the merchant your cryptocurrency wallet address and wait for the transaction to be completed. When your cryptocurrency wallet reflects the new balance, pay the merchant in cash.
Using crypto exchanges
Online crypto exchanges allow you to buy cryptocurrencies with cash, regardless of location. You need to create an account with one of the platforms and verify it with your details. After this, you need to get or create a crypto wallet which you can use to trade. You can also buy cryptocurrency with cash from crypto exchanges that have physical offices which you can visit and trade in a secure environment.
To buy digital currencies from online platforms, you need to choose one that supports your preferred payment method, for example using digital wallets. You can deposit some money to your virtual wallet by following the guidelines provided on the platform. Upon a successful cash deposit, you can purchase the cryptocurrency of your choice. Not only do these platforms allow you to buy, but also you can sell at a profit. Don’t forget to compare the trading fees of different platforms before settling on one.
Buying from people via cash deposits at banks
You can buy cryptocurrency with cash by depositing at your local bank. First, identify a reputable cryptocurrency seller to transact with. The seller will provide their bank details to you, then you’ll visit the bank, fill out the cash deposit form, and deposit the cash into the seller’s account. The seller will transfer the cryptocurrencies to your wallet upon a successful deposit. However, beware of fraud as you could easily be scammed this way.
With the above options, it’s not complicated to buy cryptocurrency with cash. Remember to deal with verified platforms or merchants when carrying out a trade. You can also use an escrow platform to protect you from fraud.