How to Buy Bitcoin Cash – Complete Guide
By now, you’ll have heard of Bitcoin (BTC). However, what you probably didn’t know is that the original blockchain has been divided a number of times. Thanks to one of these splits, Bitcoin Cash (BCH) has become a rising star in the crypto world. Formed in 2017 after developers wanted to improve on BTC, Bitcoin Cash is now making a play to usurp its older brother. With that in mind, we’ve compiled a quick guide on how to buy BCH. Using our expertise, we’ve not only broken down the buying process, but highlighted the best places to buy Bitcoin Cash. So, if you’re ready to invest in BCH, let’s go…
Why Buy Bitcoin Cash Now?
Why buy BCH right now? If you check out the price of Bitcoin Cash, you’ll see that it’s roughly 10x lower than Bitcoin. So, that could be a good reason. However, even at that level, a BCH coin is still around $500. Therefore, buying Bitcoin Cash is fairly expensive compared to a token like XRP or DASH.
The good thing, however, is that this currency has already done better than similar offshoots. For example, Ethereum Classic, which forked from Ethereum in 2016, is worth a lot less than BCH. The same could be said for Bitcoin Gold and Bitcoin Black. Basically, of all the projects that have emerged from an existing blockchain, Bitcoin Cash is the top performer.
OK, that’s great, but why buy Bitcoin Cash outside of this reason? Well, BCH is currently more efficient than Bitcoin. By increasing the block size to allow for more transactions per minute, Bitcoin Cash is more useful for mainstream consumers. This means it has a greater utility than Bitcoin which, in our opinion, gives it a true long-term value.
What is the Best Site to Buy BCH?
OK, we’ve answered the question “why buy Bitcoin Cash,” so the next question to address is: “where can I buy Bitcoin Cash?”. Our list of recommended crypto exchanges features a host of high-quality crypto brokers and exchanges. However, there is always a hierarchy and we’ve reviewed each one to find the best of the best.
If there’s one breakdown worth reading, it’s our eToro review. Unlike traditional cryptocurrency exchanges, eToro doesn’t allow you to buy the underlying asset. Instead, you can buy contracts for difference (CFDs). These virtual contracts allow you to say: “I’m buying BCH at this price and I’m going to sell it at a different price.” The “difference” is the thing that determines how much you make or lose. The benefit of buying Bitcoin Cash CFDs is that you speculate on the price of the asset increasing or decreasing. In other words, it’s the price shift that matters.
This type of flexibility is only available at eToro and another broker site, 24Option. If you read our overview of 24option, you’ll see that it also offers CFD trading and, like eToro, is regulated by regulated financial authorities.
Of course, if that doesn’t suit and you’d prefer to own BCH coins, you can use a crypto exchange. The best exchange to buy BCH is Binance. As per our Binance review, this site was founded in 2017 and now offers secure trading on dozens of cryptos.
|Coins Offered||BCH, BTC, ETH, XRP, ADA||BCH, BTC, ETH, XRP, LTC, DASH||BCH, ETH, BTC, LTC and many more|
How to Use the Top Bitcoin Cash Brokers
We’ve covered the why and where to buy Bitcoin Cash. To break it down even further, here’s a quick overview of the how…
eToro: By using our secure eToro sign-up link, you can create an account at eToro and make your first deposit (must be at least $1,000). After crediting your account, it’s time to make a trade. For more on how to trade BCH, use our step-by-step eToro buying guide.
24option: After singing up to 24option, you’ll need to verify your identity before you can make a deposit (at least £2500 using Visa, MasterCard, Skrill or bank transfer. With funds in your account, follow the steps listed in our 24Option buying guide to execute a trade.
Binance: Being an exchange, buying Bitcoin Cash at Binance is easy. After creating an account, you’ll need to make a deposit. Because Binance doesn’t accept fiat deposits, you’ll need to transfer a crypto such as Bitcoin to your account from another source such as Coinbase. Once you’ve done that, choose BCH from the list of cryptos, input how many coins you want to buy and complete the trade. For more on how to buy BCH via Binance, check out our step-by-step breakdown.
Our Expert Opinion: Invest in BCH Using eToro
If you’re still unsure why we’ve picked the eToro platform as the best place to buy Bitcoin Cash, here are a few more reasons:
- Regulated by CySEC and FCA.
- Buy CFDs and speculate on the price of BCH going up or down.
- Make deposits using Visa, MasterCard and PayPal.
- Used by six million people.
- User-friendly interface.
- Trades executed instantly.
Buying BCH: Payment Methods
As we’ve said, Binance is a crypto-only exchange. This means you’ll have to trade a crypto for another crypto. If you’re a novice, this can be complicated at first. To make things easier, you can buy Bitcoin Cash via eToro using your own currency:
- Join eToro and select the deposit now option.
- Choose “credit/debit card” and input your card details.
- Make a fee-free deposit at least $1,000.
- Search for BCH and execute a trade.
- Follow steps 1 and 2 above.
- Deposit at least $1,000.
- Login to PayPal.
- Use your available funds or draw money from your bank.
- Confirm the transaction and wait for the software to take you back to eToro.
How to Buy Bitcoin Cash in Your Country
It’s not always possible to buy Bitcoin Cash. Due to international laws, you may find that buying BCH or any other cryptocurrency is illegal. For example, in the UK and US, digital currencies are accepted by the respective governments. In contrast, Egypt, Morocco and Colombia have outlawed cryptos. As an investor, it’s important to understand the rules that apply to your country because buying Bitcoin Cash.
The BCH price has steadily declined since its peak
How to Store Your BCH in a Wallet
When it comes to storing your BCH coins, you have two options. If you use eToro, you don’t own any coins. Therefore, you don’t need a separate storage place. However, if you use an exchange to buy Bitcoin Cash (i.e. Binance), you’ll need a wallet. The reason you need a wallet is that it’s not a good idea to hold large sums of money inside an exchange. For more on this, check out our guide to storing digital coins. As a general guide, BCH can be stored in online and offline crypto wallets such as Airbitz, Exodus, Ledger Nano S and Trezor.
Other Ways to Get BCH
To get Bitcoin cash for free, you can mine it. However, as you’ll see inside our crypto mining guide, this is only something you should tackle if you’re well-versed in cryptocurrencies. Assuming that’s you, you’ll need the following…
- An ASIC miner. This is a special computer built specifically for mining.
- A Bitcoin Cash wallet.
- Bitcoin mining software such as CGminer or BFGminer.
- Access to a mining pool. Unless you have a powerful computer, you’ll need to join forces with an active group of miners. Popular pools include BTC.com, ViaBTC and AntPool.
Bitcoin Cash FAQs