Exchange

Buying Bitcoin, Litecoin or any other cryptocurrency can be done at an exchange. However, these exchanges are often bound by law or offer a limited amount of exchange currencies. Basically you can do two things:

  • Exchange USD or EUR for Bitcoin / Litecoin / Ether
  • Exchange another cryptocurrency in exchange for Bitcoin (BTC)

Which service is provided, changes per exchange. Some of them only accept credit card payments, while others also allow bank transfers. S

BUYING BITCOIN AND OTHER CURRENCIES

Litebit.eu
At Litebit.eu people with SEPA bank accounts (basically from the EU) can buy a variety of cryptocurrencies, including BTC, LTC, ETH, BCC, NXT, ARK, DOGE, XRP and much more. Payments are done with Euro, and the cryptocoin transfer happens within 20 minutes. I have used Litebit.eu to buy Ethereum Classic (ETC) and Ripple (XRP). Never encountered problems with them. Using the referral link and buying currency, will credit me as your referral.

BTCDirect.eu
Through BTCDirect I had my first encounter at buying Bitcoin. They offer Ether and Litecoin as well. Payments are done in Euro through credit card or local banks. In The Netherlands you can use iDeal to pay for your Bitcoins. They have a very nice helpdesk service. I got my account verified with them through a short Skype session, showing my passport next to my face.

Other popular exchanges:

Coinbase.com – USD / EUR to BTC, ETH, LTC

Cex.io – USD / EUR / RUB / GBP to BTC and ETH

IDENTITY VERIFICATION

Most exchange services require at least some sort of identity verification. Often the lowest verification levels require you to share your email address or SMS verification. The more you want to use the exchange, the deeper the verification process will be. Low level verification is often only needed for small amount of money. The more money you want to trade per day or month, the higher your verification levels needs to be. It’s sometimes also possible to tie your bank account to an exchange, so you can also exchange coins back into dollars and Euros onto your bank account.