When it takes a week for your Bitcoin purchase to go through it can be a bit frustrating. And with such long processing times it makes it impossible to react to fast moving markets. But the good news is there are plenty of different options for buying bitcoin instantly. I'm going to share my favorite options.
Buying Bitcoin Instantly on Coinbase
Coinbase added instant Bitcoin purchases in 2017. Depending on where you live, you can either buy Bitcoin instantly using your bank account or a credit card. There is no longer any waiting period. Coinbase is probably the worlds largest seller of Bitcoin and have a good reputation. As well as Bitcoin you can also buy Ethereum and Litecoin.
How to buy Bitcoin instantly on Coinbase:
- Sign up for an account here. As an added bonus you'll get an extra $10 worth of Bitcoin for free
- Verify your account. You need to go through the verification process in order to start buying bitcoin. This is to prevent fraud. I found the process to be very quick and it took me less than 15 minutes.
- But Bitcoin. Once you've made a bitcoin purchase it should be available in your account within a few seconds. During peak demand, this sometimes may take a tiny bit longer but usually is completely within a minute.
Buying Bitcoin on eToro
eToro is one of the worlds most popular trading platforms. As well as traditional markets such as stocks, bonds, forex etc, you can now trade Cryptocurrency including Bitcoin.
Buying Bitcoin on eToro is a bit different as you don't actually take ownership of the Bitcoin. eToro acts like a bank and will securely store your bitcoin for you. They are launching a wallet soon, so this might change. The advantage of using eToro is that you can make trades very quickly and capitalise on market movements.
You can fund your eToro account using a variety of instant payment methods including credit card and even paypal. Here's how it works:
- Sign up for eToro (Disclaimer: 62% of retail CFD accounts lose money)
- Verify your account – just like coinbase you need to go through a verification process. Don't worry it's fairly quick and painless and you'll be trading in no time.
- Make a deposit – if you're looking to buy bitcoin instantly, make sure you choose a method which is instant (such as credit card)
- Open a Buy order – Search for Bitcoin on the markets page and then just click “buy”.
Buying Bitcoin on Coinspot
If you live in Australia then you can also buy Bitcoin instantly using the popular exchange CoinSpot. They offer “PoLi” as a payment method. This is run by Australia Post and allows you to make online payments instantly using your bank account.
I've used CoinSpot and found it to be very reliable and they offer a huge range of altcoins as well as popular coins such as Bitcoin, Ethereum and Litecoin.