How to buy bitcoin gold
Buying bitcoin gold is an easy process once you know what steps are involved. There are multiple platforms where bitcoin gold can be bought, and we’ll break down their differences and how you can use them.
If you know your way around most of these platforms, we’d recommend that you scroll above to see our comprehensive list of the best platforms to buy bitcoin gold with. If you’ve never bought bitcoin gold before, or want to familiarise yourself with other platforms, keep reading so we can show you the ropes!
Here are a list of services to buy bitcoin gold instantly
Where can I buy and store my bitcoin gold?
To buy bitcoin gold, you will have to use an ‘exchange’ or a ‘brokerage’. Exchanges usually only accept payments in cryptocurrencies, which means you will need to use bitcoins or ether to exchange into bitcoin gold. On the other hand, brokerages largely accept fiat currency (pounds, dollars, euros) as a payment method.
However, if you only intend on trading against the price of bitcoin gold for profit, we would encourage using a CFD broker. CFD brokers allow you to make trades over the short term price fluctuations of bitcoin gold without having to own and store bitcoin gold yourself.
If you’re looking for storage options, most exchanges and brokerages will allow you to store your coins on a personalised, online wallet connected to your account. These wallets work similarly to online betting sites, which allow you to store your payment deposits onto your account. Otherwise, you can create, download, or purchase your own wallet to hold bitcoin gold with. There are five wallet options to choose from: online wallets, hardware wallets, paper wallets, desktop wallets, and mobile wallets.
In regards to storage, most exchanges and brokerages allow you to hold your coins on your account in a personal ‘wallet’ – just like regular sports betting sites allow you to hold money in your account. Alternatively, you can choose from other types of wallets such as mobile wallets, hardware wallets, paper wallets, and even desktop wallets to store your bitcoin gold coins.
What’s the difference between brokerages, exchanges, CFD brokers, and wallets?
These are terms that are important to understand when it comes to buying, trading, and storing bitcoin gold. They all have their advantages, and we’ve summarised them all for you right here.
A bitcoin gold brokerage is a company that acts as a middleman for you to buy or sell bitcoin gold at a particular price. Just like a bureau de change at an airport allows you to change pounds into other foreign currencies.
An exchange is a marketplace for buyers and sellers. Exchanges connect people looking to buy and sell bitcoin gold using other cryptocurrencies, enabling peer-to-peer transactions between them. Like eBay for cryptocurrency.
A Contract For Difference (CFD) broker allows you to buy and sell bitcoin gold without actually having to own the coins themselves. This is what traders do on a daily basis (on Wall Street, for example). Similarly to exchanges, CFD brokers enable you to buy and sell quickly, taking advantage of short term price changes to make profit. These platforms are not designed for long term investments, but to give a fast way to capitalise daily.
A wallet is essentially an online bank account: it is an address that stores your bitcoin gold and allows you to send or receive bitcoin gold to/from other wallets. Every wallet comes with two separate strings of numbers and letters known as ‘keys’: a public key (used to receive bitcoin gold) and a private key (used to send bitcoin gold to other wallets).
If you want to trade with bitcoin gold at competitive rates and take advantage of its price fluctuations, then you’ll want to sign up to an exchange or CFD broker. The key difference between these two types of platforms is that on an exchange you buy and store the coins yourself, whereas with a CFD broker you trade over the value of bitcoin gold without the hassle of having to own and store it.
Should I buy bitcoin gold?
This is your choice. As a general rule, we recommend that before investing into a cryptocurrency (such as bitcoin gold) that you learn more about it before you make your decision. That’s why we’ve created a page on bitcoin gold to help you decide if it is a good investment.
What are my options?
Multiple methods are at your disposal when you buy bitcoin gold. Ultimately, it depends on which payment method is most suitable for you, and how you intend to store your bitcoin gold. Here’s a list of payment methods to invest into bitcoin gold with:
- Buy bitcoin gold with card
- Buy bitcoin gold with bank transfer
- Buy bitcoin gold with PayPal
- Store bitcoin gold with a wallet