- Can you buy Bitcoins with Cash?
- What is the minimum amount to invest in Cryptocurrencies?
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- What is the minimum amount of money to buy Cryptocurrencies on Coinbase?
- What is the minimum amount of money to buy Bitcoins on LocalBitcoins?
- What is bitcoin? And should you invest in it?
- What is the minimum amount of money to buy Cryptocurrencies on Coinbase Pro/GDAX?
- Bitcoin - What You NEED To Know Before Investing in Bitcoin
- What is the minimum amount of money to buy Cryptocurrencies on BitStamp?
- Bitcoin is a bubble, but the technology behind it could transform the world | Will Hutton
- What is the minimum amount of money to buy Cryptocurrencies on Kraken?
- What is the minimum amount of money to buy Cryptocurrencies on Gemini?
- What is the minimum amount of money to buy Cryptocurrencies on Bitfinex?
- Can you buy Bitcoins with Cash?
- What is bitcoin?
If you have ever been tempted to invest in Cryptocurrencies, you’ve probably wondered what the minimum amount to invest in Cryptocurrencies actually is.
Well, I have to tell you that you really do not have to invest much into Cryptocurrency, and you can start off very small.
For Bitcoin, the lowest amount you can possibly purchase is 1 Satoshi, which is 0.00000001 Bitcoins.
But since this number is so small, you can’t actually buy 1 Satoshi on any exchange. On Coinbase, for example, the minimum amount is 2 Dollars. But on LocalBitcoins the minimum amount is 1 cent.
In this article, I will break down what the minimum amount to invest in Cryptocurrencies is, and how it differs on different exchanges.
Can you buy Bitcoins with Cash?
I am also going to show you, how to buy Bitcoins using an ATM machine.
What is the minimum amount to invest in Cryptocurrencies?
First things first, I know there are a ton of different Cryptocurrencies you can invest in.
In fact, there are over 2000 of them. But in this guide, I am going to stick to Bitcoin, because once you bought some Bitcoin, you can exchange it for any other Cryptocurrency as well.
The question I am going to answer is, what the lowest amount of US Dollars is, that you can possibly buy Bitcoin with.
So let’s get right into it.
Every Bitcoin can be broken up into 100 million smaller pieces, each called a Satoshi. This is also the reason, why you don’t have to own one whole Bitcoin, but rather you can own a fraction of a Bitcoin. But you can’t make your Bitcoin infinitely small. You can only go to the Satoshi level, and no further.
So in theory, the smallest amount of Bitcoin you can possibly buy is one Satoshi.
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In the future, it might become common to exchange a handful of Satoshis, but at the time of writing this, in November of 2018, 1 Satoshi is equal to 0.0000635595 US Dollars, which is a number that you can’t transact.
So what is the actual minimum number of US Dollars, with which you can buy Bitcoins?
I know you hate this answer, but it depends.
To be specific, it depends on which exchange you are using to buy your Bitcoins, which currency you are using, and in which country you are located.
So let’s go over the different exchanges and what their minimal deposits are.
What is the minimum amount of money to buy Cryptocurrencies on Coinbase?
Coinbase’s (sign up for Coinbase here) minimum deposit guidelines are actually pretty simple.
You can deposit a minimum of 2.00 of digital currency denominated in your local currency.
That might sound a bit confusing at first, but it’s pretty straightforward.
Let’s say your local currency is the US Dollar.
Then you can deposit a minimum of 2 US Dollars. This will be the minimum amount you can invest in Cryptocurrencies.
But if you are using the Euro, on the other hand, you will able to deposit a minimum of 2 Euros. Then this will be the smallest amount of money you can invest in Cryptocurrencies on Coinbase.
What is the minimum amount of money to buy Bitcoins on LocalBitcoins?
LocalBitcoins is an interesting exchange to look at because it doesn’t operate in the same way the other big exchanges do.
Rather than having a central account where you deposit your money to, LocalBitcoins has created a peer-to-peer platform, where you can directly send the payment to a person’s bank account, and then the will give you their Bitcoins.
So what is the minimum amount of FIAT money you could possibly use to buy Bitcoins on LocalBitcoins?
I have good news for you because it is 1 cent.
Why you might ask?
Because the way to pay the seller gets paid is through a bank transfer or another traditional way of making financial transactions.
This is great news because you could make a transaction of 1 cent to the seller’s bank account, and he will send you Bitcoins that are worth one cent.
But there is one thing to look out for when you are looking for sellers on LocalBitcoins.
Apart from looking for a reputable and trustworthy seller, you should also make sure that the seller accepts a minimum amount of 0 Dollars.
What is bitcoin? And should you invest in it?
(or whatever your local currency is)
Then you just need to send the 1 cent to the seller and there you have it.
You bought Bitcoins for the least amount of money possible!
What is the minimum amount of money to buy Cryptocurrencies on Coinbase Pro/GDAX?
I looked around on all the support sites and forums on Coinbase Pro, and I couldn’t find the minimum amount of money you can deposit, but I found out what the deposit fees are.
So I guess that you can deposit how much money you want, but you always will have to pay these fees, which will make small deposits pretty expensive.
If you are able to transfer money through ACH, then you will not pay fees, and you can basically deposit money for free.
But if you want to deposit money through Wire transfers, or SEPA transfers, you will have to pay some fees.
If you have US Dollars and would like to deposit it to Coinbase Pro through a Wire transfer, then you will have to pay 10 US Dollars on top of the actual transactions, only for fees.
Bitcoin - What You NEED To Know Before Investing in Bitcoin
So this is pretty costly, especially if you only want to invest a small amount of money into Cryptocurrencies.
If you, on the other hand, have Euros and would like to deposit them via a SEPA transfer, you will need to pay 0.15 Euros in fees, which is way less than the fee you have to pay with Wire transfers.
So investing in Cryptocurrencies through Coinbase Pro (formerly called GDAX) really could make sense, if you are using the Euro, and are willing to pay 0.15 Euros in fees.
What is the minimum amount of money to buy Cryptocurrencies on BitStamp?
BitStamp handles Cryptocurrency transactions a bit more complicated than the other exchanges I already presented to you.
Basically, BitStamp charges different prices for SEPA transfers (transactions only possibly in the EU) and international Wire transactions.
Let’s first start with the SEPA transactions, which will only apply to people using the Euro.
If you do a SEPA transaction, you do not have to pay any kind of fee.
This means, that you could transact any amount of money to BitStamp, and you will be able to invest that into Cryptocurrencies.
But if you don’t use the Euro, you will have to do an international Wire transfer, which does have a pretty expensive fee attached to it.
The minimum amount of money you will be able to deposit via a Wire transfer is 50 US Dollars.
Bitcoin is a bubble, but the technology behind it could transform the world | Will Hutton
On top of that, you will have to pay a fee of 7.50 US Dollars.
As with the last exchange, it is a great way to purchase Cryptocurrencies if you are using the Euro. But if you are doing an international transfer, then buying Cryptocurrencies through BitStamp could expensive really fast.
What is the minimum amount of money to buy Cryptocurrencies on Kraken?
On Kraken, there isn’t a minimum amount of US Dollar or Euro, that can be deposited.
Rather, you can only trade with as little as 0.002 Bitcoins. At the time of writing, this would mean that you could only trade with at least 12 US Dollars.
So there you have it.
Another thing to note is the fee with each deposit.
When you deposit Euros through a SEPA bank transfer, there are no fees attached. If you, however, decide to deposit Euros through a Wire transfer, there will be a fee of 5 Euros.
Same as with the other exchanges above, the US Dollar costs money to deposit.
With every deposit you make through a US Dollar Wire transfer, you will have to pay a fee of 5 Dollars.
There is also the option to deposit Canadian Dollars, which are noted as “Free*” on the Kraken support website, but they say that every Canadian bank could apply some fees, which could add up to approximately 10 Dollars.
What is the minimum amount of money to buy Cryptocurrencies on Gemini?
Gemini does not state exact deposit minimums, nor fees on their support websites.
Rather, they have a page about trading minimums, where they say that you can only trade Bitcoins that are worth more than 0.01 US Dollars.
So, I guess that you can buy Bitcoins with as little as 1 cent, which, if true, is amazing!
What is the minimum amount of money to buy Cryptocurrencies on Bitfinex?
Bitfinex is an exchange, which is targeted more towards professional and large-scale investors, rather than someone, who just wants to try out buying Bitcoin.
So if you are not comfortable spending a lot of money, I wouldn’t recommend Bitfinex to you.
Nonetheless, there is a fee of 0.1% with every deposit you make.
However, if the 0.1% fee is smaller than 20 US Dollars, you will have to pay 20 US Dollars as your fee.
Bitfinex knows that it isn’t very profitable to make small deposits, that’s why they also recommend to combine small deposits into one big deposit and therefore avoid paying high fees.
Can you buy Bitcoins with Cash?
If you are out there looking for a way to buy Bitcoin on the cheap, you may also consider buying Bitcoins without sending bank transfers all over the world.
Rather, you can just go to a Bitcoin ATM machine near you, and exchange your real FIAT money into Bitcoin.
If you don’t know if there is a Bitcoin ATM machine near you, check out CoinATMRadar.
Just insert your location and it will show you all the nearest Bitcoin ATM machines.
Once there, you can just insert a bank note, let the machine scan your Bitcoin wallet, and wait for the Bitcoin ATM machine to transfer the Bitcoins over to your wallet.
Now you may wonder if there are any fees attached to that.
And of course, there are.
What is bitcoin?
ATM machine owners do want to make a profit, even if is only a small transaction fee.
In fact, Bitcoin ATMs do charge a large fee, compared to using an online exchange, so you might be better off just using one of the exchanges I listed above.
CBS News found out, that the average Bitcoin ATM machine charges a fee 8.93% per transaction.
Compared to the exchanges I showed you above, this is pretty expensive.
But to get back to the question of this subheading, yes you absolutely can buy Bitcoins with Cash, by just using a Bitcoin ATM machine.
Just be aware of the high fees that are attached to every transaction.
I hope I could show you what the minimum amount of money to invest in Cryptocurrencies is, and where you can find that.
Now I would like to hand it over to you: Which exchange do you prefer to buy your Cryptocurrencies? Are you a fan of the big centralized exchanges like Coinbase, or do you prefer the peer-to-peer exchanges like LocalBitcoins?
Let me know in the comments below.
Thanks a lot for reading all the way to the end and I hope you found some really useful information in this post.