Owning Bitcoin is the in-thing, with many people hoping to profit by selling it at a higher price in the future. To minimize costs, it's important to use platforms that offer low-cost methods for acquiring Bitcoin. This article discusses free ways to obtain Bitcoin and affordable options for buying or selling it.

There are costs associated with acquiring Bitcoin. One of the cheapest methods is using Bitcoin faucets. However, crypto exchanges are considered safer for obtaining BTC. They allow you to buy virtual currencies using various payment methods, such as credit cards, debit cards, and PayPal. Transaction fees may vary among different cryptocurrency exchanges.

Alternatively, you can trade Bitcoin online without necessarily owning cryptocurrency. You can go long (buy) to increase your Bitcoin holdings or go short (sell) to sell off digital assets. Bitcoin's price volatility makes it attractive for short-term traders and speculators. Read more:  How to Day Trade Crypto Like a Pro?

1. Get Bitcoin for Free

There are several ways to get Bitcoin for free. For example:

Faucets: Bitcoin faucets are platforms that offer small amounts of Bitcoin as rewards for completing tasks, like solving captchas or playing games. These rewards are usually given in Satoshis, the smallest unit of Bitcoin.

Airdrops:  New cryptocurrencies distribute free tokens to holders of existing ones, like Bitcoin, in a process called airdrops. By participating and claiming these tokens, you can accumulate Bitcoin at no cost.

Mining: Bitcoin mining uses specialized hardware to solve complex math problems, validate transactions, and earn new Bitcoins. It's no longer profitable for individuals to mine Bitcoin with regular computers, but other cryptocurrencies can be mined and exchanged for Bitcoin.

Staking: Some cryptocurrencies allow users to stake their coins as collateral and earn rewards for securing the network. These rewards can be converted into Bitcoin

Earn through services: There are websites that offer ways to earn Bitcoin by completing tasks like surveys, app testing, or freelancing. Users are paid in Bitcoin for their services.

Affiliate Marketing: Some companies or platforms offer affiliate programs. You can write articles or market on social media, allowing you to earn free Bitcoins as a reward.

2. Buy Bitcoin With cheap exchanges

There is a long list of platforms that allow you to buy and sell Bitcoin, both with and without fees. We will examine some of these platforms in detail later in this article, including crypto exchanges such as Coinbase, Kraken, and Binance.

3.  Trade Crypto with brokers

Most trading platforms offer numerous ways to invest in cryptocurrencies, such as Bitcoin derivatives, crypto CFDs, futures, and options. For example, trading Bitcoin CFDs differs from purchasing Bitcoin directly on an exchange. Instead of buying actual Bitcoin assets, you engage in long or short positions based on the underlying asset.

By going long or short, you can profit from price movements. Going long means buying Bitcoin (BTC/USD) when you expect its price to rise, while going short involves selling Bitcoin when you anticipate a decline. Derivatives also involve leverage, allowing you to open larger positions with a smaller margin. To mitigate risks, investors should employ risk management tools such as stop-loss orders and choose licensed brokers.

 1.  Coinbase

Coinbase is one of the top cryptocurrency exchanges in the world and the biggest in the United States. Its "Pro" version has exciting features and tools like charts, and graphs for more advanced traders. The platform supports several payment methods: wire transfers, credit cards, and debit cards. It also accepts PayPal withdrawals.

Pros:

• Multiple deposit and withdrawal options

• Insured BTC deposit

• Incredible online and mobile wallet-associated services

• Strong security features, including two-factor authentication

• User-friendly interface
  

Cons:

• Users do not enjoy complete anonymity

• Support response times can be slow

• Deposits and withdrawals can be delayed for up to 72 hours

2. Binance

According to Coinmarketcap, Binance is the biggest crypto exchange in the world. It handles a daily trading volume of $8.8 billion, about six times more than Coinbase, which follows at a distant second. With low fees, over 400coins, and support for multiple languages, Binance is one of the best and cheapest ways to buy Bitcoin online. Furthermore, the crypto exchange supports several payment methods, including bank transfers, credit cards, and debit cards.

Pros:

• Significantly low fees

• Offers over 400 virtual coins for trading 

• Excellent mobile app 

Cons:

• Binance US has limited functionalities 

• Does not support crypto-fiat trading 

3. MEXC

MEXC is a global cryptocurrency exchange that allows users to trade a wide variety of digital assets. Founded in 2018, it supports over 2600 cryptocurrencies and offers various trading features such as spot and futures trading.

Pros:

• Low trading fees, including 0% maker fees and 0.1% taker fees in the spot market.

• Large selection of cryptocurrencies with over 3000 trading pairs.

• No mandatory KYC requirement for non-verified users, allowing for easier access.

• Advanced trading options, including futures with up to 200x leverage.

Cons:

• Limited options for buying cryptocurrencies with fiat currencies.

• Services restricted in certain regions, including the United States and Canada.

• Mixed customer support reviews, with some users reporting issues.

4. Gemini

Gemini is a famous Bitcoin exchange founded by the Winklevoss twins. It is a regulated platform that offers a simple and secure way to buy Bitcoin and other cryptocurrencies. However, it does not accept common payment methods, such as debit cards for deposits and withdrawals. To buy Bitcoin on Gemini, you need to link your bank account and initiate an ACH deposit or wire transfer.

Pros:

• Good Reputation

• Licensed in 42 US states and over 60 countries around the world

• Instant deposit for ACH transfers

• It offers dollar-to-crypto and crypto-to-crypto trading

Cons:

• Lacks diverse payment methods

• Doesn’t guarantee complete privacy
  

5. Kraken

Kraken is a San Francisco-based crypto exchange founded in 2011. It serves customers across the globe and is available in 176 countries. In addition to Bitcoin, the company supports 90 digital tokens and seven fiat currencies. It is currently considered the world's largest bitcoin exchange in terms of euro volume and liquidity. It allows traders to make deposits and withdrawals using bank transfer and SEPA credit transfer payment methods.

Pros:

• It comes with an integrated wallet

• It offers regular and business accounts

• It includes two-factor authentication for added security

• Deposits are secured in offline cold storage

• Multisig wallets to reduce possibility of theft 

Cons:

• It has experienced technical issues and downtimes in the past

• The user interface looks outdated

Mitrade 

Mitrade is a user-friendly trading platform, that offers access to over 40 cryptocurrencies and various other assets.

Mitrade prioritizes compliance and holds regulations from esteemed global authorities such as the Australian Securities and Investments Commission (ASIC). When purchasing Bitcoin on Mitrade, users can find it along with other cryptocurrencies. Payment options include credit cards, bank deposits, or Skrill.

Deposits on Mitrade are free but require a minimum amount of $50 withdrawals are free for 4 times a month. Account denominations are in USD, so deposits in fiat currencies like GBP may be subject to conversion fees based on bank transfer rates.  

Pros:

• Regulated by ASIC

• Easy-to-use trading platform

• High level of online support

• Competitive transaction costs

Cons:

• Only one trading platform, no MT4

• No US traders

Please note:  The high volatility of the cryptocurrency market offers endless trading opportunities. You can trade cryptocurrencies online directly on the Mitrade platform.

Step1: Open an account on Mitrade

Step2: Go long ( buy) or go short ( sell ) on Bitcoin

Step3: Set up the position size, stop-loss/take-profit levels

The minimum amount is 0.01, so if you choose 10X leverage, the lowest deposit is about $26 (according to the current Bitcoin price). If you choose no leverage, you will need to deposit $260 to open the trade.

In conclusion, there are numerous cheap ways to buy Bitcoin and cryptocurrencies. However,  you should do your due diligence and choose a platform that aligns with your investment goals. 

First, look for Bitcoin faucets and other free ways if you don't mind growing gradually. However, if you plan on acquiring significant funds, find a reputable exchange with low fees, high trading volume, incredible analysis tools, high limits, and preferably, mobile apps. 

Besides buying bitcoin on crypto exchanges, Crypto CFD trading is another easy way of getting profit from cryptocurrencies. You simply trade Bitcoin through a forex broker. 

It is common for beginners to have jitters. It is understandable when starting out. But here is the good news. You can use Mitrade's trading tools ( e.g. Trading Analysis/economic calendar) to identify the trading opportunities in the market. Try Mitrade today and happy trading!

If you want to learn strategies and free demo trading, please click here to sign up for Mitrade's multi-asset trading platform. We offer trading on 300+ the world's most popular assets.