How to buy Bitcoin (BTC) in Sweden
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Loading... - Hilary Allen
- 08 Sep 2022
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How to buy Bitcoin
To buy Bitcoin, you just need access to one of the many platforms that sell it. These platforms are called cryptocurrency exchanges. If you're just starting out with Bitcoin, then you will need to figure out how to convert your government currency (fiat) into Bitcoin using one of these exchanges. We've boiled down the process of buying Bitcoin into 4 steps. Regardless of which exchange you use, these 4 steps will be roughly the same.
Don't worry – while you may find Bitcoin complex, buying it is straightforward and will take about 30 minutes out of your day.
Step 1. Choose where to buy
A cryptocurrency exchange is a website that allows you to buy and sell cryptocurrencies. They operate similarly to stock trading platforms. Cryptocurrency exchanges differ by fees, security, payment methods and features, so use our table to determine which one is the right fit for you. As a beginner, you don't need a big range of features, and you can always sign up to other exchanges later.
Some of the most popular exchanges that accept SEK are FTX Cryptocurrency Exchange, Bitpanda Cryptocurrency Exchange and Bit.com Cryptocurrency Exchange. All of these exchanges are considered relatively beginner friendly and offer deposit methods in a variety of methods.
You can see a list of exchanges in the table, which you can use to compare various features such as supported payment methods, security, fees and the number of different cryptocurrencies that they offer.
Once you have chosen an exchange, you will need to go to its website and create an account.
You can do this by selecting the button next to the exchange's name in the table.
To help you pick an exchange, consider the following:
· Fees: Purchase and sale of crypto assets incurs fees that can add up over time. Paying with a credit card tends to be the most expensive option, due to it being considered a cash advance in many cases. Keep an eye out for exchanges with free payment methods like a bank transfer. Look for exchanges with low trading fees, zero deposit fees for fiat and crypto, and cheap or covered withdrawals.
· Coins: You know you want some BTC, but have are there other coins and tokens you want to purchase later? If you're planning to diversify your portfolio, look for an exchange with your other assets of interest. If you're just buying Bitcoin, choose an exchange that gives you the lowest fees and best security. If you plan on trading other cryptocurrencies, then find a platform that fits those needs.
· Location: Regulated cryptocurrency exchanges must comply with local laws and regulations. Some exchanges are unavailable in certain countries or states. Be wary of exchanges located in foreign tax-havens with weak consumer laws and unregulated exchanges.
Step 2: Create an account
Once you have selected an exchange from the table, you can sign up for an account by selecting the "Go to site" button. This will take you to the account creation page, where you can fill in your details, starting with your name and email address.
You will then need to verify your identity and address, which is part of a process called Know Your Customer (KYC), which is a legal requirement for most exchanges in Sweden. To do this, you will need photo ID as well as a copy of a recent bank statement or utility bill that has your address on it.
KYC is typically approved instantly, although in some cases, you will have to wait a few days before your account is verified. Once your account is approved, you will need to choose a payment method to deposit funds into your account before you can make any purchases. Read More…
