How to Buy Bitcoin Cash in 5 Minutes

If you were carefully checking Bitcoin Cash news, this wouldn’t be new to you. The birth of the coin dates back to August 2017 when a debate between two developer teams resulted in the creation of Bitcoin Cash. The first group – the ones who had stuck with the original Bitcoin (BTC) – argued that they have to implement off-chain solutions to improve the scalability of the network. On the flip side, Bitcoin Cash supporters wanted to upgrade the network by an on-chain method (increasing the block size limit). As the community could not discuss this debate properly, it resulted in the BTC blockchain splitting in two on August 1, 2017: Bitcoin and Bitcoin Cash.

In November 2018, a proposed upgrade of the BCH network split the community in two: Bitcoin Cash and Bitcoin SV (Satoshi’s Vision). Although two cryptocurrencies were created from one coin, Bitcoin Cash managed to keep its place in the top 10 digital currencies.
Many traders, investors, and crypto enthusiasts made good profits from Bitcoin Cash. In 2017, the coin managed to climb up to over $4,000 from $500 in less than two months.

The disagreements within the community did not change the fact that Bitcoin Cash is still a hot asset. Most of the services that allow users to buy Bitcoin also offer BCH trading too. Now, the question stands: where to buy Bitcoin Cash? In this guide, we’ll show you how to buy Bitcoin Cash using brokers and exchanges, comparing the different service providers as well as the payment methods.

Please note that due to the November 2018 Bitcoin Cash chain split, BCH is sometimes abbreviated as “BCHABC” or named “Bitcoin Cash ABC” on some exchanges and brokers.

How to create a Bitcoin Cash Wallet

CryptoRocket is one of our most recommended exchanges when it comes to cryptocurrency trading. Other than offering a great variety of cryptocurrencies it offers popular trading platforms MetaTrader4 and WebTrader as well as a user-friendly interface, reduced fees and much more.

CryptoRocket certainly is one of the best platforms you can find if you wish to trade BCH. Have a look at our guide to help you through the registration process on the exchange.

Step 1: Registration

To register on CryptoRocket you will have to click on the sign up button on the top right corner of the home page of the website. You will then be redirected to a short registration form. It will take up to 1 minute of your time to fill it in because you will only be required to provide your name, email address and to create a password.

Step 2: Opening Trading Account

Once you’ve signed up, you will have to open a trading account if you actually want to start trading. Before opening a real account, you will be suggested to open a demo account. That will help you get familiar with how the exchange and the trading platform work so that you won’t have any surprises once real money gets involved.

Step 3: Deposit funds

Whenever you feel confident and ready to trade with real money, you can make your first deposit. You will have to deposit a minimum of $10 which is much lower than most other exchanges. You will be able to pay via debit or credit cards of MasterCard and VISA circuits. You can also use Bitcoin to make your deposit.

Step 4: Buying

Once you make the deposit, you will be able to switch from demo account to a real account. You will be given login credentials to access your real account at a later time. Once you log into the platform, you will be able to start trading BCH. You will find the asset on the left side of the platform. Once you find it you can select the asset and choose to buy or sell.

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Binance CEO Zhao Changpeng co-founded the BCH exchange in 2017 with the company’s CMO, Yi He. Firstly, the exchange was headquartered in China. However, after the cryptocurrency ban in 2017, Binance has moved its operations to Japan and Malta. The company features a crypto to crypto exchange with a wide variety of coins and four base currencies (BNB, stablecoins, BTC, ETH). You can choose between two trading views (basic, advanced) to trade Bitcoin Cash on Binance.

Now, you know the upsides and downsides of the exchange. Let’s continue with our step-by-step guide on how to buy BCH on Binance. We modified the steps in this guide, leaving out the verification part as Binance has high limits (a daily limit of 10 BTC for withdrawals), which will be sufficient for normal trading. We replaced the verification step with a security measure (2FA).

Step 1: Registration

Creating an account on Binance is easy.

If you prefer anonymity or semi-anonymity, Binance is a good choice as the exchange will only ask for your email address.

Click “Register” on the home page and proceed with creating your account.

After you opened your account, don’t forget to check your inbox and verify your email.

Step 2: 2-factor authentication (2FA)

Setting up 2FA is essential to protect your account from attackers.

After your first login, Binance will ask you to set this security measure up.

Do that by either using your phone number (the Bitcoin Cash converter will send a text message every time you log in) or Google Authenticator.

Please don’t proceed to the next step without setting up 2FA.

Step 3: Deposit

After your account is secured via 2FA, it’s time to continue with depositing funds.

Please note that Binance only accepts cryptocurrency deposits. Therefore, you need to own coins before you can start trading on the exchange as the Bitcoin Cash exchange does not accept fiat deposits.

Head to the “Deposits” tab under “Funds,” choose your desired cryptocurrency, and send funds to the address shown on the page.

Make sure to double and triple check the wallet address before sending funds to avoid any mistakes.

Step 4: Buying

You can start trading as soon as your coins have arrived at Binance. If you have deposited any of the four base currencies (BNB, BTC, ETH, USDT), select Bitcoin Cash from the list under your base currency as well as the amount of BCH you want to buy, and execute the trade.

In case you added a cryptocurrency that’s not a base currency, you have to exchange it to a base currency on the platform before you can buy Bitcoin Cash.

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Fortunately, Bitcoin Cash is one of the handful of coins that are supported by the San Francisco-based cryptocurrency exchange Coinbase. Hooray! So, you are able to trade BCH on the crypto exchange’s newbie and user-friendly platform. Among all of the major cryptocurrency exchanges, Coinbase has one of the lowest credit card processing fees (about 1.5%), and using this payment method is really easy as well as convenient on the service.

Step 1: Registration

So, as the first step of our Coinbase tutorial, let’s create an account at the service. Head to the official website of the cryptocurrency exchange. When you are there, you’ll find a button stating “Get Started” in the top right corner of the page. Click it, and the site will take you to a page where you have to fill out a form with your first and last names, email address, and desired password. Don’t forget to tick that you are not a robot as well as you have accepted the terms and conditions and privacy policy of the service (and that you confirm that you are above the age of 18). When you are ready, click “Create Account” at the bottom of the form and proceed to the next step.

Step 2: Verification

As Coinbase is operating in the US, the cryptocurrency exchange is subject to strict regulations that require the company to request Know Your Customer (KYC) documents from its customers. Therefore, you need to raise your account limits by verifying your phone number and identity before you can proceed to buy Bitcoin Cash.

To verify your account, head to the “Account Levels” tab under “Settings.” The verification page will show your current account limits and what is left of those limits as well as different features that are either enabled or disabled for your account. When you are on this page, you’ll see that there are two levels. While the first will raise your limits that will allow you to buy Bitcoin Cash on the platform, you will need to complete level two to have access to unlimited buying and selling on the service. Level one will need you your phone number and a photo ID, while the next level will require you to provide additional personal information to the operators of the cryptocurrency exchange.

Now, let’s verify your phone number – by typing in the code that the exchange has texted you in the related fields – and your identity. For the latter, crypto exchanges typically accept government ID, driver’s license, and passport. Take a clear photo of either document and submit it to Coinbase. Wait for a while until the team verifies your document and either proceed to the next step or complete verification for level two.

Step 3: 2-factor authentication (2FA)

As you are planning to hold Bitcoin Cash (at least for a while) in a cryptocurrency wallet, it is essential to turn on 2-factor authentication (2FA). Fortunately, Coinbase supports 2FA in the form of text messages. Every time you log into your account, you’ll get a code from the company, which you have to type in the related fields. Also, Coinbase has an option to set a certain amount – like 1.2 BTC. If that’s reached, 2FA will be activated.

To set up 2FA on your Coinbase account, navigate to the “Security” tab inside “Settings.” You’ll find a section about 2-factor authentication. Click the blue button stating “Enable Authenticator.” Also, we recommend you to choose the setting in which a verification code will be sent to your phone if any amount of digital currency is moved.

Step 4: Buying

Now, it’s time to buy some Bitcoin Cash. Please note that we are using credit card as the payment method in this tutorial. This method does not require you to funds your account with money before you can trade as the credit card transactions will be processed almost instantly. However, if you wish to credit your account with fiat via bank transfer, you need to first wait for the deposit to arrive before you can buy BCH.

Head to the “Buy/Sell” tab where you’ll see a list of cryptocurrencies. Firstly, choose BCH from the list. Now, you need to proceed by adding your credit card as the payment method you will use to buy Bitcoin Cash on Coinbase. When you are done with that, select the amount of BCH you want to purchase on the cryptocurrency exchange. Then finish the process by executing the trade.

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Changelly is a cryptocurrency exchange that features near-instant transfers with reasonable fees. Unlike at online stockbrokers, you need a cryptocurrency wallet to buy Bitcoin Cash on the exchange. While you can’t sell coins for fiat, the service accepts credit card payments on its platform (though they will cost you a lot).

At Changelly, the deposit process is completely left out (one of the reasons for the fast transaction times). Moreover, for trading normal amounts of coins, you don’t need to verify your account, so we’ve left out that step from the guide. Let’s focus on setting up 2FA instead.

Step 1: Register

You only need an email address to register an account on Changelly.

Click the “Join” button in the top right corner of the page, fill in the details with your email and desired password and continue to the next step.

You can use Google+, Facebook, and Twitter to register an account faster.

Step 2 2-factor authentication (2FA)

The next step is to set up 2FA on your account.

Changelly accepts Google Authenticator, which you can download to either iOS or Android using the links inside your account’s settings tab.

Download the app and set 2FA up for your own security, then proceed to the next step.

Step 3: Buying

On the home page of the website, you’ll find a converter.

Choose Bitcoin Cash ABC (BCHABC) and the fiat currency you want to use to buy BCH.

Set the amount of Bitcoin Cash you want to purchase.

After that, you need to provide your credit or debit card details to initiate the trade.

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