Currently, Bitcoin Cash (BCH) is the sixth largest coin, even though the cryptocurrency has experienced a recent community split (the November 2018 Bitcoin Cash hard fork). Due to the network upgrades, the coin features low-cost transactions and a community that’s determined to increase the adoption of the cryptocurrency by constantly developing new solutions as well as partnering with new merchants to accept BCH for payments.
- 1 Buy Bitcoin Cash in 5 steps on eToro
- 2 What is Bitcoin Cash?
- 3 Differences between buying and trading Bitcoin Cash
- 4 How to buy Bitcoin Cash on eToro?
- 5 How to buy Bitcoin Cash on Plus500?
- 6 How to buy Bitcoin Cash on Binance?
- 7 How to buy Bitcoin Cash on Changelly?
- 8 How to buy Bitcoin Cash on Coinbase?
- 9 How to trade Bitcoin Cash with a trading robot?
- 10 How to buy Bitcoin Cash with Credit Card
- 11 How to buy Bitcoin Cash with Paypal
- 12 How to buy Bitcoin Cash with Bitcoin?
- 13 Do you need a Bitcoin Cash Wallet?
- 14 How to create a Bitcoin Cash wallet?
- 15 How to buy Bitcoin Cash in the UK?
- 16 How to buy Bitcoin Cash in the USA and Canada?
- 17 How to buy Bitcoin Cash in Australia?
- 18 How to sell Bitcoin Cash?
- 19 Conclusion
- 20 FAQ
Buy Bitcoin Cash in 5 steps on eToro
- Create an account on the service
- Verify your identity with the required documents
- Deposit fiat currency to your account
- Select Bitcoin Cash and how much BCH you want to trade
- Execute the trade
What is Bitcoin Cash?
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.
Differences between buying and trading Bitcoin Cash
Buying and trading Bitcoin Cash are two different things. You can purchase BCH and hold it for a certain amount of time in the hope that the coin’s price will go up. The buy-hold process is usually a mid and long-term investment. On the flip side, if you decide to benefit to conduct short-term trades, you are trying to take advantage of the volatility of the cryptocurrency market. One of the major benefits of trading Bitcoin Cash is the fact that you can sell the coin for profits even in a downtrending market. This is not possible when you are buying and holding BCH on the mid and short terms.
While you are able to sell BCH when trading the cryptocurrency, you need to possess at least basic currency trading skills and knowledge of the crypto market. Traders often use both fundamental (checking the latest news among other things related to BCH to predict the future price of the coin) and technical analysis. To conduct a successful and efficient analysis of a digital currency, the trader needs to use different technical indicators – such as the moving average and Fibonacci retracement – to determine the best entry and exit points for his or her position. This process can take quite some time as you have to sit in front of your computer to conduct both fundamental and technical analysis.
So, buying and holding Bitcoin Cash is more convenient. However, you can generate profits in a downtrending crypto market when you are trading BCH. In case you are doing manual trading – so you are not using automated cryptocurrency trading solutions -, you have to possess a certain skill set and have experience trading digital currencies in order to succeed.
How to trade Bitcoin Cash with a trading robot?
Automated trading solutions have been present in the fiat world for a while. These services use algorithm-fueled robots that are scouring the markets to find the best exit and entry points for trading. Therefore, the bots are making potential profits fully automatically. As the cryptocurrency market has grown bigger, trading robot solutions have been implemented to coins too, including Bitcoin Cash.
The benefits of using a trading robot to trade Bitcoin Cash are clear. Firstly – as opposed to “manual” trading -, you don’t need to sit in front of your computer all day deploying technical analysis to the BCH chart. Instead, you only need to set up the bots – some platforms even have their own strategies too (so you don’t need to develop one) – and monitor their performance. Secondly, automated cryptocurrency trading requires no trading knowledge from the user. So, trading Bitcoin Cash via crypto robots is completely newbie-friendly.
While BCH trading robots present a great way for all kinds of traders to make potential profits, automated trading is considered as a high-risk activity. However, the higher the risks, the higher the profits can be. We have a page dedicated to crypto robots; if you are interested in trading BCH via such services, we recommend you to check it out.
How to buy Bitcoin Cash with Credit Card
As shown in the previous step, it is possible to buy Bitcoin Cash with credit card. While bank transfers can be slow and inconvenient, credit card payments are the fastest way to buy BCH. When using a credit card to purchase cryptocurrency, your funds will arrive almost instantly. On the flip side, card transactions cost more than bank transfers or crypto to crypto payments.
The big question is: which provider should you use? As seen in the previous step, using a credit card on Changelly comes with high fees (almost 10%). If you want to use a Bitcoin Cash exchange, we recommend Coinbase for credit card transactions as the service has a 3.99% for card deposits, which is reasonable compared to its competitors on the Bitcoin Cash market. Using a broker is a good option too (such as eToro and Plus500) as both services offer cost-free credit card deposits.
How to buy Bitcoin Cash with Paypal
PayPal is a popular payment service that is used by over 244 million customers from all over the world. Many companies, especially e-commerce sites, accept transactions via PayPal as paying via the payment service is super easy and fast. On the flip side, the company has high fees and strict policies. The latter has an effect on the cryptocurrency industry as PayPal does not like coin transactions.
Therefore, Bitcoin Cash exchanges can’t accept payments via PayPal. So, if you want to buy Bitcoin Cash with PayPal, you have to use workaround methods. You can’t directly send Bitcoin Cash to PayPal and vice versa. One method is to use a third-party service, such as Localbitcoins.com, that will connect you with local customers who will sell you Bitcoin Cash to PayPal. However, that would cost you a nice fee and could result in PayPal disputing your account as it is against its policies. Furthermore, local transactions are not as safe as using brokers or exchanges.
So, that’s left us with another option, which is using brokers to buy Bitcoin Cash with PayPal. As brokers like eToro and Plus500 accept PayPal deposits, you can fund your account with the service. Then use your balance to buy Bitcoin Cash. That’s basically an indirect method to buy Bitcoin Cash with PayPal.
How to buy Bitcoin Cash with Bitcoin?
In some cases, you don’t want to use fiat currency to buy Bitcoin Cash. Why use your credit card, PayPal, or bank account when you have some BTC sitting in your wallet? As Bitcoin is the top cryptocurrency among all coins, it is widely accepted as a base currency on different cryptocurrency exchanges.
One of these exchanges is Binance, a crypto-to-crypto specialized service that we have chosen as the best for buying Bitcoin Cash with Bitcoin. You can easily transfer your BTC to your Binance wallet, choose the BCH/BTC trading pair, and exchange the two coins in the matter of a few minutes. And it won’t even cost you much. If you need more details on the buying process of Binance, read back to see our step-by-step tutorial.
Do you need a Bitcoin Cash Wallet?
As wallets can be hacked and Bitcoin Cash can be bought via CFDs without the need for a wallet, that brings up the question of whether you should be using a wallet to buy BCH. Owning cryptocurrency is great for mid and long-term investors, traders, and crypto enthusiasts who believe in the technology.
Though – as mentioned before – cryptocurrency can be stolen from your wallet by hackers. So, buying Bitcoin Cash from a broker, without the need to use a BCH wallet, would help you avoid the attackers stealing your funds. Also, if you send a transaction to the wrong place or if you make any other mistake, you can contact the broker or your bank to solve your problem. In case you do the same with a cryptocurrency wallet, you can’t contact any service provider to help you.
Although there are hacker attacks against crypto owners, you can avoid them simply by improving your security. Buying a hardware wallet could be a great choice here as the hacker has to steal your hardware device in addition to hacking the software side of your wallet in order to send out a transaction from your hardware wallet. We recommend checking out Ledger and Trezor as both are trusted brands.
How to create a Bitcoin Cash wallet?
If you are planning to use a cryptocurrency exchange to buy BCH, you will certainly need a great Bitcoin Cash wallet. The reason for that is that exchanges are highly targeted by attackers and most of them don’t have the required security measures for the safe storage of your coins. But worry no more! You just simply need to create a secure Bitcoin Cash wallet, which we will show you know at two trusted wallet service providers.
The first service we are showing you know is the Blockchain.com Wallet. The company, Blockchain.com, has been present in the cryptocurrency space for a while and it is trusted by millions of customers. Over 33 million wallets have been created using the organization’s free service. The Blockchain.com Wallet is web-based, so you don’t have to worry about downloading an app to your desktop or smartphone. Just head to the homepage of the service, click “Sign Up” in the top right corner, fill out the form with the required information. And voilá, your Bitcoin Cash wallet is ready.
If you are looking for a smart mobile Bitcoin Cash wallet, look no further. The Infinito Wallet is a multi-coin cryptocurrency storage service that will allow you to send, receive, and hold over 1,000 digital currencies, including Ethereum ERC-20 tokens. To create a Bitcoin Cash wallet via Infinito, head to the homepage of the service and use the links provided in the “Download” section to install the app on your device. You can also check for the app in the App Store or Google Play – Infinito supports both Android and iOS.
How to buy Bitcoin Cash in the UK?
Europe is a crypto-friendly continent with over thousands of service providers present in the region. Among all of these European countries, Bitcoin Cash (along with other cryptos) is quite popular in the United Kingdom. As there are plenty of services that offer BCH trading, it can become hard to choose the best for UK citizens.
And this service is eToro. Along with choosing the broker as the best exchange for Bitcoin Cash in this article, eToro is the best solution for UK citizens to buy BCH as well. The broker offers outright Bitcoin Cash trading with an FCA regulated service. The platform is easy to use, newbie-friendly, featuring a lightning fast registration and verification process, social trading features, and multiple payment methods (including PayPal and credit cards) that you can use to fund your account.
How to buy Bitcoin Cash in the USA and Canada?
Checking the stats, North America is the top crypto-friendly continent in the world. There are over 2,000 payment services that are offering solutions for cryptocurrencies – Bitcoin Cash included – and blockchain technology. As a part of digital currency exchanges and brokers are focusing on European customers – and some of them exclude US and Canadian citizens due to the strict regulations in both countries – it is crucial to choose the best exchange for the locals in both countries.
As we have tested the services of numerous digital currency exchanges and brokers who offer coin trading, we have selected the best solution for US and Canadian citizens. And this service is Coinbase, the perfect platform for both newbies and expert traders. Bitcoin Cash is one of the handful of coins Coinbase supports. The cryptocurrency exchange offers credit card purchases with one of the lowest fees on the crypto market.
How to buy Bitcoin Cash in Australia?
Oceania is not a continent flourishing with cryptocurrency and blockchain service providers. However, there are plenty of Aussies that are interested in this new tech and the coins – including Bitcoin Cash. The biggest markets of cryptocurrency exchanges are concentrated in North American and Europe. Therefore, many services focus mainly on the citizens of these regions. So, here comes the question – which is the best exchange for Aussies?
We’ve tested a number of crypto exchanges and brokers, and we ranked Binance in the first place for Australian citizens. Why? The crypto-to-crypto specialized service offers high limits for its users – so there’s no need to verify your account if you are trading normal amounts of coins -, the trading fees are low, and the exchange supports a wide variety of coins. And – of course – Australian citizens can register a free account on Binance.
How to sell Bitcoin Cash?
When you have bought BCH, and the price of the coin just went up to a specific level, you would want to sell the digital currency to make profits. Or – in the opposite case -, you want to exchange your Bitcoin Cash to minimize your losses. We’ve shown you how to buy the coin on different services. But how can you sell Bitcoin Cash? Let us show you one of the top platforms.
Taking that you have a Binance account – if not, read back to learn how you can register an account on the exchange – you need to head to the trading platform. Choose the currency pair for BCH from one of the four base currencies (BTC, ETH, BNB, and stablecoins), and choose the sell option. Execute the trade.
We’ve listed you the very best brokers and exchange where you can buy Bitcoin Cash. You also know how to buy BCH with different payment methods and what are the pros and cons of having a wallet. Now, it’s your choice to choose between the different options and solutions as well as to set your goals.
From all the services we tested, eToro comes out as the winner. The broker’s social trading platform is easy-to-use, newbie friendly, featuring plenty of payment methods to choose from. Account creation is fast, and you own the actual coins you are trading as the service offers outright Bitcoin Cash trading.