One of the easiest ways to buy Bitcoins is with cash deposit. In the following text we are going to give a detailed description of the top 5 sites to buy bitcoins with cash deposit. Also, you will find out more about the risks and the pros and cons of buying bitcoins with cash deposit.
Top 5 sites to buy bitcoins with cash deposit
Buy bitcoins with cash deposit from the following sites:
You can buy bitcoins with cash on LocalBitcoins via cash trade in-person or with cash deposit. LocalBitcoins is private and does not require any personal details or verification, although specific sellers may request this info. Always buy from sellers with previous trade history and positive feedback. Local Bitcoins charges a flat 1% fee on each purchase. Follow this procedure:
- Find a seller in your area who accepts cash.
- Select amount of coins and place an order.
- Receive account number from the seller.
- Deposit cash into the seller’s account.
- Upload your receipt to prove you made the deposit/trade.
- Receive bitcoins! The coins will arrive in your LocalBitcoins wallet.
BitQuick connects you with sellers who want cash for their bitcoins. Unfortunately, this site is only available in the United States. Bitcoin purchases made with cash deposit are usually delivered within two hours, and in many cases in under an hour! Follow this procedure:
- Firstly, you would have to find a seller. Once you do it, you agree on a price for the bitcoins.
- Then make cash deposit. Go to the seller’s bank and make a cash deposit into the seller’s account.
- Thirdly, upload your receipt to the seller to prove you made the deposit.
- Finally, the seller will release bitcoins to you.
This is another option that is available only in the United States. LibertyX lets you buy bitcoin with cash at a number of retail stores across the United States. It is less private because you have to verify your identity before buying Bitcoins. You can buy up to $1000 worth of bitcoin and will be charged a 1% fee on all purchases.
WallofCoins connects buyers and sellers while acting as an intermediary. It lists sellers like LocalBitcoins, but works off bank deposits like BitQuick.
WallofCoins offers a live chat feature and a toll-free number for customer service. These features make it an attractive option for first-time buyers.
MyCeliumWallet is one of the many mobile apps that is available on GooglePlay to buy, store and send Bitcoin. Most of the applications include a feature that allows buyers to find sellers based on location.
These applications do not act as intermediaries like other platforms listed here. The terms of the exchange are negotiated between the buyer and the seller individually, as is the price. Although this increases the potential risk, it also allows the buyer to select sellers who will provide the desired level of anonymity.
Risks and pros and cons
Buying bitcoins with cash has a very low risk. Make sure you use an escrow service (like the aforementioned LocalBitcoins or BitQuick) to ensure that the seller sends you the bitcoins after receiving the cash.
- Pros and Cons
It’s easy to buy small amounts of bitcoin with cash. Furthermore, it is private, as no personal information is required in most cases. Buying bitcoins with cash is also fast, as there is no verification to slow down the process. On the other hand, it can be hard to buy large amounts of Bitcoins with cash, especially with cash deposit. Plus, the cryptocurrency market is extremely dynamic, and changes in purchase limits and operational systems are taking place continually.
All in all, buying Bitcoins with cash offers more privacy and anonymity compared to centralized cryptocurrency exchanges. All you need is a digital wallet and you can get started.