BitcoinBuying Guides

The Easiest Way to Buy Bitcoin without Paying Any Fees

Are you looking to buy some bitcoin but end up getting anxious with all the steps, verification and complexities?

Well, look no further: One of the Easiest ways to buy or even sell Bitcoin is with Square’s Cash App.

Buy Bitcoin without Paying Any Fees
Buy Bitcoin without Paying Any Fees

Now they’ve also made it easier for their users to link their bank account via debit card. Square’s CashApp is freakishly minimal unlike PayPal which has a gazillion services all bundled together but also doesn’t offer this option.

As I’ll show you below, buying Bitcoin on the CashApp is as simple as 1-2-3. And you can take advantage of Bitcoin’s volatile price movements to great effect and make better, faster trades than every other platform.

Square’s CashApp is the brainchild of Twitter founder and CEO, Jack Dorsey. He is also one of the major proponents of the Bitcoin movement by publicly announcing his support for a single major reserve currency for the world.

“I’m just approaching with the principle that the Internet deserves a native currency. It will have a native currency. I don’t know if it will be bitcoin, I hope it will be bitcoin. I’m a huge fan.” ~ Jack Dorsey, CEO Twitter & Square

At the start of 2018, Square announced that the CashApp — would allow its users to purchase up to $10,000 worth of Bitcoin a week. And they are offering it without charging you any fees.

Buying from most Cryptocurrency exchanges incurs a fee. For example, if I try buying with Coinbase with my debit or credit card, they charge me a fee of about $8 for a $200 dollar purchase. A bank transfer would cost about $3.

Sure you could avoid paying this fee using the GDAX platform (also owned by Coinbase), now know as Coinbase Pro. This platform isn’t exactly as user friendly as Coinbase but if don’t mind the hassle of a few extra steps, then you can sign up and link your account, then transfer your funds there.

Anyway, a simple comparison between Coinbase and Square’s CashApp shows that you could get more Bitcoin for your buck if you simply purchased via the CashApp.

Glancing at both my CashApp and Coinbase App on my iPhone shows that both market prices have an almost similar exchange rate. Sometimes they’re a few dollars apart.

Our Real-Time coin pricing page showed similar prices.

Prices vary over time, so most exchanges add additional cost as a buffer. And they past all this cost to you, their end users. That’s why when you first check the exchange rate on most exchange platforms, you will always find that it is higher when you start confirming the purchase.

 

Using the CashApp is Simple

Step-1: Download the Cash app

Give it a try — get the Cash app now

This button earns both you and me $5 each when you start using and transacting with the app. Feel free to use this link, or ignore it if you prefer to find another way to buy your coins.

Step-2: Enter your debit card to start

Step-3: Access the Bitcoin Tab

First Tap on the Cash and BTC button then Swipe Left or Tap on BTC.

Tap on the Buy button to start adding cash into your CashApp Account. (This is what happens when you try to Sell without having any funds. lol.)

 

Step-4: Add Cash and Verify your identity

That’s how you can easily navigate the Cash app in just a few simple taps and finally buy your Bitcoin.

Of course, the very first time you add cash, you will have to undergo a series of verification to ensure you’re a US or UK citizen.

You can get around 2.3% more Bitcoin with Square’s Cash App

According to Kenny Li of Worthyt, Square Cash’s exchange got him 2.36% more BTC compared to Coinbase after Coinbase’s fee. But this is not a fully controlled study, so how much you get depends. Let me know if you got something drastically different.

Your exchange rate for buying and selling Bitcoin through the Cash App is calculated using the current market rate across the most popular U.S. exchanges, plus a spread determined by the size of your transaction and market volatility. The exchange rate may differ between transactions, and may also differ from exchange rates available to you from other buyers and sellers of Bitcoin.

(source: https://squareup.com/help/us/en/article/6313)

—What you Need to Know

to Begin your Cryptocurrency Journey

You can Buy up to $10,000 a week worth of Bitcoin on your CashApp. That amount is more than enough to buy a full BTC at the moment. You don’t have to buy a full BTC, it is divisible down to 8 decimal places.

If you are ready to sign up for Square Cash, download the app and register, then Enter the Reward code JSGMKRC under your profile settings, we both will get $5 after you send $5 or more using the app.

THE CATCH: You have to send $5 to your friend or family to activate the $5 reward

The only limitation with the app is that you cannot buy other Cryptocurrencies like Ethereum, Litecoin or Monero.

What you can do is first buy some Bitcoin right here, then transfer it to an exchange like Binance (my favorite exchange with the highest liquidity and volume) then exchange it for the coin of your choice.

If you plan to secure your coins and HODL, it comes highly recommended by even Andreas Antonopoulos , a Network Security expert and a Bitcoin evangelist to store your Bitcoin in a Hardware wallet like the Ledger Nano S or a Trezor.

Investing in my Nano S is simply the easiest and most secure way to store my coins. It is my little private bank, and I don’t have to trust a third party (Read centralization and decentralization). If I lose it, It is my money, my responsibility.

CHECK OUT LEDGER NANO HERE

Want to Learn More about Bitcoin?

The Easiest way to buy Bitcoin without paying any fees- CoinZodiac

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Also get the most resources, guides, videos, stories on Bitcoin right here on our Bitcoin Resources page. Over 1000 pages and 12 categories spanning all aspects of the Token economy, trading and mastering Bitcoin.

Check out my Answers written on Quora or Follow me on Twitter to get the latest updates on Crypto where I chat with the Influential people in this space.

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Winson Ng

I Started hearing about bitcoin only in November 2017. As a solo-preneur who has build around the Maverick Philosophy, I found bitcoin to be just the tip of the spear. I watched to see who was getting into it, some of the smartest entrepreneurs who has made their fortunes being the first movers allocated portions of their investment portfolios to Bitcoin. I studied and realized that if it worked, bitcoin was going to be the first global decentralized currency. And that has never existed before. Ever. I was Hooked!

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