We can both agree on this:
Buying bitcoins with cash is confusing!
Luckily, today I’ll show you how easy and fast it can be.
We’ve collected the best exchanges and listed them for you below.
We can both agree on this:
Buying bitcoins with cash is confusing!
Luckily, today I’ll show you how easy and fast it can be.
We’ve collected the best exchanges and listed them for you below.
Why buy bitcoins with cash?
For real:
Converting your cash to bitcoin can get you bitcoins within a couple of hours.
Buying bitcoins with cash is also private.
Many of the exchanges below do not require you to verify your identity or provide sensitive personal details.
By the way:
Make sure you have a Bitcoin wallet before you buy since some of the exchanges below require one.
If you don’t have a wallet, read our guide on the best Bitcoin wallets.
It’s possible to buy bitcoins with cash on LocalBitcoins via cash trade in-person or with cash deposit.
The above guide was meant to give you an idea on how LocalBitcoins works.
If you want more information, read our full guide on how to use LocalBitcoins.
LocalBitcoins is private and does not require any personal details or verification, although specific sellers may request this info.
Be sure to buy from sellers with previous trade history and positive feedback.
Local Bitcoins charges a flat 1% fee on each purchase.
We may receive compensation when you use LocalBitcoins. Please visit LocalBitcoins for its exact pricing terms.
✓ Can be private, fast and easy
✓ In-person trades require no personal information
✓ Purchases of bitcoin can be made quickly via cash deposit
✗ Beware of scams; always follow the rules!
✗ Harder to buy large amounts of bitcoins compared to large exchanges
✗ Slightly to significantly higher prices than regular exchanges; premium for higher privacy
Ease of Use
Privacy
Speed
Fees
Reputation
Limits
Wall of Coins is a peer-to-peer Bitcoin exchange that offers a number of payment methods.
Cash deposit, however, is the exchange’s most common payment method.
There are over 100,000 deposit locations available across the United States.
Wall of Coins also supports Canada, the United Kingdom, Germany, Poland, Argentina, Latvia, Poland, and the Philippines.
After a cash deposit is made you’ll usually receive your bitcoins within 15 minutes.
We may receive compensation when you use Wall of Coins. Please visit Wall of Coins for its exact pricing terms.
✓ Easy way to purchase bitcoins
✓ Fairly private way to purchase bitcoins; only your phone number is required
✗ Currently limited to 22 countries
✗ Hard to find sellers offering high volume
Ease of Use
Privacy
Speed
Fees
Reputation
Limits
BitQuick connects you with sellers who want cash for their bitcoins.
BitQuick is only available in the United States and works like this:
This process can be completed at a massive number of banks across the United States.
Bitcoin purchases made with cash deposit are usually delivered within two hours, and in many cases in under an hour!
We may receive compensation when you use BitQuick. Please visit BitQuick for its exact pricing terms.
✓ One of the fastest ways to buy bitcoins
✓ More physically secure than other cash payment methods as one pays the money to a bank teller
✗ 2% fees for buyers are somewhat high for cash trading
✗ Prices vary and can be much higher (or even lower) than the current Bitcoin price
Ease of Use
Privacy
Speed
Fees
Reputation
Limits
LibertyX lets you buy bitcoin with cash at a number of retail stores across the United States.
You’ll have to verify your identity before buying, making LibertyX less private than some of the other options.
You can buy up to $1000 worth of bitcoin and will be charged a 1% fee on all purchases.
Get this:
If you sign up with Facebook you can buy your first $1000 fee free.
Your bitcoin should arrive a few minutes after your payment is made.
✓ Easy and fast way to buy bitcoins with cash
✓ Low 1.5% (plus store fee) rate for cash purchase method
✓ Daily $1000 limit is fairly high for a convenience service
✗ Participating stores add their own variable fee
✗ Some verification is required which lowers the expected privacy level of cash purchase
✗ Attaching your Facebook account further degrades privacy
Ease of Use
Privacy
Speed
Fees
Reputation
Limits
Our Bitcoin ATM map helps you find a Bitcoin ATM in your local area.
Using Bitcoin ATMs you can buy bitcoins with cash ONLY.
The average ATM charges a fee of 5-10%, but this is what people are willing to pay to buy bitcoins privately and with no verification.
There are many Bitcoin ATM manufacturates, so each ATM is different. Some require verification, although most don’t.
✓ Our map makes it super easy to find a Bitcoin ATM near you
✗ Bitcoin ATMs often have 5-10% fees per purchase
Bitit is slightly different than the other options on this page. Instead of buying directly with cash, you instead need to use a voucher like Flexepin or Neosurf. The fees are about 8% for buying with Neosurf or Flexepin.
We may receive compensation when you use Bitit. Please visit Bitit for its exact pricing terms.
✓ Unique way of purchasing offers extra privacy over other methods
✓ 8% Neosurf fee is slightly better than Coinhouse’s 10%
✓ Available in 50 countries
✓ €10,000 initial weekly Neosurf cash payment limit
✓ Bitcoin gift cards also available; more expensive than other options
✗ In-person buying methods offer more privacy but can be confusing
✗ Identity verification required for buying amounts over €25
✗ €500 initial weekly credit/debit card limit
Ease of Use
Privacy
Speed
Fees
Reputation
Limits
Exchange | Fees | ID Required | Countries | |
---|---|---|---|---|
![]() | LocalBitcoins | 1% | Sometimes | Global |
![]() | BitQuick | 2% | Yes | USA |
![]() | Wal of Coins | ~1% | No | 12 Countries |
![]() | LibertyX | 1.5-8% | Yes | USA |
Buying bitcoins with cash can be very low risk.
If making a trade in-person, it’s best to meet in a public place to reduce the risk of scamming or theft.
If buying bitcoins with cash via cash deposit, use an escrow service (like LocalBitcoins or BitQuick) to ensure the seller must send you the bitcoins after receiving bitcoins.
It’s easy to buy small amounts of bitcoin with cash.
It’s also private, since no personal information is required in most cases, especially if trading in person or at an ATM with no verification.
Buying bitcoins with cash is also fast, as there is no verification to slow down the process.
It can be hard to buy large amounts of bitcoins with cash, especially with cash deposit.
Bitcoin ATMs also have limits and some require verification if more than a certain amount is purchased.
The average buy price on Local Bitcoins and Bitcoin ATMs is usually 5-10% higher than the average global rate.
Unlike other exchanges, which require ID verification and personal information, Local Bitcoins and Bitcoin ATMs don’t require any information like this.
The 5-10% premium on LocalBitcoins and at ATMs is simply the cost people are willing to pay for privacy when buying bitcoins.
It depends how much you trust the exchanges.
Just like any information you give up online, there is always the risk that it can be hacked or stolen from the website you give it to.
One thing that Bitcoin exchanges have going for them is that because they are constantly under attack, they have some of the best security and protections in place to protect against the hacking of your personal info.
There is always risk with anything related to information online.
Even Yahoo was hacked and information on 1 billion accounts was stolen.
We really recommend storing any bitcoins you want to keep safe in a wallet you own.
Many Bitcoin exchanges have been hacked and lost customer funds. If you don’t want to fall victim to these hacks then the easiest way is to store your coins in a wallet you control.
Out of the exchanges we listed, LocalBitcoins, Wall of Coins, and BitQuick all allow you to sell bitcoins for cash.
BitQuick is one of the best ways to buy bitcoins with cash in the United States.
It charges 2% per buy but the exchange rates are generally better than LocalBitcoins.
We will show you how to make your first purchase in the tutorial below.
You will NEED a Bitcoin wallet before you can buy from BitQuick. Don’t have one? Read our guide.
You will see the home page. Then, click “Quick Buy”
Enter the amount you want to spend. You can enter in dollars or BTC, the fields will update automatically.
You should now see a list of banks with prices:
You can pick any bank, and banks with the lowest prices will show up first.
Once you picked a bank you will be required to fill in some details. This includes your email, phone number, and Bitcoin address. You can also change the amount of Bitcoin you want to receive.
Make sure you put in your phone number and press “SEND VERIFICATION”. This will send a PIN code to your phone that you need to confirm.
Once you put in your details press “PLACE HOLD”. This will lock in your order.
Now you will need to find a bank branch of the bank you chose in your area. Then you go into the bank, make a deposit, and save the receipt.
Go back into BitQuick and upload the receipt to the seller. This proves you made the deposit.
Bitcoins should arrive to the address you entered earlier within 3 hours!
Bitcoin ATMs are another great way to purchase bitcoins with cash!
Think of a Bitcoin ATM as a cash to Bitcoin converter.
While you may have to physically drive or walk to the ATM, once you reach the ATM you can buy bitcoins instantly. You’ll need to be lucky enough to have a Bitcoin ATM in your area.
Our Bitcoin ATM map helps you find locations makes it easy to locate a Bitcoin ATM in your area.
You can do the following to check if there is a Bitcoin ATM near you:
In the search box in the top left, type in the name of your country or city and click enter.
Once you search, you’ll be taken to the location you entered on the map. If you see map pin markers, you’re in luck! That means there are Bitcoin ATMs in your area.
Click on one of the map markers for more details about a specific ATM. From there, you can also click on “Read More” at the bottom for even more details.
While Bitcoin ATMs make it easy to buy bitcoin with cash, there are some downsides:
Bitcoin ATMs generally sell bitcoins at a mark-up of 5-10%.
Before you buy bitcoin from an ATM, check the ATM’s price against a Bitcoin price index like Bitcoin Average or the CoinDesk BPI.
Also:
Some ATMs may require verification, like a picture of an ID or a finger print scan (although most don’t).
Wall of Coins is a peer-to-peer cash exchange, currently available in the United States, Canada, Germany, Argentina, Latvia, Poland, and the Philippines.
Now that you know a bit about LibertyX we’ll show you how to use it. Once you’ve downloaded the app from the Apple App Store or Google Play Store, open it and you should see a screen like this:
Enter the amount of bitcoins you want to buy and then press “NEXT”. You should now see a screen with some options. If you want to find a store near you to buy then click “Find Store”. Now you’ll see a zoomed out map.
Put in your location or allow the app to see your current location. You should then see a zoomed in map with pins displayed the many locations you can buy from:
Now tap on a pin and then tap “SELECT THIS LOCATION”:
You will get more information on the location, like the store’s hours, fees, phone number, and instructions for buying the coins:
In the next step you will need to login with Facebook or make an account:
Once you login you will also need to link your phone number.
Once you confirm your phone number you can get your LibertyX code that you show the store!
At the store you present the code to the cashier and pay for the amount of coins you want. The cashier will then print out another code that you enter into the LibertyX app. Once you enter the code from the cashier you receive bitcoins!
Mycelium Local Trader is part of the Mycelium Bitcoin Wallet for Android.
If you live in a city, you’re in luck:
There may be a number of sellers in your area.
Make sure you meet in a public space. Going with a friend is best, too. There have been reports of scams and robberies, so just make sure you take precautions when buying.
Once you download the app, click Buy/Sell:
Once you enter your location you should see a list of local sellers:
Click on a seller for more info:
Again, make sure you buy from sellers with good feedback! If you meet, meet in a public space and go with another person.
The exchanges mentioned above (LocalBitcoins, Wall of Coins, and Bitquick) all work in almost the same way.
This section aims to provide more clarity on how a trade might work using one of these exchanges.
Peer-to-peer (P2P) Bitcoin exchanges are a great way to get bitcoins with cash. A P2P trade usually works something like this:
The above was just an example!
Through sites like LocalBitcoins you are free to agree on other payment methods besides cash deposit.
For example:
You could arrange to meet in person and exchange cash for Bitcoin.
Yes, using LocalBitcoins you can even exchange that Starbucks gift card from Christmas a few years ago for bitcoins 😉
Peer-to-peer Bitcoin exchanges offer a fast way to buy bitcoins.
However:
Peer-to-peer exchange rates may be a bit higher than the global average Bitcoin exchange rate.
People are willing to pay more to buy bitcoins both more privately and faster. The markup is usually somewhere around 5-10% on LocalBitcoins. Wall of Coins generally has rates close to market.
Check the against a Bitcoin price index like Bitcoin Average or the CoinDesk BPI.
If you decide to meet up with another person then make sure to take some precautions.
Meet in a public area. Most trades will go through fine but a search on Google shows people getting robbed or scammed at in-person trades.
Bring a friend. If possible, try to bring along a friend or family member just so you’re not alone.
These tips are not meant to scare you and there is nothing wrong with trading bitcoins. But when dealing with any amount of money or trade it’s best to be safe.
If you get one thing from this article let it be this:
Don’t store your bitcoins on exchanges!!!
Here are two examples where users got screwed by leaving bitcoins on exchanges:
And there are many more I could list.
If you’re buying with cash from an ATM you won’t have to worry about this, since ATMs always send bitcoins directly to a wallet or Bitcoin address.
If you’re buying from BitQuick or LocalBitcoins:
Make sure to move the coins you bought to your own wallet right after you buy!
Make sure you get yourself a Bitcoin wallet that will securely store your bitcoins.
Besides storage, there are many scam exchanges out to steal your personal information and/or bitcoins.
Following these two basic principles should help you avoid theft, scams, and any other loss of funds:
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As the world marks 10 years from the collapse of the Lehman Brothers Investment Bank, it becomes more relevant to think of Bitcoin. The reason for the statement is that after the collapse of the Lehman Brothers, Banks stopped lending to their peers and other financial entities for fear that the institutions had issued bad loans in the asset bubble burst. This created widespread panic, a credit crunch and consequential collapse of the financial system. In the midst of the turmoil, Bitcoin concept came into being. In this regard, it is good to review some aspects about the disruptive cryptocurrency.