Although the crypto world has been booming for a few years, it is never too late to start, and if you are taking your first steps in this ecosystem, it is normal to have certain doubts.
Cryptocurrencies are, broadly speaking, digital decentralized currencies (most of them). They work thanks to what we know as blockchain technology, which allows them to operate independently from banking systems. The main difference between cryptocurrencies and traditional money is that they are not controlled by a government or central entity. This allows them to have unique characteristics such as transparency, immutability, or direct transactions between users.
There are several types of cryptocurrencies. Some are more oriented to work as a store of value (Bitcoin). Others, on the other hand, can be used to develop smart contracts or decentralized applications, as is the case with Ethereum.
Before making any move, it is key to understand that cryptocurrencies are volatile assets. This means that their prices can fluctuate in short periods of time. With the same ease that you can obtain benefits, you can see your account in the red. Be careful.
Now that you have a little more context, making your first cryptocurrency purchase on Bitnovo is very simple and practical. On the platform we make it simple for you, as we accept three different payment methods.
In the same way, we remind you that before you start buying cryptocurrencies you should have already completed both your account validation and identity verification.
If you have not done so, you have guides like this one that will help you in less than a minute. In the Bitnovo Blog you will also find guides to start working with crypto. You just have to put the word “guide” in the search engine, and it will take you to endless material.
Investment and management options after your purchase
When you buy your cryptocurrencies on Bitnovo, you have several ways to manage them according to what suits you best. You can either keep them as a long-term investment (HODL), or you can use them to pay at merchants that accept crypto. You can even do trading by buying and selling depending on market movements.
If you are wondering where to store your cryptocurrencies once purchased, do not worry. Bitnovo has a self-custody wallet where you will have full control of your cryptos. This does not mean that you cannot use external wallets, but it is undoubtedly the most convenient and simplest option. In addition to storing your cryptocurrencies, you can take advantage of the tools offered by the platform. You can do swaps or exchanges between cryptocurrencies, follow the market, diversify your portfolio, and withdraw your crypto in cash.
Bitnovo offers different payment methods so you can choose the one that best suits your needs. You will be able to pay with the method you want: bank transfer to deposit euros into your “euro wallet”, credit or debit card, and you will also have the option of buying in cash by redeeming our coupons.
Detailed steps to buy crypto on Bitnovo
One of the main objectives of Bitnovo is to offer an intuitive and simple buying process. Even so, it will be very useful to know each step before operating:
- Preparation: You will not be able to operate without first having your account created and your identity validated with KYC, which is a very simple process. In case it is your first purchase, you will need to have your destination wallet ready where you will receive the cryptocurrencies.
- Access to the platform: Once you have logged in to Bitnovo, go to the main page where you will see the options to manage your assets.
- Start of the purchase process: To start buying, you must click on the “deposit” button. From there the option will appear to exchange euros for the selected cryptocurrency. In this case, the selected cryptocurrency is Bitcoin.
In the image, you can see that you will have options to buy, sell, and make swaps or exchanges.
4. Transaction setup: You must enter the address of your destination wallet when making a purchase on the Bitnovo platform. This step is very important. You have to make sure you verify that the address is correct. Remember, as we told you at the beginning, transactions on the blockchain are irreversible.
Payment methods on Bitnovo
Method 1 – Payment by bank transfer:
The first payment option is via bank transfer, paying with the euro wallet. If you already have funds in your euro wallet, you will have to go to the “pay” section and confirm your transaction.
If you do not have funds in the wallet, you can only add them via transfer.
Once you select the option to recharge FIAT (fiduciary money or what we commonly know as regular money) by transfer, you will see the data necessary to carry it out.
When you have completed it, you will receive an email indicating that “your funds have been credited.” This means that you will now have money in your Bitnovo account to make the purchases you want.
Once you have entered the data successfully, a purchase summary will appear, the payment will be processed, and if successful, the cryptocurrencies will be credited to your wallet.
Method 2 – Payment by credit or debit card:
To make the payment by credit or debit card, the process is very similar to any other purchase you have made on the internet. You will have to enter the data of the selected card, we also accept Apple Pay or Google Pay.
Once you have successfully entered the data, a purchase summary will appear, the payment will be processed, and if successful, the cryptocurrencies will be credited to the chosen wallet.
In case there is an error in the payment, we recommend that you try entering the card data again or try another one.
Frequently asked questions and beginner tips
What do I need to start buying cryptocurrencies on Bitnovo?
If you want to start buying cryptocurrencies on Bitnovo, you must first complete account validation and identity verification. You will probably need to fund your account in case you have to use the euro wallet. This simply involves transferring euros to your account.
What payment methods does Bitnovo accept to buy cryptocurrencies?
Bitnovo accepts bank transfer (to recharge your euro wallet), credit or debit card (including Apple Pay or Google Pay), and cash through the redemption of coupons. These coupons can be found in stores and tobacconists in your area. If you want to reload your euro wallet, the only option is through bank transfer.
How is the cryptocurrency purchase made on Bitnovo step by step?
To buy, you must log in, click the “deposit” button and select the desired cryptocurrency (for example, Bitcoin). Once you complete these steps, you only need to enter the destination wallet address (making sure it is correct), and choose your payment method. After that, confirm the transaction and you’re done. If you pay with card, you will have to enter your card details; if you use your euro wallet, you will only have to confirm the transaction.
Is it necessary to have your own wallet to buy cryptocurrencies on Bitnovo?
Yes, it is important that you enter the address of your destination wallet when making a purchase on the Bitnovo platform. This is because the cryptocurrencies will be credited to the chosen wallet once the payment is successfully completed. It should be noted that Bitnovo also offers a self-custody wallet integrated into its app. This can be much simpler than using an external wallet, although it is also an option.
Are there limits when buying cryptocurrencies on Bitnovo?
Yes, there are different limits for buying cryptocurrencies, which vary according to the payment method used and your account level. The levels are degrees of verification that determine your operating limits. These exist to comply with security regulations and prevent money laundering. There are three levels: the basic one, with KYC verification, up to €5,000. Then the intermediate one, with proof of residence, limits up to €15,000. And finally, the advanced one, with additional documentation on the origin of funds and higher limits depending on volume.
How does payment by bank transfer work on Bitnovo?
To pay by bank transfer, you must first recharge your euro wallet in Bitnovo. You will be provided with the necessary data to make the transfer, and once the funds are credited, you can use them to buy cryptocurrencies by selecting the option “pay with euro wallet.”
How long does it take for a cryptocurrency purchase to be credited on Bitnovo?
Once the payment is successfully processed, the cryptocurrencies will be quickly credited to your wallet. If you pay with card or Instant SEPA, you will receive the cryptocurrencies in minutes. With standard SEPA transfer, receipt may take between 24 and 72 business hours. After confirming the funds, Bitnovo sends the cryptos almost instantly, although blockchain network congestion may cause slight delays.
