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February 7, 2018

How to Buy Bitcoin Using Coindirect

Learn how to easily purchase bitcoin on Coindirect’s secure peer-to-peer platform

If you’re considering buying bitcoin, it’s important to, first and foremost, have a base understanding of what you’re buying into. The coin was introduced in early 2009 and is credited as the first decentralised digital currency to use blockchain technology. It was invented by Satoshi Nakamoto, but has since been released as open-source software, which means ongoing improvements can be made to the system when needed. It saw a dramatic increase in value in 2017, with 1 bitcoin going for less than 1,000 USD at the beginning of the year, and peaking at over 19,000 USD by mid December.

Buying cryptocurrencies has not always been a straightforward process. Thankfully you’re now able to buy, convert, store and sell over 30 altcoins all on a single peer-to-peer platform. If you are living in the United Kingdom, South Africa, Kenya or Nigeria and looking to buy bitcoin (BTC), Coindirect offers a simple and secure solution. Keeping reading to see the coin buying process in full.

Create an account

By going through to our homepage and clicking ‘Sign Up’ you’ll be prompted to give an email address and a password of your choice. Once confirmed, you’ll need to fill in some basic personal information such as your name, address, mobile number and date of birth. This information is kept secure but is needed in order to comply with international best practices.

create a coindirect account

Get your identity verified

For buying bitcoin over a certain value (set based on the country you’re buying in), Coindirect requires proof of identity. This step can be bypassed if one trades under this value. The verification process is a way to protect buyers like yourself, as well as sellers, by following local and international compliance standards. This includes a clear copy of your proof of address (no older than 6 months), a government issued identity document, and selfie of your face next to that same identity document.

get verified to unlock more features increase amount to buy

Creating a bitcoin wallet

Once you’ve set up an account on Coindirect.com, you’ll automatically have a bitcoin (BTC), US Dollar Tether (USDT) and an Ethereum (ETH) wallet set up in your wallets tab. Adding additional wallets is free and as easy as clicking the ‘Add Wallets’ and selecting the coins you are interested in trading with. If you buy any of the 35 altcoins currently available on Coindirect, a wallet for that coin will automatically be added to your ‘Wallets’ page.

create your free crypto wallet

Click to buy bitcoin

Once you’re set up your account, click on the ‘Buy Coins’ tab and find bitcoin at the top of the page. Clicking ‘Buy’ will open a page that displays the various offers from the sellers community. The offers include who you’ll be buying Ripple from, their user rating, as well as their purchasing amount limitations. After selecting your preferred seller, you can enter the amount you want to buy, your payment preference and then click ‘Place an order for bitcoin’.

buy bitcoin

Payment methods

Coindirect accepts PayPal in the UK and South Africa and has also set up local payment methods like bank transfers for the UK, South Africa, Kenya, Nigeria and Australia. Our peer-to-peer platform lets you buy from a community of sellers to ensure competitive prices. This means that as soon as you confirm your payment, the seller is able to release your requested coins. This can happen almost instantly in many cases but there is a 90 minute window to confirm and conclude the transaction.

Safety and security  

All transactions on our platform are escrow-protected to ensure both parties honour the agreement before releasing any coins. Our site utilises bank-grade security and is registered with the Isle of Man FSA, so its KYC and AML compliance is overseen in line with global standards.

Individual users are able to add an extra level of personal account security by offering Two-Factor authentication for logging in. To activate this function, users can simply download a Two-Factor Authentication app like Google Authenticator and connect it by finding the ‘Security’ page on the top right profile drop down menu.  

How to sell your bitcoin

The process of selling bitcoin with Coindirect is as simple as it is to buy it, and converting it into other altcoins available on our platform is even easier. The fees for selling or converting your bitcoin are built into the display balance on your wallet so you won’t be surprised by any additional fees after you decide to sell.

Diversify your investment

The markets for bitcoin and similar altcoins are currently experiencing high levels of growth and are affected by speculation, therefore you should expect a fair amount of volatility. Just like more traditional forms of investment, diversifying your cryptocurrency portfolio can help to lower your risk. Consider doing additional research into buying other top cryptocurrencies that show the most promise such as Ethereum, Ripple, Litecoin, Monero etc.