How to buy Bitcoin in Latvia
Read our guide for beginner’s to buying bitcoin (BTC) with simple step-by-step instructions.
Cryptocurrency has long been a hot topic with those keeping track of advanced technological development. Since its launch, Bitcoin has reached an all-time high as an alternative to “real money.” At this day and age, this particular cryptocurrency price index is being monitored worldwide. This article focuses on how to pick and buy Bitcoins in Latvia.
Things you need to know before buying Bitcoin
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any unique provider, service or offering. It isn't always a recommendation to trade.
- Step 1: Get BTC wallet
- Register account with using service like BTC.com.
- Enable 2-factor authentication.
- Verify your account.
- Step 2: Get bitcoin to your BTC wallet
- Return to this page and click "Buy Bitcoin Now".
- Type the amount to exchange and choose currency.
- Enter your email and verify it.
- Enter bitcoin wallet address from BTC.com.
- Pay with your bank credit or debit card.
- Review the transaction details.
- Enjoy! ;)
Popular Exchanges to Buy Bitcoin in Latvia
There are many platforms to choose from so finding the best bitcoin exchange is a difficult task. To make your choice easier, read the key factors of a good exchange platform.
CEX.io lets you purchase bitcoin with a credit card, SEPA transfer, ACH bank transfer, cash or AstroPay. Purchases made with a credit card give you access to your bitcoin immediately. CEX.io works in the United States, Europe, and certain countries in South America.
We may receive compensation when you use CEX.io. Please visit CEX.io for its exact pricing terms.
- Support for many countries and regions
- Low 0.2% trading fee
- Established and trusted exchange
- Verification process is extensive, requiring much personal information (including a photo) and incurring a long delay
- GBP market lacks liquidity
Itez provides service of exchanging a virtual currency against a fiat currency, license by Ministry of Economic Affairs and Communications of Estonia. Users can buy bitcoin from Visa and Mastercard bank cards with the best rate on the market. Absolutely free for user, Itez gets 0% for their service.
- Fastest widget on the market
- No KYC up to 300 USD
- Cheapest bitcoin price
- Doesn’t create a wallet for storing bitcoin
- Sell only bitcoin
Yobit is a cryptocurrency exchange offering more than 100 cryptocurrencies that can be traded directly on their website. Although the trading platform is internationally oriented, only three languages are available: English, Russian and Chinese.
The provider’s focus is clearly on illuminating the prices of the individual cryptocurrencies from all sides as far as possible and making them available to customers on the website. The website could be slightly more informative, it’s not that easy to prepare a detailed test report on the crypto trading platform Yobit. Nevertheless, we have highlighted a few points that might make it easier for you to decide whether you want to give the altcoin broker a try or not.Our first look is at the provider’s seriousness.
After all, every user wants to be able to rely on a secure trade that really washes the return into their own wallet. In recent years there have been some dubious offers on the market, but YoBit is clearly not one of them. The provider offers great protection for its users and works reliably and seriously. In our eyes, doubts about the correct way of working are superfluous.
- Good Liquidity
- Many smaller coins tradable
- Bad support
- Transfer fees can be quite high, depending on the coin and amount
EXMO is a UK-based cryptocurrency exchange which launched in 2013 by its parent company, EXMO Finance LLP. It is one of the largest cryptocurrency exchanges in Europe, with an average monthly trading volume of $ 1.5 billion. Even though the EXMO exchange offers lower liquidity than others, such as BitMEX, it is a good choice for inexperienced traders to start their cryptocurrency trading or investment.
- Low user fees
- Several cryptocurrency asset pairs to trade, giving the user the power of choice
- To their credit, Exmo has a good communications outlet. The blog publishes constant updates about what happens with Exmo
- US Clients not accepted
- Many exchange downtimes have been reported
- Deposit and withdrawals come with conditions which keep changing. Traders can never tell what they may wake up to
Established recently in mid-2017, Binance is a new cryptocurrency exchange that is geared towards crypto-to-crypto trading. The platform is based in Shanghai China and is headed by Changpeng Zhao. The exchange also recently opened a branch office in Shibuya-ku, Tokyo. Although just founded a few months ago, Binance is already making waves in the cryptocurrency trading community. The exchange offers an impressive range of Cryptos and Altcoins such as BTC, ETH, LTC, and Binance’s own crypto called BNB, for trading at very competitive fees.
- Wide selection of cryptocurrencies
- Advanced trading platforms
- Competitive fees
- IOTA available for trading
- No support for Fiat currencies
- No live chat or phone support
What's in this guide?
What is bitcoin?
Bitcoin is the oldest digital currency on the world market. Physically, this currency doesn’t exist, there are only special registers that keep track of how many bitcoins anyone has, how and where it transfers, etc.
Bitcoin was created by an unknown using the alias Satoshi Nakamoto in 2009. The main goal of creating bitcoin was to provide a working alternative to the traditional fiat currency. Bitcoin is a currency that is not associated with any state. New units of bitcoin appear in the process of how computers in this payment network serve the needs of the same network.
How many bitcoins can I buy?
The maximum coin supply of bitcoin is limited to 21 million, but it’s possible to buy a small fraction of a coin — each individual coin can be divided down to 0.00000001 BTC.
A step-by-step guide to buying bitcoinYou can buy bitcoin on our website in Latvia in three simple steps:
Step 1. Choose a digital wallet
Before exchanging any currency for bitcoin, you need to set up a digital wallet — it’s a place where you can keep your coins. Physically, digital wallets don’t actually hold any coins, but instead of keeping the private keys you need to access your public bitcoin address and sign transactions.
There are many options a purchaser can choose from, including the following:
- Desktop wallets (Electrum/Exodus). These wallets can be downloaded to your computer and used to keep private keys on your hard drive.
- Hardware wallets (Ledger Nano S/TREZOR). These wallets provide offline storage for your private keys.
- Web wallets (Blockchain Wallet/GreenAddress). These wallets offer comfortable online access to the bitcoins.
- Mobile wallets (Jaxx/Coinomi). These wallets allow a purchaser to manage the bitcoins from the iOS or Android devices.
- Paper wallets. Allow a purchaser to print out the bitcoin public and private keys and use this piece of paper as a wallet.
Step 2. Choose a cryptocurrency exchange
On this step a purchaser has to decide how and where he will buy bitcoin. There are many platforms to choose from which can be divided into the three main categories:
- Cryptocurrency trading platforms. The platforms allow a purchaser to buy bitcoin using other cryptocurrencies. They offer lower fees than brokers and provide access to a more diverse range of coins. You have to remember that if you want to work with the trading platforms you already need to own another cryptocurrency. So this way of exchanging is for more confident users, not the beginners.
- Bitcoin brokers. Brokers allow a purchaser to pay for the digital coins using the fiat currency (RUB/USD/EUR etc.) Brokers offer trusted platforms and allow a purchaser to buy BTC using familiar payment methods (for example a credit card or a bank transfer). The main downside of the bitcoin brokers is that they charge higher fees than other options.
- Peer-to-peer bitcoin exchanges. A seller has the freedom to specify the price he wants and accepted payment methods. This payment method allows a purchaser to trade with increased privacy. If you want to work with this variant you have to settle for a price higher than the market exchange rate. That’s the only way for the peer-to-peer option.
Step 3. Buy bitcoin
The third and final step is to submit an exchange. A purchaser needs to sign up for an account. He may be able to sign up by providing the email address or providing the full name and contact information before being allowed to exchange. Some of the platforms ask a purchaser to do all of the above. That’s why you should choose a good and trusted platform like Itez.
How can I pay for my bitcoin?
There are many different ways you can purchase bitcoin, each of which has its own pros and cons.
Want to turn your cash into cryptocurrency? There are several ways to buy bitcoin with cash in Latvia, including the following:
- Use a peer-to-peer exchange to find a seller who accepts cash.
- Load a prepaid card with cash and then use it to buy bitcoin on a platform that accepts prepaid cards.
- Find a bitcoin ATM and deposit cash, which can then be converted into BTC.
- Use a crypto broker that accepts cash deposits.
- Use an exchange that allows you to deposit funds into your account using a money transfer service, such as Western Union or MoneyGram, and pay for your transaction with cash. Cryptex24 is one such platform.
Buying bitcoin with cash is quick and convenient but is usually more expensive than other options.
Many bitcoin brokers and exchanges allow you to buy bitcoin using your credit card. These include platforms like Bitit and Coinmama, and using your credit card allows you to make quick and convenient purchases.
However, credit card transactions tend to attract higher fees and some banks have even blocked customers from buying crypto with plastic. Debit cards are nowhere near as widely accepted as credit cards but can still be used to buy cryptocurrency on some platforms.
Got a PayPal account and want to use it to buy bitcoin? The good news is that you can definitely do this; the bad news is that only a limited number of platforms accept PayPal.
The biggest advantage of buying bitcoin with PayPal is that it’s quick and easy to do as you’ll no doubt be aware if you’ve ever used PayPal to purchase anything else online.
However, you may need to hunt around for the right platform, and if the platform you choose doesn’t accept your currency (USD, EUR, etc), then you’ll need to be fully aware of the fees that apply. VirWox and Paxful are two of the better-known platforms that accept PayPal at the time of writing.
Another way to buy bitcoin with Latvia currency is to choose a platform that accepts bank transfer deposits. The list of platforms that allow bank transfers is an extensive one and includes sites like Sistemkoin, BtcTurk and more.
Depositing funds using your bank account usually doesn’t attract any fees, but it does mean you may have to wait one to two business days until the funds are cleared into your exchange account.
Whichever bank account payment method you select, make sure you consider the following:
- Any transaction limits that apply
- The fees charged by the bitcoin exchange or broker
- How long it will take for your funds to arrive
AIf you want to exchange another cryptocurrency for bitcoin, you’ll be pleased to learn that BTC is listed in a huge range of trading pairs on a wide variety of crypto exchanges. The key is finding the exchange that offers the right features and fees for you.
You’ll need to search for exchanges that list your desired trading pair, such as BTC/DASH, and then compare the pros and cons of each platform. Once you’ve found a suitable exchange, you can buy bitcoin by following a few simple steps.
For example, if you want to buy BTC on Binance, you’ll need to do the following:
- Register for an account with Binance.
- Enable 2-factor authentication.
- Click on “Funds” and select “Deposits”.
- Select the digital currency you want to deposit (eg, DASH) and then copy the relevant wallet address or scan the QR code.
- Transfer the digital currency into your account from your external wallet.
- Click “Exchange” and select either the “Basic” or “Advanced” trading view.
- Search for the pair you want to trade, such as “BTC/DASH”.
- Select a Limit, Market or Stop-Limit Order.
- Enter the amount of BTC you want to buy in the field provided.
- Take a moment to review the details of your transaction.
- Click “Buy BTC”.
If you want to buy bitcoin in Latvia, most exchanges will require you to verify your identity first. However, if you value your privacy, it is still possible to buy bitcoin anonymously.
The following are some of the available options:
- Using a peer-to-peer platform like LocalBitcoins to trade directly with a bitcoin seller
- Using a bitcoin ATM to anonymously deposit cash, have it converted to BTC and then transferred to your bitcoin wallet
- Buying bitcoin with a prepaid credit card or cash via a platform that doesn’t require ID
- Trading altcoins for bitcoin on an exchange that doesn’t require proof of ID
Five things you should know before you buy bitcoin
The purchasers don’t invest in things without doing research first. It is better to make a sure about a chosen platform so check the following facts about bitcoin before buying it:
- It’s volatile. Take a look at a graph charting the price history of bitcoin and you’ll see straight away that its value is capable of rising and falling sharply in a relatively short space of time. Not only is bitcoin volatile but, as a very new asset class, it’s also highly unpredictable. This means there’s a high level of risk associated with buying bitcoin.
- Security is vital. Have you ever heard the saying that if you don’t own your private key, you don’t own your bitcoin? Understanding the difference between your public and private key as well as the importance of safely storing your private key is crucial to securing your BTC.
- Bitcoin transactions can’t be canceled. Once you’ve submitted a transaction to the bitcoin network, it cannot be cancelled. With this in mind, make sure you double-check the receiving address before sending a bitcoin payment.
- Bitcoin is not anonymous. There’s a widespread misconception that all bitcoin transactions are anonymous. This isn’t the case as your public address and the details of your transactions are visible to everyone. If anonymous transactions are an important feature for you, it may be worth researching privacy-focused coins, such as Monero.
- There are tax implications. If you hold bitcoin as an investment, you’ll be taxed on any capital gains you make when you sell it for USD or another cryptocurrency. Tax obligations also apply to bitcoin mining, professional bitcoin traders and in a range of other scenarios, so make sure you’re fully aware of what you need to report to the Turkish Revenue Administration.
Finally, it’s also worth remembering that bitcoin is far from the only fish in the cryptocurrency sea. While it may be the biggest and best-known, there are more than 1,600 other cryptocurrencies available as of July 2018 (and growing). While the value of some of these coins is questionable, there are plenty of other digital currencies worth considering as alternatives to bitcoin.
Other ways to get bitcoin
If you want to get on some bitcoin without actually buying it there are a few options that are available for any purchaser:
- Charge BTC for goods and services. You can request payment in bitcoin instead of USD.
- Mine bitcoin. It’s now extremely hard for any individual to make money from mining bitcoin.
- Earn free bitcoin. Although time-consuming, there are a handful of legitimate ways to earn small amounts of free bitcoin through online games and bitcoin faucets.
Yes. Each individual bitcoin is divisible to 0.00000001 BTC, so it’s possible to buy a small fraction of a coin.
While you can store your bitcoin on an exchange, it’s generally not recommended. Not only are crypto exchanges a popular target for hackers, but storing your coins on an exchange means that you don’t have control of your private keys. As a result, the safest option is to transfer your coins to a secure, private wallet.