What’s the fastest way to buy bitcoin?

In a hurry?

If there’s a bitcoin ATM near you, that’s probably the quickest way to buy bitcoin.

• See all bitcoin ATM locations in Australia

  Check the bitcoin ATM map here.

  Bitcoin ATMs let you buy a sizable amount of bitcoin fast with a debit or credit card or with cash. They can often verify your identity on the spot to help you buy quickly.

To buy bitcoin fast, the main thing to know is that verification is almost always the slowest part.

• Verification is when a bitcoin service confirms your identification and details.
• It frequently takes several business days to get verified.
• After verification, you can usually buy bitcoin in a few minutes.

The fastest way to buy bitcoin is to do one of the following:

• Already be verified
• Buy somewhere that doesn’t require verification

• Why do I need to verify and what does it involve?

  International laws against terrorism financing and money laundering require financial services to “know their customer” (KYC). This means taking reasonable steps to get your details, and then confirm that they’re accurate.

  This is typically done by asking you to provide personal information and a copy of your identification, such as a scan of your driver’s licence. The identification needs to prove that you have given an accurate name, address and other information.

• Should I get verified?

  If you don’t mind confirming your identity, it’s often a good idea to get verified.

  • You’ll often find lower prices at full-verification services.
  • The amount you can buy, sell or trade is often limited for unverified accounts.
  • After verification, it’s usually quickest to buy at an exchange.

  If you’re in a rush right now but want to buy more later, it might be a good idea to buy without verification today, and then sign up and get verified elsewhere afterwards.

• What’s the fastest way to get verified?

  Some bitcoin services might process verifications on the same day, while others might take weeks.

  Some services have more intensive verification processes than others. For example, one might simply ask you to upload a scan of your driver’s licence for review.

  But another might call your provided phone number, ask a range of questions and require multiple forms of identification.

  You can check what level of verification is required to find a quicker and less intensive one.

Where to buy without verification

There are three main ways to buy bitcoin without verification. If any of them work for you, that might be one of the fastest ways to buy bitcoin.

• • Low-limit exchanges. Many services will let you buy a limited amount of bitcoin without verification, such as US$150 worth of bitcoin at Coinmama. If you only want a relatively small amount to start with, that might be the most efficient option.
  • Local bitcoin buying. Peer-to-peer bitcoin services, such as LocalBitcoins, are matchmakers between buyers and sellers. You can find and contact sellers directly, and pay using whatever method you agree on. This might be a good option if you can find a suitable seller and don’t mind paying a bit more than elsewhere.
• Cryptocurrency exchanges. On some exchanges, verification is only required for fiat currency deposits or withdrawals. If you have other cryptocurrencies, you can often trade them for bitcoin with no verification. For example, you can do this at Bitfinex or Changelly.

Other than verification, you also need to consider any applicable transfer times.

How to find the quickest transfer times

To buy fast, the main transfer to worry about is your deposit. This is where you send money to the seller.

• What’s the fastest way to make a deposit?

  For same-day transfers, you can either make a cash payment (via Flexepin or blueshyft) or a POLi bank transfer in the morning.

  See a list of places to buy bitcoin with cash.

• You should typically expect processing on business days and during business hours only.
• Make your deposits earlier in the day for quicker processing. Afternoon transfers might be processed the next day instead of on the same day.

The transfer times are mostly down to your preferred payment method. Different exchanges will support different payment methods.

How long do bitcoin transfers take?

At their fastest, bitcoin can be sent and received within minutes. However, it depends on the network load and your transaction fees.

Fortunately, once the deposit is received, you’ve locked in the order for the cryptocurrency. Even if it takes a while to arrive, it’s on its way.

How do I buy bitcoin fast after verification and deposit?

Once you’re verified and your deposit has arrived on the exchange, you can typically buy at market rates almost instantly.

To make near-instant purchases as needed and at a decent price, you might want to maintain a verified account on an exchange, with money ready to go.

What’s the downside to buying fast?

When you want to buy fast or with no verification, you’ll often need to pay premium prices. You will typically find the best value for money on large low-fee exchanges.