How to Buy Bitcoin Portugal – Beginner’s Guide

The process of buying Bitcoin (BTC) or even trading cryptocurrency has never been simpler.

For anyone in Portugal that wants to get exposure to Bitcoin or any other cryptocurrency for the very first time, this guide is tailor-made to help.

Today, we’ll take an in-depth look at how to buy Bitcoin in Portugal and review the top cryptocurrency exchanges that readers can use to buy Bitcoin today.

Where to Buy Bitcoin in Portugal

There are many cryptocurrency exchanges in Portugal that give users the opportunity to buy Bitcoin online. However, when it comes to picking the right provider, things can become tricky as users have to essentially consider the fees on the exchanges, the minimum deposit, and other aspects that users might be unfamiliar with as a beginner.

What users need to watch out for are the trading tools available, the safety of the wallet, the regulation, and the accepted payment methods. To make things a bit easier for users, in the sections below, we cover where users can buy Bitcoin in Portugal in the best, most secure way.

1. Crypto.com – A Beginner-Friendly Option with Passive Earning Opportunities

Crypto.com is another Bitcoin exchange that you can use in Portugal. This can be a specifically interesting exchange for users to pick due to the fact that it has low fees, as well as the ability for users to actually earn passive income across their digital assets. Specifically, due to the fact that our main focus here is Bitcoin, with Bitcoin, users have an APY of 6%.

Alongside all of this, if users are interested in using Crypto.com to buy Bitcoin in Portugal, users can utilize the extremely well-developed mobile application, which works across iOS as well as Android devices with ease. When we take a look at the payment methods, it is important to note that Crypto.com accepts a variety of different credit cards and debit cards, but keep in mind that they have a fee associated with them of 2.99%.

However, users can reduce this fee by just making a deposit with another cryptocurrency, which would be 0.40% instead. Ultimately, this is a well-designed and solid exchange that allows anyone to buy Bitcoin with FIAT payment methods, and users can also access cashback rewards whenever they spend crypto online or offline as well.

Cryptoassets are a highly volatile unregulated investment product.

2. Bitstamp – A Cost-Effective Exchange with A Variety of Tools

Bitstamp is another popular cryptocurrency exchange that is accessible to users in Portugal. What makes this exchange stand out is the fact that it is one of the oldest exchanges that launched in 2011 and, as such, has proven the test of time and has gathered quite a large community and user base.

Bitstamp users have numerous cryptocurrencies available to them; however, not as many altcoins as competing exchanges. When it comes to the fees, they start at 0.50% per trade but can drop to 0.25% at the point in time whenever a user ends up exceeding the $10,000 in monthly trading volume threshold.

Users can also buy cryptocurrencies by using credit cards or debit cards, but this incurs a fee of 5%, which is important to keep in mind. When we take a look at the minimum trade amount, it is at $10 and 0.0002 BTC for Bitcoin-denominated pairs.

Furthermore, there is a mobile application available to download on both iOS and Android that works well and is designed to be easily usable by both beginners and experienced traders. If users are looking to buy Bitcoin in Portugal, this is another solid choice.

Cryptoassets are a highly volatile unregulated investment product.

3. Coinbase – One of the Largest Exchanges in Portugal

Coinbase is a huge cryptocurrency exchange that has made a reputation for itself due to the fact that it lists solid cryptocurrencies and has millions of customers. It is one of the simplest exchanges that newcomers can use due to the fact that many of the user-interface elements were specifically designed with this in mind.

For the more advanced users, there is an entire, separate application known as Coinbase Pro. In any case, if users are a beginner and want to open up an account, users can do so within a few minutes. In terms of the deposit methods, users have options such as a credit card, debit card, or e-wallet option. Furthermore, users need to be aware that credit or debit card transactions are the priciest at 3.99%.

There are also alternative methods that users can utilize that cost less, and when it comes to security, users can enable two-factor authentication (2FA) for an additional layer of protection.

There are over 100 cryptocurrencies listed, and while competing exchanges have a lot more, Coinbase is very specific about which cryptocurrencies get listed, which some investors like as they have trust that each of the tokens is based on a solid project behind it.

Cryptoassets are a highly volatile unregulated investment product.

4. Binance – The exchange with the lowest fees in the industry

Binance has made a primary name for itself due to the fact that it has the lowest fees within the crypto space. In fact, users can trade crypto-to-crypto pairs, such as BTC/ETH, for example, at just 0.10%. However, do not let this fool users, as there is a lot more involved with the cryptocurrency exchange alongside the low fees.

There are also hundreds of altcoins that users can find and trade, which might not be available in competing exchanges.

If users want to make a purchase with a credit card or a debit card, however, it will incur a fee of 4.5%, which makes it one of the highest in this regard, but once users buy crypto and do have crypto to trade, things become a lot easier. There are also additional features, such as the Binance Launchpad and Launcpool, alongside the native cryptocurrency token BNB (BNB), all of which contribute towards making Binance an enormous ecosystem of different features alongside being just another exchange. users will find that the exchange has a consistent track record of listing new cryptocurrencies as well, which is always nice to see and gives users greater expectations of having their favorite altcoin listed.

Cryptoassets are a highly volatile unregulated investment product.

5. Bitpanda – Solid choice for buying crypto alongside stocks and ETFs

Bitpanda is a European crypto broker that enables users to trade cryptocurrencies alongside stocks and ETFs. It has low fees, a crypto index fund, and a simple-to-understand interface that will let just about anyone access it with ease.

Keep in mind, however, that Bitpanda sells stocks, ETFs, and commodities such as gold and silver alongside cryptocurrencies, which makes it a good option for anyone that aims to manage all of their investments from one place and diversify their portfolio as much as possible.

Alongside all of this, users are required to complete a know-your-customer (KYC) verification process, and there is educational content in the form of the Bitpanda academy that contains a lot of useful information that is broken down in simple terms that even the biggest newcomers in the crypto space can understand. There are also a lot of FIAT deposit methods available.

6. Bit2Me – A reputable and well-established exchange

Bit2Me is a cryptocurrency exchange that was originally founded in 2014 and had over 20 cryptocurrencies listed. It is one of the first companies in Spain which established itself in the digital currency market. It allows users to essentially buy cryptocurrencies through their smartphones, and there are over 150 banks operating in the European Union that are accepted by Bit2Me.

What this means is that users can sell their cryptocurrencies for a predefined price and then withdraw their money in cash from the nearest ATMs, which is exceptional to see.

Users can buy cryptocurrencies through a bank transfer as well, where once the website confirms the funds spent, the broker can receive the Bitcoin (BTC) in the name of that user. The cryptocurrency price of that pair is selected as soon as Bit2Me confirms that the bank transfer amount is paid, and Bitcoin gets released when the payment is received on the user’s bank account.

The Best Portugal Crypto Exchanges Compared

Picking the right crypto exchange can be a daunting task. Comparing and contrasting the best Portuguese crypto exchanges can help decipher which providers offer the lowest and most competitive fees and features.

Should I Buy Bitcoin?

Bitcoin is by far the largest cryptocurrency in terms of market capitalization and has been the benchmark to follow when it comes to other altcoins in terms of developments, mass adoption, and overall value. What this means is that by this point, just about everyone is aware of the existence of the Bitcoin cryptocurrency.

If users are curious about investing and believe that Bitcoin can succeed in the long-term, investors might pick to invest at a point in time when the cryptocurrency markets are bearish. This is advantageous due to the fact that users can hold their cryptocurrency balance for multiple years and cash out when the value of the cryptocurrency climbs.

Additionally, users can also trade Bitcoin in Portugal by utilizing numerous different strategies. Some strategies include dollar-cost averaging, swing trading, or any other common strategy that numerous exchanges will offer users in their educational materials and content. These approaches do, however, require traders to have a bit of know-how when it comes to the cryptocurrency markets and how they work. What this means is that users will need to learn a bit more about how the market works and conduct a technical analysis of it. This can be a crucial part of the decision-making process.

No matter what their ambitions are, however, when it comes to the Bitcoin (BTC) cryptocurrency, users should remember that it is a highly volatile cryptocurrency and, as such, has a high level of risk associated with it. Remember that each user needs to analyze their situation and figure out how much users can afford to invest prior to making a decision.

Benefits of Buying Bitcoin

Looking to buy Bitcoin or still on the fence about buying the cryptocurrency?

Decentralized Network

Bitcoin is a cryptocurrency that is powered by the Proof-of-Work (PoW) consensus mechanism and is a peer-to-peer (P2P) network. What this means is that no single authority, such as a central bank or brokerage, controls it. Instead, there are literally thousands of computers spread out on a global scale that secure the blockchain network. This means that nobody has full control over the network, and this offers a high level of privacy and security.

First-Mover Market Advantage

Bitcoin is one of the first cryptocurrencies to truly become valuable and was originally launched in 2009. It is one of the few cryptocurrencies that managed to, at the time, redefine what digital money could look like and built an infrastructure that supported it. In fact, ever since Bitcoin was initially released, it has managed to maintain the #1 spot in terms of market capitalization and is one of the most active and longest-active blockchain networks out there.

Real-World Utility and Adoption

There are numerous countries that are considering making Bitcoin legal tender. There are hundreds of companies and e-commerce giants which have already implemented Bitcoin (BTC) as a payment method. Numerous Visa cards were also released to let people directly convert their Bitcoin (BTC) balance into FIAT currency at the point of purchase. Bitcoin is quickly entering the mainstream.

Store of Value

Bitcoin is considered by many as a store of value. As time passes on, Bitcoin might increase in its price indefinitely. This is due to the fact that Bitcoin has a fixed token supply of 21 million, and this cannot be manipulated. The supply of Bitcoin is based on code that is integrated within the blockchain itself.

Solid Liquidity

Given the fact that Bitcoin (BTC) is one of the largest cryptocurrencies in terms of adopt]ion as well as market capitalization, it has a broad investor basis and has the highest liquidity within the crypto space. This means that users will always have someone to trade their cryptocurrency with for the Bitcoin (BTC), or in other words, access to crypto-to-BTC trading pairs.

Ways of Buying Bitcoin

If users have a genuine interest in buying the Bitcoin cryptocurrency in Portugal, there are numerous methods that users can utilize as a means of gaining access to it. Most platforms will indeed let users connect their bank accounts directly, but if they do not, here are the other options.

Buy Bitcoin with PayPal

One of the most popular e-wallets that are used as a means of paying for Bitcoin (BTC) on exchanges is PayPal. This is due to the fact that it is one of the largest global payments providers, which has enabled users the opportunity to make cryptocurrency purchases. This means that anyone can buy Bitcoin or other cryptocurrencies just by utilizing PayPal.

Keep in mind, however, that this payment method might have high fees associated with it, and this occurs when users buy Bitcoin with PayPal on many exchanges.

Buy Bitcoin with Credit Card or Debit Card

An alternative yet popular way through which people have purchased Bitcoin (BTC) is through the usage of a credit card or a debit card. Just about every centralized cryptocurrency exchange will allow users to use FIAT money in order to buy cryptocurrencies with the usage of this payment method, but this will typically have a high fee associated with it as well, which should be remembered.

Bitcoin Price

The main reason why Bitcoin is a point of appeal for many investors is due to the fact that it has a reputation for being volatile. In 2009, when the crypto started, it did not have much value associated with it. It was in 2017 when the cryptocurrency broke past the $1,000 price point for the very first time.

The all-time high value of the cryptocurrency occurred on November 10, 2021, when it reached a value of  $69,044.77.

Keep in mind, however, that throughout 2022 we saw a bearish market for the cryptocurrency industry. Bitcoin recently dropped below $20,000 for a brief period, although it has since regained that key price level. This could represent a solid opportunity to enter the BTC market in Portugal while the cryptocurrency is still at a low price point.

Bitcoin Price Prediction

Bitcoin has dipped in value historically as well, but based on its historical performance, it has always managed to get back up in value and reach new heights.

While BTC has experienced numerous price swings, there are price forecast commentators that are claiming that Bitcoin has still not achieved its highest potential, while others claim it might not recover.

Price estimates for where Bitcoin will be at the end of 2024 vary widely. Some analysts say the coin could reach $100,000 by year’s end, which would be quite the turnaround. Others think that Bitcoin will fall to less than $10,000 as the crypto market enters a ‘crypto winter’ that could last several years.

How to Buy Bitcoin Safely

We will now go over how to buy BTC in Portugal. The best way for users to buy Bitcoin safely is to follow these specific steps and to keep them in mind.

For one, users should never invest in Bitcoin in Portugal for more money than they can afford to lose. There is no guarantee that users can profit from any investment in cryptocurrency. Consider being conservative with a stake, at least at the start of an investment journey.

Next, it is important that users always buy from a legitimate source and ensure that the platform users are using is regulated and has a solid community behind it, alongside a well-established reputation.

Remember that if users are planning on keeping their Bitcoin (BTC) balance for a long period of time before selling it, a strategy known as HODL, users do so in a cold storage wallet. This provides the highest level of security.

How to Buy Bitcoin in Portugal – Tutorial

If users are planning on buying Bitcoin in Portugal, one of the best ways through which users can complete their goal is through the usage of one of our selected brokers, as this method will let users buy Bitcoin instantly with low fees.

Step 1: Open a Crypto Account

The first step that you will need to make is to create an account at the official website of your chosen broker. Once users enter the website, you can simply create a username and a password, enter your email address, and click to create the account.

Keep in mind that users will need to enter personal information next, including their name, phone number, and email.

Step 2: Upload ID

Next, you will need to complete the Know-your-Customer (KYC) process at the broker’s site. This requires a passport or driver’s license. Users will also need to provide an official document that verifies their home address, which can be a bank statement. However, other documents are accepted as well, such as a utility bill.

Step 3: Deposit Funds

Once all of the previous steps have been completed, you will now need to deposit money into their new brokerage account. Type in the amount that you would like to deposit, which usually needs to be stated in the form of USD, and then choose your payment method.

Step 4: Search for Bitcoin

Once the funds have been successfully deposited, you’ll be able to buy Bitcoin (BTC). To do this, simply go to the search bar that is normally located in the top part of the page, after which you can search for “Bitcoin” or “BTC.”

Once Bitcoin appears, click on it to continue the buying process.

Step 5: Buy Bitcoin

Fill out the order form by specifying the amount of Bitcoin to buy in US dollars. the minimum purchase will depend on the platform you have selected to use.

How to Sell Bitcoin

Once users have successfully bought Bitcoin in Portugal on a broker site, their cryptocurrencies will be deposited on their web wallet.

If users want to cash out the investment in Bitcoin (BTC) this can be done through the same platform as well. Once the transaction is confirmed, the cash is added to the account balance. Then, at any point in time, users can request a withdrawal for the cash from their brokerage, back into their bank account, e-wallet, credit card, or debit card, depending on which the site offers.

Conclusion

Users can easily buy Bitcoin in Portugal in as little as a few minutes. There are plenty of exchanges available that will allow investors to make convenient payments using a variety of different payment methods.

FAQs