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How To Buy Bitcoin Gold | Ultimate Guide To Buy BTG

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Bitcoin Gold (BTG)
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Bitcoin Gold (BTG) is a hard fork of the original Bitcoin blockchain system that came about in October 2017. Split from the parent chain, developers behind BTG changed the consensus Proof of Work (PoW) algorithm to make ASICs, specialised computing devices unable to take part in the mining process to introduce more decentralisation and include smaller miners.

BTG has risen sharply in value in the past year, making it an excellent investment. If you want to learn how to buy Bitcoin Gold, then this is the perfect guide for you.

5 Steps to Buy Bitcoin Gold with eToro Now

Buying any cryptocurrency with eToro is easy, simply follow the steps below:

  1. 1
    Sign up for free with eToro, entering your details in the required fields.
  2. 2
    Fill out the questionnaire, this is both educational for you and eToro.
  3. 3
    Click 'Deposit', you'll then be asked how you want to fund your account.
  4. 4
    Choose your required payment method, follow the simple steps to link your payment.
  5. 5
    Enter the amount you want to deposit and you're good to go!

Our Recommended Platform to Buy Bitcoin Gold

If you have a fair idea of how to buy BTG as an investment, you can check the following list of our recommended platforms. 

However, if you are new to the crypto sphere and require more knowledge, you can move on to the next sections and when you feel confident that you are ready to buy Bitcoin Gold, you can check out this list.

1
Min. Deposit
$50
Promotion
User Score
10
Accepts customers from the USA
Offers 15 crypto coins to buy&sell including BTC, LTC, ETC, NEO and more
Trade on the world's leading social trading and investing platform
Start Trading
Description:
eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.
Payment Methods
Bank Transfer, Wire Transfer
Full regulations list:
CySEC, FCA

How to Buy Bitcoin Gold with a Broker

There are many crypto brokers online today that provide Bitcoin Gold trading services and it is easy to find the right one for you. All you have to do is to look for their compliance with laws and regulations and check out user feedback.

Keep an eye out for the charges involved. Each broker will have a different fee structure and may not suit your trading style. Always look into the security level provided. Things like 2FA, SSL certificate for the website and multiple servers to protect against DDoS attacks.

1. Register with the Broker

Registering on a crypto broker is as easy as signing up on any typical website. There are variations in the initial requirements though. Pepperstone.com is a broker that has perhaps one of the easiest methods to register. All they require is you to enter your email address, which they will confirm by sending a verification mail. You can also instantly register using your Gmail or Facebook account. 

Some trading platforms like Forex.com require extensive information right from the start. They ask for country of residence, full name, date of birth, email address and contact number right from the start.

2. Verify your Identity (KYC Process)

Though cryptocurrencies were born out of the need for freedom from authorities, it is still preferable to use regulated brokers for your good. Any legally compliant trading platform will have KYC and/or AML checks to use. This may require you to upload specific information about you that can be used to verify that not only are you a legitimate person who is legally allowed to trade but at the same time allows the broker and authorities to keep a check on any money laundering or tax evasions.

Pepperstone requires its users to pass their KYC test before they can begin trading. Typically the platform will ask traders to go through a simple test to determine their readiness for buying and selling derivative products. Once cleared, the trader will need to confirm their ID, using two different government-issued documents.

Clearing KYC can be a bit time consuming, especially on trading platforms that are registered in jurisdictions that have mature and tough laws. This can be a mood changer understandably and you might end up deciding to switch your broker. We would advise you not to. Using a regulated broker gives you legal protection in case of any scams and frauds, while at the same time the compliance forces the broker to offer a higher degree of digital security and protection online.

3. Deposit Funds with your Preferred Payment Method

Trading is buying and selling—and for buying, you need money on the platform. Derivative BTG contracts such as CFD and Futures only take the price of Bitcoin Gold as input to drive the value of the agreements. As such, you will need to fund your verified and KYC cleared trading account with acceptable fiat currencies. A broker may accept different ways to do that. One of the most popular and common methods accepted is by using your credit cards. You will simply need to enter your card details such as the credit card number, expiration date and the CVV code along with how much you want to transfer over. A typical transaction takes around a few seconds to a couple of minutes.

Another common method is through a bank transfer. Though this might be a bit slower process as interbank and cross border money movement can take time (sometimes a few days), it is more secure than card-based transactions. Your bank might also require you to fill out a form or declare your reasons for the transfer.

If you are using any card or online banking to fund your account, keep your transactions as secure as possible. Make sure you are only using the legitimate website of the broker to enter data. Scammers often clone the interfaces and try to redirect users to the fake website to siphon off the funds. Keep your antivirus updated and run a complete scan before making a transaction. Another security layer you could use is to send over a small amount first and see if it is deposited and can you trade with it. Once sure that everything is in order, you can send over the remaining amount to properly trade.

4. Open a Position to Long/Short Bitcoin Gold

One of the benefits of trading Bitcoin Gold derivative financial instruments is that you can do both long and short trading.

A long position is taken when you believe that BTG is all set to break out and rise in value. Typically called bulls in this scenario, traders open positions and wait till the Bitcoin Gold price (and resultantly the contract’s value) has achieved their target.

On the other hand, if traders’ analysis shows that Bitcoin Gold is overbought and is ready to retract, they can always open a short position. Unlike simple exchanging and trading where the only option to make money is to buy low and sell high, derivatives can be shorted in a bearish run where a trader bets that the price will fall. If the prediction is right, the trader stands to make a profit even in a downward market.

Longs and shorts can be done with a variety of order types trading platforms may offer. Typically, there are three. Using a market order, a trader can open a position on what the going BTG price is at the moment. A limit order will allow the trader more control and define your asking Bitcoin Gold price and the contract amount along with, letting you open positions that fit within your trading strategy. Going a step further is a stop loss or take profit order, that gives a trader the option to select the market condition in which to open a Bitcoin Gold position.

Many brokers also give advanced order options such as trails that allow you to constantly adjust your position as long as the market is in your favour.

5. Close your Position

Cryptocurrencies are volatile assets and their prices fluctuate wildly. This means that a trader cannot be in front of a computer at all times to monitor trades. Stop losses and take profits are automated orders that can help any user. With well-defined targets, you can place a take profit order that will automatically place your order in the books and your position can be closed without you even logging in. In the same way, stop-loss order can be used to place a closing order on a value that you are willing to take a maximum loss on. If the market swings against your favour, the order can close your position and save you from potentially large losses.

Though stop losses and take profits are automated and beneficial, you never know when the Bitcoin Gold market will move in a way that you did not anticipate. An unfavourable move may require you to close your position earlier than anticipated or a positive move might see you holding on to the position much longer. In either case, you can simply cancel your open order and execute it manually.

How to Buy Bitcoin Gold with an Exchange

A long term plan for using BTG will be better if you go with an investment plan and not a trading one. Investing means you will need to buy Bitcoin Gold and hold on to it. If you are leaning towards learning how to buy Bitcoin Gold, this section is just right for you.

Similar to trading, you need to make a careful and well-studied decision on the crypto exchange you want to use to buy BTG. There are numerous crypto exchanges online today and you need to select one that is reputable, reliable and is regulated or legally compliant. Apart from these, have a closer look at the fee structure, including any charges on deposits or withdrawals.

1. Set up a Bitcoin Gold Wallet

Even though cryptocurrency exchanges offer built-in crypto wallets that come with your account, these are custodial in nature and it is always a better idea to have your personal one to move your BTG for safekeeping.

You can go about setting up your wallet easily and there are tons of these available. They can be more or less categorised in two ways:

  • Software Wallets: Programs and apps, these wallets exist on your devices such as computers and mobiles. They are easy to install and can be up and running in just a few minutes. Though offering extreme ease in use, they are nearly always hot wallets, meaning they are connected to the network and as such, can be hacked or accessed through stolen private keys and passwords.
  • Hardware Wallets: Hardware wallets are physical devices that store the coding to show you your bought Bitcoin Gold. The devices can be expensive, but the ability to disconnect from the BTG network makes them extremely secure and worth the investment if you're intending to hold a large volume of Bitcoin Gold.


2. Choose and Join an Exchange that sells Bitcoin Gold

Use our recommended list of exchanges at the start of the guide to select the cryptocurrency platform that best suits you. A few of the most popular in 2021 are CEX, Coinbase and Binance. The buying process for BTG is more or less the same on any of the exchanges. However, it is prudent to look at the features and offerings of each to help you decide which to register on. Like brokers, these regulated exchanges will also ask for your personal data to comply with KYC and AML laws they are subject to.

3. Choose Your Payment Method for Buying Bitcoin Gold

After registering and passing the KYC checks, you will need to fund your account of course. Check out the funding options your preferred exchange supports.

If your exchange supports fiat deposits, this will be most easy for you. Credit cards are the fastest of all, taking a maximum of a couple of minutes. Bank transfers are safer but may require more time.

If you already hold any crypto, it is prudent to check if it is supported by the exchange too, especially any BTG trading pair with your held cryptocurrency.

4. Place an Order to Buy BTG

If you have funded with fiat, check to see if BTG is listed against it on the exchange. A listing of a pair will allow you to directly buy Bitcoin Gold with it. In case it is not, see what cryptos can you buy with your funds. Match these against BTG crypto pairs. The most commonly available pairs are BTG/BTC and BTG/ETH, so you can buy Bitcoin or Ethereum and then use these to get your hands on Bitcoin Gold.

Once you select an exchange pair, you will be automatically diverted to the buying interface. Simply select the type of order you wish (market, limit, stop limit, trail), enter the relevant data (price, amount, limit) and press the Buy button. Your order will be placed in the books and when a match is found, it will be executed.

5. Safely Storing Your Bitcoin Gold in a Wallet

The bought BTG will be automatically placed in the exchange wallet where you can view it. If you intend to hold it for a short while and sell it off, there isn’t much else you should do. However, in a long term holding it is advised to move your Bitcoin Gold off the exchange and into your private wallet. Crypto exchanges are a hot spot for hackers and even if the exchange offers robust security, you should never take that chance. 

Should you Buy or Trade Bitcoin Gold?

The answer largely depends on your time strategy. If you want to hold for the short term or want to frequently buy and sell to skim profits repeatedly, perhaps you are better off trading through a broker.

If long term and very sporadic buying and selling is your method, you should go for a crypto exchange and buy BTG, holding on until you are happy with the increased price.

What’s the Difference Between a Bitcoin Gold Exchange and a Broker?

The final goal of using both, a broker or an exchange is the same for any user and that is to make profits by leveraging the BTG price fluctuations.

The only difference is that on an exchange, you buy and sell Bitcoin Gold, while a broker allows you to buy and sell agreements or contracts that derive their value from BTG price. A broker will not hand you over Bitcoin Gold if you open or close a position, but only fiat.

Since brokers are using derivatives, they can offer advanced and complex contracts, such as Futures and Options and even let you leverage trade to increase your potential profits. However, some contracts and advanced features carry interest and fees that can eat into your earnings. Since you buy BTG on an exchange, you can hold it for as long as you want without incurring any charges.

Bitcoin Gold: Long Vs Short Term Investment

You can choose either to go the long haul and wait months, even years for Bitcoin Gold to rise to a price you want, or you can rapidly buy and sell BTG to capture favourable price movements.

You will have done your calculations to determine the long term price prediction if you want to hold on to your coins. This gives an advantage that you can sell them whenever there is a large price movement or a moon.

Short term investment will give you lesser profits, but you can quickly cycle buying low and selling high to increase your BTG holdings over time.

3 Tips to Buy Bitcoin Gold

Though you can buy Bitcoin Gold any time you want, you will want to take into account three major factors.

Choose the Right Time and Do Your Own Research on Bitcoin Gold

You can save yourself a lot of trouble if you do a bit of research, analyse technical and fundamental factors to see if the price is set to grow or shrink. It wouldn’t be wise to buy just before a retraction. It is not only BTG that you have to consider, but the overall crypto sector, news, regulatory changes and account for all.

Comparing Costs to Buy Bitcoin Gold

Each step that you take to buy Bitcoin Gold will cost you. From bank transfers/card payments to exchange fee, you will need to pay. Do a bit of research between different exchanges and see if the fee structure and deposit/withdrawal charges are going to make a difference if you chose one platform over the other.

Safety and Security when Buying Bitcoin Gold

We cannot stress enough on the security and safety of the exchange and the environment you will be in. Never give in to greed to opt for an exchange that has low fees, but at the same time offers weakened security. Seek out specific security options such as Two Factor Authentication, Whitelisting of addresses that you can enable to enhance safety. 

Security checks also go at your end. Make sure your device is not compromised and always use a secure connection.

What is the Best Payment Method for Buying Bitcoin Gold

  • Buy Bitcoin Gold with Cash: Many P2P platforms allow you to contact sellers and pay cash.
  • Buy Bitcoin Gold with Credit Card: Extremely easy to use. A transfer is done in minutes.
  • Buy Bitcoin Gold with Bank Transfer: Secure, but if money is moving across borders and different banks, this can take a bit of time.
  • Buy BTG with Bitcoin: As the King of crypto, nearly all major exchanges offer BTG/BTC pairs for instant buying.
  • Buy Bitcoin Gold with PayPal: Cheaper, but not available globally.


Other Ways to Buy Bitcoin Gold

There are other ways to get your hands on BTG if you are having trouble with registering or setting up a payment method.

Bitcoin Gold is a fork of the parent Bitcoin chain just like Bitcoin Cash is. BTG has changed its algorithm to be ASIC resistant and if you have a powerful computer, you can mine it yourself. If you find a block, you get to keep the rewards (6.25 BTG). You can increase your earnings by joining a mining pool, albeit at the cost of a lesser block reward as it is shared.

Don’t have a computer you can use to mine? You can always rent out computing power online and use cloud mining.

Now with knowledge on how to buy Bitcoin Gold, you can go to any exchange you prefer and buy BTG.

Frequently Asked Questions

  1. Your exchange has taken a trading fee and there might be some price slippage.

  2. Use our recommended list of crypto exchanges and register to buy Bitcoin Gold.

  3. This depends on your mining power and the electrical cost of your utility provider. Use a good online Bitcoin Gold mining calculator to find out.

  4. Crypto exchanges usually charge different fees from users who add liquidity and who take it.

  5. Some crypto exchanges use a 24-hour delay between buying crypto and withdrawing it as a security measure.

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