Bitcoin (BTC) remains the standard when it comes to cryptocurrencies thanks to its decentralised nature allowing for peer-to-peer transactions in a censorship-resistant manner. Bitcoin came to offer everyone freedom over their finances and kick-started the blockchain revolution. Are you looking for ways to buy Bitcoin in Austria? This guide will break down the necessary steps you need to take.
Quick Guide to Buy Bitcoin in Austria Today
The first step involves identifying a reputable platform that will allow you to buy Bitcoin in Austria. This can be a broker or an exchange. Brokers usually allow users to trade derivative products attached to Bitcoin, but there are exceptions, with some allowing one to buy BTC on the spot. As for exchanges, they will offer you access to the real deal. So, once you identify this platform, continue to sign up.
Fund your account
After you have signed up on your preferred platform, it’s time to fund your account so that you can make the purchase. Most platforms will support plenty of ways to get this done, including bank transfers, credit/debit cards, third-party payment modes, and local means. Remember the speed at which the funds get to your account will depend on the mode you opt to use. For example, bank transfers will take longer compared to credit cards or PayPal.
With funds safely in your broker or exchange account, it’s time to buy BTC. This process is straightforward. Great platforms will have tutorials on how to go about this process that you can watch before making your first purchase. If you get stuck, you can always reach out to customer support, who will help out. Simply click on the “Buy” button and enter the amount of BTC you wish to purchase.
Start Trading or Buying Bitcoin
After the funds reflect into your account, it’s time to make the purchase. The buying process is pretty straightforward on exchanges. Most reputable platforms will make things easier and less intimidating even to beginners. The process involves clicking on the “buy” tab, selecting the coin you want to buy, and you are good to go. As for brokers, you will be allowed to trade once the funds show up in your account. If you are new to this activity, you can use the demo account to educate yourself on setting up strategies and executing trades.
There are a few exceptions. For example, eToro, a popular broker, will allow spot purchase for BTC, and Binance will allow you to trade futures.
What is the Best Payment Method for Buying Bitcoin in Austria
Authorities in Austria are generally receptive to cryptocurrencies and fintech. This makes buying Bitcoin in the nation relatively easy, with many platforms free to offer their services. You can use different modes to buy BTC, and your choice will be influenced by what you are looking to achieve either speed, security, and lower fees. Below let’s take a look at some options at your disposal.
Buy Bitcoin with Cash – You can buy BTC this way in a peer-to-peer manner where you arrange to meet the seller or use an ATM. There are over 158 Bitcoin ATMs located in various cities in the country. ATMs attract high fees as for peer to peer; you need to be careful meeting strangers.
Buy Bitcoin with Credit Card – One of the most popular means to make your purchase but might attract high fees.
Buy Bitcoin with Bank Transfer – Another option you will find on most platforms. Bank transfers can be slow, taking 3 to 5 days even though they do not incur any extra charges on most platforms.
Buy Bitcoin with PayPal – Third-party payment options such as PayPal represent another easy way to make your BTC purchase. Most platforms will support this mode.
Buy Bitcoin with other cryptos – Another way to buy Bitcoin is to use other cryptocurrencies such as ETH or stablecoins. So, you buy the other crypto coin first and then transfer it to an exchange supporting BTC and make the swap.
Why Buy Bitcoin?
When Satoshi Nakamoto launched Bitcoin over 12 years ago, we are not sure if he had envisioned his creation would have such a huge impact on the world. The invention kick-started what today is a $1.4 trillion market that many believe is only getting started.
Bitcoin is designed to be scarce, hence, it is constantly compared with gold. There will only be 21 million coins that will ever exist, and as the supply diminishes, increased demand over time has pushed its price to higher levels. There are several examples of nations facing hyperinflation whose citizens have opted to use BTC as a hedge against weak currencies. Many see BTC as a better store of value than other asset classes. You only need to see how its price has developed over time to see the logic.
Recently, El Salvador embraced Bitcoin as legal tender in a move many analysts believe will help the nation's economy grow. It's such use cases and the fact that Bitcoin offers users freedom and privacy over their finances that continues to drive the adoption of this digital currency.
Bitcoin kick-started the fintech revolution, and as the world goes digital in many aspects, crypto is seen as the future of finance. This means the crypto market is only getting started.
Is it Legal to Buy Bitcoin in Austria?
Buying crypto in Austria is completely legal, with the nation quite receptive to cryptocurrencies and fintech innovations. The Austrian Financial Markets Authority (FMA) has even established a dedicated fintech contact point to assist with new business models that require authorisation under Austrian financial services regulation. However, the FMA does warn investors of risks associated with crypto assets and dealing with platforms that are not under its control. You are free to buy Bitcoin in Austria and any other cryptocurrency you might like; however, you need to know that any capital gains realized from the sale of these digital assets will attract income tax.
Where Can I Use Bitcoin in Austria?
As of last year, there were over 2,500 merchants accepting payments in crypto using Salamantex, a payment processor. The coins include BTC, ETH, and DASH. This means it’s possible to access any goods or services offered by the merchants accepting the coins. The onset of Covid-19 makes it ok to accept contactless payments, and crypto is well suited for this type of economy. Being a top cryptocurrency, Bitcoin is the coin you are likely to find being accepted by most businesses and individuals. Another easy way to spend your coins is to convert them to fiat and spend them as you wish. There are around 158 Bitcoin ATMs in Austria that will allow you to convert your crypto into fiat. Some of the crypto ATM machines can be found in Bludenz 1, Braunau 1, Bregenz 6, Dornbirn 4, Drambach 1, Graz 22, Innsbruck 13, Judenburg 1, Klagenfurt 8, Linz 21, Rankweil 1, Salzburg 12, Sankt Michael im Burgenland 1 and Vienna 66.
Our Recommended Best Way to Buy Bitcoin in Austria
This guide has outlined all the necessary steps you need to take to buy Bitcoin in Austria. The section below will recommend the best option where you can get the coin with ease.
Our Recommended Best Way To Buy Bitcoin in Austria
eToro is the best way that we recommend to buy Bitcoin in Austria. The reasons are as follows:
eToro is a fully regulated broker platform across many jurisdictions
Global user base exceeding 20 million people. You can create an account on eToro by simply clicking the ‘Create Account’ option and providing some basic details like your first name, last name, email ID, phone number, preferred username and password.
An easy process, signing in through an existing Facebook or Google account.
Frequently Asked Questions
One misconception among people who aren’t familiar with cryptocurrencies is that you have to buy a whole coin. Luckily the coin is divisible up to 8 decimal places, meaning it’s possible to buy BTC worth even $10. The amount you spend will depend on how much you have set aside for this activity.
Yes. Almost all platforms that offer BTC will allow you to purchase the coin using euro. Also, the many Bitcoin ATMs will allow you to use your cash to make the purchase.
Yes. Therefore, it’s wise to keep a detailed record of all your trades to avoid having issues with the taxman.
This can be done by securing a safe, private wallet that only you have access to. Hardware wallets are the best when it comes to storing crypto. Good examples include Ledger and Trezor.
CFDs can be highly profitable, but you need to invest time to learn how to trade. You need to understand how to conduct technical and fundamental analysis and step stop loss and take profits.