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How to Buy Bitcoin in Belgium in 2024

By Basil Kimathi - Updated 24 March 2023
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Bitcoin (BTC) is a decentralised cryptocurrency that facilitates peer-to-peer transactions. It was invented to offer its users freedom over their finances and privacy at a time of growing spying by government institutions. Bitcoin also serves as a store of value, thanks to its unique properties. There will only be 21 million coins that will ever exist. As the supply has reduced, the price has soared with increased demand. 

Are you looking to buy Bitcoin in Belgium? This guide will offer a detailed account of how to go about this process.

Where to Buy Bitcoin in Belgium in 2022

As a resident of Belgium, you have three options when it comes to buying Bitcoin. You can buy it by using exchanges, brokers and Bitcoin ATMs. Crypto exchanges will allow you to interact with the actual asset. If you wish to hodl, consider getting a cold wallet to ensure safety and security of your assets. 

Most brokers will not offer you the actual asset but will allow access to financial instruments linked to BTC. They are great for individuals that want to exploit the volatile price of BTC with potentially higher profits since they get to trade with leverage. Also, you will not have to worry about having to buy and store the actual asset by using a broker. Always use regulated platforms to avoid fraud. 

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Step by Step Guide – How to Buy Bitcoin in Belgium

This section offers a detailed outline of the steps you need to take to make your BTC purchase successful if you reside in Belgium.

Step 1: Find an Appropriate Platform to Buy Bitcoin

To buy BTC, you need to identify a reputable platform that operates in Belgium and offers BTC. If you want to access the actual asset to hold for the long term, crypto exchanges will serve your purpose. However, if you intend to trade the asset with higher profit margins, brokers will serve you well. You need to understand what you want from the start then choose the appropriate platform. Also, you might be a long-term investor and a trader. Therefore, having an account on an exchange and another on a broker will do you no harm. If you wish to hodl for the long term, consider getting a wallet. Always use regulated platforms to avoid the risk of fraud. 

Step 2: Registration / Create a New Account

Now that you have identified the platform you would like to use, it’s time to register by creating a new account. Enter your email address/phone number and set a strong password. A link will be sent to your inbox. Click on it to access the account. Then verify the account by submitting a picture of your ID/passport accompanied by a selfie. Some platforms might request a video call to confirm if the documents submitted belong to the person that appears on the screen. Also, you will have to submit a utility bill such as a bank statement that isn’t more than 6 months old to verify your residential address. This will offer you access to higher limits.

Step 3: Deposit Funds

Once your account is verified, it’s time to fund the account. Most platforms will allow you to do this either using bank transfer, credit/debit card, third-party payment options, and using crypto. The speed at which the funds get to your account will vary depending on the mode you opt to use. For example, bank transfers can be cheaper than cards, but funds can take 3 to 5 business days to get to your account.

Step 4: Start Trading or Buying Bitcoin

When the funds reflect in your account, it’s time to buy some BTC. Exchanges allow you to get your hands on the actual asset and even trade it on the spot. One exception is Binance that will allow you to trade derivatives. On the other hand, brokers will allow you to trade derivative products attached to BTC except for eToro, where you can also buy the actual asset and BTC is delivered to your eToro wallet.

Step 5: Optional Steps

The first thing you need to do once you sign up on an exchange or broker platform is to set a strong password and activate the two-factor authentication (2FA). This will boost your account security.

Then if you are dealing with the actual asset, ensure you move your coins to a secure hardware wallet such as Trezor or Ledger. This way, even if the platform is breached, your coins will be safe.

Finally, if you want to trade BTC with higher profits, use brokers since they allow you to trade with leverage. This means your capital receives a boost increasing your exposure within the market. This magnifies your profits but also your losses if things don’t go your way. Therefore, learn to understand how to trade these products for higher success. Also, consider hedging your investment to minimise the chances of incurring losses.

What is the Best Payment Method for Buying Bitcoin in Belgium

Below are a few common ways to buy BTC if you reside in Belgium.

  • Buy BTC with Cash – There are two ways to go about this process. You can opt to use Bitcoin ATMs, which are easy and safe or opt for a peer-to-peer settlement. In the latter case, you will meet up with the seller, make payment, and they will transfer the coins to your wallet. However, since you are dealing with strangers, there is a risk of getting robbed.

  • Buy BTC with Credit Card – Another popular mode you will come across that is supported by most platforms. It’s fast, but the fees could be a bit high.

  • Buy BTC with Bank Transfer – This is an option if you reside in Belgium. It’s cheap but can be super slow, which isn’t ideal for many.

  • Buy BTC with PayPal – Using third-party payment options such as PayPal is an option. This can be fast and convenient.

  • Buy BTC with other cryptos – This is a simple way to buy BTC, but you need to have some cryptocurrency to achieve this goal. Once you get the crypto, you can swap it if the platform supports both coins. 

Why Buy Bitcoin?

Bitcoin might have lost half its value from three months ago, but it still boasts an incredible ROI. 

On top of its incredible technology and the things the project has enabled us to do, Bitcoin is creating wealth in a manner never seen before in our history. Some people invested in the project believe in the change that it’s bringing to the world, especially the financial industry. In contrast, others just want the incredible returns that can be realized from this new asset class.

You can buy fractions of Bitcoin worth even $10 and build your portfolio with time, since the crypto revolution is just getting started. You never know what kind of returns your investment will yield in the future. Also, the daily volatility offers a perfect opportunity to profit regularly using brokers if you lack patience.

Buy Bitcoin in Belgium today!

Is it Legal to Buy Bitcoin in Belgium?

In Belgium, you are free to buy crypto as you wish. Digital assets lie in a grey area in the nation. Authorities have warned citizens of the apparent risks of getting involved with crypto, however, you are free to buy any token you like, you can read more about buying cryptocurrency in Belgium in our tax guide. There are plenty of platforms that allow users to access the coin.

Where Can I Use Bitcoin in Belgium?      

With Belgium being pro-crypto, you are likely to find a few merchants that will take BTC payments. Also, you can organise with a person or a business to make payment in the coin if they are cool with it. And most importantly, you can convert your BTC to fiat using any of the 21 Bitcoin ATMs and spend the cash as you like. The machines can be found in Ghent 6, Antwerp 6, Brussels 4, and many other locations.

Frequently Asked Questions

1. Can I use cash to buy Bitcoin in Belgium?
Yes. This is possible either in a peer-to-peer manner or using the over 21 Bitcoin ATMs scattered in various cities within the country. As for P2P, you have to arrange to meet up with the seller, ideally in a public space. Make the payment, and they will transfer the coins to your wallet. However, be careful since you will be dealing with strangers.
2. How much should I spend on buying Bitcoin in Belgium?
This depends on how much you have planned for this activity. Contrary to a popular misconception among beginners, you don't have to buy a whole coin which at the current price of $32,000 might be out of reach of most individuals. You can buy fractions for as low as $10 and build up your portfolio with time. As for brokers, you will have to fund your account with at least $100 to $250.
3. Are my crypto trades subject to taxation in Belgium?
Yes. However, how you will be taxed will depend on how you treat the activity either as a hobby or trading. If you are not operating using a company, then you might be liable for income tax. While if your profession is to trade digital currencies such as BTC, your profits will be taxed under the professional income. Either way, you are better off keeping a detailed record of all your trades.
4. How can I secure my BTC investment while in Belgium?
Once you sign up on any platform, either an exchange or broker, the first thing you need to do is set a strong password and activate the two-factor authentication (2FA). This boosts your account security. The other option is that after buying coins on an exchange, move them to a private hardware wallet.
5. How can I make the most of trading BTC while in Belgium?
Exchanges are great since they offer access to the actual asset; however, brokers are the best since they allow you to trade Bitcoin derivatives with leverage. Your capital receives a boost and increases your exposure within a given market. This means your returns are multiplied, but so are your losses.