Buying Bitcoin’s can be a pretty intimidating concept for beginners.
Between the fees, which exchange to use, and wallets…
You don’t really know where to start.
Luckily, this guide will teach you everything you need to know about purchasing Bitcoin in Austria.
Let’s jump right in.
Based out of San Francisco, California, Coinbase is considered by many to be the most reputable beginner-friendly exchange. Since 2012, they’ve made it simple for any crypto newbie to buy and sell Bitcoin through their gorgeous user interface. Just make an account, link your preferred payment method, and start purchasing.
Please note that if you are based in the United States, most credit card purchases are disabled. For AML reasons, Coinbase, like most exchanges, requires users to submit a picture of their ID and other information for verification purposes.
When it comes to fees, this will depend on the payment method used. Bank purchases charge 1.49% and on credit and debit purchases expect 3.99%. Purchase limits depend on your accounts verification level, with the highest tier of verification allowing $50,000 to be purchased daily.Visit Coinbase Read Review
Coinmama is another beginner-friendly cryptocurrency brokerage that focuses on credit and debit card purchases. They offer instant delivery and sell Bitcoin, Ethereum, Ripple, Litecoin, and more to 46 US States, and most countries.
Coinmama doesn’t provide its users with a wallet on the exchange. Instead, users are asked to provide a wallet address to send the purchased cryptocurrency to. As long as you have your own wallet, this shouldn’t be an issue!
Coinmama charges a fee of around 5% for credit and debit purchases with instant delivery and high purchasing limits of a max of $5,000 daily, and $20,000 monthly.Visit Coinmama Read Review
Just like Coinbase, Bitpanda has a very simple user interface, making it easy for beginners to successfully purchase in cryptocurrency.
The exchange has several payment methods such as bank transfers, credit cards, debit cards, Skrill, Neteller and more. Depending on which method is used, there may be differing deposit fees.
When it comes time to transact on the exchange, Bitpanda charges 1.49% for buys, and 1.29% on sells making them an extremely competitive option.
Headquartered in London, UK, CEX.io offers security, high liquidity, and cross-platform trading. They support an extremely wide array of countries making them available to most people.
CEX.io appears to have little no fees at first glance. They are able to do this by charging a premium on the Bitcoin price. We estimate this comes in around a 7% premium on average.
When it comes to purchasing limits, it really depends on your accounts verification tier. The first level has daily deposits of $500 and $100 withdrawals while the highest tier has unlimited in each category. Payment methods include cards, bank transfers, and more.Visit CEX.io Read Review
Austria does not officially outlaw the use of Bitcoin and other cryptocurrencies. However, the Austrian Financial Markets Authority cautions investors about Bitcoin and other cryptocurrencies, because of the risks they carry. In specific, the FMA notes that Bitcoin and other decentralized assets aren’t regulated by the FMA, or backed by any other institution.
Still, citizens of Austria are free to buy and sell Bitcoin and other tokens at will, using a supported exchange listed above. Austrian citizens can also use one of more than 140 Bitcoin ATMs in the country to buy Bitcoin privately. And considering the sheer number of Bitcoin ATMs, it’s safe to say Bitcoin is popular in Austria.
Unfortunately, mining Bitcoin for ap profit in Austria is all but impossible due to the country’s electricity cost. Austrian citizens pay nearly double what American citizens pay, and Bitcoin mining isn’t profitable in the United States.
Even the best Bitcoin mining hardware won’t cut it in Austria, as electricity is simply too expensive.
Instead of investing thousands in expensive mining hardware and wasting an unfathomable amount of time and energy trying to make money with mining, buying Bitcoin directly from an exchange is a better choice.