Buying bitcoin and cryptocurrencies in The Netherlands
Buying bitcoin and other cryptocurrencies in The Netherlands is a childlike work and normally takes less than 10 minutes to get amply frame-up .
The first step is to register with a platform, app or exchange and complete a Know Your Customer ( KYC ) process .
The change you choose will be interoperable with most devices, background and mobile, and will allow you to withdraw to your own personal hardware wallet .
hera are besides respective options available for buying and selling without confirmation on P2P exchanges, although they are much less user-friendly and are recommended for more advance users.
Requirements to buy cryptocurrency in The Netherlands
Before buy, there are a pair of significant things you ‘ll need to prepare :
- A passport, national identity card, or driver’s to complete the KYC process.
- A private and secure internet connection, public WiFi is not recommended as it may pose security problems.
- A mobile phone to verify your identity using two-factor authentication (2FA).
- A bank account or credit card you can use to make fiat currency deposits to purchase cryptocurrencies.
- A crypto wallet to store your assets. Almost all exchanges will offer built-in wallets, but it is important to withdraw your crypto to your own personal cold wallet for optimal security.
Steps to Buy Cryptocurrency in The Netherlands
1. Create an account with an exchange
The Netherlands has 11 trusted exchanges available for you to sign up for, with the most popular being Bitvavo and eToro, which account for a compound 21,000,000 active users .
Both exchanges are considered to be beginner-friendly and offer multiple down payment methods and a variety of cryptocurrencies .
Exchanges will differ by fees, security, requital methods, and other features, so explore the “ information ” yellow journalism on the exchanges listed above to find which one is the right fit for you .
The platform you end up choosing will depend on your preferences and the cryptocurrencies and payment methods they support .
besides it ‘s significant to note that you can always sign up to other exchanges belated .
2. Complete the KYC verification process
After signing up to an exchange you will need to verify your identity and address, which is part of the Know Your Customer ( KYC ) process. This is an ineluctable legal necessity for about all exchanges in The Netherlands.
To complete this step you will need your photograph ID readily available to take pictures of both the battlefront and back sides of the document .
In most cases your confirmation will be approved instantaneously and at most can take 1-2 days .
3. Make a fiat deposit
To begin buying bitcoin and other cryptocurrencies you will need to link a trust account or credit card to the exchange .
Some of the payment methods provided by Bitvavo and eToro are : Wire Transfer, Bank Transfer .
Depending on the payment method acting, it could take anywhere from a pair of minutes to days for the funds to arrive at the exchange .
4. Buy cryptocurrency
once your explanation has been funded, you are ready to buy your first bitcoin. It ‘s crucial to note that you do not need to buy a wax bitcoin .
Most exchanges will let you buy a little as a few dollars worth of bitcoin, or any early cryptocurrency.
Read more : What is Solana, and how does it work?
5. Send your bitcoin to a personal wallet
once you ‘ve purchased bitcoin or your cryptocurrency of choice it ‘s significant to withdraw it to your own secure personal wallet .
Leaving your coins on an exchange poses a security hazard as many exchanges are targets for hackers to steal drug user funds. Storing your own coins on your personal hardware wallet mitigates that risk .