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How to buy Bitcoin (BTC) in Poland
Learn how to easily buy Bitcoin (BTC) by following our step-by-step guide and comparing 10+ crypto exchanges.
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific
provider, service or offering. It is not a recommendation to trade.
How to buy Bitcoin
To buy Bitcoin, you just need access to one of the many platforms that sell it. These platforms are called cryptocurrency exchanges. If you're just starting out with Bitcoin, then you will need to figure out how to convert your government currency (fiat) into Bitcoin using one of these exchanges. We've boiled down the process of buying Bitcoin into 4 steps. Regardless of which exchange you use, these 4 steps will be roughly the same.
Don't worry – while you may find Bitcoin complex, buying it is straightforward and will take about 30 minutes out of your day.
Step 1. Choose where to buy
A cryptocurrency exchange is a website that allows you to buy and sell cryptocurrencies. They operate similarly to stock trading platforms. Cryptocurrency exchanges differ by fees, security, payment methods and features, so use our table to determine which one is the right fit for you. As a beginner, you don't need a big range of features, and you can always sign up to other exchanges later.
Some of the most popular exchanges that accept PLN are FTX Cryptocurrency Exchange, Bitpanda Cryptocurrency Exchange and Bit.com Cryptocurrency Exchange. All of these exchanges are considered relatively beginner friendly and offer deposit methods in a variety of methods.
You can see a list of exchanges in the table, which you can use to compare various features such as supported payment methods, security, fees and the number of different cryptocurrencies that they offer.
Once you have chosen an exchange, you will need to go to its website and create an account.
You can do this by selecting the button next to the exchange's name in the table.
To help you pick an exchange, consider the following:
- Fees: Purchase and sale of crypto assets incurs fees that can add up over time. Paying with a credit card tends to be the most expensive option, due to it being considered a cash advance in many cases. Keep an eye out for exchanges with free payment methods like a bank transfer. Look for exchanges with low trading fees, zero deposit fees for fiat and crypto, and cheap or covered withdrawals.
- Coins: You know you want some BTC, but have are there other coins and tokens you want to purchase later? If you're planning to diversify your portfolio, look for an exchange with your other assets of interest. If you're just buying Bitcoin, choose an exchange that gives you the lowest fees and best security. If you plan on trading other cryptocurrencies, then find a platform that fits those needs.
- Location: Regulated cryptocurrency exchanges must comply with local laws and regulations. Some exchanges are unavailable in certain countries or states. Be wary of exchanges located in foreign tax-havens with weak consumer laws and unregulated exchanges.
Step 2: Create an account
Once you have selected an exchange from the table, you can sign up for an account by selecting the "Go to site" button. This will take you to the account creation page, where you can fill in your details, starting with your name and email address.
You will then need to verify your identity and address, which is part of a process called Know Your Customer (KYC), which is a legal requirement for most exchanges in Poland. To do this, you will need photo ID as well as a copy of a recent bank statement or utility bill that has your address on it.
KYC is typically approved instantly, although in some cases, you will have to wait a few days before your account is verified. Once your account is approved, you will need to choose a payment method to deposit funds into your account before you can make any purchases.
| Exchange | Bank deposit | Card deposit | Crypto deposit | Buy Bitcoin |
|---|---|---|---|---|
| FTX Cryptocurrency Exchange | Go to site | |||
| Bitpanda Cryptocurrency Exchange | Go to site | |||
| Bit.com Cryptocurrency Exchange | Go to site |
Step 3: Fund your account
To buy Bitcoin (BTC), you will first need to deposit money into your exchange account or link a credit or debit card.
Depositing funds: The cheapest way to buy Bitcoin is typically by depositing money from your bank account to an exchange and then using it for purchases. However, you might end up waiting a few days for the funds to arrive, depending on the bank and the exchange. Once the funds arrive, you can then buy Bitcoin.
Buying with a credit card: Buying Bitcoin with a credit card can be a convenient way to buy Bitcoin, but there are trade-offs. For starters, fees are typically more expensive than depositing funds through a bank transfer. Credit cards are primarily used for instant purchases, so you can't use them to deposit funds in the exchange. If you only have a credit card available, the fees can add up quickly. For example, credit card providers will typically charge you a cash advance fee which can be quite costly. Depending on your credit card provider and country, some providers will not let you purchase cryptocurrency. Check out Finder's guide on how to buy Bitcoin with a credit card to figure out the details that work best for you.
Buying with a debit card: Buying with a debit card is a lot like using a credit card, but with much better fees. Of the 3 options to fund and buy Bitcoin, a debit card provides you with decent fees and near-instant deposit of funds or Bitcoin.
Don't stress too much about which option you choose, as you can always change it later. But if you're planning to make a large purchase, then it is worthwhile to calculate the fees involved with each method to determine the best value.
Step 4: Buy Bitcoin
First things first – you don't have to buy a whole Bitcoin. Most exchanges will let you buy as little as a few Polish zloty's worth, usually even less. Simply type in how much you want to spend in PLN, and let the exchange calculate the rest.
Secondly, keep in mind that some exchanges only have one way to buy Bitcoin, while others offer multiple ways to buy. The 2 most common methods in Poland are instant buy and the spot market.
Instant buy
An instant buy is typically done with a credit card, but can also be done with fiat or crypto already in your exchange account. Instant buys tend to have the highest fees and are at market price, meaning you are likely paying more than you would if you used the spot market. If using a credit card, there are additional fees too. With instant buys, you are paying for convenience and speed. Generally, you pick an asset to buy and an amount to spend. You are then given a preview of the transaction, and after checking the details, you finalise the purchase.
Spot market
The spot market is often found under a "Trade" or "Spot" heading. Unlike an instant buy, the spot market allows traders to set desired parameters for a purchase or sale. There are multiple types of trades that you can make on a spot market page. You can make a market order, which is like an instant buy/sell but has lower fees. You can also make a limit order. This is the other most common order type, where you choose a desired price to buy or sell. Limit orders have lower fees than market orders. There can be other trading options too, depending on the exchange.
After you've bought Bitcoin
Once you've acquired Bitcoin, whether through an instant buy or the spot market, you have 2 options. The first option is to leave it on the exchange in order to be able to quickly sell or trade it. The other option is to send your Bitcoin to an external wallet where you hold the keys. This is more complicated, but a safer overall choice.
Send your Bitcoin to a wallet
Learning how to use a cryptocurrency wallet takes some time and effort. But there are several benefits to moving your coins off an exchange.
- Not your keys, not your coins: A mantra repeated by cryptocurrency enthusiasts is "Not your keys, not your coins." Unless your Bitcoin is in a wallet that you own the private keys to, then you don't have control over it. Many consider it bad practice to keep coins on an exchange as this means you are trusting them to a third party.
- Hacking: Exchanges are prime targets for hackers, who can either hack the exchange itself or trick users into handing over their account information through techniques known as phishing.
- Security: Bitcoin and cryptocurrency wallets vary greatly in their features and security. For the most secure experience, consider purchasing a hardware wallet, which is a small USB device that keeps your private keys offline at all times, adding an extra layer of security.
- Utility: If you are planning to use your Bitcoin for transactions, daily spending or decentralised finance (DeFi), then storing it in a wallet rather than an exchange will be far more convenient.
Keep your Bitcoin on an exchange
Exchanges have come a long way since the early days of Bitcoin. Many of the big players now use advanced security practices, hardware and education to help protect user funds. Several exchanges now also insure user funds up to a certain value. Aside from security, there are additional reasons to consider when leaving Bitcoin on an exchange.
- Convenience: Leaving your Bitcoin on the same exchange you purchased it on is convenient for a number of reasons. You only need to remember a single account and password and can easily top up your portfolio as you see fit, and it allows you to manage all your crypto-related finances in one place.
- Casual investor: If you are a casual investor and more concerned with speculating on the price of Bitcoin than taking advantage of its utility, then keeping your Bitcoin on an exchange might be the easiest way for you to manage your investment.
- Frequent trader: If you plan to trade Bitcoin frequently, then leaving it on the exchange is the easiest option. But you can always use a decentralised exchange, which is a way of trading directly from your personal cryptocurrency wallet.
- Security: Every cryptocurrency exchange is different, and so is its security. Some exchanges share their security practices publicly, while others prefer to keep them confidential. If you plan to keep your coins on an exchange, make sure to do your own research. Some features you want to look for include the following:
- Cold storage: The exchange should store the majority (90% or more) of users' assets offline, safe from hackers.
- Multi-sig wallet: These are wallets that require multiple private keys for withdrawals, and exchanges should use these for their cold storage.
- Two-factor authentication (2-FA): This is a unique, time-sensitive code sent to a user's device or through an app like Authenticator. It should be required for logins and withdrawals at a minimum.
- KYC/AML required for all users: Every user of the exchange should undergo KYC/AML. This helps ensure there are no bad actors using the platform.
- Anti-phishing measures: This can be a unique user-created code that is sent in every communication from the exchange. This ensures that the message was from them and is not a phishing scam.
- Insurance: There are now a variety of services that can provide insurance to crypto exchanges for their assets. While there is rarely coverage if your account is compromised on your end, if the exchange is hacked the insurance covers affected users. Look for exchanges with some sort of insurance.
- Lending: Some exchanges will offer you the chance to earn returns on your Bitcoin holdings, just like a bank pays interest on cash deposits. This can be a great way to grow your portfolio without trading.
Bitcoin exchanges
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The risks of buying Bitcoin
You wouldn't invest in crypto without doing your research first, so make sure you understand some essential facts about Bitcoin before you buy:
- Price volatility: Bitcoin's price is largely based on speculation, which means it can rise or fall in a short time. It is not uncommon for Bitcoin to lose more than 10% of its value in a single day. A common piece of advice in investment circles that is applicable here is "only invest as much as you can afford to lose."
- Security: Understanding the risk of leaving your coins on an exchange versus using a wallet is essential. If you want to use a wallet, you will also need to learn how public and private keys work.
- Transactions can't be reversed. Once you've submitted a transaction to the Bitcoin network, it can't be canceled or reversed. So double-check the receiving address before sending a Bitcoin payment. There is no bank to refund any lost funds sent to the wrong address.
- Bitcoin is not anonymous. There's a widespread misconception that all Bitcoin transactions are anonymous. This isn't the case as your public address and the details of your transactions are visible to everyone. Your identity can be linked to your Bitcoin addresses as most Bitcoin is purchased through exchanges where you've given them your identity through their KYC process. If anonymous transactions are an important feature for you, research a privacy-focused coin, such as Monero.
- If you hold Bitcoin as an investment, you'll be taxed on any capital gains you make when it's sold. Taxes also apply to Bitcoin mining, professional Bitcoin traders, and in a range of other situations. So, make sure you're fully aware of what you need to report your governing body. You can also check out Finder's crypto tax guide for more information.
- Regulation. Bitcoin's regulatory environment is still being formed. The bull market in 2021 led many regulators and financial bodies around the world to reconsider how they treat Bitcoin. In regards to purchasing, taxing or outright banning it, changes are still being made. Even if you live in a nation that has a supportive regulatory environment for Bitcoin and digital assets, it's still important to note that events in other nations have the potential to impact the borderless currency.
Frequently asked questions
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly
volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of
future performance. Consider your own circumstances, and obtain your own advice, before relying on this information.
You should also verify the nature of any product or service (including its legal status and relevant regulatory
requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may
have holdings in the cryptocurrencies discussed.
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