In order to purchase digital currencies, there will be several preliminary steps we will need to take in order for the process to be smooth and simple.
First, we will need to have a digital wallet and make sure we have somewhere to receive the coins we will purchase.
Most wallets support the leading currencies, and when you reach situations of purchasing smaller tokens and coins, you may encounter different types of wallets in order to carry out the next step.
But for now, let’s refer to the classic case of buying bitcoin.
Bitcoin and other digital currencies (Alts) continue to gain momentum and popularity among more and more people around the world.
This brings many interested parties, investors and new explorers looking for the simple and fast way to purchase.
The barriers that prevent most of us from acting are the proper operation of the process and the “complicated” way to purchase digital currencies.
Let’s make it simple and explain all the options that currently exist for purchasing digital currencies, but first let’s understand where we can store digital currencies.
The digital wallet is actually software or an application designed for your computer or smartphone.
Through it you store, receive and send your digital currencies securely and get a status picture of your portfolio.
According to the size of your portfolio, you will determine the level of security you have chosen and the type of wallet.
Hot wallet, cold wallet and Web 3 wallets all appear in our wallet guide, and if you still don’t feel comfortable with these terms, we recommend going over the guide.
There are several ways to buy bitcoin and digital currencies in Israel today.
You can buy with cash, bank transfer, credit card, exchange transactions (between seller and buyer), local and global trading platforms and venues.
First, let’s talk about the method for which all this technology was born and intended –
P2P – Peer to Peer –
A “person to person” transaction is one that you will perform in most cases physically or in a way that you will meet the person with whom you are establishing the trust of the transaction.
It is important to understand that the simple and fast way is not necessarily the safe and correct one, and there are quite a few risks that it is important to avoid doing when everyone wants everything ‘here and now’.
The fastest and easiest way to buy bitcoin in Israel is from one person who holds bitcoin or any similar currency that you want to buy at a time when they are interested in selling.
If you don’t know people who want to sell, you can find sellers in Facebook/Telegram groups/dedicated apps.
Every Sunday, a meeting is held at the Bitcoin Embassy in Israel, which has been nicknamed “Stushi Square” (after the inventor of Bitcoin – Satoshi Nakamoto)
Where cash exchange transactions take place according to a direct and reliable price comparison site.
**It is important to note – this way is the fastest and most often the most cost-effective in fees, but the least secure, there are different ways to conduct these transactions safely if you are creative, but there is no authority to come with claims in case of fraud or theft**
Golden advice – identify the person with whom you will conduct the transaction and meet together in a neutral and public place
Cash Purchase
The number of ATMs in the country is growing with the demand and the ability to make the field more accessible and accessible to the user.
All you’ll need is to go to one of the ATMs and exchanges you’ve chosen with two forms of ID:
– ID card / driver’s license / passport / any approved valid form of ID.
– QR code to scan in order to deposit into your personal wallet
*In some places you can come with a computer / smartphone and the representatives will assist you with what you need*
It is advisable to call ahead to make sure that the posted fees and hours have not changed from time to time
Bits Of Gold
Bits Of Gold Ltd. allows the purchase of various digital currencies at the ATM located at the Bitcoin Embassy
At the address: Ahuzat Bayit 1 – Tel Aviv.
The OneWay ATM only allows purchases with a 5% fee.
You can make a purchase through one of +150 (GMT) ATMs that operate in cooperation with Bits of Gold.
This service is granted with an additional fee of 4-6%
Hours of operation:
Monday to Thursday 10:00-18:00
*Recommended to call ahead to confirm*
Bitcoin Change
Allows the purchase and sale of a variety of digital currencies at a convenient and accessible ATM in any of their branches in the two branches in Tel Aviv, Jerusalem
In Netanya and Beer Sheva.
Address:
King George 32 Tel Aviv
Beer Sheva – Rager 53
Netanya, Shaar Haemek 3
Haifa, Horev 8
Jerusalem, Jaffa 151
Hours of operation:
Monday-Thursday 10:00-20:00
Friday – 10:00-14:00
At the ATM you can deposit and withdraw with a fee of
6%
With limits of:
10,000 NIS per day
20,000 NIS per week
And no more than 30,000 NIS per month
Website:
http://bitcoinchange.co.il
There are many more ways to buy with cash, but these recommendations are part of our direct connection and occupational experience.
You are welcome to share personal experiences and other ways you have tried.
Foreign Exchanges and Exchangers –
Binance, Kraken, Coinbase, Bitfinex, Bitrex and more
These are international centralized exchanges through which you can buy, sell and exchange currencies.
It is important to note that this is not the place to store our currencies for a long period of time.
You can make bank transfers in foreign currency and purchase bitcoin and various coins.
Also performing complex operations such as – leveraged trading, shorts and longs are part of the advantages on these exchanges and it is very important to know what you are doing before entering this area of crypto trading because it is very different from the capital market and has its own rules and fluctuations.
In many cases, one exchange will give a different market price than another, and you can use these methods called arbitrage to your advantage and check that they are not working against you.
There is an exchange operating in Israel that allows you to buy and sell digital currencies from shekel to crypto and from shekel to crypto through your bank account.
Bitosy – Bit2C
Hours of operation: Sun – Thu 09:00 to 15:00
1% buy or sell fee
Address: 11 David Saharov, Rishon LeZion
Website: www.bit2c.co.il
It is also important to know that this service requires opening an account and identity verification to approve the trade, and transactions require 2-3 business days for identification, approval and customer security, which in most cases requires bank statements showing account ownership, and customer identification means that will help.
Private Brokers and Exchangers
Brokers are usually small businesses to larger and more well-known companies.
From my personal experience and through a long-term relationship with Caleb & Brown, I recommend purchasing, exchanging and selling as well as placing future buy or sell orders that can be entered through them with a personal, secure and fast service.
Business owners and crypto clients I know also use their service and have not been disappointed.
Recently they have expanded greatly and are gaining exposure on news channels around the world.
Their service involves a 5% commission, and members of the Bitjourney community will be able to receive a discount on receiving the service and the identification process.
If you’ve made it this far, we already want you to join us, so click the link to open an account and start the identification process, good luck!
Now that you have all the possible ways to purchase from fiat to crypto and vice versa from crypto back to fiat (shekel), you are ready to begin. If for any reason the process did not go smoothly and you want to delve into additional topics, do not hesitate to contact us and our guides on the blog.
An important emphasis to summarize –
Any purchase or exchange between currencies on exchanges and third parties to the transaction will end with the process of sending the balance back to your personal wallet.
“NOT YOUR KEYS – NOT YOUR COINS”
