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You'll need a Bitcoin wallet before you buy since some exchanges require one.
Don't have a wallet? Read our guide on the best Bitcoin & cryptocurrency wallets.
- Popular Exchanges to Buy Bitcoin in Barbados
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Coinmama- Works in almost all countries
- Highest limits for buying bitcoins with a credit card
- Reliable and trusted broker
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eToro- Supports Bitcoin, Ethereum & 15 other coins
- Start trading fast; high limits
- Your capital is at risk.
We do not promote, endorse, or earn commissions from the trading of securities of any kind, including CFDs, however, eToro requires that we provide you with the following disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 62% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.
Coinmama Popular Buy Bitcoin Read Review
Coinmama allows customers in almost every country to buy bitcoin. They charge a 4.9%-5.9% (depends on volume) fee on each purchase.
Customers in Europe can also purchase bitcoins with SEPA transfer for a lower fee.
Want to buy using Coinmama? This step-by-step guide will show you how to use Coinmama.
We may receive compensation when you use Coinmama. Please visit Coinmama for its exact pricing terms.
- Works in almost all countries
- Highest limits for buying bitcoins with a credit card
- Reliable and trusted broker
- Some of the highest fees among credit/debit card bitcoin brokers
LocalBitcoins Popular Buy Bitcoin Read Review
LocalBitcoins is an escrow service which also helps to match bitcoin buyers and sellers. Users may advertise trades for whichever payment method they prefer.
Buying bitcoins via an in-person meeting, secured and facilitated by LocalBitcoins, may be one of the fastest and most private ways to buy bitcoins in any country, including the United States, Europe (besides Germany), UK, Singapore, Canada, Australia and many more.
We may receive compensation when you use LocalBitcoins. Please visit LocalBitcoins for its exact pricing terms.
- Can be private, fast and easy
- In-person trades require no personal information
- Purchases of bitcoin can be made quickly via cash deposit
- Beware of scams; always follow the rules!
- Harder to buy large amounts of bitcoins compared to large exchanges
- Slightly to significantly higher prices than regular exchanges; premium for higher privacy
Kraken Buy Bitcoin Read Review
Founded mid-2011, Kraken is the one of the world's largest cryptocurrency exchanges, and the largest in Europe based on daily average trading volume. It is available in almost all countries. Deposits can be made via bank wire, SEPA, ACH and SWIFT.
- Very low 0.25% taker fee, falling to 0.1% with sufficient trading volume
- Very low maker fee, falling to 0% with sufficient trading volume
- Highly-rated for security and data protection
- Requires ID verification, so not private
Bitt Popular Buy Bitcoin
Bitt is a Bitcoin exchange based in the Caribbean. It has received over $10 million in venture capital funding. You can trade many currencies on the Bitt platform, including BBD, TTD, JMD, USD, EUR, and GBP.
- Trusted exchange backed by US investors
- 1% fees are low for the markets that Bitt serves
- USD, EUR, and GBP trading fees are very low at 0.2%
- Not a private way to buy bitcoin as ID verification is required
- Low liquidity for certain currency pairs means wide spreads; harder to get bitcoin at a fair market rate
Bitcoin ATMs Buy Bitcoin
You can use our Bitcoin ATM map to buy bitcoins with cash. Bitcoin ATMs can be a quick and easy way to buy bitcoins and they're also private. That convenience and privacy, however, comes with a price; most ATMs have fees of 5-10%.
- Our map makes it super easy to find a Bitcoin ATM near you
- Bitcoin ATMs often have 5-10% fees per purchase
Mycelium Local Trader Buy Bitcoin
Mycelium Local Trader helps you find local Bitcoin sellers. Once you locate a seller, you meet up in-person and conduct the trade. Mycelium charges absolutely no fees. While Mycelium Local Trader works great in highly-populated areas, users in low population areas will have trouble finding sellers.
- Easy and cheap way to buy bitcoins with cash
- Private way to buy bitcoins, no personal information required beyond cellphone number
- Users in sparsely populated areas will have trouble finding sellers
How to Buy Bitcoin in Barbados
Bitcoin is legal in Barbados, and its citizens are free to buy and sell Bitcoin as they please.
There are several exchanges available to the island nation, including Coinmama, one of the biggest Bitcoin exchanges in the world.
If you'd prefer to buy Bitcoin without revealing your identity to a mainstream exchange, LocalBitcoins is another excellent option.
LocalBitcoins matches buyers and sellers, facilitating private Bitcoin transactions without having to reveal your identity. Barbados also has a Bitcoin ATM on the island, which is by and large one of the most private ways to buy Bitcoin.
Bitcoin Mining in Barbados
Bitcoin miners consume electrical energy to power their mining hardware, which verifies transactions on the network. As a reward for their energy (literally), they are awarded Bitcoins as a block reward.
Unfortunately, Bitcoin's block difficulty is one the rise, meaning it's continuously getting harder to mine Bitcoin as time goes on, not to mention the block reward halving every so often.
Mining isn't what it used to be - it's nearly impossible to turn a profit these days, especially if you're not mining on a large scale, with the newest mining hardware and dirt cheap electricity.
For most, buying it directly from an exchange is the best option, especially in Barbados. The Caribbean relies primarily on imported oil for their electricity, driving prices sky-high.
The only island not suffering from ungodly electricity prices is Trinidad and Tobago, because they have an abundant supply of natural gas on the island.
Barbados doesn't have the same luxury -their average electricity price is approximately $0.28 per kWh. Barbados' electricity is somewhat high on the global scale but astronomically high for Bitcoin mining especially.
According to our mining profitability calculator, you'd lose nearly $6,000 per year, per miner, not to mention the grotesque startup costs.
Instead, do yourself a favor and buy Bitcoin from one of the exchanges above.
