How To Buy Decred (DCR) Instantly in 2020

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How to buy Decred (DCR)Are you searching how to buy Decred or where to buy Decred?

This guide shows you different ways to buy Decred coin and compares the pros an cons of each option.

The goal of the guide is simple:

We want to help you decide which Decred exchange is the best for you to buy DCR at.

Where to Buy Decred

Decred ExchangeFeesKey FeatureBuy Decred
changelly logoChangelly0.50% feeDebit card accepted
binanceBinance0.10% feeLow trading fees
bittrex logoBittrex0.25% feeUSD supported
Bitvavo0.25% feeEUR supported
coinspot logoCoinSpot1.00% feeAUD supported

How to Buy Decred

Decred is a coin launched back in 2016 by ex-Bitcoin developers in an aim to solve many of the problems that have been plaguing Bitcoin in the last years.

The currency is designed from the ground up with Governance and Longevity in mind. In the words of Chris Burniske from PlaceHolder VC: “Decred’s killer feature is good governance, and with good governance, you can have any feature you want”.

So, although the project is still very young, there are already multiple avenues to buy Decred. The most popular ways to buy Decred are the following:

  • Buy Decred with Bitcoin and other Cryptocurrencies
  • Buy Decred with Debit or Credit Card
  • Buy Decred with Wire Transfers or Bank Deposits
  • Buy Decred with Cash
  • Buy Decred peer-to-peer on a DEX

Each of the above ways to buy Decred has its pros and cons. 

Throughout this guide, we will show you how to buy Decred through these different methods and will help you decide which one you should use.

Buy Decred with Bitcoin and other Cryptocurrencies

At the time of writing, if you want to buy a large amount of Decred, you will have to do so with Bitcoin and other cryptocurrencies. 

So, if you don’t have any Bitcoin yet, you can either check out the next 3 options to buy Decred OR you can quickly buy some Bitcoin on Coinbase.

With a daily trading volume of $500k+, by far the most liquid market to buy Decred coin is DCR/BTC on Binance

buy decred on binance

To buy Decred on Binance, simply create an account on Binance, deposit some Bitcoin, and put up a buy order for Decred!

An alternative to buying Decred on Binance is using Changelly

Changelly is significantly more intuitive to use than Binance and enables you to buy Decred instantly. 

However, with a trading fee of 0.50%, it is also slightly more expensive than Binance (0.10% trading fee).

Buy Decred with Debit or Credit Card

If you care about convenience and want to get your Decred fast, then you might want to buy Decred with debit card or credit card. 

Although you will pay a slightly higher transaction fee (often up to 4.00%), this payment method will enable you to truly buy Decred instantly.

Currently, the best way to buy Decred with credit card or debit card is Changelly.

buy decred with debit or credit card

To buy Decred with debit or credit card on Changelly, simply select “EUR”, “USD”, or “GBP”, in the “You Send” tab on the homepage of the exchange

Once you select the amount of Decred that you want to buy and click “Exchange Now”, you will be redirected to a new page where you can input your card details.

Please keep in mind that Changelly charges a 3.99% fee for Decred purchases with debit or credit card.

Buy Decred with Wire Transfers or Bank Deposits

Since Decred is still a very new currency, there aren’t too many options yet to buy Decred with wire transfer or bank deposits. 

Ultimately, the approach you have to follow depends on whether you want to buy Decred with USD, EUR, GBP or AUD.

Also, please keep in mind that it can take up to 1 week for your wire transfer to arrive at your cryptocurrency exchange of choice. 

Hence, if you want to buy Decred instantly, you should instead buy Decred with Bitcoin directly or with a debit or credit card.

How to buy Decred with USD

If you are a US citizen and want to buy Decred via bank transfer, then your best option is to make use of the cryptocurrency exchange Bittrex.

buy decred on bittrex

Bittrex will enable you to directly buy Bitcoin with USD and then subsequently to easily swap that Bitcoin for Decred.

Here’s the step-by-step guide to buy Decred on Bittrex:

  1. Create an account on Bittrex and complete identity verification
  2. Deposit USD on Bittrex
  3. Use USD to buy BTC on Bittrex
  4. Convert BTC to DCR on the DCR/BTC market on Bittrex

Bittrex charges a flat fee for all trades of 0.25%. Also, be advised that it may take up to 5 business days for your USD wire to arrive at Bitrex.

How to buy Decred with EUR

If you are an EU citizen and want to buy Decred with Euro, then your best option is to use an exchange called Bitvavo.

Bitvavo is a cryptocurrency exchange based in Amsterdam that enables you to buy 50+ cryptocurrencies with EUR, including Decred.

buy dcr on bitvavo

Although Bitvavo’s trading fee of 2.5% is a bit on the higher end, the exchange compensates that slightly higher cost by offering an extremely intuitive platform to buy Decred and speedy customer support.

How to buy Decred with GBP

Unfortunately, at the time of writing, there is no direct way to buy Decred with a GBP wire transfer.

However, there is a workaround! You will have to make use of two separate cryptocurrency exchanges though.

Here is how:

  1. Create an account on Coinbase and complete identity verification
  2. Deposit GBP on Coinbase and buy Bitcoin
  3. Create an account on Binance
  4. Send the BTC you purchased on Coinbase to your Binance account
  5. Use the BTC on Binance to buy Decred on the DCR/BTC pair

Alternatively, you can also buy Decred with GBP on Changelly. However, that won’t be with a wire transfer and you will have to use your credit or debit card instead. 

This, of course, means that you will have to pay slightly higher fees.

How to buy Decred with AUD

If you are based on Australia and want to buy Decred with AUD, then you can do so with relative ease by using CoinSpot.

CoinSpot is a cryptocurrency exchange based in Australia that enables its users to purchase 40+ different cryptocurrencies with AUD, including DCR.

buy decred on coinspot

To get started, simply create an account and deposit the AUD you want to use to buy DCR.

CoinSpot charges a flat fee of 1% for every trade performed on its platform and requires all its users to pass a basic identity verification check.

Buy Decred with Cash

Due to the fact that Decred is still a new currency in its nascency, there are no direct markets for purchasing Decred with physical cash.

However, also, in this case, there is a workaround that could be useful for you. You can buy Decred with cash by using two exchanges: Local Bitcoins and Binance.

In case you are not familiar with Local Bitcoins yet, it’s essentially a peer-to-peer exchange that enables people to meet in person to exchange Bitcoins for physical cash.

Here’s how you could buy Decred with Cash:

  1. Create an account at Local Bitcoins
  2. Meet with a seller in person and buy Bitcoin with cash
  3. Create an account at Binance
  4. Send the Bitcoin you bought with cash to Binance
  5. Use the Bitcoin to buy Decred on Binance

Ideally, for security reasons, you should avoid using this method for very large purchases. There have been some cases of people getting robbed by the individual they met to do the in-person trade.

Buy Decred peer-to-peer on a DEX

“DEX” is the abbreviation for “Decentralized Exchange”, which is an exchange that is not controlled by any third party.

Buying Decred on a decentralized exchange comes with many benefits, namely that funds are not held by any third party, identity verification is not required, and fees are low (or non-existent).

The best decentralized exchange to buy Decred on is Bisq

Bisq is an open-source, peer-to-peer exchange, which enables anyone to buy Decred with Bitcoin in a fully decentralized manner.

The exchange charges a low 0.3% trading fee.

Which Decred wallet should you use?

After you purchased DCR, the next step is to send them to a Decred wallet where you can store your coins safely. 

There are three main types of Decred wallets: hardware wallets, desktop wallets, and mobile wallets. Each of these wallet types has its pros and cons. Here’s a quick outline to help you decide which one is best for you:

Decred hardware wallets

A hardware wallet is a physical device that stores your private keys in an isolated environment. For a hacker to steal your Decred from a hardware wallet, he would have to get physical access to your device in addition to guessing your passphrase.

The best hardware wallets for Decred are Ledger and Trezor

Decred wallets for desktop

Decred wallets for desktop are software wallets that are optimized for being used on a PC. The best Decred wallet for desktop is Decrediton

The wallet is not only safe and easy to use, but it also enables you to “stake” your DCR to earn staking rewards and vote for Politeia proposals.

Decred wallets for mobile devices

Although Decred mobile wallets are very convenient if you want to keep your Decred in the palm of your hands, they are significantly less secure than hardware wallets or desktop wallets.

If you are using Android, you can use the Decred Android wallet. If, on the other hand, you are an iOS user, then your best option is Coinomi.

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