Last Updated on January 31, 2022 by Arty Fisher
There are a lot of ways to buy cryptocurrencies, let’s go over some of the best.
So you want to buy some cryptocurrency but you’re not quite sure how? This guide will walk you through the process of buying cryptocurrency and show you where to get it.
If you want to buy cryptocurrency, the first thing you’ll need to do is choose a cryptocurrency exchange. A cryptocurrency exchange is an online platform where people can trade cryptocurrencies for other assets, such as conventional fiat money (USD, Euros, etc.), other cryptocurrencies, or even other digital tokens that represent ownership of physical assets like cars or real estate.
Lining up the best cryptocurrency exchanges depends on your needs and preferences. Some traders and investors have very specific goals in mind, such as day-trading, while others prefer long-term investments. Some people are looking for a place to cash out their profits. Others are trying to develop an investment portfolio with a wide variety of options.
How to choose an exchange?
Each cryptocurrency exchange has its own unique features that make it stand out from the competition in some way, whether it’s better customer support or more trading pairs with fiat currencies like USD and EUR. All the exchanges listed here provide some type of ID verification and have proven themselves trustworthy over time. The top cryptocurrency exchanges are safe and easy to use, so feel free to try them all out to find the one that suits your needs!
If you are just looking to invest in cryptocurrencies for a short period of time, the easiest way is through a cryptocurrency exchange. There are many exchanges across the world that allow you to trade fiat currency for crypto. The most popular being Coinbase, eToro and Coinjar. You can sign up for these platforms online and link a bank account or credit card to your account. This allows you to directly deposit money dollars into your trading account.
These platforms charge fees for buying and selling cryptocurrencies on their platform. The good news is that these fees are generally less than 10% of the total transaction value! This option works well if you are looking to buy and sell Bitcoin or Ethereum relatively quickly. However, if you are interested in investing in other cryptocurrencies, this option may not be available to you depending on the exchange platform.
8 Steps to get started.
- Register an account on your chosen exchange
- For security enable 2-factor authentication if available
- Verify your identity and account with the exchanges KYC
- Deposit money into your account.
- Search for the coin you are looking to buy and click on “Buy”
- Decide how much you want to spend or how much of it you want to buy
- Click on the “Buy” button
- If you hit a roadblock contact the help team of your exchange
When you’re looking to buy cryptocurrency, the best place to start is with a cryptocurrency exchange. Exchanges are websites that allow you to convert and trade fiat currency for cryptocurrencies. By far the most popular cryptocurrency exchanges are based in Europe, America as well as Australia.
The main thing to keep in mind here is that no one actually owns or controls Bitcoin. Rather, it is owned by everyone who has a bitcoin wallet. Hence, no single authority governs Bitcoin. However, the network still has a ledger in the form of the developers behind the project. These developers are responsible for updating and upgrading the software code that runs the network.
So now we’ve walked you through the easy process to buy cryptocurrency, you’re ready to start!
Disclaimer: Cryptocurrencies are highly speculative, complex and involve a lot of risks – they are highly volatile and sensitive to outside activity. Their performance is very 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. The author may have holdings in any of the cryptocurrencies discussed.