How to buy cryptocurrency?
The process of buying and selling cryptocurrency has been much simpler over the last few months. There are five important factors to consider before buying a digital currency:
To understand how and where you can buy cryptocurrency, it is important to check the laws and regulations that apply in your country.
- Method of payment
The most common and accepted payment methods for buying cryptocurrency include: credit card, bank transfer, or even cash.
Different websites accept different payment methods, so you will need to choose a website that accepts the form of payment you want to use.
- A type of cryptocurrency
Not all cryptocurrencies are available for purchase on any website. You will need to find a platform that sells the digital currency you want to buy.
- Taxes on purchase
Each website operates with different fees. Buying from some platforms is cheaper than buying from others. Check how much the fees are before making your account on any website. You hardly want to waste your time creating a platform account and then finding out that the cost of buying cryptocurrency will be quite high.
- How much cryptocurrency you can afford
As with any investment, you should never invest more than you can afford. It is advisable to consult a financial advisor in advance if you have one.
Given these 5 factors, you can proceed with your purchase. However, when you buy your cryptocurrency, where can you store it? In any case, these are not in your bank account.
The cryptocurrency wallet is where you store your cryptocurrencies after you have purchased them. You can also accept it as a kind of bank account for your digital currency. With your wallet, you handle the same way you store traditional currencies like USD, JPY, EUR, etc. at your bank. So you can have digital currency in your crypto portfolio.
There are many easy-to-use options that are safe enough. It’s important to choose a high-security portfolio because if your cryptocurrency is stolen, you can never return it.
You can learn more about crypto wallets in our rooms
The wallet you need depends on which cryptocurrency you want to buy. For example, if you are buying bitcoin, you will need a wallet that can store bitcoin. If you are buying Litecoin, you will need one that can store Litecoin.
Fortunately, there are many good options to stop at. You can store multiple cryptocurrencies with them. Exodus , for example, is a software portfolio that can store Bitcoin , Ethereum , Litecoin , Dash , EOS and more.
How and where to buy cryptocurrency?
To learn how to buy cryptocurrency, you first need to know where to buy it. Just a year ago, there were only a few horse trading sites. But now there is much more. Let’s look at the different places and ways to buy digital currency.
How to Buy Cryptocurrency on Cryptocurrency Exchanges |
Online exchanges are websites that allow you to exchange your local currency for cryptocurrency. These platforms are the most popular way to buy horses. It is recommended that cryptocurrency beginners use cryptocurrency exchanges that are easy to use and quick to set up.
Method of payment:
Most exchanges accept bank or credit card payments, some accept PayPal.
There are many options to choose from. Each exchange has different levels of security and accepts different types of payment methods. Most exchanges have certain steps to follow before you start buying cryptocurrency.
- The first is to register with your personal information, such as your full name, email address and mobile number, etc.
- The next step is to verify your identity. You usually need an official document such as your passport or driver’s license.
- You will then be asked to set up 2-step verification. This helps to protect your account and protect yourself from hackers.
Note: Almost all exchanges charge a transaction fee of about 1-4%.
Once your account is set up, you can start buying cryptocurrency on the platform. Most exchanges are just like stock trading platforms. You can buy and hold your cryptocurrency there, or you can exchange it with another cryptocurrency.
Buy cryptocurrency from an ATM
You may have never heard of Bitcoin ATMs. Well, they do exist. This is a whole new idea, but they are gaining in popularity.
If you want to buy Bitcoin fast, then Bitcoin ATMs are the right choice for you. Because they are still new devices, they are not available everywhere. In fact, such ATMs can be found in quite a few places. If you live in a big city, there may be one near your home. At coinatmradar.com, you can find where your Bitcoin ATM is closest to you.
Buying Bitcoin and Ether P2P
This is one of the easiest ways to buy cryptocurrency. Peer-to-Peer (peer-to-peer) exchanges remove intermediaries, such as Coinbase. These platforms allow users to buy and sell cryptocurrency directly. On sites like localbitcoins.com and localcryptos.com, you can look for people who sell their bitcoins.