All you need to know about buying cryptocurrency

kevinhall
kevinhall June 6, 2022
Updated 2022/06/06 at 1:29 PM
buy and sell crypto

Armed yourself with enough knowledge about the cryptocurrency market and are now keen on getting your hands on one of these digital currencies? We’ll help you get started with step-by-step ways to buy cryptocurrency to begin your trading journey.

To start with, choose a reliable crypto exchange platform. And it might sound simple, but choosing the right broke can be the difference between a profitable and a loosing trade. An exchange platform is where you can buy, sell or trade crypto. Look for an exchange platform that has low fees, an easy user interface, easy purchase and trade options, and reliable customer support services. Now let’s look at what comes after.

Step 1: Open a Trading Account

The first step is to register and open a crypto trading account with a reputed exchange. Scan through the options available and pick a broker that offers quick, simple, and easy account opening services with low minimum deposit requirements. 

Step 2: Upload Your ID – Check the documents required to open your account and upload the relevant ones such as a copy of your government-issued ID, address proof, etc. These are necessary for your broker’s Know-Your-Customer (KYC) policies.

Step 3: Deposit Money – Add the minimum required amount to your account. There are multiple mainstream options to add money such as net banking, bank transfer, or debit card. Did you know that you can also buy crypto with a credit card?

Step 4: Buy a coin – Choose from the different cryptocurrencies listed on the exchange and buy the one that you want to invest in. To open an order file, click on the trade button and fill in the amount you wish to put in, and finalise the order by clicking on “Open Trade”. 

Step 5: Store crypto in your e-wallet – Always make it a point to store your crypto assets on a digital wallet. Make sure that only you can access the account with your private key. You could choose to save them in a hot or a cold wallet. 

Ways to buy crypto

There are multiple ways through which you can pay to acquire crypto assets. Here we’ve listed some:

Cash or Cash Deposit

Bitcoin ATMs are easy to operate–insert cash into the machine to buy a Bitcoin and it will directly reflect in your digital wallet. Though you have to shell out an extra 6 to 12%, using cash is an easy, fast and discreet way to buy BTC. 

Credit or Debit Card

The fastest and perhaps the easiest way to get your hands on a crypto token is through credit and debit cards. Keep in mind that you might have to pay your exchange a minimal fee for credit or debit card deposits as well as a spread fee for crypto trades. 

P2P exchanges

Once you get your account started on any P2P exchanges, users will request you to either buy or sell Bitcoin. This happens because there are listings through which trade partners can be selected. While anonymity is not a feature of P2P exchanges, users have the option of searching for the best available deals here.

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