Without a doubt, cryptocurrency is one of the best assets to invest in, in the 21st century. By investing in the right currency at the right time, investors might be making x10 or x100 returns in a short time. Thanks to the quick, large returns, cryptocurrency has become very popular. To start investing, you must first know how to buy Crypto.
Here are the simple steps to buy your first crypto.
Sign Up for a Broker or an Exchange.
There are crypto brokers and exchanges worldwide that lets you buy crypto. Simply sign up for any of them and buy. However, please note that you must study your choices carefully to make sure that it is safe and that the currency you wish to buy is available.
Buy Crypto on Exchange
Exchange is a platform where buyers and sellers meet to trade crypto. This is where most of the crypto in the world are traded each day and exchanges make money from the trading fees. Famous crypto exchanges include Binance, Coinbase, and Gemini. Buying crypto is one of the many services that an exchange provides.
To buy crypto, you can first search for a local exchange in your country that allows you to use your local fiat currency. Be sure to research their credentials because you don't want to get scammed.
Buy Crypto with a Broker
Unlike Exchangers, crypto brokers are designed for the simple trading, buying, and selling of crypto. With their simple user interfaces, brokers are very beginner friendly. They make money through the buying and selling fees so it is important to understand these fees before buying. Robinhood and SoFi are two very well-known crypto brokers.
While very convenient and simple, brokers like Robinhood do not let you transfer your crypto out of the platform. All the trading must be done on the platform. If you are looking to buy crypto and transfer it somewhere else to use or to keep, crypto brokers might not be your answer.
Create and Verify Your Account
Once you have decided on which broker or exchange to buy crypto on, you must first sign up and complete the KYC verification. KYC is a way for these services to identify your identity, prevent fraud, and follow federal laws. You may need your ID cards such as passports or driver's licenses to complete the KYC.
If you do not wish to share your personal information then buying cryptocurrency on these platforms might not be the right choice for you.
Deposit your Fiat Currency
To buy crypto, you must first deposit fiat currency into your account. Before you deposit any money, make sure the service you wish to use is safe and can accept the fiat currency you are looking to deposit.
Most brokers and exchanges allow buying crypto with bank transfers and credit cards. Be sure to carefully read all the fees that you will be charged. For example, if you are using a credit card to buy crypto, you will be charged with your credit card fees and also the platform fee. This may go up to 10% of the total amount you are buying so proper research is very necessary.
Placing the Order to Buy Your Crypto
While the hard part is now out of the way, now comes the fun part. Exchanges and brokers will have many cryptocurrencies for you to choose from, including 10 of the best crypto in the market.
- Bitcoin (BTC)
- Ethereum (ETH)
- Tether (USDT)
- S. Dollar Coin (USDC)
- Binance Coin (BNB)
- XRP (XRP)
- Binance USD (BUSD)
- Cardano (ADA)
- Solana (SOL)
- Dogecoin (DOGE)
Store the Crypto
If you bought the crypto on the exchange, you will now have a choice to withdraw the crypto and transfer it to a wallet. Keeping crypto on exchanges is quite risky because you do not have full control of the crypto and most investors will transfer those coins to a wallet instead for better security.
Hot wallets are a popular destination. These are APP wallets on the smartphone that lets you create a wallet account and securely store the crypto. However, as smartphones are always online, hackers will have a chance to steal your assets.
If you want to be 100% secure, use a cold wallet instead. Cold wallets are devices that are designed to be offline and isolated from and network or devices. When you deposit you hold your crypto inside a cold wallet, you can be sure that no hackers will be able to steal your assets while it is inside the cold wallet.
ELLIPAL Buy Crypto – Buy Crypto Right into Your Crypto Wallet
Many modern crypto wallets also have the feature of buying crypto. Cold wallet like the ELLIPAL Titan does not only work as an extremely secure safe box for your crypto, but they also let you buy crypto, and deposit directly into your cold storage. Learn more about buying crypto on the ELLIPAL: Buy Crypto with Fiat Easily with ELLIPAL