What is the best place to buy cryptocurrency?
To learn how to buy cryptocurrency, you’ll first need to know where to buy cryptocurrency. Just one year ago, there were only a few places to buy and sell cryptocurrencies. But now there are a lot more! Let’s look at the different places and ways you can get your crypto.
How to Buy Cryptocurrency at Cryptocurrency Exchanges
Cryptocurrency exchanges are online websites which let you exchange your local currency for cryptocurrency. Exchanges are the most popular way for buying cryptocurrency. I recommend newbies to use these exchange websites as they are easy-to-use and quick to set up.
Payment Method: Most of the exchanges accept payment by bank transfer or credit card, some of them also accept PayPal.
There are a lot of exchanges for you to choose from. Each one of them has different levels of security and they each accept different types of payment methods. Most exchanges will ask you to follow the steps below before you can start buying cryptocurrency.
- The first step is to register yourself with your information (full name, email address and cell phone number etc.)
- The next step is to verify your identity — you normally need a passport/driving license.
- Next, you are asked to set up 2-Step verification. This helps to keep your account secure and keep the hackers away!
Note: Almost all exchanges charge a transaction fee of around 1-4%.
Once your account is set up, you can start buying cryptocurrency on the exchange. Most exchanges are just like stock-trading platforms: you can buy and hold your cryptocurrency, or you can exchange it for another cryptocurrency.
You must be careful when selecting the cryptocurrency exchange. You should make your decision based on the following factors:
- Check the security of the exchange. This is the most important thing you need to consider as investors have lost lots of money in the past when the exchanges have been hacked.
- Transaction fees – The lower, the better.
- The number of payment options available: do they accept bank transfer, credit card, PayPal etc.?
- The amount of time it takes to activate your account — if you’re in a hurry, you might not want to wait a long time to get verified!
- Which cryptocurrency options they offer. For example, if you want to buy the ETH coin then you need be sure that the exchange you choose sells the ETH coin.
- Check user reviews related to the exchange! This will give you a good idea of how friendly the exchange website is to use.