Buying cryptocurrency and selling it has been made much easier in the past few months. Cryptocurrency can be bought and sold from an exchange easily. For this purpose, you need to create an account and the cryptocurrency can be stored in the digital wallet. Only a brokerage account if you want to trade in crypto. This concept can be understood easily when it is broken down into a few simple steps. Understanding computer programming is not necessary when you want to know about trading in cryptocurrencies.
Following these steps will make it easier for you to buy cryptocurrency.
1) Check whether it is legal in your country or not:
If you want to buy or trade-in crypto, them first you have to check that is crypto considered legal in your country? If it is legal, then okay you are good to go. Otherwise, you cannot buy or trade it.
2) Check Location to buy:
After checking the legal status is okay, the next step is to find the locations of exchanges that help you in buying cryptocurrencies.
3) Payment methods for buying:
Next, you need to know that what are the payment methods you can use to buy cryptocurrency. The accepted and common methods are
- Credit card
- Bank Transfer
Different methods are used by different websites for purchasing purposes. You can select the website which offers the method that is most suitable for you.
4) Can you buy different cryptocurrencies from the same website?
The answer is no. Every cryptocurrency cannot be bought from every website.
5) Fee Cost:
Before setting up an account on any website make sure you know how much fee it costs. Fees are different for every website.
6) Cryptocurrency wallets:
After buying cryptocurrencies, they are stored in a cryptocurrency wallet. This wallet is the same as a bank account. Just like you store different currencies in your bank accounts, you can store your cryptocurrencies in cryptocurrency wallets.
Cryptocurrency wallets are of three types
- Software Wallets: An app which is connected to the account
- Hardware Wallets: it is portable and can be plugged into a computer
- Online Wallet: Easy to set up but least secure
7) Buying through exchanges:
Exchanges are online websites that are quick to set up and easier to use for beginners. They accept either credit card or PayPal. You register on these websites by using your information. Then you verify your identity through passport or driving license. Then 2-step verification is set up to keep the account secure.
8) Best broker exchanges for buying crypto:
Broker exchanges can be defined as the exchange shops that are at airports. You exchange local currency with cryptocurrencies. Some common broker exchanges are:
It is the most popular broker chain exchange for buying cryptocurrency. Their fees depend on the payment method used for buying
Coinmama allows people from any country to buy or sell cryptocurrencies. Allows using a credit card but charges more fees for it. Allows buying Bitcoin or Ether only.
One of the oldest exchanges. Allows us to buy more currencies than coinbase. Accepts bank transfers or credit cards. Allows buying Bitcoin, Ether, Bitcoin Cash, Ripple, and Litecoin.