How to Buy Crypto
A beginners guide
A short step-by-step guide on how to buy Bitcoin as well as every other cryptocurrency. A list of personal investments is added as a bonus in the article — Maybe you will discover some hidden gems you wish to include in your portfolio.
Bitcoin, often referred to as the king of cryptocurrencies, was launched back in 2009 and has since steadily grown from sub 1$ to the incredible value of 57000$ at the time this article was written. This has obviously not gone unnoticed, hence why you are reading this after thinking to yourself “How do I buy Bitcoin or crypto in general?”. But where do you start?
Step 1: Choose an exchange
To buy Bitcoin and other cryptocurrencies in general you will want to create an account on a certified crypto exchange. Several of these exchanges to buy and sell cryptocurrencies exist and I have had or still have accounts on most of them, but some of them sticks out more than the others and these are the ones I will introduce my top 3 here.
Binance.com is one of the biggest crypto exchanges there is and at the same time one of the cheapest with regard to trading fees. Also it contains several activities you can occupy yourself with in order to further grow your portfolio, such as staking and saving.
Fees: Low (0,1% - 0,075% if using Binance coin for fees - subtract another 10% by using the link below)
A beginner friendly exchange. Fees are somewhat high though, but for the bit more experienced traders you can go for Coinbase PRO and get lower fees. Pro is also free, but lesss beginner friendly.
A very decent exchange, similar in ways to Binance, and very good for buying potential hidden gems. Kucoin lists many coins that you do not yet find on the bigger exchanges such as Binance. I advise you also make an account here
Fees: Low (0,1% - 0,08% if using Kucoin coin KCS for fees)
Step 2: Verify your account
You have now created an account on one or more of the aforementioned exchanges and you are ready to fund your account so that you can actually buy the crypto currency you came for. Your most likely option for this is using your credit card, but due to strict regulations you cannot deposit money by credit card on the exchange without first going through the KYC process which basically is a process in which you verify your identity. This can take from a couple of hours to several weeks and will be extra slow in times when people are flooding into the crypto world.
Step 3: Start investing/trading
Whether your aim is to invest long term or to day trade, you have likely come onto this site because you want to buy either Bitcoin, Ethereum, ADA or Doge because these are the coins with most hype and news surrounding them at the moment. (I own all of them as well btw) Luckily, you will likely have some time while waiting for the KYC process to do some research into the vast number of cryptocurrencies available to you besides these coins and maybe you find other projects you want to invest in as well.