Crypto seems quite confusing at first glance, espousing if you’re new to the concept. If you’re trying to buy cryptos like Bitcoin then you might get burdensome in order to do so. However, we have made the procedure rather easy for you with simple and thorough guidelines.
Find A Crypto Exchange Or Broker
In order to buy crypto, you first need to find and choose a suitable crypto exchange or crypto broker.
Crypto exchange is a sort of platform that allows buyers and sellers to interact with each other and trade cryptocurrencies. These exchanges mostly have lower fees intact but understanding their paradigm gets complex for most people. If you’re new to the crypto world then you’ll be wandering between different trade types and intricate performance charts. An example of a crypto exchange is Binance. The U.S.
Crypto brokers are those people that make the trading process a whole lot easier for you. Although each broker’s fee varies differently. Some charge higher than exchange whilst some entitles themselves as free, only making money through the information they hold. An example of a decent crypto broker is Robinhood.
Create An Account
Once you have chosen either one of the aforementioned, you must create an account. Each platform will require your identification and verification and only then will you be able to sign up successfully. This step is thought to be vital in order to eliminate the risk of fraud and theft. A person also might not be able to trade cryptocurrencies until they have verified themselves.
The platforms might ask for your passport copy or driver’s license in order to mark you legitimate. Some might even ask you to upload a selfie to compare your appearance with the ones available on your documents.
In order to start buying crypto, you must have some cash available in your account. This can be done by linking your bank account to your crypto account. Debit or credit card facilities are also often available.
When you decide to place your first order, you’ll have to enter the ticker symbol of the crypto of your liking. For example, BTC for Bitcoin. You’ll also have to mention how many coins you want to buy of that cryptocurrency.
An Alternative Way To Buy Crypto?
Cryptocurrency is a risky yet highly advised investment right now. However, the element of risk and fraud makes some people hesitant of buying them via an exchange or broker. So here’s an alternative method to buy crypto.
Crypto Exchange-Traded Funds (ETFs)
ETFs are exactly what their name suggests. A fund that trades on exchanges. When a person invests in an ETF, they get plenty of assets that they can either buy or sell. This lowers the risk and exposure and further diversifies one’s operations.
Similarly, crypto ETFs allow you to invest in several cryptocurrencies at once.
What Is The Best Cryptocurrency To Invest In 2022?
As most of us already know that cryptocurrencies have faced a massive downgrade since November 2021. They were at the peak of their powers until the previous year’s November finished. Hence, here are the most potentially growing and risk-bearing cryptocurrencies in 2022.
- Bitcoin (BTC)
- Ethereum (ETH)
- Solana (SOL)
- Binance Coin (BNB)
- Filecoin (FIL)
- Avalanche (AVAX)
Who Gets The Money When You Buy Bitcoin?
When you buy Bitcoin through a trade, the person that owned the Bitcoin will receive the money. It’s completely on then whether to keep that money in the bank, withdraw it or spend it. There’s only going to be 21 Million bitcoins ever mined and we’re already on 18 million. So in essence every Bitcoin that someone buys, someone already owns it which is why it will always become more valuable.
What Is The Safest Crypto Exchange?
According to surveys and research, Coinbase is thought to be the safest crypto exchange of all. It has an overall safety score of 4 out of 5. It has also widely been regarded as the number 1 crypto exchange due to its high-end safety features.