If you are a newbie to cryptocurrencies, you probably don’t know how to turn the money in your hands to that valuable digital currency. As a rule of thumb, you should only deal with people you trust to avoid losing money to scams. Let me walk you through cryptocurrency buying process.
Create an account
Go to the coin’s base platform and create an account. Once you’ve signed up, you’ll be taken through the verification process depending on your country of origin. In some cases, you may be required to upload a photo of your ID. You’ll then get an icon that directs you to the buy page.
Choose the payment method
Basically, there are three payment methods. They include;
If you don’t have a PayPal account, you need to create one. You will be required to prove your identity and place of residence. Although this payment method is fast, there is a limit to the amount of cryptocurrency you can buy every month.
While the funds take about a week to come, you get higher limits on the amount of digital coins you can buy each month.
This method allows the user to get his or her funds faster compared to PayPal or bank methods.
Out of the three options, the banking method is the best. For your back account/credit cared to be approved, the coin base will post test transactions. On top of that, all your details are verified. Each method has its own advantages and disadvantages.
Store your coins in a cryptocurrency wallet
If you want to buy and hold your coins, you need to open up a wallet. Just go to the cryptocurrency website and fill your personal information. Try to come up with a strong password. You’ll also be required to verify your phone number and email address by entering the code you get on your phone to the computer. After a few seconds, you’ll be redirected to a page with the investment choices. When you choose a wallet, you don’t have to buy coins from a cryptocurrency exchange. Ideally, wallets provide secure transactions through the use of SSL certificates. Different wallets offer different level of security.
Now you know how to buy cryptocurrency. Once you figure out which currency to invest in, the process becomes more straightforward. You can always buy the coins from forums or online communities. The good news is that the number of options keeps increasing. Remember, you don’t need years of market experience under your belt to get started.