Being new to the world of crypto and wanting to invest in it could be perplexing.
You want to buy new crypto coins and trade them but have no idea how.
Don’t worry! You are not alone.
There are hundreds of prospective traders who want to learn how to buy crypts but don’t have the resources!
For your ease and convenience, here is a complete guide that you can follow to buy your first crypto.
Find The Right Crypto Exchange Platform
The first step towards buying crypto is to choose a platform on which you will do so.
You need to pick the exchange that doesn’t only guide you but also makes things super easy.
This is a platform on which all the crypto buyers and sellers trade.
They can buy and sell cryptos through it.
Though you will have to pay some amount of money as a fee, it won’t be expensive at all.
However, if you try to save money and register with an exchange that doesn’t ask for any amount as a fee, you may end up with a complicated interface to use.
The performance charts would be highly advanced, and it would get quite complex for you to understand them.
If you are looking for an exchange platform that would be highly user-friendly and make it easy for you to trade cryptos through it, the best available options are Coinbase, Binance, and Gemini.
Here is the guide on how to start your career in crypto:
1. Create your account
After you have decided on a crypto exchange platform, it is time to create an account to start the trading procedures.
For that matter, you need to download the exchange app that they have chosen and create an account.
Next, the platform will verify your account to ensure no fraudulent activity affects your investment.
The verification process is necessary.
Without going through it, you won’t be able to buy or sell the cryptos.
You will have to put up the driver’s license for the verification process. If you don’t have that, your passport will work.
Furthermore, a passport size picture of yours would also be required to complete the verification procedure.
2. Buying crypto by depositing cash
You need to have some amount in your account to buy crypto. This is obvious!
For that matter, you can link your regular bank account with the crypto account and then deposit the required amount of money.
Or you can also opt for the wire transfer method.
If neither of these works for you, you can simply make a payment through your debit card.
And if you are in Nigeria, you can do that via P2P.
Once you deposit the amount, it will reflect in your wallet in less than 24 hours.
3. Make your crypto order
Now is the time to make your first order.
The platform you have chosen may have hundreds of cryptocurrencies listed on it.
You would have to choose from them.
This is quite a confusing step as you are bound to be perplexed while selecting crypto.
However, if you are a first-time investor or trader, place your bets on the safest options.
This means that you need to buy cryptos that come with the least amount of risks, such as Bitcoin or Ethereum.
The ticker symbol is displayed on the app.
If you are planning to buy bitcoin, you would see BTC as a sign on it.
Select the number of coins you want to purchase and enter it.
If you purchase multiple cryptos, you need to go here.
4. Manage the Storage
Once you have cryptos in your possession, you need to manage their storage and opt for a particular method for that.
This way, they would be safe from being stolen.
For that matter, get your hands on a crypto wallet.
It will protect you from all kinds of hackers.
You can either buy a hot wallet or a cold one.
To be on the safer side, it is recommended to buy hardware to disconnect from the system whenever you are not using it!