Are you a beginner to cryptocurrency? Are you bedazzled by the limitless plethora of options out there on the internet? Would you like me to walk you through the what-not's and how-to's of cryptocurrency trading? If so, this post is for you. Fear not! I will walk you through the process with ease in an easy to understand fashion.
So the first thing you need to start trading crypto is Bitcoin. I'm sure you've heard of "BITCOIN" which is the most infamous virtual currency in the market.
To buy bitcoin, you need fiat money, i.e. money stored in your bank account.
Since the success of bitcoin, the Altcoin market has also since been "mooning". Mooning is a term many refer to "go to the moon". With bitcoin, you can also buy Alts. Note that "Altcoin" is a term that's used to describe any coin or token that's NOT bitcoin. Hence, Alts is short for alternative coins.
There are many different kinds of alts in the present market which can also help to buy alts. Such as Bitcoin Cash, Ether and Litecoin, and Tether. But for now we will focus only on Bitcoin.
Bitcoin remains the unparalleled king of crypto in terms of explosive growth and mass adoption. In short, it is the present day gold standard for buying alts.
So, how can you buy Bitcoin with fiat?
I have complied a list of tried and tested exchanges that will let you buy Bitcoin with fiat. With any of these exchanges, identity verification is essential to start trading. They're regulated and adhere to the legalities of operating within their respective jurisdictions.
Coinbase - Recommended. User friendly. One of the few exchanges that has an android/iOS app which you can use to keep track of your investments, 24/7. Bitcoin, Ether, Litecoin and Bitcoin Cash. High volume platform.
GDAX - The advanced version of coinbase. If you have coinbase, you've also signed up for GDAX. Candlesticks. Order book. Low transaction (maker) fees. Their offices located in Silicon Valley, CA.
Gemini - Recommended. Easy to navigate. Platform founded by the Winklevoss brothers (of the Social Network/ Facebook fame) who were one of the first verified bitcoin billionaires. Bitcoin and Ether. Their offices located in Wall Street, NY.
Bitstamp - UK's leading platform to buy crypto. Sign up if you're also looking to buy Ripple and Bitcoin Cash with fiat money.
Kraken - Another leading cryptocurrency platform. 17 different types of cryptocurrency. Complex, recommended for advanced users.
Poloniex - Recommended. User friendly platform. Range of lesser known cryptocurrencies such as OmiseGo and Gnosis.
Coinsquare - Canada's leading cryptocurrency platform.
Bitfinex - User friendly. Also allows the use of a demo account.
Once you've decided on your choice of exchange, the next thing you need to do is sign up. I would also advice to observe the market and buy when the prices seem more favorable than the last. Crypto currency is a volatile market which at first might seem crazy but a volatile market has its perks. Always exercise caution when you're buying digital assets.
Things to keep ready before signing up:
You identity document (state ID or passport would do).
A cell phone camera - to take pictures of your ID (or a selfie of yourself). Read instructions on the exchange.
Your social security number or taxpayer's ID.
Proof of address document, such as an accessible PDF of your recent bank statement.
Your credit/debit card or bank account information, such as routing number.
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Happy investing!