BUYING YOUR FIRST CRYPTOCURRENCY:
As anybody may tell you, entering the cryptocurrency market can seem difficult and it is confusing for a lot of people. That's why I'm here, ill break it down for you and hopefully get you on track to obtaining your first cryptocoins with this short guide to buying your first cryptocurrency.
You may be unsure on which coins to buy or where and how to buy them, so here's a quick guide to get you on your way.
A Short Guide to Buying Your First Cryptocurrency
First, find a GOOD and REPUTABLE exchange that you can trust. I can't stress this enough. Do not put substantial deposits onto shady exchanges.There are many exchanges out there as you may have noticed, so I've narrowed down a couple for you.
For Canadians and Americans:
If you are Canadian or American then you will want to use Coinbase Pro. They offer the ability to fund your account with USD or CAD in order to begin trading for these cryptocurrencies:
- Bitcoin
- Ethereum
- Bitcoin Cash
- Litecoin
- Ripple
- Stellar
- Over 50 other cryptocurrencies
*Heres a link to the full disclosure of Coinbase fees and pricing
For Europeans and Canadians
If you are European or an Canadian that wants something other than Coinbase, then a good entry exchange to buy Bitcoin Ethereum, and Litecoin is on Binance Exchange.
They have low trading fees, a secure platform, high liquidity, and offer the purchase of cryptocurrency with CAD, EUR, GBP directly from your Visa.
Some other Cryptocurrencies that can be purchased directly on Binance include:
- Stellar Lumans (XLM)
- Bitcoin Cash (BCH)
- Nanocurrency (NANO)
- Zcash (ZEC)
- Over 100+ different cryptocurrencies</li.
Step 1 : Create Your Account
Start by creating an account, getting verified, and linking your bank account. Getting verified usually involves submitting documents such as your driver's license or passport. Some exchanges (both Coinbase and Binance) offer pretty much instant verification where you answer a few questions related to Finances, Birth, Residence, etc.
Step 2: Fund Your Account
Once your bank account is linked and you have been verified, withdraw funds from your bank account and use them to buy coins on the exchange.
Step 3: Purchase Your Coins
Now that you are all verified and have your bank account linked to your exchange its now time to get started buying your first cryptocurrency. Take a look at the market.
If you use Coinbase, buying is fairly easy, simply hit the "Buy" option at the top of your dashboard . Simply input your desired quantity of coins to purchase at the current market price. If your account is all linked and verified, you should have just successfully bought your first Bitcoin on Coinbase. Click the "Trade" tab at the top to begin trading your Bitcoin for other cryptocurrencies.
For Binance, simply click "Buy Crypto" on the top user menu. Input the amount of Bitcoin you wish to buy and then proceed to the payment checkout in order to pay with Visa. Once your Bitcoin has been received, you can go to the trade menu at the top (Basic or Advanced) to begin trading your Bitcoin for other cryptocurrencies.
Step 4: Get Your Wallet
Once you have purchased your cryptocoins from the exchange they should be stored in a secure cryptocurrency wallet for safe-keeping unless you plan on trading constantly. This is because the exchanges, like anything, are volatile and may go offline from time to time or close accounts for suspected violations.
It is advised to only keep money on cryptocurrency exchanged that you are willing to lose. All other assets should be held on a secure cryptocurrency wallet such as Jaxx. Once you have your Bitcoin, Ethereum, Bitcoin Cash, or Litecoin, it is now time to either store it (in your wallet above) or convert it into another cryptocurrency for investment/usage.
If you are simply storing your coins for future use then congratulations, you have completed my guide to buying your first cryptocurrency. If you are looking to convert your cryptocoins into a different cryptocurrency, then trying one of these altcoin exchanges:
Altcoin Exchanges:
- Huobi.Pro -
- KuCoin
- Mercatox
Disclaimer
Cryptocurrency investing/trading is a volatile market, only invest money you are willing to lose