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How to Buy Sell Cryptocurrency
So, you’ve decided to invest in cryptocurrency. However, you’re confused and don’t know where to start - you're wondering, how to buy cryptocurrency? With so many options available, it can be difficult to choose the best option for you. Plus, there are lots of things you need to think about before you start making payments.
Learning how to buy cryptocurrency can be a confusing process. It doesn’t have to be, though. In this guide, we will give you the answers!
How to Buy Cryptocurrency?
The process of buying and selling cryptocurrency has been made a lot simpler over the last few months. There are a few important factors that you must think about before buying cryptocurrency:
Payment Method
The most common and accepted payment methods to buy cryptocurrency include: credit card, bank transfer, or even cash. Different websites accept different payment methods, so you'll need to choose a website that accepts the payment method you want to use.
Type of Cryptocurrency
Not all cryptocurrencies are available for purchase on every website. You will have to find a website that sells the cryptocurrency that you want to buy.
Cost of Fees
Each website has different fees. Some are cheap, some are not so cheap. Make sure you know how much the fees cost before setting up an account on any website. You don't want to waste your time verifying yourself and then find out the fees are too high!
How Much You Can Afford
As with any investment, you should never invest more than you can afford. I recommend speaking to a financial adviser first.
With those 4 factors in mind, we can move on. When you buy your cryptocurrency, though, where are you going to store it? I'll give you a hint: it's not your bank account.
Cryptocurrency Wallet
A cryptocurrency wallet is where you store your cryptocurrencies after you have bought them. You can compare a cryptocurrency wallet with your bank account. In the same way that you store traditional currencies (USD, JPY, EUR etc.) in your bank account, you will store your cryptocurrencies in your crypto wallet.
There are a lot of easy-to-use and safe options to choose from. It is important that you choose a highly-secure wallet, because if your cryptocurrency gets stolen from your wallet, you can never get it back.
There are three types of wallets:
- Online wallets: The quickest to set up (but also the least safe);
- Software wallets: An app you download (safer than an online wallet);
- Hardware wallets: A portable device you plug into your computer via USB (the safest option).
The wallet you need will depend on which cryptocurrency you want to buy. If you buy Bitcoin, for example, you'll need a wallet that can store Bitcoin. If you buy XRP, you'll need a wallet that can store XRP.
Luckily, there are a lot of good wallets to choose from that can store multiple cryptocurrencies.
Where to Buy Cryptocurrency?
To learn how to buy cryptocurrency, you’ll first need to know where to buy cryptocurrency. Just a few years ago, there were only a few places to buy and sell cryptocurrencies. Now, though, there are a lot more! Let’s look at the different places and ways you can get your crypto.
How to Buy Cryptocurrency at Cryptocurrency Exchanges?
Cryptocurrency exchanges are online websites that let you exchange your local currency for cryptocurrency. Exchanges are the most popular way of buying cryptocurrency. I recommend newbies to use these exchange websites as they are easy-to-use and quick to set up.
Payment Method: Most of the exchanges accept payment by bank transfer or credit card, some of them also accept
PayPal.
There are a lot of exchanges for you to choose from. Each one of them has different levels of security and they each accept different types of payment methods. Most exchanges will ask you to follow the steps below before you can start buying cryptocurrency.
- Check the security of the exchange. This is the most important thing you need to consider as investors have lost lots of money in the past when the exchanges have been hacked.
- Transaction fees – the lower, the better.
- The number of payment options available: do they accept bank transfer, credit card, PayPal, etc.?
- The amount of time it takes to activate your account — if you’re in a hurry, you might not want to wait a long time to get verified!
- Which cryptocurrency options they offer. For example, if you want to buy the NEO coin then you need be sure that the exchange you choose sells the NEO coin.
If you are not able to get into an exchange for any reason or would like to buy or sell your cryptocurrency private sale, We Buy Sell Cryptocurrency USA Worldwide can assist!
