Taking your first steps in the world of cryptocurrencies is not very complicated, but it is possible to have some uncertainty. To avoid mistakes and the possibility of wasting money, we have created a step-by-step guide to buying cryptocurrencies in an easy way.
You can also use tools like BestChange that will help you understand the exchange rates in the market. You can easily convert satoshi to usd, Bitcoin, and other currencies. Here’s how to go about buying cryptocurrencies.
Step 1: Choose the Supplier
Where to buy cryptocurrencies? Answering this question means identifying the most reliable supplier that best responds to your trading strategies. The analysis must also include the assessment of ease of use and mobile usability, elements that can impact the results of financial operations. Look for a platform that offers the most effective trading solutions.
Step 2: Registration
The registration form is similar in many exchanges and brokers. This usually includes filling in mandatory fields such as first and last name, email address, and date of birth.
At the same time, a username and password are also chosen, defined as sufficiently secure based on the parameters established by the individual platforms. You will then receive a confirmation email that will allow you to complete the registration.
Although some data is not required for the use of the platform, for certain services, further information may be requested, such as the residential address.
Step 3: Verify your Data
To make and receive payments, the user must confirm their personal data by uploading the documents (identity card/passport) to their account. The residence address must also be verified after sending an invoice (e.g., bill or bank statement) in the user’s name.
The data validation process requires a non-standard time, and even if, in the meantime, it will be possible to make a deposit or complete the first exchanges. Withdrawals will only be activated after the aforementioned checks.
Deposit options vary depending on the platform used. Major online trading brokers accept credit cards, prepaid cards, PayPal, Skrill, and other service providers.
Step 5: Choose and Buy the Cryptocurrency
Brokers and exchanges have touchpoints in this step, allowing users to choose digital currencies from a selection and view their values with graphs and statistics. The possible options on online platforms are usually two: trade at the current market price or set the buy or sell order on the platform at the desired price.
When to Buy Cryptocurrencies
What is the right time to buy cryptocurrencies? The digital currency market is experiencing a frenzy, with sudden upward flashes and downward corrections. If you intend to purchase cryptocurrency, your goal is to buy today and sell in the future when the price of your digital currency has risen sufficiently.
If you have to buy cryptocurrencies and other investments, it is good to consider the time variable first. Your strategy, investment method, and earnings will strictly depend on your time horizon. In most cases, those who invest by buying cryptocurrency do so in the long term, waiting for the value of the Bitcoin, Ethereum, or the purchased currency to grow.
However, there is also a niche of slightly more experienced traders who trade cryptocurrencies even in the short term, speculating on fluctuations (even marked) in market prices.
Where to Buy Cryptocurrencies: Broker or Exchange?
As with traditional coins, cryptocurrencies can also be found at currency exchanges. In this case, they are exclusively digital. The options for buying or trading cryptocurrencies are varied. So how do you choose the right type of investment? First, you have to pay attention to the rates, and then you will have to evaluate the services included and the ease of use of the same.
There are basically two ways to trade cryptocurrencies:
- Broker: These are trading platforms that allow you to speculate on the price of tokens but not to buy them directly to transfer them to a wallet.
- Exchange: They are specialized cryptocurrency platforms and allow you to buy and sell them or send them to a wallet.
Evaluate their strengths and weaknesses to choose the right platform.