crypto.news recommends buying cryptocurrency only from reliable and proven sellers. To avoid becoming a victim of fraud and losing your money, we recommend that you research each company before you decide to entrust it with your funds. The list below represents a few companies which, in our opinion, have a proven track record of reliability and trustworthiness. You just need to specify the country of your location to get a detailed list of qualified exchanges that are available to you.
How to Buy bitcoin (BTC)
Bitcoin and other cryptocurrencies have gained popularity in recent years, with fresh research findings revealing that a vast majority of people around the world are now aware of these innovative digital assets and three-quarters of U.S merchants are now putting the infrastructure in place that will enable them to accept crypto payments. This article will guide you on how to buy bitcoin and altcoins.
Step 1: Choose a reliable crypto trading venue or service
Choosing a reliable cryptocurrency trading venue or platform is the first step in your journey into the rapidly evolving world of bitcoin (BTC), ether (ETH), and other blockchain-based digital currencies.
Unlike a decade ago, when the bitcoin (BTC) revolution started, there are now hundreds of exchanges, brokerages, and crypto trading services on the market that enables just anyone to purchase any cryptocurrency of their choosing, using a variety of payment methods. There are now also hundreds of Bitcoin ATMs at various locations around the world that allow users to buy or sell bitcoin. Here are the top five platforms we recommend:
It’s worth noting that centralized crypto exchanges are the most convenient options for buying crypto, especially for the newbie, as they are more user-friendly and offer users numerous features for trading. Once you sign up on any of the legit crypto exchanges, you’ll be able to buy, sell, and hold cryptocurrency.
Step 2: Submit your documents (KYC)
After successfully signing up for a cryptocurrency trading service of your choice, the next way forward is to verify your account by completing the platform’s know-your-customer (KYC) procedure. While some exchanges (decentralized exchanges in most cases) do not require users to undergo the KYC procedure, you may not be able to buy or sell bitcoin (BTC) on most established crypto trading venues until after verifying your identity.
For centralized exchanges, the mandatory KYC process is a way of mitigating illicit practices by bad actors and it’s also part of their regulatory compliance requirements. To complete your KYC, the exchange may ask you to submit a copy of any of your government-issued IDs such as a driver’s license, plus a utility bill. Back in the day, it could take between 24 to 48 hours for some trading venues to get a user’s documents verified. However, nowadays some established exchanges employ near-instant verification techniques.
Step 3: Add a payment option
Depending on your location around the globe, crypto exchanges and bitcoin trading venues support a plethora of payment methods including:
|Name of Service||Fees Charged||KYC||Bank Account Required||Processing Time|
|Direct bank transfers||Varies||Yes||Yes||A few minutes|
|Wire transfers||Varies (between 0 to 1.000 percent)||Yes||Yes||24hrs to 7 working days|
|Credit/debit cards||Varies (between 0 to five percent )||Yes||No||A few minutes|
|Paypal||Varies ($0 to $5)||Yes||No||A few minutes|
|Skrill||Varies||Yes||No||A few minutes|
While some exchanges may charge a deposit fee on all fund deposit transactions, note especially that the credit card deposit option is the most expensive, since banks treat such payments as cash advances, which attracts extra hidden charges.
Step 4: Buy Crypto
Once the deposited funds get credited to your account by the exchange, you’re all set to place an order for your first cryptocurrency. While there are now thousands of cryptocurrencies in existence, established trading venues such as Binance, Bitfinex and others may not support some of the obscure or new coins.
You can search for the crypto you are interested in buying by simply entering its ticker symbol on the platform. The names and ticker symbols of some of the most popular cryptocurrencies: bitcoin (BTC), ethereum (ETH), BNB (BNB), cardano (ADA), solana (SOL), dogecoin (DOGE), polkadot (DOT), tron (TRX) and shiba inu (SHIB).
You can purchase a fraction of any cryptocurrency of your choice if you cannot afford to buy a whole coin.