Cryptocurrencies are on the mind of fairly much everyone nowadays. The most popular currency, Bitcoin has reached new highs (and lows) over the last few years which caught the attention of mainstream media and traditional investors.
To purchase cryptocurrencies such as Bitcoin online you’ll need a safe platform to do so. I’ve used the reputable wallet Coinbase in the past due to its popularity, state of the art security, and helpful documentation.
Cryptocurrency trading platforms such as Coinbase have some of the most advanced technologies in order to protect your assets. The currency itself (such as Bitcoin) is very much the same. Safety and security have always been a primary feature in the development of Bitcoin, and thanks to the blockchain technology the currency is built on it’s relatively safe to buy.
Investing in Bitcoin could prove to be a great investment opportunity provided that you research the investment thoroughly, speak through your plans with a certified personal finance advisor (I am not a certified financial advisor), and buy the currency safely.
Buying Through Bitcoin Exchanges
Cryptocurrency exchanges generally have the best rates when it comes to buying and selling (generally somewhere around 0.3%). However, like all trading platforms, they can take quite a lot of time to set up and will require some personal information and verification.
I personally bought and sold Bitcoin and Ethereum using Coinbase which is the largest trading platform for cryptocurrency.
When you sign up for a cryptocurrency exchange, make sure that it is a reputable one. As the number of people trading cryptocurrency has increased so too as the number of scammers so be sure to thoroughly research the options.
Steps to Buying Cryptocurrency Online
As long as you have a credit card and access to the Internet, it should be quite easy for you to purchase cryptocurrency.
Here are the basic steps on how you may safely buy from an online cryptocurrency exchange.
Binance, CoinEx, and Coinbase are the most common exchanges – which may also act as your cryptocurrency wallet until you decide to spend the funds. Once you make a purchase, all the money will be sent to your wallet – where it will stay until you finally decide to make your purchase.
Set Up the Account
In order to purchase cryptocurrency, you have to set up an account. Depending on the exchange you are using and the country you are residing in will depend on the amount of information and verification you have to provide.
Connect the Bank
Once you set up the account, you’ll want to either connect your bank directly to make reoccurring payments or top up the cash wallet with funds using a debit card.
Select the Asset
Once you have an account, you should select the cryptocurrency that you wish to buy from the assets found below the chart.
At that point, you will be seeing a simplified trading chart, along with the current price of the cryptocurrency in your preferred currency.
You will also be able to see some of the historical price data – which will help you determine whether this is the right price for you to buy the Bitcoin or not. Once you’re certain, hit “Buy.”
Confirm the Payment Method
At this point, you will want to confirm your payment method, along with the amount of cryptocurrency that you wish to buy.
Make sure everything is correct – as once you buy the cryptocurrencies from an exchange, you will be unable to get a refund and instead will only be able to sell the currency at the current trading price.
There will be fees on top of your purchase. These will be deducted from your cash balance and are usually calculated on a percentage basis and vary between exchanges.
Check Your Portfolio
The final step is to simply go back to your portfolio and ensure that the purchase has gone through. Your portfolio is likely to show the different cryptocurrencies you have alongside the amount, cost purchase price, and current trading price.