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How To Buy Cryptocurency

How to Buy Cryptocurrency  A Beginners Guide

Once you’ve decided that you want to buy cryptocurrency you are faced with many different gateways and exchanges which can make the buying process very daunting to those new to the crypto world.

Taking the first steps into buying crypto can indeed be a confusing experiencing although with a little knowledge its actual an easy process. As a matter of fact it’s actually got a lot easier to buy in recent months. There are though 5 very important factors that you should take into consideration prior to entering the buying process

Location

All exchanges are not equal and many have had problems in past years when trying to “cash out”. To simplify matters if you are purchasing using a Euro bank account then we suggest you should use www.bitstamp.net and for all other regions us www.coinbase.com. Both these exchanges have been in operation many years and have built good reputations.

Payment Method

Most exchanges offer multiple ways to make a deposit. The cheapest way though is always by bank transfer. Debit and Credit cards often occur additional charges for deposits and withdrawals.

Exchange Fees

Before making any deposit please take the time to read the terms and condition and check the fees. For example Bitstamp.net offer free bank transfer deposits and trading costs are as little as 0.10% to 0.25%.

Investment Amount

The golden rule for any investment is never invest more than you can afford to lose. Remember all investments carry risks!

Cryptocurrency Wallet

Once you have purchased cryptocurrency you will of course have to safely store it. I’m amazed how many simply leave there crypto on exchanges especially with the number of reported cases of account being hacked each week. With crypto you are responsible for the safe keeping of your tokens. If you lose access of your currency either through being hacked or losing password or digital keys then there will be no way to recover your funds. The best advice I can give you is NEVER leave crypto on exchanges.

So where should you then keep you crypto? Well there are 3 types of cryptocurrency wallets:

Web Wallets: Accessed through a browser (least secure)
Software Wallet: Accessed through downloaded software or app (medium secure)
Hardware Wallet: A physical device which plugs into your computer. (Most secure)

Different Wallet Types

The type of wallet you decide to use depends on what type of crypto you buy. For example if you buy Bitcoin then you need a Bitcoin Wallet but you can’t store Bitcoin in an Ethereum wallet. Ethereum would require a dedicated Ethereum Wallet. Hardware wallets are capable of storing different types of crypto but on the whole web wallets and software wallets only store one type of crypto. Many get confused about storing crypto so to help I’ve written a guide entitled “How to Safety Store Cryptocurrency”.

Making Your First Deposit

For the sake of this article let’s say you are based in Europe  so you are going to make a bank transfer to www.Bitstamp.net so you can purchase your very first cryptocurrency. I strongly suggest that for your first steps into the world of crypto start with a small amount such as 50 or maybe 100 Euro. Over the years I’ve many lose their first deposit by making simple mistakes.

Just follow the steps below:

• First go to www.bitstamp.net and create an account.
• Setup any requested security such as 2-step verification
• Verify your identity

The above steps are painless. For the 2step verification you may have to download an app to your phone such as Google Authenticator although the account setup options will walk you through this process.
You will also have to supply id such as a copy of your passport but again during the verification process you will be taken though the process in easy steps.

Verification can sometime take a day or two or even longer during public holiday. Once though you have received verification you can go ahead and make your first deposit.

Simply login to Bitstamp.net, then select “Deposit” from the menu bar at the top of the screen, then select your bank account type from the right side of the screen.

Then fill in the details as per the form below.


After you have submitted the form you will then be presented with details of where to send your deposit. Please ensure that you read the screen carefully and include any message or reference as instructed.
Bit stamp deposits usually take 2 to 3 days!

Buying Your First Cryptocurrency

Buying your first crypto on Bitstamp is as easy as 123! I would suggest starting with buying either Bitcoin (BTC) or Ethereum (ETH) which is what all other coins on all other exchanges are trading against. Once you have BTC or ETH you can either just keep them or move your funds to another exchange to trade for other cryptocurrency. Let’s say you want to purchase ETH with the funds you deposited.

So if you have deposited Euros onto Bitstamp click the down arrow on the top left of the screen then click ETH/EUR

 

Then select the “Buy ETH” option


Then type in the amount of Euros you want to spend.


Then press BUY ETH

That’s it! Congratulations you’ve just bought your first crypto!



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