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Crypto Shopping Made Easy – A Guide for First-Time Crypto Buyers



Crypto Shopping Made Easy – A Guide for First-Time Crypto Buyers

It’s 2023 and digital currencies, although fairly young compared to traditional assets, have long ceased to be a novelty. With approximately 420 million crypto users in the world and more than 8,000 active crypto coins, it seems like everybody has either dipped their toes in the crypto water at some point or is about to do so.

And those who have no intention of becoming a crypto trader or investor have at least heard of cryptocurrencies and know a thing or two about them.

But if you still haven’t taken the leap and you’re worried that you might be too late to the party, you should know that now’s as good a time as ever to get started.

It’s definitely much easier to begin your crypto journey when you know exactly what you need to do.

Unfortunately, even though it’s easier than ever to buy Ethereum with bank transfer or via other payment methods, many still stumble when it comes to the technical part of the process.

So, if you need a bit of help in this respect, this guide lays out the basic steps you need to follow in order to make your first crypto purchase.

Find a reliable crypto exchange platform

First thing first, you have to choose a crypto exchange platform from where you can buy the coin or coins that you’re interested in. A cryptocurrency exchange is an online marketplace where people can buy, sell or trade crypto.

These platforms facilitate the purchase process by providing easy access to a wide range of digital assets and services, while also ensuring low transaction fees.

However, not all exchange platforms are created equal, meaning they can vary greatly in terms of structure, interface, trading options and the information they provide.

Therefore, you need to do a bit of research and check out multiple exchange platforms so you can find one that’s easy to use and matches your requirements.

As a crypto newbie, it’s best to stick to reputable exchange platforms like Binance that are also beginner-friendly and can simplify the purchase process significantly.

Set up an account

After you’ve done your research and made your pick, the next step is to set up an account, either on the exchange’s website or on their app, if they provide one. Setting up an account usually requires users to undergo a simple verification process to confirm their identity.

This implies providing some basic information about yourself, such as submitting a photo of your ID or driver’s license and a selfie to prove that you are the same person as the one in the documents. The purpose is to avoid fraudulent activity and comply with the regulations in the field.

Add money to your crypto account

Setting up a crypto account brings you one step closer to making a purchase. But you can’t do that if you don’t have any money in your account. So, once you’ve provided the necessary information and successfully completed the verification process, it’s time to fund your account.

Most exchange platforms offer users various options to transfer money into their crypto accounts, so they can choose the method that best suits their needs.

The easiest method is to use your credit or debit card to purchase crypto. You can also transfer money directly from your bank account and then use the funds to purchase crypto.

Some platforms support third-party payments as well to ensure convenience and deliver a superior experience to their customers.

Generally, crypto exchanges don’t charge any fees for making a deposit, but keep in mind that your bank or other financial providers may apply fees for these transactions.

Place and confirm your order

Now’s when the fun part begins: you’re finally all set up to place an order and make your first crypto purchase. But this also means you have to pick one of the nearly 9,000 coins that exist on the market at the moment. Given the large number of options, making a decision is not going to be easy.

You can opt for established coins like Bitcoin and Ethereum, or you can purchase a lesser-known crypto. Fortunately, crypto exchanges also provide useful information on all the cryptocurrencies they support, so you can do your research, compare their characteristics and evaluate their potential.

Whatever digital asset you choose to invest in, it’s important to check the payment details and fees before confirming an order, especially since values tend to change fast in the crypto sphere.

Choose a storage option

If you’ve followed all the steps above, congratulations are in order as this means you’re the proud owner of crypto. But there’s one final issue to address and that is where you’re going to store your newly-purchased crypto. You can simply keep your coins in your account, or you can transfer them to a crypto wallet.

Since exchange platforms don’t benefit from legal protection, they can’t fully guarantee security, and this can expose your holdings to a series of risks.

Therefore, it’s generally recommended to choose the latter option and transfer your crypto to a wallet. In this case, you can choose between a hot wallet or a cold wallet.

Hot wallets reside online and can be accessed via internet-connected devices which ensures greater convenience but also makes them more susceptible to cyber threats such as phishing attacks and data breaches.

On the other hand, cold wallets or hardware wallets store your crypto offline on a physical device, such as a USB drive or a hard drive, and provide better security, but if something happens to them you may lose access to your assets forever.

Wrapping up

Digital currencies are extremely complex by design, but this doesn’t mean that purchasing crypto is a complicated endeavor. In fact, whether it’s Bitcoin, Ethereum, Cardano, Binance Coin or any other popular item available on the market, buying crypto is unexpectedly easy.

So, if you’re feeling nervous about making your first crypto purchase, use this guide to eliminate any uncertainties and put your fears to rest, so you can finally start your crypto journey.

SEE ALSO: Is Bitcoin A Good Investment? Benefits And Risks Of Investing In Bitcoin


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