This is probably one of the most common question for many people!
This is an area which may have been complicated and confusing previously and is still portrayed as such by some still, but that’s not the truth! Today it’s so much easier to buy crypto than you may think.
There are so many options for buying cryptocurrency which we will cover, that it really does make it possible for anyone with a phone or computer to do this right now.
Infact you could also purchase crypto directly from local suppliers (in person) you can go to bitcoin ATM’s, but were going to assume that you would want a quick, easy and secure method.
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Whilst we have noted that purchasing Cryptocurrency is rather straightforward these days. You do need to take a few things into account:
SECURITY & TRUST
You should opt to use a known and common place to purchase your Crypto to ensure that it’s legal and your Crypto is secure.
LEGAL & TAX
Do you have any Tax or local legal regulations imposed on Cryptocurrency within your country?
How do you want to purchase Cryptocurrency? Do you want to make a bank transfer, use a debit card or credit card?
Be aware of purchase fees when buying crypto, shop around and make sure you are getting the best deal for your money.
Where are you going to hold your currency? Are you going to hold them in the same place you purchase them or do you want to be your own bank?
Only invest what you can afford, research what currency you are buying and know the level of risk you are comfortable with.
Where to buy
Bitcoin, Cryptocurrency & Blockchain Technology is in every day news now, previously the world was maybe limited to those with techical knowledge and those that are online savvy. As Crypto becomes more mainstream every day the options and ease of buying and selling is available to almost everyone! We have divided these many places into categories in order to understand the options available.
Exchanges offer you the ability to purchase and sell crypto currency at the best price, you need to consider if you want to buy and hold that currency or want the ability to sell it quickly. If the latter then an exchange would be a good place and you can also set a price you would like to buy at if/when the value of a certain currency drops. Like wise if you would like to sell it at a certain point it does make it a good option.
You can use debit/credit on most exchanges and some offer the option for bank transfer such as Bittrex.
A broker makes it very easy to purchase and then sell a holding on a given crypto currency but you must consider one key thing, do you ever want to have the ability to have the coins or send them elsewhere?
For example some brokers will offer futures. e.g. you’re buying into bitcoin but you can’t ever send the bitcoin elsewhere to another place or wallet. They are contract based which follows the price of bitcoin but you don’t actually hold the bitcoin.
Coinbase can be seen as a broker for simple buy/sell offering for multi coin offerings. You’re buying directly from that broker.
Now when we say apps, it’s just an easy method made available to you the majority of the time offered to you via a broker or exchange. For example you can download the app for CoinBase and Bittrex and carry out your buying and selling of such from within the app and on your phone for ease.
There are also some app only brokers and wallets available which you will find many in your app/play store. Just approach this with caution and our advice would be to go with a rated or recommended app. The safest is to go with an app that is known and trusted by many such as Coinbase or Crypto.com
We don’t suggest this if you’re new to buying crypto but will cover it as an option. Bitcoin ATM’s are becoming more widely available but you will only see them in major cities, to find your nearest Bitcoin ATM you can search online or use an app.
Unlike traditional ATM’s where you take cash out, with a Bitcoin ATM you’re going to buy so you are going to provide cash or a bank card and at a given exchange rate, your Bitcoin will then be sent to a given address. You should already have a wallet address (a place to send your Bitcoin) or can be provided and printed at some ATM’s