Bitcoin has been around much longer, but it took the world by storm in 2017 when it broke the $20,000 mark.
There’s nothing else that could have diverted attention of enthusiasts and investors to the crypto world other than this milestone event. The spiral growth of Bitcoin created a bush fire effect around other cryptos since 2017. If you are a newbie into the cryptosphere and you are in need of information on how to buy crypto, you should read on.
In order to make it easier for you, you need to be aware of five very important factors when determining how to buy crypto:
1. Your Location -You will want to be familiar with your countries laws concerning cryptocurrencies.
2. Payment Option – Your location will also determine the payment options available to you to buy crypto.
3. The Type of Crypto – There are hundreds of cryptos out there but not all are listed on every crypto exchange.
4. The Cost of Buying – Crypto exchanges charge different fees. Which is why you need to be sure of how much it cost on your chosen website.
5. How much are you willing to lose in crypto – Nothing is guaranteed, so you must be prepared to lose what you invest.
If you have the answers to all of this already. The next step is to decide where to store your crypto after you buy it, and the bank is not going to be an option.
There are a number of cryptocurrency exchanges where you can buy crypto. You will not be leaving your comfort zone in order to buy crypto, it can be bought on your smartphone.
We’ll be recommending crypto exchanges where you can buy any of your chosen crypto directly from your phone.
Coinbase
Arguably the biggest and most popular cryptocurrency exchange in the world. You can buy crypto using either credit/debit card, bank transfer, and PayPal. Coinbase is only available to those in Europe, North America and Australia. The fee of buying is also dependent on your location.
Coinmama
Since 2013, Coinmama has been a trusted crypto exchange to buyers from all parts of the world. This is the advantage Coinmama has over Coinbase. You can use your credit card to buy crypto at a fee of 6% as opposed to Coinbase who charges 3.75%.
CEX.io
This is another crypto exchange that is as secure and easy as the first two. However, CEX also runs as a trading exchange where you can trade your cryptos as a trader. The difference between it and the first two options is that CEX.io allows payment in USD, GBP, RUB, and EUR. The fee is pegged at 3.5% + $0.20.
Bitstamp
One of the oldest cryptocurrency exchanges. It was founded in 2011 and allows you to buy any crypot. Bitstamp offers you the ability to purchase more crypto at a lesser rate than all of the other crypto exchanges. When you deposit more than $1000, you are charged 2%.
Binance
While being the largest crypto currency exchange by trade volume. Binance is the best crypto currency exchange in our opinion. Depending on where you are located, will definitely determine how easy it is to purchase crpto from your phone. Fees for Binance are usually the lowest in the industry, with sharp discounts given to BNB holders and Binance affiliates.
Final Words
It’s quite easy to buy crypto these days. If you read this carefully, you will have been informed of how to buy crypto in the most legitimate of ways.
There is usually going to be an option that works best for you in terms of location, payment options and fees.
Follow these tips and work with a reputable exchange to avoid the potential of being scammed. For more information on investing in cryptocurrency, please visit our site.
