There are a lot of reasons why you might want to get started with crypto. You may want to use it as a way to invest or trade, or you may be interested in getting involved with things that can only be bought and exchanged with crypto, like NFTs.
While it may seem daunting to start buying, holding, and using crypto tokens, it is actually fairly easy to begin from a practical point of view. However, it is still well worth learning as much as you can about cryptocurrency and how exchanges work before you follow these steps and buy your first crypto tokens.
Chose An Exchange Or A Broker For Cryptocurrency
Crypto tokens can be purchased using either an exchange – which is a platform for people to trade different tokens between each other – or from a broker. Choosing which to use is the first step. Exchanges can be quite complicated for beginners. If you have done a lot of research, you may decide that this is what you are more comfortable with. However, as it is your first purchase, you’ll need to make sure you use an exchange that lets you convert fiat to crypto, as some only trade between crypto tokens.
Brokers can allow you to buy your currency much more simply, but will charge you for this, either with fees, or by the way they use your data. This may be a convenience you are happy to pay for, but just be aware that exchanges are usually the better option once you know how to use them.
Create An Account And Deposit Funds
To start buying crypto, you’ll need to start an account with the broker or exchange you have picked to use. This may require you to provide things like your personal documents and a selfie to verify your identity, especially if you are looking to buy a high value amount of crypto. The steps are similar to creating an account with any other type of online trading, banking, or investment platform.
You’ll then need to deposit some funds to use to buy crypto. Use a site like this crypto convert calculator to find out the current exchange rate for your local currency and your chosen tokens. You can deposit money with a credit card, however, be aware that this will be classed as a cash advance by your credit card provider, rather than a purchase. It is therefore better to use a debit card or other type of transfer.
Buy Your Chosen Coins
You may have to wait a few days between creating an account, depositing funds, and being able to actually buy crypto, but once your account and funds are established, you’ll be able to place your order for your currency or currencies of choice. For coins that are worth a high amount for a single unit, like Bitcoin, you can also buy fractions of a single coin.
Now, after following these steps, you own your own crypto tokens!