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    How To Buy Cryptocurrency In 2023 - Step-By-Step Guide For Beginners

    Updated: Jan 30th, 2023
    James Hendy
    James Hendy
    How To Buy Cryptocurrency In 2023 - Step-By-Step Guide For Beginners

    Cryptocurrencies have become extremely popular with both retail and institutional investors. With world-beating returns, it is easy to see why. But due to the vast number of options available, buying cryptocurrencies like Bitcoin and Ethereum can sometimes feel like walking through a minefield with various types of crypto exchanges, trading platforms, and wallet providers. This guide will provide a comprehensive tutorial on how to buy crypto, and explain what is involved in buying crypto, the different options available, payment methods, as well as best practices to keep in mind when buying crypto.

    Key Points:

    • Cryptocurrency can be bought by using normal money through an online crypto exchange
    • People will need to create an account and give personal information, such as proof of identity, to do this
    • It is important to look at different exchanges to choose the one with the lowest fees, highest security, and easiest to use
    • Cryptocurrency can also be acquired through a peer-to-peer platform, brokers, or a cryptocurrency ATM.

    How To Buy Crypto - Quick Guide For 2023

    To buy cryptocurrencies, follow these simple steps:

    1. Decide on which crypto to buy. There are more than 20,000 cryptocurrencies in the market. Carefully consider which crypto to invest in.
    2. Compare and select a crypto exchange. Find and compare the best cryptocurrency exchanges that support the preferred fiat currency.
    3. Register an account with the exchange. Create an account with the exchange and complete the mandatory Know Your Customer (KYC) process.
    4. Deposit funds to a wallet. Choose a payment option that offers the best fees and deposit speeds. Confirm an amount and fund the account.
    5. Buy Crypto. Browse the supported assets and buy the desired cryptocurrency. Enter the amount to spend and finalize the transaction. The purchased crypto will be shown in the exchange's wallet.

    Where To Buy Crypto?

    The easiest and most popular method for acquiring cryptocurrencies is through regulated crypto exchanges or brokerage services. These platforms have been designed to make the process of buying crypto as easy as possible and provide investors with the tools to then store, track and manage a cryptocurrency portfolio.

    Ready to invest? Here is our list of the best places to buy crypto.

    ExchangeCrypto AssetsTrading FeesRatingPromotionWebsiteReview
    Binance

    Binance

    600+0% to 0.1%
    RatingOur ratings take into account the ease of use, fees, deposit methods along with the exchange's reputation. All ratings are determined solely by our editorial team.
    4.8/5
    StarStarStarStarEmpty Star
    Up to $100 welcome bonusVisit BinanceBinance Review
    Coinbase Logo

    Coinbase

    250+0.5%
    RatingOur ratings take into account the ease of use, fees, deposit methods along with the exchange's reputation. All ratings are determined solely by our editorial team.
    4.7/5
    StarStarStarStarEmpty Star
    $5 BTC bonus (USA only)Visit CoinbaseCoinbase Review
    eToro

    eToro

    70+1%
    RatingOur ratings take into account the ease of use, fees, deposit methods along with the exchange's reputation. All ratings are determined solely by our editorial team.
    4.6/5
    StarStarStarStarEmpty Star
    None available at this timeVisit eToro

    eToro USA LLC; Investments are subject to market risk, including the possible loss of principal. Archived, "Virtual currencies are highly volatile. Your capital is at risk."

    eToro Review
    gemini exchange

    Gemini

    26+0.4% - 1.99%
    RatingOur ratings take into account the ease of use, fees, deposit methods along with the exchange's reputation. All ratings are determined solely by our editorial team.
    3.5/5
    StarStarStarEmpty StarEmpty Star
    None available at this timeVisit GeminiGemini Review

    1. Binance - Best For Buying Crypto With Low Fees

    Binance is ranked as the leading global cryptocurrency exchange by trading volume. After launching in 2016, it has become one of the most trusted and well-developed cryptocurrency platforms that are currently available within the industry. With the number of services and products packaged into Binance, the exchange is rated highly amongst investors that are looking for an all-in-one platform to buy Bitcoin and other cryptos. In addition, Binance has a referral code for new customers to earn up to $100 in bonuses for creating a new account. To find out more, read this article on the Binance referral code.

    https://binance.com
    HedgewithCrypto Score
    HedgewithCrypto Score
    4.8/5Our ratings take into account the ease of use, fees, deposit methods along with the exchange's reputation. All ratings are determined solely by our editorial team.
    StarStarStarStarEmpty Star
    Trading Fees:0% to 0.1%
    Country:Global (USA allowed via Binance.US)
    Currency:AUD, USD, EUR, GBP, SGD & UGX
    Promotion:Up to $100 welcome bonus
    Ease of useStarStarStarStarEmpty Star
    ReputationStarStarStarStarStar
    Deposit methodsStarStarStarStarEmpty Star
    FeesStarStarStarStarStar

    Users can buy over 300 different cryptocurrencies through the platform which should cover most investors’ requirements, whether new to the industry or not. Binance has also implemented a range of payment methods including bank transfer, wire transfer, and credit/debit card deposits making the process convenient and easy to buy altcoins. There is also a Peer-to-Peer exchange that supports additional payment options such as PayPal, gift cards and pre-paid cards. There are over 40 different global currencies supported to ensure that the exchange meets the flexibility sought by its 90 million users.

    Deposit USD to a Binance accountDeposit USD to a Binance accountScreenshot of depositing USD to a Binance account.

    Due to the high user base and trading volume, Binance is able to keep the fees for buying cryptocurrencies extremely low. The fees for purchasing crypto through Binance work on a maker/taker style system, with the higher taker fees starting from 0.1%. Transaction fees can be reduced from there depending on trading volume and how many native BNB coins are held within an account. Services such as instant purchases do incur a higher fee which varies depending on the payment method chosen.

    Binance fees for buying cryptoBinance fees for buying cryptoBinance fees for buying crypto.

    Once cryptocurrencies are held within a Binance account, users can use those digital assets to trade amongst 1500 cryptocurrency pairs, earn passive rewards from savings accounts and staking, or trade derivative markets such as futures. Binance Earn, which is a leading platform to earn interest on crypto supports a huge range of savings accounts. This will appeal to investors that are looking to buy and hold crypto in fixed or flexible deposits to earn interest and grow their portfolio.

    The only downside to the exchange is the complexity of the ecosystem. Binance offers almost everything that an investor could ever need, however, the feature-packed platform may seem overwhelming to first-time users. With that being said, Binance has worked hard to ensure all services and products are easy to understand. Importantly, Binance has also removed trading fees on certain spot pairs, which makes it one of the best places to buy crypto with no fees.

    2. Coinbase - Best Way To Buy Crypto In USA

    Coinbase is a US-regulated crypto exchange that has become highly reputable among cryptocurrency investors. Since launching in 2012, the platform has helped over 98 million users gain access to the cryptocurrency market. Its daily trade volume and deep liquidity place it within the top tier of exchanges worldwide.

    https://coinbase.com
    HedgewithCrypto Score
    HedgewithCrypto Score
    4.7/5Our ratings take into account the ease of use, fees, deposit methods along with the exchange's reputation. All ratings are determined solely by our editorial team.
    StarStarStarStarEmpty Star
    Trading Fees:0.5%
    Country:Worldwide
    Currency:USD, GBP, EUR, CAD, SGD, NZD & AUD
    Promotion:$5 BTC bonus (USA only)
    Ease of useStarStarStarStarStar
    ReputationStarStarStarStarStar
    Deposit methodsStarStarStarStarEmpty Star
    FeesStarStarStarStarEmpty Star

    Although Coinbase Global Ltd is composed of two main platforms, Coinbase and Coinbase Pro, it is the original Coinbase that targets beginners first venturing into the industry. The exchange has found success where other platforms have failed by providing products that are simple, efficient, and easy to use. Both the Coinbase web and mobile applications have clear user interfaces and are littered with helpful user guides in case investors get into trouble.

    List of supported crypto on CoinbaseList of supported crypto on CoinbaseList of supported cryptos on Coinbase.

    Users can invest in over 176 cryptocurrencies such as buying Ethereum, Litecoin and XRP. To begin buying cryptocurrencies on Coinbase, investors must first deposit fiat currencies via a range of payment methods, which include ACH bank deposits (US only), wire transfers, instant cashouts, and credit/debit card deposits. In addition to a range of payment methods, the exchange supports a variety of fiat currencies including USD, GBP, AUD and EUR.

    Although the range of cryptos is vast and the beginner-friendly design undeniably helps to attract users, one of the biggest drawbacks with Coinbase is the fees involved with purchases. For the comfort that Coinbase offers bank transfer purchases can incur a higher-than-average 1.49% fee and credit/debit card purchases can be as high as 3.99%. For those looking for a quality fiat-to-crypto exchange, there are more economic options.

    Security features on CoinbaseSecurity features on CoinbaseSecurity features on Coinbase.

    However, once purchased, all cryptocurrencies can be stored within Coinbase’s internal crypto wallet or transferred externally. For those cryptos stored within the exchange, prices can be tracked live and portfolios updated in real-time. Alternatively, some cryptos can be deposited into the exchange’s Earn module, which allows investors to earn passive rewards.

    Importantly, Coinbase employs the latest in security procedures which include storing over 98% of funds in offline storage facilities, requiring multi-factor authentication for all login attempts, and performing an extensive review process for all cryptocurrency assets that are listed. Alongside top-notch security, Coinbase holds cryptocurrency insurance against malicious breaches, and USD deposits up to $250,000 are insured by the FDIC.

    3. eToro - Good Place For Beginners To Buy Crypto

    eToro is a cryptocurrency broker that allows individuals in supported countries to obtain a cryptocurrency portfolio. Unlike other cryptocurrency platforms, eToro was not initially created for cryptocurrencies. The broker, which was originally launched in 2007, started by offering access to stocks, indexes, ETFs, commodities, and forex investments. However, it subsequently added the ability to trade cryptocurrencies in 2017. Due to its social investing ethos, eToro has become extremely popular among cryptocurrency investors.

    https://etoro.com
    HedgewithCrypto Score
    HedgewithCrypto Score
    4.6/5Our ratings take into account the ease of use, fees, deposit methods along with the exchange's reputation. All ratings are determined solely by our editorial team.
    StarStarStarStarEmpty Star
    Trading Fees:1%
    Country:Global (USA allowed)
    Currency:USD, GBP, EUR, AUD
    Promotion:None available at this time
    Ease of useStarStarStarStarEmpty Star
    ReputationStarStarStarStarEmpty Star
    Deposit methodsStarStarStarStarEmpty Star
    FeesStarStarStarStarEmpty Star
    Visit eToro

    AFSL 491139.Capital at risk. See PDS and TMD.

    Read our full eToro Review

    eToro users can buy from a range of 50 top cryptocurrency assets, including BTC, ETH, BNB, and also buy XRP. Although a respectable range for new cryptocurrency investors, some users may be left wanting more. In addition to a lower range of cryptocurrencies, eToro fees are also quite high. Due to taking on the risk of market maker, a flat fee of 1% is charged for every purchase. A market spread is also then implemented, which varies depending on each cryptocurrency. The cumulative effect is a fee that is likely to be higher than 1% for most purchases.

    Although the range of digital assets and transaction fees are slightly inferior, what draws users to eToro is the platform’s focus on social investing. A module, known as CopyTrader, allows investors to copy the trades executed by leading professionals on the platform. In 2021, returns from the top 50 traders reached 30.4%. In addition to CopyTrader, the platform is built around forums and blogs where cryptocurrency investors can share ideas and expand their knowledge base.

    eToro copytradereToro copytraderDisclaimer: Past performance is not an indication of future results. Trading history presented is less than 5 complete years and may not suffice as basis for investment decision.

    To get up and running on eToro, users can deposit funds in multiple ways such as via a credit card, bank transfer and through the platform’s E-wallet, which is compatible with PayPal, Skrill, and Neteller. There are no deposit fees, but all withdrawal requests incur a charge of $5.

    In addition to buying digital assets, eToro users can purchase popular staking coins to earn passive rewards on their holdings. This includes Cardano (ADA), Tron (TRX), and ETH. Toro will stake those assets on a user's behalf and pay up to 90% of the reward based on the account level.

    Staking rewards on eToroStaking rewards on eToroStaking coins and rewards on eToro.

    Another reason to consider eToro for buying crypto is the platform's strong compliance with regulations by leading government bodies from around the world including FinCEN (US), FCA (UK), CySEC (Cyprus), and ASIC (Australia). As a result, the platform abides by all dictating financial laws and cooperates with financial authorities. Moreover, for the safety of crypto-assets, eToro employs both cold and hot wallet storage, advanced encryption techniques for storing data, and two-factor authentication (2FA). For US users, cash funds are insured by the FDIC for up to $250,000.

    4. Gemini - Safest Exchange To Buy Crypto

    Gemini is another US-regulated cryptocurrency exchange that is quite similar to Coinbase. While Coinbase focuses on simplicity, Gemini focuses on security. Although it is now regarded as one of the most secure crypto exchanges for investors looking to enter the cryptocurrency space, Gemini is also simple and easy to use for those unfamiliar with the ecosystem.

    https://gemini.com
    HedgewithCrypto Score
    HedgewithCrypto Score
    3.5/5Our ratings take into account the ease of use, fees, deposit methods along with the exchange's reputation. All ratings are determined solely by our editorial team.
    StarStarStarEmpty StarEmpty Star
    Trading Fees:0.4% - 1.99%
    Country:Global (USA allowed)
    Currency:USD, GBP, EUR, CAD, SGD, HKD & AUD
    Promotion:None available at this time
    Ease of useStarStarStarStarEmpty Star
    ReputationStarEmpty StarEmpty StarEmpty StarEmpty Star
    Deposit methodsStarStarStarStarEmpty Star
    FeesStarStarStarEmpty StarEmpty Star

    Founded by Tyler and Cameron Winklevoss, the Gemini exchange allows users to buy over 75 cryptocurrencies. For example, users can buy Cardano and Solana. Investors can start acquiring cryptos by depositing a range of fiat currencies including USD, AUD, CAD, GBP, EUR, HKD, and SGD. This vast range of fiat currencies can be deposited via 3 main payment methods: ACH transfers (USA only), wire transfers, and debit card payments. Fees for ACH deposits are free, wire transfers vary based on the bank being used, and debit card deposits incur a 3.49% charge.

    Screenshot of buying Ethereum on GeminiScreenshot of buying Ethereum on GeminiScreenshot of buying Ethereum on Gemini

    While fiat deposit methods are comparable to other platforms, the structure for completing a purchase means that fees on Gemini are slightly higher than average. Fees can extend to 1.49% for USD purchases, with charges such as a 0.5% convenience fee added if a user decides to make a purchase through the native mobile application. Once a crypto purchase has been completed, digital assets can be stored directly within Gemini’s internal wallet, which updates portfolio values in real-time.

    All Gemini users can also tap into the platform’s native earn module to accumulate passive rewards. It is a great way to do more with a crypto investment with compounding interest rates up to 7.4% APY. However, the Gemini Earn program is available to US customers only and available in all states. Gemini also provides the flexibility to move the crypto holdings to the trading platform (with interest) and vice versa. Gemini’s ActiveTrader module provides a professional-level trading platform for more frequent cryptocurrency traders but does not match rival exchanges Binance or Coinbase Pro in terms of advanced charting sites and software.

    Earn interest on crypto purchases with GeminiEarn interest on crypto purchases with GeminiEarn interest on crypto purchases with Gemini.

    The Gemini exchange is one of the very few exchanges that holds a license from the New York Department of Financial Services (NYDFS), which means that the exchange abides by the strictest of government regulations. In addition to NYDFS, the exchange is also regulated by the FCA in the UK and by the Monetary Authority of Singapore (MAS). All funds stored on Gemini are kept safe within multi-signatory cold storage wallets.

    In short, Gemini is one of the best exchanges for individuals that want to invest in crypto. It is a safe and secure platform that is easy to use and has options to grow the investment with its Gemini Earn and advanced trading platform. Moreover, it is a top mobile app for crypto investing that is modern and intuitive to monitor a portfolio at any place or at any time.

    When To Buy Cryptocurrency?

    Cryptocurrencies are one of the most volatile asset classes currently available for investors. This can make it extremely difficult to decide when to buy. However, timing an investment on a dip can be very profitable. Although, there is no perfect solution to determine the best time to enter the market.

    In making a good decision on when to buy, it can be useful to determine if an investment in crypto is for the short term or the long term. Short-term day traders should pay close attention to intraday price movements and technical levels. On the other hand, longer-term investors can negate the volatility that is witnessed on a day-to-day basis by focusing on cryptos that are fundamentally strong and then investing periodically. This requires a little bit of homework from each investor.

    Using a dollar cost averaging strategy to buy cryptoUsing a dollar cost averaging strategy to buy cryptoUsing a dollar cost averaging strategy to buy crypto.

    A common method to assist with timing a crypto purchase is using a dollar-cost averaging (DCA) process. This is a long-term investment strategy that allows individuals to avoid market volatility. The technique involves investing a defined amount of capital over set periods, such as on a weekly, bi-monthly, or monthly basis. In doing so, an investor can capture both upward and downward market movements.

    By employing DCA an investor can avoid mistiming the market with a lump sum purchase and consistently accumulate regardless of what happens in the market. If the market climbs overall, an investor will have accumulated a healthy entry point while avoiding the noise that is witnessed on a daily basis. To learn more, read our guide that explains how crypto dollar-cost averaging works.

    Can You Make Money Investing In Crypto?

    It is important to remember that there is no guarantee of returns when investing in crypto, which means that everyone should invest what they can afford to lose. With that being said, for long-term investors that can withstand market downturns and believe fundamentally in the prospects of the industry, Dollar-Cost Averaging (DCA) could be worth considering to build a profitable portfolio with a diverse range of cryptocurrencies.

    Related: How many crypto millionaires are there?

    What Are The Benefits Of Buying Crypto?

    Some cryptos offer more advantages than others but the asset class offers many benefits that are applicable to all cryptocurrencies.

    • Capital gains. Cryptos have been the best-performing asset class of the last decade. While capital gains are not guaranteed, with the correct fundamentals, cryptocurrencies have been known to return APYs in the thousands of percent.
    • Inflation hedge. Cryptocurrencies are often seen as a hedge against rising inflation, which is caused by the oversupply of fiat currencies. If certain crypto has a limited supply, investors can find that over time the value of that digital asset appreciates relative to real-world goods and services.
    • Maintain custody of own funds. Cryptos are digital assets that are secured and exist on a blockchain. The movement of each coin or token is dictated by a set of private keys, which are generated and are associated with a cryptocurrency wallet. A crypto wallet can be non-custodial which means that individual investors can look after and manage their own funds without the need, or expense, of relying on centralized third parties such as banks.
    • Decentralized. While not true of all cryptos, many follow the industry-wide ethos that decentralization is key. Fiat currencies are centralized and can be printed by the Central Banks that control them. A cryptocurrency is considered decentralized when there is no centralized party controlling the supply and, therefore, there is no outside party influencing its overall value.
    • Generally lower transaction costs. Fiat currency transactions can cost a lot to complete, especially when a payment is sent internationally. The fees for international payments can be as high as $50 in some places. In comparison, on some blockchains, the cost to send a cryptocurrency transaction can be as low as a fraction of 1 cent.

    Ways of Buying Cryptocurrency

    Once decided on investing in crypto, it is important to choose a way to buy it. This refers to the payment method that will be used to convert into crypto using an exchange or broker. Here are a few of the most common ways to buy into crypto.

    • Bank transfers. Most crypto exchanges, trading platforms and brokers will support bank transactions. Common bank transfer options include SEPA in Europe, ACH in the United States, Faster Payments in the U.K, PayID to buy crypto in Australia and SWIFT which is available worldwide. Bank or wire transfers are a preferred option since they provide higher spending limits and low or no processing fees. Depending on the bank, the downside is the processing time which can take 3 to 5 days to arrive at the exchange.
    • Credit and debit cards. Bank cards are simple, safe, and fast payment options for users who lack bank transfers due to local regulations on exchanges. In this case, users must obtain a credit or debit card with a financial institution that accepts transactions for buying crypto. However, using a credit card to buy digital currencies typically carries a service surcharge ranging from 0% to 5% per transaction.
    • Prepaid cards. These are similar to conventional debit or credit cards, except they don’t rely on a bank or financial institution. Users only need to load their cards with money and proceed. Cardholders can also replenish their prepaid cards when funds are running low. A limited number of crypto exchanges support prepaid cards and can attract higher fees compared to other payment methods.
    • Apple Pay. iPhone users can use an Apple Pay account that can be linked to an exchange. It is a simple payment method and the user can manage their transactions and assets from a centralized place. A drawback is that Apple Pay doesn’t support large crypto purchases per day.
    • Gift cards. Users can redeem unused or leftover gift cards, such as from Amazon, through online exchanges to buy crypto-assets. Investors can cash out their crypto profits into gift cards and spend like money. For example, Binance offers gift cards that can be loaded and spent at merchants or gifted to another person.
    • PayPal. Individuals located in the U.S. and U.K can buy digital currencies through the PayPal application. There is a minimum wallet balance of $1. In addition, several exchanges such will even allow crypto purchases through PayPal accounts.

    How Do You Buy Crypto – Full Tutorial

    While there are several ways of buying cryptocurrencies, the process of acquisition is relatively uniform across most platforms.

    1. Decide which cryptocurrency to buy

    The first step to investing in crypto is to decide which to buy. The most popular cryptocurrencies to consider buying are:

    • Bitcoin. The first cryptocurrency to reach mainstream and the largest in terms of popularity, the number of wallets, and market capitalization.
    • Ethereum. The second most popular digital currency. It is an open-source blockchain that is well-known for decentralized applications.
    • Altcoins. This includes a group of cryptocurrencies other than Bitcoin. There are more than 22,156 different altcoins that may not be available on all exchanges.
    • Meme coins. Highly speculative tokens such as Dogecoin and Shiba Inu have gained significant interest and are within the top 20 cryptos by market capitalization.

    2. Compare and select a cryptocurrency exchange

    Before purchasing any crypto an investor needs to decide which cryptocurrency platform they are going to use. This involves reviewing and comparing crypto exchanges or brokerage services that are supported in the required geographic location. Our picks for the best crypto exchanges are Binance, Coinbase, eToro, and Kraken, which offer a wide range of features, products and services that can be beneficial after the initial purchase. Other aspects to keep in mind when selecting an exchange are:

    • Supported countries and accepted fiat currencies
    • Deposit methods and limits
    • All fee types (deposit, trading and withdrawal)
    • Ease of use for all experience levels
    • Trading volume and liquidity (minimize spread and slippage)
    • Industry-standard security measures
    • Live-chat or support desk

    For the purpose of this article, we will demonstrate buying crypto using eToro. This is not a specific endorsement of eToro, however, is a suitable platform for many types of investors.

    3. Register an account with the exchange

    Create an account with eToro. This will involve providing KYC documentation such as a full name, address, and proof of residency. An ID document may also need to be verified by using biometric face scanning. All data provided goes towards abiding by AML and CFT policies. Full access to all features will only be unlocked once an account has been verified.

    Creating an account with eToroCreating an account with eToroCreating an account with eToro.

    4. Deposit funds to a wallet

    Unless buying cryptocurrencies instantly using either a credit or debit card, an investor will need to then deposit fiat currencies onto the platform. Select a payment method that offers the lowest fees per transaction. Typically bank and wire transfers are cheaper than using a credit or debit card, but always verify the fees involved.

    For example, eToro users can click ‘Deposit’ in the eToro account to view the available funding options. From the drop-down menu, choose a payment method and enter the minimum deposit amount required. eToro will then provide on-screen instructions to make the deposit.

    How to deposit funds to eToroHow to deposit funds to eToroHow to deposit funds to eToro.

    5. Buy Crypto

    After funds have been deposited, browse the selection of cryptocurrencies available on the selected platform and choose one to buy. Determine how much funds to use and enter the equivalent number of cryptocurrencies. Review the going exchange rate and any fees involved. Finally, finalize the transaction by clicking the “buy” button.

    Buying crypto with eToroBuying crypto with eToroBuying crypto with eToro.

    Buying Crypto Country Guides

    Finding a suitable exchange to invest in cryptos is an important consideration. Global exchanges may not be suitable for everyone and therefore, we have curated guides for specific countries to buy crypto outside of the USA.

    Where To Store Cryptocurrency

    While crypto exchanges will generally feature bank-like security measures, the best way to store crypto after purchasing is within a separate cryptocurrency wallet. The two main methods to hold crypto are software and hardware wallets.

    1. Software or mobile wallet. Often referred to as 'hot wallets, these wallets store crypto on devices such as mobile phones, computers and apps. They are highly convenient, accessible, available and easy to use. The downside is they have a risk of theft as it is still connected to the internet.
    2. Hardware wallet. The devices are small compact devices that store the unique encrypted private key that gives access to the crypto wallet. The stored crypto is disconnected from the internet.

    Frequency Asked Questions

    Using a cryptocurrency exchange and broker is the best way to buy crypto. Cryptocurrency exchanges match buyers with sellers, while crypto brokers fulfill the other side of all trades. However, many platforms now combine elements of both. The best platforms are always designed to help new investors navigate the cryptocurrency space. Top crypto platforms should also support a range of cryptocurrencies, a range of fiat currencies, and a range of payment methods.

    For beginners starting out in the cryptocurrency industry, Bitcoin would likely be the best cryptocurrency to invest in. It was the first cryptocurrency to be created and has stood the test of time for over a decade. Bitcoin can also be traded for several other cryptocurrencies if an investor wishes to change a portfolio in the future.

    Yes, cryptocurrencies can be purchased in extremely small amounts. For example, the smallest unit of Bitcoin is called a satoshi, which represents 100 millionths of a Bitcoin. In other words, an investor would need to hold 100 million satoshis to own 1 whole coin. The only restrictions in place will be from a fiat currency perspective, as an exchange or broker may require at least $1 worth of cryptocurrencies to be purchased.

    After a crypto exchange or broker account has been established and verified, buying cryptocurrency can often be completed instantly. Many service providers offer instant buy options, however, it is worth bearing in mind that instant buy methods like credit cards usually come with a slightly higher fee. Bank transfers are usually the most economic type of payment method but transferring fiat funds to a crypto platform can take anywhere between 1 to 5 business days.

    Conclusion

    We hope this guide gives you useful insight into the process of buying cryptocurrency. As with all investments, it is important to consider both the pros and cons and determine your reasons for wanting to get involved with the industry. Once those conditions have been satisfied, make sure that you select a cryptocurrency platform that is suitable for your needs.

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    James HendyJames HendyJames Hendy

    James has been involved in the cryptocurrency markets since 2018. He is a sought-after crypto writer that has published works for many cryptocurrency exchanges, fintech platforms, financial publications and investment disruptors worldwide. James work has been featured on the comparison website Finder and Real Vision covering topics in finance, business and the global economy.

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