How to buy the first cryptocurrencies safely?

Beginners often wonder how to buy the first virtual coins. Many of them do not know how to do it in a safe and secure way. In addition, there are several options for buying virtual coins. Choosing the right method can be troublesome, especially when a person has not encountered cryptocurrencies before.

How to start investing in cryptocurrencies?

Currently, the availability of digital currencies has increased. Trading platforms are becoming simpler and simpler,and there are more and more different cryptocurrency exchanges. However, check out a few factors affecting the process of buying digital currencies.

See what the laws in your country are. Some of the countries do not look favorablyon the process of trading cryptocurrencies.

Think about what method you would like to pay for cryptocurrencies. Different ways are accepted: credit card, debit card, wire transfer, and sometimes cash. Keep in mind, however, that platform owners also want to make money,so some payment methods may be charged an additional commission.

Services offering the purchase of cryptocurrencies are unlikely to provide the possibility of trading every virtual currency. If you want to invest in some unpopular cryptocurrency, check on which platform it is available.

Cryptocurrency platforms charge different fees. Not all of them are low. Before creating an account, check the price list. You probably don't want to lose money mainly because of high prices.

What funds would you like to spend on investments? Certainly, don't invest more than you're able to afford to lose. Would you be able to come to terms with the loss of all your invested funds?

Purchase of cryptocurrencies on the exchange.

Cryptocurrency exchanges allow you to buy cryptocurrencies using traditional financial means. They are considered one of the most popular ways to buy cryptocurrencies. Beginners will also find themselves on cryptocurrency exchanges, because they are rather intuitive to use. Different exchanges offer different levels of security and different payment methods. Transactions using cryptocurrencies can usually start as soon as an account is created.

Despite some simplicity, be careful. Pay attention to the security of the exchange. You probably wouldn't want to lose money by a hacker attack.

Check what the transaction fees are. It is true that quality is paid for, but they should not be too excessive.

Note that the exchange may offer different payment methods. However, it does not necessarily have to have the one you want to use.

What time does it take to activate my account? It may turn out that the market currently offers a good time to invest. Then you are unlikely to want to wait weeks for your identity to be verified.

What cryptocurrencies does the exchange of your choice offer? If you want to buy a rare virtual coin, make sure that the exchange of your choice offers it to its customers.

Be sure to read the opinions of customers. It is true that not all of them can be reliable, but they can give you a certain view of the operation of the platform, the professionalism of support and the security of operation.

Purchase in an exchange office of cryptocurrencies.

An alternative to exchanges are cryptocurrency exchanges. Despite some similarities, they differ in the lack of an integrated cryptocurrency wallet and the inability to exchange digital currencies for other assets. Another disadvantage of exchange offices may be the low availability of less popular digital coins. Another disadvantage is the higher purchase commission than in the case of exchanges.

The advantages of cryptocurrency exchange offices include the lack of the need to verify identity,although this is possible only up to a certain amount.

Buying in Bitomat.

Bitomats are a modern idea for buying digital coins. Their appearance resembles traditional ATMs, used to withdraw traditional cash. They are a good choice for people who want to buy cryptocurrencies quickly. Due to the novelty of the idea, they are not available everywhere, but in rather larger cities. To buy cryptocurrency in Bitomat, all you need to do is deposit cash and enter the address of your wallet. It is a pity that purchases in Bitomats are associated with a huge commission,reaching up to 10%.

What else should I keep in mind?

Cryptocurrency exchanges can be attacked by hackers, and investors can thus lose their funds. What's more, when withdrawing funds from the exchange, a transaction fee and a fee for transferring cryptocurrenciesare charged. When investing small amounts, it is worth bearing in mind that this can lead to exposing yourself to losses.

Control over the accumulated funds is possible only if they are in your digital wallet secured with a private key. Hardware wallets are available on the market, allowing you to store digital currencies off the network.

It is best to choose proven exchange platforms with free deposits, low fees, high liquidity and high security.

Many people may associate Bitcoin with the future of the financial world. Many of them believe that the future is cashless payments. It may actually come to a situation that cryptocurrencies will become a universal means of payment. For now, they owe their great popularity to the anonymity and lack of control of the institution.

Younger generations prefer modern solutions and cashless transactions. Who knows, however, how much impact on the world of finance will have a phenomenon of our time, i.e. digital currencies.

Author

  • He describes himself as a cryptocurrency investment specialist. He had mined them many years earlier thanks to a self-constructed virtual coin excavator. Privately, he is passionate about hiking in the Karkonosze Mountains. In addition, he is a huge lover of photography, especially taking pictures of the mountains.

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3 Comments

  1. Author

    Is Bitcoin really such a reliable form of payment? It’s just an ordinary pyramid. The rich rebuke the poor and take their money.

  2. Author

    If someone despises cryptocurrencies, it means that they have just woken up and wish they had invested earlier. You should have bought Bitcoin a few years ago and now sell it at a profit, or keep it in your wallet. It’s too late now.

  3. Author

    We are dealing with the desperate stage of persuading ignorant people to buy Bitcoin. I wonder when people see that they are dealing with the greatest scam of all time. Instead of investing in something that actually has some value, people are throwing themselves into a digital scam.

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