In this knowledge bit, we will give an overview of how and from where you can buy Cryptocurrency online like Bitcoin, Ethereum, NEO, Litecoin, Ripple, and other cryptocurrencies.
If you have decided to invest your money in cryptocurrency but you do not have knowledge that where you should start or when you should buy then you are at the right place. Before getting started I am going to share some important things you need to know before investing your wealth in digital assets.
Digital currency is not something like banks system and traditional stock exchange system there is virtually no system available to protect you if you make some mistake or you don’t understand what you are doing. Keep in mind that there is no hotline to call or corporate headquarter you can reach out or FDIC insured bank behind investment that’s mean if you stuck in some problem or lose your money due to any reason then there is no way to recover it.
How to Buy Cryptocurrency online?
The buying and selling cryptocurrency is a little bit tricky these days. There are some important factors that you must know before buying cryptocurrency:
The first and the most important thing is your location. Selling and buying cryptocurrency is illegal and in some countries, so the first thing you need to do is to check your country rules and regulations.
The most accepted and convenient ways to purchase cryptocurrency is through credit card, debit card or through wire bank transfer. You can instantly buy digital currency through your credit or debit card. But in some countries where cryptocurrency is banned, you will use third party online wallets like Paypal, Skrill etc.
Cryptocurrency Fees and Types.
There are many digital currency options available and each digital currency has the different value. There are many websites available which offers different digital currency like Bitcoin, Litecoin, Ethereum, Ripple, etc and every currency have different value. You first need to figure out what currency you want to but and then you have to find the currency supported website.
You need a wallet where you will keep your digital currency after buying it. There are three types of wallets available. One is online wallets which are easy to set up and it is least secure. the another is software wallet which is safer as compared to the digital wallet but for that, you need to download an application. The third one is hardware wallets, it is something like some portable device like USB where you store your digital currency it is the safest option available so far.
It’s required to choose highly secured wallet because if something happens with your wallet then there will be no way to recover it. Keep in mind that always choose the wallet that supports your selected currency like if you want to store Ethereum then you will choose the wallet that supports this currency.
For example, Exodus is a software wallet which can store currency like Bitcoin, Ethereum, Litecoin, Dash, EOS and many other. There is also a famous and safest hardware wallet Ledger Nano S, which cost around $150 USD and can store currency like NEO, Bitcoin, Ethereum, Bitcoin Cash, etc.
So choose the digital currency first that you want to buy and then the wallet that supports that support required currency. Now you know where you can store your digital currency. We are going to the next step and we will see the best place to buy Cryptocurrency.
Where to Buy Cryptocurrency?
There are lots of options available in the online market to buy Cryptocurrency and every exchange have different charges and different security level. Most of the exchange different payments methods like credit card, debit card, PayPal, Skrill etc.
You must need to be careful when selecting the cryptocurrency exchange. Most of the exchange will ask you some basic information to create an account. They will ask you your full name, email address, cell phone numbers etc. for the identity verification, they will ask you your national Passport/identity card or deriving license. Then to secure your account they will ask you to set up 2-step verification.
The Best Cryptocurrency Exchanges.
Cryptocurrency exchange is like currency exchange shops, but instead of changing currency, cryptocurrency exchange converts your money into cryptocurrency. There are many options available to buy and sell cryptocurrency. So, choose the one which is most secure, accept required payment methods and have least transaction fees.
Coinbase is one of the most popular cryptocurrency exchange. It is secure and accepts different payment method like credit, debit card, and PayPal. The payment fee varies according to your choice of payment methods. You can directly buy digital currency from Coinbase and their service only available for limited countries. Here is the list of countries from where you can buy and sell Cryptocurrency.
The Coinmama service available almost everywhere. It is a highly trusted cryptocurrency exchange. It allows us to use the credit card, debit card to buy and sell cryptocurrency. With Coinmama you can buy and sell Bitcoin, Ethereum, Ripple, Litecoin, BCash, Cardano, Qtum and Ethereum Classic everywhere in the world. Their fees are slightly higher than coinbase. Coinmama does not have a wallet so it will ask you to provide a wallet address to send and purchase cryptocurrency.
It’s also famous in Europe to sell and purchase Cryptocurrency. Bitpanda supports many Cryptocurrencies including Bitcoin, BCash, Dash, Ethereum, Litecoin, IOTA, Komodo, Ripple. It also accepts currencies US Dollars, Euros, British Pounds, and Swiss Francs. This Cryptocurrency exchange has several payment methods including bank transfers, credit cards, debit cards, Skrill, Neteller. Their fees are slightly lower as compared to Coinmama.
There are many other Cryptocurrency exchanges including CEX.io, Bitstamp, Kriptomat, Coinsquare, ShapeShift, etc. Choose the one which is suitable for you and most secure.