Nowadays, cryptocurrency is more than just hype - it’s a lucrative way to invest and make money. Here’s our quick guide to how you can buy cryptocurrency today and jump on the trend in a few short steps.
Step 1: Set up a wallet to buy cryptocurrency
Before you buy cryptocurrency, you need somewhere to store it. This can be an online wallet (either as part of your crypto exchange platform or an independent wallet provider), a desktop wallet, a mobile wallet, or a hardware wallet. It depends on whether you decide to buy cryptocurrency online, or with old-school cash.
There’re a lot of things to consider when picking a type of wallet and wallet provider, but your main priority should always be the security of your assets. If your wallet doesn’t keep your crypto safe, you can lose it all. Each type of wallet has its own pros and cons, so make sure you do your research to find the right option for you.
Buying Cryptocurrency online? Use a Crypto Exchange
A crypto exchange is the obvious choice for most because you can buy cryptocurrency, convert it and store all your assets in one place. There are a range of sites currently operating, with varying degrees of liquidity and security.
As with wallets, you should do your research before settling on one - check out their features, credentials, security features speed and liquidity. There are also geographical restrictions with some exchanges due to local laws and regulations which may limit your choice.
Once you’ve picked an exchange, you need to sign up. First up, sign up for an account on your chosen exchange. It’s quick and easy to do. The more sophisticated exchanges will ask you to verify your identity as part of new regulations to avoid illegal activity with crypto, so they might ask for a snap of your driver’s license or passport.
Step 2: Buy cryptocurrency
Next up, make a deposit to add funds to your account. Not many allow you to buy cryptocurrency with traditional currency. Some do take bank transfers, some take credit cards (we accept both).
Once this is done, you can start buying cryptocurrency at the current market price!
Buying Cryptocurrency With Cash?
If you want to buy cryptocurrency with cash you have a couple of options.
Option 1: Crypto ‘ATMs’ or ‘kiosks’
A Crypto ATM is a physical kiosk that allows a person to exchange crypto and cash. Crypto ATMs are not ATMs in the traditional sense - they gained this name because they look similar.
Crypto ATMs are electronic kiosks which are connected to the Internet, allowing the insertion of cash in exchange for Cryptos given as a paper receipt or by moving money to a public key on the blockchain, which you can then add to your crypto wallet.
They look like traditional ATMs, but Crypto kiosks do not connect to a bank account and instead connect the user directly to a Crypto exchange. They often charge transaction fees as high as 7% - so always check! They are not very widely available, but are popping up in larger cities.
Option 2: Crypto Vouchers
Crypto Vouchers are similar to buying a gift card from a store. The buyer selects the denomination and fills out the order form online. Once the payment is made, the voucher is mailed to the specified address. The recipient can easily redeem the gift card against their chosen crypto such bitcoins at an exchange rate at that time.
A drawback of using vouchers is that you can’t take advantage of whatever the market rate at the time of purchasing the voucher, only when you redeem it - so they are slow in comparison and limit how reactive you can be in buying cryptocurrency.
Our aim for this article is to give you a balanced overview of your options as a new starter in the cryptocurrency world. We believe in helping you find the service that suits you best. GetEx is our own crypto exchange - and we’ve worked really hard to create a safe, simple and convenient platform to help you trade effectively and reach your crypto goals.
GetEx provide multilingual support, which works 24/7 via online chat or on the phone. We’ve designed the user interface to be as intuitive as possible, so it’s easy to understand - even for a beginner. We’re here to help you kick off your journey into crypto - so take advantage and click here to try out GetEx now!