Buying cryptocurrencies can feel like a complicated process for new users entering the crypto space. There is a wide selection of marketplaces and all of them operate differently, which can be overwhelming at first. That’s why we at ScandiCrypto have made this complete step-by-step guide to how you go about buying cryptocurrencies.
Choosing a Cryptocurrency Exchange
If you are completely new to the crypto market, the first thing you would want to look for is a crypto exchange that allows the purchase of crypto to be made with fiat money (regular currencies like USD and EUR). For this tutorial, we will be using Coinbase, which have proven over many years in the crypto market to be a safe and reliable platform.
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Making Your First Deposit
Once you have created an account at Coinbase the first step is to deposit our fiat money by using one of the supported payment methods available.
Purchasing Your First Crypto
As soon as your deposit is available on your account, we can now choose to trade and purchase Bitcoin or any other cryptocurrency listed on Coinbase.
Storing Your Crypto Safely
So you have made a deposit and purchased the first cryptocurrency of your liking and you might wonder what to do next or how to store them safely. You can choose to keep your crypto at the exchange you bought them but in terms of security, this is not optimal as you then completely rely on the security of the exchange. This is where a crypto wallet comes into the picture as it instead gives the authority and control to the user instead.
For more information about which crypto wallet is most suitable for your needs, we have made a dedicated list of all the best cryptocurrency wallets. Going through the different types of wallets and what you should be thinking about when choosing your crypto wallet.