Buying cryptocurrency can feel like a complicated process for new crypto investors. There is a wide range of available crypto exchanges globally that work in different ways, which can be overwhelming at first sight. That is why we have created this complete guide on how to buy cryptocurrency.
1. Choose a Cryptocurrency Trading Platform
If you are completely new to the cryptocurrency market, the first thing you need to do is find a cryptocurrency exchange or marketplace that can exchange your FIAT currency (regular currencies such as NOK, USD, and EUR) for the respective cryptocurrency you want to invest in. For this guide, we will be using Coinbase, which has for many years proven that it is a secure and easily accessible crypto platform.
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2. Create an Account on the Trading Platform
Creating an account on Coinbase is very easy. The first thing you need to do is fill in basic details such as name, email, and password. Then you need to accept the terms of the platform. Finally, you need to verify your email address by clicking on the confirmation email you receive.
3. Make Your First Deposit
Once you have created an account on Coinbase, the first step is to deposit the desired amount of money into the account. Here you can choose between using card payment, bank transfer, or PayPal as a payment method for deposits. One thing to keep in mind is that bank transfers can take 1-2 working days before the funds arrive, so the fastest method is definitely PayPal or debit cards.
4. Buy Your First Cryptocurrency
As soon as the deposit is available in your account, we can now choose to trade and buy Bitcoin or other cryptocurrencies listed on Coinbase.
- Make sure you are logged in to the trading platform.
- Select “Buy / Sell” at the top right of the website.
- Click on the “Buy” field to select the cryptocurrency you want to buy.
- Enter the desired amount for which you want to trade cryptocurrency.
- Choose a payment method you want to use.
- Press “Preview Buy” to confirm the trade.
That’s all it takes to buy your first cryptocurrency! Should there be any problems with the payment method used, the website will inform you about this.
Extra Steps for Additional Security
Now that you know how to purchase cryptocurrency, it can be good to know that there are several ways to store your cryptocurrency. You can choose to either leave the cryptocurrency on the trading platform, which is the easiest way to do it. One thing to consider is that you then put all your trust in the platform you used. Should anything happen to the trading platform, it could go beyond your means.
For those who want to take the extra step, one can use a so-called crypto wallet. Before you decide to start using a cryptocurrency wallet, you need to know that with this method you are responsible for your own security. If you send the transaction to an invalid or incorrect address, the cryptocurrency will not be refunded. If you lose the backup keys and passwords of your wallet, the funds can not be recovered. Keep all information secure and inaccessible to others.
If you want to be in charge of your crypto, we recommend checking out the list of the best cryptocurrency wallets available. This page also goes into depth on the various wallets available today.