How To Buy Crypto SAFELY in 10 minutes
When you buy cryptocurrencies online is incredibly simple if you know what to look out for and where you can buy them. If you’re reading this, you’re most like new to crypto. But not to worry, we will be covering all that you need to know so that you can buy cryptocurrencies safely from any reputable crypto exchange of your choice below in under 10 minutes.
That’s right. It’s a straight forward process that takes only under 10 minutes to complete.
The number of people getting into cryptocurrencies has increased drastically, so as the number of scammers in this space. That’s why we advise you to go through this article to get yourself as educated as possible so that you can make the best decision for yourself.
We’re using one of the world’s largest crypto exchange, Binance, to trade and buy cryptocurrencies due to its reputable name, state-of-the-art security, and helpful documentation.
Not to mention, Binance has other features within its app that most of the other exchanges do not have. Its easy accessibility to other crypto-activities can be something that you’re interested in to make more profits.
By the way, you can use the table of content and navigate to the section you’re most interested in.
Where Can You Buy Cryptocurrencies?
Only buy cryptocurrencies from a reputable online crypto exchange. An online exchange is simply an online platform that specializes in cryptocurrency trading and other crypto-related activities (i.e staking, coin swap).
Yes, there are numerous online exchanges out there, and the one you select should reflect your requirements. Here are some worthy considerations to make before you decide to use an online exchange to buy cryptocurrencies:
- Fraud prevention
- Platform features
- Eligibility for use in your country
- Type of fees (i.e transaction fees, membership, credit card fees, network fee)
- Number of cryptocurrencies to trade
Here are the 3 most popular trading platforms you can use to buy cryptocurrencies like: Bitcoin, Ethereum, Cardano, Solana…etc.
Summary On Their Fees Models
Click the “+” icon to expand for more details.
Coinbase Fee are trading transaction fees you need to pay when you’re buying/selling cryptocurrencies (trading). Coinbase also charges based on different variable fees by location and payment method when you’re using credit/debit card to buy cryptocurrencies.
View Coinbase’s complete fees list here.
Binance charges trading transaction fees up to 0.1% and as low as 0.0200%. Get an additional 25% discount in fees deduction when you pay with Binance Coin (BNB). Instead of 0.1% transaction fees, you’d only need to pay 0.075%. If you’re acquiring cryptocurrencies through (Peer-To-Peer) P2P trading, Zero fees for all transactions.
Network fee will only be incurred if you choose to move your cryptocurrencies in/out of Binance Account.
View Binance’s completeTrading Fees list here.View Binance’s completeNetwork Fees list here. Phemex Zero fees for Premium and Premium trial users on web or app, 0.1% fee for Standard users, and 0.1% fee for API traders. However, if you’re a Standard user, you will have to pay 0.1% in transaction fees (both as takers and makers). View Phemex complete Trading Fees list here.
How to buy crypto online
Choose Your Favorite Crypto Exchange
Head over to your favourite Crypto Exchange Place (if they’re supported in your country). You can choose from either of the options above if they suit your needs. Binance, Coinbase and Phemex are reputable and the most common exchanges to trade on.
They have options for you to buy cryptocurrencies directly on their platform either with your credit card, debit card, via bank transfer or peer-to-peer P2P trading. Do note that only Binance allow zero trading fees for P2P Trading.
Set Up Account
Before you can make any buy cryptocurrencies, you need to have an account set up first. The account that you create will act as a hot wallet to store your cryptocurrency assets. You might also need to complete KYC verification first, depending on your chosen Cryptocurrency Exchange.
KYC means Know Your Customer. This is a security initiative that identifies and verifies the user like yourself. You’ll need to produce identification document so that the Cryptocurrency Exchanges can confirm that you’re an authentic user.
KYC may sound like a troublesome process to go through, but its purpose is to prevent identity theft, money laundering, terrorist financing, and financial fraud.
We find that KYC is more easily processed with Binance Mobile App than using their website to complete the process.
As for Coinbase and Phemex, KYC can be completed using their online website platform.
Add Payment Method
Cryptocurrency Exchanges provide different types of payment method for their users to buy cryptocurrencies. Depending on your choice of Cryptocurrency Exchange, you will need to look out for fees that are chargeable to you if you use credit card, debit card or via bank transfer to buy cryptocurrency.
For specific rates, you should check your bank that you’re using.
Once you have decided on your preferred payment method, you’ll need to add them into your account.
Tip: You can buy crypto via P2P Trading method on Binance with Zero Fees if you’ll like to avoid paying fees. P2P Trading is a process that allows you to purchase crypto from another peer without paying transaction/admin fees to either your credit/debit card company or your choice of crypto exchange.
Select Your Choice Of Crypto To Buy
Once your account is already setup and KYC verification process is completed, you can select the cryptocurrency that you want to buy from your crypto exchange. You can do this by conducting a market searching in your crypto exchange for its cryptocurrency’s name or ticker (short name).
Then a trading chart would appear.
Though the chart, you should be able to see the price of the chosen crypto whether its price is low enough for you to purchase. This is because the crypto prices fluctuate from time to time. To earn profits, you should always buy low and sell high.
Confirm Your Purchase
At this point, you will need to head over to the purchase option to confirm the amount of cryptocurrency that you wish to buy.
Be 100% sure that the information that you’re keying in is correct before proceeding. A word of caution: Mistakes are not entertained and there will be no take backs when it comes to any transaction with cryptocurrencies.
Check Your Hot Wallet
A hot wallet is a cryptocurrency wallet on your chosen cryptocurrency exchange. Your newly bought crypto assets will be available in your Hot Wallet.
You can check your hot wallet to verify that your purchase is successful. They are likely to show the different cryptocurrencies you have, and other relevant information related to your purchase.
Know The Risks Before You Buy Cryptocurrencies
In order to avoid getting scammed, keep in mind there are many crypto scams that take advantage of naive investors. Before you invest any money, do your research first to avoid getting scammed.
Cryptocurrencies like Bitcoin and Ethereum has a very strong use case and is built on a safe and secure blockchain technology. It’s relatively safe to buy these currencies.
If you’re curious about other listed cryptocurrencies on your exchange, you can simply conduct a Google search on that particular Cryptocurrency to find out more about what they do.
Of course, there are tools out there at your disposal to help you with your research. One of them is called CoinGecko.
CoinGecko has a leaderboard of different cryptocurrencies with price listing and ranking among crypto space which you can use to check a specific cryptocurrency’s performance.
Investing in cryptocurrencies have proven to be a great opportunity for many people, but nevertheless there are always volatility in the market and that is still something you should be aware of. When you buy cryptocurrencies and have the intent to sell for profits, you’re actually going through the motion of trading.
The price action for every coin is different, they fluctuate from time to time. You can learn how to protect yourself from losses by educating yourself about the crypto market and also learning how to trade. This is especially important if you’re new to crypto.
By empowering yourself with the necessary knowledge, you also learn what to expect and also to be emotionally in control. With that, you can prevent profit slippage and doing yourself a good favour by maximizing your profit gains in trading crypto.
We are covering more topics on cryptocurrencies. If you’re interested to know more about the crypto landscape. Stay tuned for more.
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