How to buy cryptocurrency?

How to buy cryptocurrency?

Table of content

  • Method 1. Buy a cryptocurrency through a wallet
  • Method 2. Buy a currency exchange on the exchange
  • Method 3. Buy a cryptocurrency through the exchanger
  • Method 4. Buy a cryptocurrency through a mobile application

Recently, the topic of cryptocurrency and how to buy cryptocurrency has gained increasing popularity. It is actively discussed in the media, and some experts even predict that the time is not far off when the cryptomoney will completely replace the usual ones. However to learn how to buy and sell cryptocurrency is now more important than ever. Moreover, it is not so difficult to do, as it may seem at first glance.
In any case, to buy a cryptocurrency, you need to acquire your own cryptocurrency purse. A crypto-jar is a special program that stores keys on the performed transactions.
The fact is that when you acquire a cryptocurrency, you, in fact, buy the right to use it, because neither bitcoins, nor the ethers and others like them physically exist, and all operations for buying and selling cryptocurrencies are transaction records that are stored in multitude blockchains. That is, managing your cryptocurrency account, you manage records and keys, and they need to be stored somewhere. And for this you need no card, no electronic wallet, no bank account – just a crypto-jar.
Crypto wallets are different: programs for the computer, applications for the smartphone, and online platforms. Purses that are installed directly on the PC are the most reliable ones – only you have access to your data (provided, of course, you took care of at least the minimum necessary security tools). Applications for mobile phones are less reliable, but more convenient for those who use a smartphone to control their finances. Online purses are the most unreliable in terms of information security, but they give more opportunities for buying cryptocurrency, so they are popular among users.
In addition, crypto wallets are mono- and multicurrency. In particular, there are separate sites for storage of strictly bitcoins – for example, BitGo. However, based on what was said before, it makes sense to open a purse in which you can store not only bitcoins, but also other cryptocurrencies. Such functional offers services as Jaxx, HolyTransaction, Coinomi, Cryptonator, etc. And here we smoothly go to the first way of buying cryptocurrency – directly through the online wallet.

Method 1. Buy a cryptocurrency through a wallet

Any crypto wallet has a currency exchange function. In other words, through it you can exchange ordinary money for bitcoins or other cryptocurrency (if the wallet is multicurrency). To do this, select the section “Exchange” in your crypto wallet, enter the currency you will change (UAH, rubles, dollars), the method of payment (electronic wallet, bank card, payment through the terminal) and the amount of the transaction. A few seconds, and your account will have its own cryptocurrency.

        Benefits:

  • rapid purchase of cryptocurrency;
  • Clear interface;
  • Integration with major payment systems;
  • Reliability and security of financial transactions.

        Disadvantages:

  • often unprofitable exchange rate;
  • Additional commission for currency exchange.

Please note that the exchange fee for different services is significantly different. For example, in the above-mentioned Cryptor, it is about 8%, and for HolyTransaction, Exodus, Keepkey it is several times less.

Method 2. Buy a currency exchange on the exchange

In view of the frenzied popularity of cryptocurrency, a huge number of exchanges, specializing in their sale and purchase, appeared. Cryptocurrencies Exchanges are web-sites where users can exchange some cryptocurrencies for others (for example, bitcoins for ethers) or for ordinary currency (euro, dollars, yuan, rubles).
The scheme of operation of these sites is approximately the same: you register on the site, deposit money to the created account (transfer them from a bank card, through a terminal or from an electronic wallet), select the necessary cryptocurrency and its amount, send an order for a purchase (warrant) and wait for confirmation of the transaction. If everything goes well, your account receives funds.
It should be noted that the exchanges are not very suitable for long-term storage of cryptocurrency. In fact, at any moment the exchange may face technical interruptions in work or even collapse, and in that case, you simply can not withdraw your money from it. Also, the level of security of the exchange is generally inferior to crypto wallets, so after the transaction, it makes sense to immediately withdraw funds to your main wallet.
The easiest way to buy a cryptocurrency on the exchange is to enter the necessary amount (for example, 5 bitcoins) and click “Search”. The system itself will find suitable offers for you at the current rate. This is fast and convenient, but in this case, you are completely dependent on the current exchange rate.
The second way is more complicated and time-consuming, but potentially much more profitable. It consists that you do not buy a cryptocurrency at the offered rate, and you choose the suitable offer from the current list of trades. Choosing the appropriate option for the transaction, you send your application for the deal and wait. The fact is that orders on the offered exchange rate are executed instantly, and all the rest fall into the so-called glass of quotations and are executed only when the actual price reaches the value you have chosen. In this way, playing on the rate, you can not only buy but even earn a cryptocurrency.

Benefits:

  • Possibility to choose the most profitable purchase price;
  • The ability to purchase different cryptocurrencies;
  • Additional earnings on exchange rate fluctuations;
  • Integration with major payment systems.

Disadvantages:

  • Long waiting for the order;
  • Availability of exchange commissions, and sometimes hidden fees.

Popular stock exchanges for cryptocurrencies: Poloniex, Bittrex, EXMO.

Method 3. Buy a cryptocurrency through the exchanger

Surely you have exchanged electronic money for regular money through a special Internet service for exchange. Cryptocurrency exchangers operate on the same principle: in one field you enter the initial currency for exchange (for example, rubles or hryvnia), and in the other – the required cryptocurrency (for example, bitcoins) and its quantity. The system calculates and displays the amount that will need to be paid for the exchange. If you are satisfied with the offer, click on “Exchange” and write off money from your card, e-wallet or bank account. There is another option: indicate the amount that you are willing to spend on the transaction (for example, 10,000 UAH), and the system itself will calculate how many bitcoins or other available cryptocurrency you can buy.

Benefits:

  • a large selection of exchangers (in the course of comparison, you can choose the service with the most profitable purchase rate);
  • prompt exchange of funds;
  • integration with different payment systems;
  • high security of operations.

Disadvantages:

  • less profitable rate compared to manual search on exchanges;
  • limitations on the amount of transactions (this drawback is conditional, since each site establishes its ceiling: one you can exchange not more than 200 dollars, another – not less than 1000 dollars, and on the third you will find a wider and convenient range of exchange);
  • availability of a commission for currency exchange.

Exchange with the most favorable rate at the moment: WestChange, GoodObmen, UniObmen.

Method 4. Buy a cryptocurrency through a mobile application

It is perfect for the most lazy persona. Install a special application on your smartphone, launch it, enter the desired amount for purchase and pay it through Internet banking. After confirming the operation, the crypt money is sent directly to your mobile wallet. Installing the application, you automatically receive such a purse, but some services allow you to export currency to your main crypto.

Benefits:

  • instant exchange;
  • high security of operations.

Disadvantages:

  • most mobile applications only work with bitcoins;
  • dependence on the course;
  • restrictions on the amount of the transaction;
  • The ability to pay for currency only through Internet banking.

Popular applications: Bitxfy, BitcoinCore, BitPlay, Coinbase.

We observed methods where to buy cryptocurrency. If you are just starting to get acquainted with the cryptocurrency market, try first to get your hand in trading operations on exchangers and exchanges (in the mode of the best offered option).

 



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