How and where to buy cryptocurrency safely?
Do you want to buy Bitcoin? Or maybe a different cryptocurrency such as Ethereum? No problem: below, we explain step-by-step how you can safely own any cryptocurrency you want without unnecessary risks.
Digital currencies are like gold
The cryptocurrency market is growing at a phenomenal rate. The variety of outlets worldwide where you can pay using Bitcoin (BTC) or other cryptocurrencies continues to grow. Who knows, perhaps some experts’ predictions will come true, and Bitcoin (or another digital currency) will become a widely Accepted means of payment.
Currently, virtual money performs the same function in modern economies as gold: nothing can be bought for a nugget of precious metal, yet it is not devoid of value. The similarity of cryptocurrencies to gold has been emphasized repeatedly: hence the process of extracting Bitcoin is referred to as mining. However, while the value of gold is relatively stable, BTC and other cryptocurrencies are Continuously fluctuating.
It is enough to look at the charts of 2020: around March, Bitcoin (BTC) significantly decreased in value, only to increase by several thousand dollars in the following months. Whoever bought Bitcoin in March can now sell it at a profit many times the amount of purchase. Cryptocurrencies can therefore be a profitable investment. However, it’s worth keeping an eye out for various scams, which can occur during the very first buying and selling transaction. In this article, we advise you where to buy cryptocurrency safely and without unnecessary risk.
Where to purchase cryptocurrency: online exchange offices
It’s best to start your adventure with cryptocurrencies at exchange offices. Crypto exchange offices are points of exchange for digital currencies. Generally speaking, they can be divided into two groups:
- exchange offices where you can buy Bitcoins or any other digital currency using traditional money,
- exchange offices that allow you to buy a cryptocurrency using another digital currency, e.g., you can buy Bitcoin (BTC) with Litecoin, Binance Coin, or Ethereum.
Those who have not yet had experience with cryptocurrencies should, of course, look for services that fall into the first category. First, make a selection: Compare the offers of individual exchange offices, check the possible certificates, the level of security, read the opinions of other Internet users. There is no shortage of scammers setting up websites that only pretend to be currency exchange offices.
The layout and interface appear to be professional, so it is easy to be fooled, and once the transfer is made, users do not receive the purchased “coins”. Such situations are rare, but it is always worth following basic safety rules. Most importantly, the exchange rates of cryptocurrencies are set by the Exchange service owner, and they do not necessarily have to coincide with the price on a stock exchange.
Remember: to buy Bitcoin or any other digital currency, you must have a cryptocurrency wallet! We have already discussed how to set up your wallet in another article. They are a much safer haven for your funds than a cryptocurrency exchange account.
Where to buy cryptocurrency: cryptocurrency exchanges
You don’t have to use exchange offices to buy cryptocurrencies. You can create an account on a stock exchange. Admittedly, this is more of an option for more experienced individuals who know how to read the charts, are familiar with this world, and have already made some investments. In any case, if you want to start Making money with Bitcoin or any other cryptocurrency, sooner or later, you will find yourself on an exchange – so why not learn the mechanisms that control it now? Buying cryptocurrencies on an exchange is not any less safe, as long as you use proven and well-known services.
Internet users interested in buying digital assets currently have access to hundreds, if not thousands of exchanges. The various platforms Differ in their graphic design and, among other things, in the number of cryptocurrencies and functionalities available, their terms and conditions, the level of complexity of the interface, and many other elements. Considering all these differences, it makes no sense to choose blindly without prior research. On the other hand, tedious comparison of all exchanges is an impossible and time-consuming task.
The optimal solution is to rely on various types of lists and rankings and opinions circulating online. On our website, you will find at least one article fully dedicated to cryptocurrency exchanges: we explain how online trading platforms work and point out the best services based on our opinion.
Where to buy cryptocurrency? Which exchange to choose?
It is best to choose exchanges based in the country where you currently live. Why? Because in most countries, the functioning of this market is not defined by any legal regulations. By choosing a native cryptocurrency exchange, you will avoid unnecessary risks.
Most cryptocurrency exchanges require you to provide basic personal information, such as your name, surname, home address, etc. You also need to provide your email address. For this reason, some internet users prefer to buy cryptocurrencies at a currency exchange service instead.
Don’t invest more than you can lose!
We have mentioned this rule many times throughout the pages of our website. There is no point in investing most of your money – this applies to the cryptocurrency market and any other investments. Well, unless you are a millionaire and can afford to be brave. After a possible failure, your wallet will still retain an impressive amount of funds, and you will be able to redeem yourself on some other investment. In general, however, it is not recommended to risk more than 1/3 of your capital. This is the basic rule of safe investing.
Although it is unlikely that the value of Bitcoin will fall to zero, Price fluctuations in the cryptocurrency market are not uncommon, and you have to be prepared for them. There have already been currencies in circulation whose price has risen overnight only to drop drastically after some time. So if you are trading, be aware of the risks involved. Remember that even the most detailed analysis is not a sufficient guarantee for your investment plans.
Above, we have pointed out all the ways you can buy cryptocurrencies safely. Every exchange service and cryptocurrency stock exchange has its own policies, which you should get familiar with so that you can make the right choice. Whether you are buying Bitcoins or any other digital currency, be sure to follow all the security guidelines. This will help you minimize the risk of possible theft. Buying cryptocurrencies on a stock exchange or in an exchange office is not difficult – in case of any problems, service staff will be there to help you.