How to Buy Cryptocurrency: Step by Step Guide (2019)

How to Buy Cryptocurrency

If you are purchasing for the first time, then coinbase is the best option for you. It is secure, easy to navigate and come with useful features that will make things easier. From here, you can get the complete guide for purchasing the Cryptocurrency through coinbase.

What is Coinbase?

Coinbase is a Cryptocurrency broker who trades various Cryptocurrencies in exchange for regular fiat currency.

  • Bitcoin
  • Bitcoin Cash
  • Ethereum
  • Ethereum Classic
  • Litecoin

Coinbase is the most easiest and popular Cryptocurrency broker to use. The main point is that coinbase has the number of stop-checks in place for new users. You can also use the coinbase as temporary storage for your cryptocurrency, instead of long term storage. You should use the cryptocurrency cold wallet for long term storage.

How do you get Cryptocurrency from Coinbase?

Step 1: Create a Coinbase Account

First of all, you have to create a Coinbase account and get the $10 of free bitcoin after buying or selling your first $100 in bitcoin. You can enter the details in the account section and use a strong password. After that, you need to verify your email address.

Create a Coinbase Account

When you reach the coinbase site, then you have to add the phone number to secure your account. You will receive a verification code from the coinbase. Further, you need to enter the personal details like Date of birth, address, and your source of funds, etc.

verify coinbase identity

At the last step, you need to use an official photocard document to complete your verification process. In the USA, coinbase only accepts the state-issued driving licenses or identification cards; it will not accept the US passport. If you are living in outside the US, coinbase will accept your passport.

Step 2:  Add a Payment Method

After verifying your coinbase account, you can see the dashboard of the account. Here, you can see the current price of the cryptocurrencies which is available for purchase through coinbase and any other information regarding your account updates. You can select the bottom –right corner option to complete your account.  You have 2 or 3 options which depend on your locale.

Add a Payment Method

If you are a US resident, then you can add a bank account, debit card or add details for a wire transfer. For the UK and EU residents, there is an option of EU bank account or debit card. UK and EU resident may also use the SEPA payments to make a payment.

add account

Coinbase doesn’t support the linking of new credit cards. It won’t remove the existing credit card, but it will suggest you use a debit card or bank account. There will be some verification charges to use a debit card, and bank account and the process will take three business days.

verify bank account

Step 3: Buy Cryptocurrency Using Coinbase

Once you verify your bank account or debit card, then you can purchase Cryptocurrency with the help of available funds. Coinbase is a crypto broker that exchanges Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, and Litecoin.

Buy Cryptocurrency Using Coinbase

From the coinbase dashboard, you can select the buy/sell option, and after that, you can choose the cryptocurrency you want to buy.  If you have an exact amount of cryptocurrency like 1.2 BTC, then you can enter it and go through the cost.

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After selecting, you can press on the Buy cryptocurrency button which is mentioned at the bottom of the panel.

Step 4: Sell Cryptocurrency Using Coinbase

Sell Cryptocurrency Using Coinbase

After buying the cryptocurrency, if you want to sell it, then you have to come to the buy/ sell tab. You can go through the sell form and select your cryptocurrency. Now, you can choose the currency wallet where you want to deposit your funds. You can mention the amount of cryptocurrency you wish to sell in local currency or mention the amount of cryptocurrency.

Step 5: Withdraw Funds From Coinbase

When your funds clear into your coinbase local current wallet, then you can withdraw them from the site into your bank account.

Withdraw Funds From Coinbase

You can select the accounts option from the dashboard of the coinbase account. You can see the current holdings of your accounts and then you need to find the local currency you want to withdraw and press on the withdraw button.  It will take five business days to receive the amount in your local account. So, this is how you can buy the Cryptocurrency.

Top Cryptocurrency Exchanges

If you want to start trading cryptcurrencies then you must check the complete guidelines of Top Cryptocurrency Exchanges.

What is a cryptocurrency exchange?

Cryptocurrency exchanges are the websites where you can buy, sell or exchange cryptcurrencies for other digital currency or traditional currency like US dollars and euro. All the professionals who want to trade and have access to trading tools will need to use an exchange that requires them to verify ID and open an account. If you want to make the irregular trade then you can use those platforms that don’t require an account.

Types of exchanges

Trading Platforms –

These are the websites which connects to the buyers and sellers and you have to pay for each transaction.

Direct Trading –

These are the platforms where individual person from the different countries can exchange currency. Direct trading exchanges don’t have fixed market price infect each seller sets their own exchange rate.

Brokers –

From these websites, anyone can buy cryptocurrencies at a price which is set by broker. It is similar to the foreign exchange dealers.

What to look out for before joining an exchange

You should keep in mind a few things before starting trading. Here we have provided some important things which you should check before starting your first trade.

Reputation-

The perfect way to find out exchange is to search through reviews of individual users and famous industry websites. You can easily ask them if you have any question through forums like bitcoin talk or reddit.

Fees-

Most of the exchanges have the fee related information on their websites. So, you have to understand deposit transaction and withdraw fee before joining.

Payment methods-

If exchange has limited payment options then it may not be the best option for you. You need to check what payment methods are available on the exchange. You should remember that purchasing cryptocurrencies through debit card or wire transfer will be safer than a credit card. But you should know there is some spyware on your phone which can transfer or leak your personal data to another’s servers while you are making an online transaction. You and your friend must aware of this spyware before you became a victim of cybercrime.

The Best Cryptocurrency Exchanges

There are host of platforms that you can choose but not all the exchange are created equal. You can check the below given list which is based on the reviews of user.

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Bitbuy.ca

Bitbuy.ca

Bitbuy.ca is a Canadian owned and operated digital currency platform which is founded as InstaBT in 2013. The main objective of the exchange company is to provide secure access to the bitcoin and other digital currencies. Their customer service, ease of use and fast deposits and withdraw are the pillars of this platform.

Pros

  • Customer service
  • Quick registration and verification
  • Fast processing of CAD deposits and withdrawals
  • Low Fees

Cons

  • Only offers BTC, ETH, LTC, BCH
  • Only available to Canadians

Coinbase

Coinbase

Coinbase is used by millions of customers globally, and it is the most famous and well-known brokers and trading platforms all over the world. Coinbase makes it easy to buy and store digital currencies.

Pros:

  • Good reputation
  • Security
  • Easy for beginner
  • Stored currency is covered by coinbase insurance

Cons:

  • Customer service
  • Limited payment method
  • GDAX suitable for technical trades only

Coinsquare

Coinsquare

This exchange is built on the same technology as the New York stock exchange. They provide safe and secure trades, and their system is 100% proprietary. They never lost a single coin.

Pros:

  • Good reputation
  • Security
  • Reasonable fees
  • beginner friendly

Cons:

  • Customer support
  • Limited payment methods
  • Limited countries supported
  • The non-uniform rollout of services worldwide

Cex.io

Cex.io

Cex.io pa provides a wide range of services for using bitcoin and other cryptocurrencies. The platform provides the trade fiat money with cryptocurrencies to the users. Those people who are searching for professional bitcoins can get the user-friendly dashboard and margin trading.

Pros:

  • Good Reputation
  • Good Mobile Product
  • Supports Credit Cards, Beginner Friendly
  • Decent Exchange Rate
  • Supported Worldwide
  • API Solutions For Automated Trading

Cons:

  • Strict verification rules,
  • fees vary with the payment method

ShapeShift

ShapeShift

Shapeshift is the leading exchange that supports a variety of cryptocurrencies includes the bitcoin, Ethereum, Monero, Zcash, Dash, Dogecoin and many others. Those who don’t want to sign up can use the shapeshift for making instant trades. Shapeshift doesn’t allow users to pay through debit card, credit card or any other payment system. The platform only allows for exchange between bitcoin and other supported cryptocurrencies.

Pros:

  • Good reputation,
  • beginner friendly,
  • Dozens of Crypto’s available for exchange,
  • fast, reasonable prices

Cons:

  • An average mobile app,
  • No fiat currencies,
  • Limited payment options and tools

Poloniex

Poloniex

Poloniex offers a secure trading environment with more than 100 different bitcoin cryptocurrency pairing and advanced tools. For the makes, fees will be in between 0 to 0.15%, and for the takers from 0.10 to 0.25%. There are no fees required for the withdrawals beyond the transaction fee needed for the network.

Pros:

  • Fast Account Creation,
  • Feature Rich,
  • BTC Lending,
  • High-Volume Trading,
  • User-Friendly,
  • Low Trading Fees, Open API

Cons:

  • Slow Customer Service
  • No Fiat Support

Bitsquare

Bitsquare

Bitsqaure is a peer to peer exchange that provides user to buy and sell bitcoins in exchange or fiat currencies. It doesn’t require registration and or reliance on a central authority. Bitsquare never holds funds of the user and no one except trading partners exchange personal data.

Pros:

  • Good reputation, secure & private,
  • a vast amount of cryptocurrencies available,

Cons:

  • Limited Payment Options,
  • Average Customer Support,
  • Not Beginner Friendly

We have given the complete method to buy cryptocurrencies and best cryptocurrencies exchanges which might be useful for you. If want to know more about some useful android apps then must read this article about Top 6 Best Android Productivity Apps in 2019.

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