The most popular cryptocurrency is Bitcoin and it’s no surprise that many people are looking to invest in Bitcoin. In fact, many of the more advanced cryptocurrencies today started out as Bitcoin forks.
Before we get started, if you want to learn more about buying and using Bitcoin, check out our Ultimate Guide to Bitcoin page.
How To Buy Cryptocurrency for Beginners – A 5 Step Guide
Okay, now that you know how to get started with Bitcoin, here’s a brief guide on how to buy other cryptocurrencies such as Ethereum (ETH), Ripple (XRP), Litecoin (LTC), Dash (DASH), Monero (XMR), IOTA and others. For this guide, I will focus on the basics of purchasing BTC/ETH as these are the easiest 2 coins to purchase and trade across exchanges.
Step 1: Create an Account With Coinbase
The first step is easy! Go to Coinbase.com and sign-up by creating your account. You can do this by clicking the link below:
When you click this link, you will receive $10 in free
If you’re a beginner, this article will help you learn about the basics of purchasing cryptocurrency in a simple and easy step-by-step guide for beginners.
If you’re already familiar with this process, then feel free to use our links to sign up for a new account. You can get a $10 bonus when you sign up for Coinbase and make your first purchase (make sure it is over $100). Get started by clicking here.
Step 1: Create an Account on Coinbase
You will want to create your account before anything else. Coinbase is the most popular cryptocurrency exchange and has one of the best security track records in the industry. It allows you to buy and sell Bitcoin, Ethereum, Litecoin and Bitcoin Cash using your bank account (credit cards are also accepted on Coinbase).
If you sign up using our link, you can get $10 worth of bitcoin FREE when you buy or sell at least $100 worth of any digital currency!
Step 2: Add Payment Method
Next, add your payment method. This allows you to purchase cryptocurrency using fiat currency (USD). If you are in another country, just select the country that matches your location. Here’s how it works:
You send money from your USD bank
For the last few years, cryptocurrencies have been getting a great deal of media coverage. The majority of the headlines are about Bitcoin and other digital currencies hitting new highs (or lows) every day.
However, in order to buy into the cryptocurrency trend, you first need to know how to get your hands on some of these digital coins. This guide will walk you through an easy step-by-step process for buying cryptocurrencies for the first time.
Buy Cryptocurrency With Cash
The easiest way to buy cryptocurrencies is with cash. You can purchase crypto via a peer-to-peer exchange like LocalBitcoins or Paxful. These services allow you to find sellers who are willing to accept cash as payment for their crypto sales. Once you find a seller of your choice, they’ll give you instructions on how and where to send your cash payment.
Because of the risk involved, many buyers are looking for more private ways to conduct their transactions. Cash is one of the most anonymous ways to purchase cryptocurrencies. However, it does come with a higher risk of scams and frauds since there is no way to reverse a cash transaction once it’s complete.
Buy Cryptocurrency With Credit Card
While buying cryptocurrency with cash is very convenient, it
1. Create Your Account
The first step in purchasing cryptocurrency is creating an account with a reputable exchange. Coinbase and Coinbase Pro are the most popular exchanges for beginners.
2. Link A Bank Account
To purchase cryptocurrency, you will want to link a bank account to your exchange account. By doing so, you will be able to transfer funds from your bank account straight into your exchange account. This makes it easier than ever to buy crypto.
3. Start Buying!
Now that you have funds in your account, it’s time to start buying crypto! From here on out, the process is as simple as selecting what coins you want and how much of each coin you want to buy — and then clicking “buy”.
4. Withdraw Your Coins To Your Wallet
Once your coins arrive in your wallet, it’s important that they remain there (unless you’re actively trading). Exchanges are often targeted by hackers due to the vast amounts of money that pass through them on a daily basis. That being said, exchanges are very secure; however, there are always exceptions.
5. Stay Up-To-Date On The Latest Crypto News
Crypto is a very fast paced industry and new developments happen every day. To stay informed
The first step is to decide which type of digital currency you want to purchase. There are hundreds of different types of cryptocurrencies available. In most cases, you will want to pay with Bitcoin or Ether. These are the most common forms of digital currency and will be accepted on most exchanges. To learn more about the different types of cryptocurrency, check out our Cryptocurrency Guides section.
Once you have decided which type of cryptocurrency you want to purchase, it’s time to choose an exchange. There are a number of different exchanges that offer these currencies in a wide range of countries around the world. We recommend using Coinbase as it is one of the largest cryptocurrency exchanges available and allows for the purchase of Bitcoin, Ether and Litecoin.
Once you have chosen an exchange, you will need to open an account and follow their instructions for setting up your payment method. Each exchange has its own process for adding funds so make sure you carefully read their instructions before proceeding. The process typically involves linking your bank account with your exchange account and then transferring funds between them.
If you intend to purchase multiple types of cryptocurrency, then you may need to open accounts at multiple exchanges. For example, if you want to buy Bitcoin Cash (BCH) but only have Bitcoin (BTC)
1. Create an account at the leading cryptocurrency exchange
The first step you’ll need to undertake is to create an account at the leading exchange that has the cryptocurrency you want to buy.
2. Setup A Cryptocurrency Wallet
You’ll need to setup a digital wallet before buying any cryptocurrency, as exchanges won’t let you store it directly on their site. It’s easy to setup a crypto wallet, simply do some research on which wallets are compatible with the cryptocurrency you are looking to buy.
3. Verify your identity (KYC)
Exchanges are required by law to collect identifying information (KYC) from their users in order to prevent money laundering and other illegal activities. You won’t be able to make any purchases or withdrawals unless you verify your identity first, so make sure you do this!
4. Buy the Cryptocurrency
Once your account is setup, KYC verified and wallet linked, go back to your exchange dashboard and click “Buy/Sell” and enter the amount of crypto you want to purchase (or enter how much fiat currency you want to spend). Then click “Buy XRP” or whatever currency you want to buy!