Crypto has long become a buzzword. But despite its popularity and lucrative nature, a lot of people still don’t know how they can get some digital gold for real money.
If you’re new to the fascinating world of cryptocurrencies but eager to try your hand at trading, you should start your journey by exploring the popular crypto exchanges and broker platforms that give your access to a wide pool of cryptocurrencies. However, choosing your crypto intermediary isn’t enough. There are several important steps you should follow to finally put your hands on crypto and store it safely. And you can check all of them below.
Find a Trustworthy Exchange
Even if you have money, you cannot convert it into crypto without relying on third-party services. These services are provided by dedicated platforms that enable you to deposit your fiat money and then exchange it for digital assets like NFTs, Bitcoin, or any other cryptocurrency. What’s more, crypto exchanges provide you with handy tools you can use to trade crypto and earn some extra money.
- If you just need to buy a couple of coins or want to have a nice tool at hand to receive crypto payments every now and then, you can also use a crypto payment processor, which won’t charge you much.
Yes, crypto exchanges don’t offer their services out of generosity. Just like any other business out there, crypto exchanges want to make money and therefore charge users a certain fee for all transactions carried out on their platforms. A fee amount can vary from platform to platform. Normally, the higher your transaction amount is, the more your exchange is going to charge you.
When you start looking for a reliable crypto intermediary, you shouldn’t base your decision solely on the size of the fee they charge. Before you entrust your hard-earned money to a crypto broker or exchange, you need to do thorough research. Tried-and-tested platforms boast a solid user base and offer a wide variety of investment features. So, if your goal is to invest considerable amounts and trade on a regular basis, consider cooperating with big and reputable exchanges that provide you with additional investment and trading opportunities, including lending, staking, and more.
Set Up an Account
After picking a reliable crypto exchange, you need to create an account with it. This is a very important measure to prevent online frauds and protect your digital holdings from cybercriminals.
Reputable exchanges utilize dedicated fraud-detection software and have effective protocols in place. This all goes a long way toward improving their security defenses and helping their clients keep their crypto safe. That said, the measures taken by your exchange alone won’t be enough. You also want to secure your holdings with a strong password and two-factor authentication.
Once you complete the verification process, you can go on to the next step.
The best way to test your new account is to put some money on it! Deposit the required sum into your account simply linking your current bank account. Alternatively, you can throw in some money using your debit card.
Start to Buy Crypto
Itching to start trading? Why wait, then?
You can easily navigate your crypto platform to locate the most lucrative cryptocurrencies and invest in them. You can either start with tried-and-true options like Bitcoin or Ethereum, or go bold and purchase less hyped coins, which, nonetheless, don’t necessarily mean less promising.
All you need to do to make your first purchase is choose the asset you’re interested in and type in the amount you can afford. You can also exchange your crypto for other digital coins in several clicks. For this, input the required amount and voila!
You can store all your crypto wealth either right on your exchange or a crypto wallet. The latter should be your go-to if you’re going to invest for the long haul. You would be well-advised to refrain from storing large amounts on exchanges, which, no matter how safe they are, don’t give you full control over your assets.
Taylor is a freelance SEO copywriter and blogger. His areas of expertise include technology, pop culture, and marketing.