How great would it have been if you bought cryptocurrency 10 years ago? And you probably thought that today it is definitely too late to buy cryptocurrency. But here’s a fact for you — it’s never too late to invest in Bitcoin. Moreover, now is the perfect time to start your investment. According to statistics, in the last year, Bitcoin has grown by about 110%. And if you had invested in the cryptocurrency a year ago for example $5,000, now you would have more than $10,000. Still think it’s too late to buy cryptocurrency Let’s take a look at the most basic ways how to buy cryptocurrency and how to do it safely.
Where to buy crypto?
First, we need to say that there are a lot of variants of how to buy cryptocurrency, starting from physical places and to online platforms. Here are some common examples of where do you buy cryptocurrency.
Cryptocurrency Exchanges
Let’s start with the most popular one. These online platforms facilitate the buying, selling, and trading of various cryptocurrencies. ENON and some other popular exchanges include Coinbase, Binance, Kraken, and Bitfinex. Each exchange may have different supported cryptocurrencies, fees, and user interfaces.
Peer-to-Peer (P2P) Platforms
These platforms connect buyers and sellers directly. Examples include LocalBitcoins and Paxful, where users can trade cryptocurrencies among themselves.
Cryptocurrency ATMs
Similar to traditional ATMs, these machines allow users to purchase cryptocurrencies using cash or credit/debit cards. Locations of crypto ATMs vary, and platforms like CoinATMRadar can help locate them.
Other examples include some crypto wallet apps, like Exodus or Atomic Wallet. These have built-in exchange features allowing users to buy cryptocurrencies directly within the wallet app. Also, you use brokerage platform services like Robinhood and eToro. They allow users to buy cryptocurrencies alongside stocks and other assets, offering a user-friendly interface for beginners.
So as you can see, the question of how to buy cryptocurrency for beginners is not that tough anymore, as you have a lot of variants.
How to buy cryptocurrency for beginners
Let’s proceed to the more detailed part of how to buy crypto. Especially if you haven’t had any experience, you need a detailed guide. ENON platform is designed to be comfortable for those who are professional traders, and for those who haven’t tried it. You can use this step-by-step instruction to buy crypto at any exchange platform. So here we go:
Step 1
Go to the platform, register, and click on the Deposit button. Choose the fiat deposit method and then choose the currency.
Step 2
Select the payment method and select the asset you want to buy. Be attentive, before this step, do your own research and decide what currency you want to trade or want to invest in.
Step 3
Check the exchange rate and enter the amount. At this step, you will see how many assets (cryptocurrency) you will get after depositing your fiat funds.
Step 4
Check all the information you have entered and press Continue.
Step 4 is very important because you must be sure that you entered all the information correctly. After these simple steps, you will need to finish your operation with your bank account.
The very last step is to choose the storage for your crypto. We have described storage types in our previous article about hot and cold wallets for crypto .
Which cryptocurrency to buy
Now we have one important question – which crypto to buy? Let’s figure it out. First, you need to understand what purpose you have, to trade, to invest, or just exchange. Anyway, determining which cryptocurrency to buy can be influenced by various factors. Understanding the purpose of different cryptocurrencies, their underlying technology, and their potential for long-term growth is crucial. So here you need to think, do you want to buy Bitcoin or any other Altcoin?
Bitcoin (BTC) remains a popular choice among investors seeking stability and market dominance. Ethereum (ETH) is favored for its smart contract capabilities and a vast ecosystem of decentralized applications (dApps).Cardano (ADA), Solana (SOL), and Binance Coin (BNB) for example offer unique features such as scalability, interoperability, and utility within specific blockchain networks.
If you are still curious about what is Altcoin, we highly recommend you read this article . Identifying your investment goals, and risk tolerance, and conducting thorough research on each cryptocurrency can assist in deciding on which one to invest in.
How to buy cryptocurrencies: Alternatives
We have already talked about exchange and trading platforms, where you can buy BTC. But what about other sources? Here are some alternatives to choose from:
Cryptocurrency Gift Cards/Vouchers: Some platforms offer gift cards or vouchers that can be redeemed for cryptocurrencies. These can be purchased online or from certain retailers.
Cryptocurrency Mining: Mining involves earning cryptocurrencies by validating transactions on a blockchain network. While it requires technical knowledge and resources, it’s a way to obtain cryptocurrencies without directly purchasing them.
Earning Cryptocurrencies: Some platforms and websites offer opportunities to earn cryptocurrencies through tasks, services, or by participating in various programs.
Each of these methods has its advantages and considerations, so it’s essential to research and understand the associated risks before using them to acquire cryptocurrencies. The most secure method to buy crypto is still to buy it from official, reputable regulations.
Brief Conclusion
In the rapidly evolving world of cryptocurrency, entering the market may seem daunting, but it’s never too late to start. Remember, staying informed and adopting safe practices are crucial. With diligence and careful consideration, you can confidently venture into this exciting financial realm. Whether you’re looking to invest or explore the potential of cryptocurrency, the time to begin is now.
How do beginners buy cryptocurrency? Beginners can buy cryptocurrency through cryptocurrency exchanges or brokerage platforms.
Can I buy crypto with $100? Yes, you can buy cryptocurrency with $100.
What happens if you invest $100 in Bitcoin today? Investing $100 in Bitcoin today could provide the potential for growth or loss based on the cryptocurrency’s volatile nature and market fluctuations.
