Before You Buy Crypto

Before you purchase bitcoin or any other cryptocurrency there is one thing that you really have to have.

A wallet.

This is to make sure that you have a place to store your tokens. There are different kinds of wallets and the most secure are the hard wallets.  If you are just starting off and the investment for a hard wallet is to high then a paper wallet or mobile wallet might also be an option.

As stated before:

not your password, not your crypto.

If you choose to keep your cryptocurrency on exchange then you technically do not own it.

Since the exchange is holding the crypto and not you that means that there are more possibilities for hacks and the exchange can change the rules at any time for withdrawals or wallet support.

Fees

No matter what way you purchase Cryptocurrencies. Be aware of the fees before buying. They can range from 1% to up to 20%

which crypto

Not every option you are going to choose sells every cryptocurrency. Everyone has bitcoin but there are more than 2000 new tokens and coins out there

security

make sure you are able to store your own coins and tokens securely before buying them and just leaving them on an exchange.

Support

some ways into crypto offer more support then others so be aware of you own skill level and knowledge before exploring the unknown alone

How To Buy Crypto

Bitpanda: this company has been around since 2014 and is based in Austria which is old in this space.  They have built up a good reputation as a trustworthy reliable exchange.

Their services are specific for citizens from Europe and the UK and they have multiple payment options available.

Coinbase: This is a US based broker exchange that allows you to deposit Fiat money (USD, EUR,…) for Bitcoin.  This can be done through Credit Card or Bank Transfer or even Paypal. 

If you open an account you will get 10 Dollars FREE Bitcoin with your first 100 Dollar purchase by following this link.

there are two options here: first is to convert cash into crypto through a Bitcoin ATM

You can find the locations of the nearest machine here:

Bitcoin ATM map

Just be aware that even though these machines used to be anonymous the are slowly being made compliant with KYC rules. 

the other option is peer to peer with Localbitcoin.  Here you can buy cryptocurrencies face to face.

Be careful to make sure the other person is trustworthy. Beware of scammers.

Both these options usually also have higher costs and fees involved.  

When you have got some form of crypto it becomes easy to change them for any other token. There are a lot of exchange/trade services with different degrees of complexity but for convenience I would recommend the following:

  • Binance:
    this is the exchange with the biggest volumes worldwide and offers a wide range of coins to buy and trade. The in house BNB coin can be used to lower trading fees.
  • Kucoin: 
    This is a nice alternative to binance that also provides decent volume and some more alternatives.  The in house KCS coin gives the owner part of the platform revenue.

It is really not recommended using paypal for Cryptocurrency purchases due to chargeback option on Paypal.  This makes the risk really high.

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