How to buy cryptocurrency?

13 Dec, 2019 David Kemp

First, you need to create a crypto wallet, so you can deposit money there. We have already covered step by step process in the article (link to article 24). Now that you have somewhere to store coins, it's time to choose the way to deposit them.  

The following are top-3 ways:

  1. Exchanger
  2. P2P platforms like LocalBitcoins
  3. Telegram bot 

We will also give a couple of alternatives, but the most convenient and simple are mentioned above. The first two ways will help you invest in bitcoin or other tokens on a long-term basis. And the use of the exchange will also allow you to play on the difference in rates, buying a token cheaper and selling more expensive at a jump in the rate - and increase the portfolio. However, exchange manipulation requires knowledge and endurance, so we advise you to start with an exchange or bot.

Buy the cryptocurrency through the exchanger

If you have ever purchased a conventional currency like the dollar or the euro in the exchanger, then you already know the principle of their work. Therefore, even a person who is very poorly versed in blockchain or cryptocurrencies can use a crypto exchanger. 

Profitable service can be easily picked up, for example, on bestchange.com. This site contains a lot of reliable places that have proven themselves, and at any hint of dishonesty, the organization will be excluded from the list. Services can be sorted at the best price for the desired coin at the moment. You can also choose any convenient way to transfer funds.

The process is simple: choose the desired channel for transferring your money, click on the desired cryptocurrency, select from the list the organization with the best rate. Next, on the website of the exchanger itself, you enter the required amount of cryptocurrency or the amount of Fiat money that you want to spend on the purchase. And, of course, the address of his wallet. After Fiat transfer, tokens are deposited to your wallet in a short time.

Buy cryptocurrency on LocalBitcoins

Of course, this is not the only P2P platform for buying and selling cryptocurrency, but definitely the largest. It currently operates in 248 countries and 7775 cities.

When you register for Localbitcoins, you will immediately receive a ready-made free bitcoin wallet - you do not need to create it beforehand. On the main page of the site, enter the number of bitcoins you want to buy, your country and your preferred payment method. If you are not sure about the option that you would like to use, just select "All online offers".

From the list, choose the trader with the best reputation and terms of the transaction (rate and payment method, if you have not chosen it before). Then just follow the instructions on the website - you will need to specify how much you want to buy, and make a payment in Fiat. And the coins will get to your wallet in the service. You can store them there or withdraw to any other wallet. Very simple and convenient system!

Purchase via Telegram-bot

It is one of the most convenient and most underrated ways to buy cryptocurrency. Telegram bot is a dialog that automatically helps you choose who you want to buy bitcoin, ether and other coins from. Usually, in one bot you, can buy only certain tokens.

Here is an example of two such extremely convenient bots:

  • Bot to buy Bitcoin: telegram.me/BTC_CHANGE_BOT
  • Bot to buy Ethereum: telegram.me/MyEthereum_bot

They work in a very similar way to exchangers and LocalBitcoins. You choose the coin seller, the payment method and the amount of the desired cryptocurrency. Make a payment and receive coins to your wallet on the inside of the bot.

An alternative to the first three methods can be the purchase of cryptocurrency from the exchange. For example, you can buy bitcoin for ordinary dollars and euros on Bitmex or EXMO. But this method is rarely used because the Commission at the same time is very large. And the process itself is more complicated for the user.

Also in some cities, there are bitcoin and ethereum ATMs where you can buy cryptocurrency just like you withdraw regular cash. Try to find in search engines whether there are such machines in your city. This method is suitable for those who do not trust online and prefer to handle financial matters in the real world.

Now you know how to buy cryptocurrency in several ways. When choosing an exchanger or exchange, pay attention to the commissions and rates, they strongly affect the profitability of the purchase. If you follow our advice closely, buying cryptocurrency for you should be as easy as dealing with Fiat money. Therefore, even a beginner can become a crypto investor.