Interested in buying cryptocurrency but not sure where to begin? Lots of people don’t, too, since crypto is still new territory for many people looking to dip their toes into investing. The good news is that it’s easier than ever for beginners to make their first crypto purchase. Follow this starter guide to learn the crypto basics.
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Pick Your Trading Platform
The first step is choosing where you will buy and manage your crypto. There are a few main options to consider. Crypto exchange platforms like Coinme allow users to trade popular cryptos like Bitcoin and Ethereum. You’ll only need to set up an account and fund it, then buy and sell coins through the exchange. These platforms offer investment options for beginners and advanced traders.
Apps like Coinme make crypto accessible from your smartphone. You can buy Bitcoin and other coins using cash at thousands of participating locations. Or link your credit card account to buy crypto right in the app. Broker apps provide a simple onramp for first-time crypto traders.
Pick Your Cryptocurrency
With thousands to choose from, narrowing down your first crypto purchase takes some consideration:
Bitcoin – The most famous and earliest crypto with the highest market value. It’s a safe starting point for beginners.
Ethereum – Second largest crypto with smart contract capabilities and good for more advanced traders.
Stablecoins – Pegged to fiat currency for price stability. They’re useful as a risk-averse crypto holding.
Altcoins – Relatively new coins like Solana and Cardano. They have higher risk but higher reward investments.
Fund Your Crypto Account and Making Your First Crypto Purchase
Once you pick your platform, you’ll need to deposit fiat money to exchange for crypto. Most exchanges and apps accept:
Debit/credit cards – Provides instant access to crypto.
Cash – In-person cash trades at broker locations.
ATM – It’s as easy as depositing cash to buy crypto directly.
For beginners, linking your checking account or using a debit card offers a balanced way to fund small purchases as you get started.
After that comes the exciting part: buying crypto! The process will vary slightly depending on your platform. If using an exchange like Coinme, you’ll only need to search for the coin you want and enter the amount in USD or cryptocurrency that you wish to purchase.
Some wallets allow decentralized swaps between cryptocurrencies using your wallet balance. Start by exchanging a small amount to test the process. Start with something like $20 or $50 to minimize risk as you learn the buying process.
Once you confirm your first crypto purchase, congratulations, you’ve taken the first step into cryptocurrency investing! Now that you own crypto, your next step should be to continue learning about new projects and developments by researching crypto news and joining investor forums.
Getting Into Crypto: Final Thoughts
Does crypto still seem complex? Don’t let that stop you from taking the plunge. There are lots of resources to help beginners access this potentially rewarding asset class. Pick a trusted platform, select a coin, fund your account, and make that first buy. Embrace the learning process with good habits and stand to grow your personal finance on the exciting new frontier that is crypto.