Now that you know the basics and have completed DYOR, its time to actually purchase the currency itself! Listed below will simply outline the steps to complete your purchase.
FIRST: CHOOSE AN EXCHANGE
There are many, many exchanges to choose from with the oncoming prevalence of cryptocurrency. We must use exchanges since crypto can not simply be traded through a bank or investing firm. However, the most popular ones, best suited for beginners are:
While these platforms may come with higher fees, they are crucial to the safety of your investment. These platforms are the most established in the crypto space, least likely to get hacked and losing your investment.
SECOND: VERIFY YOUR ACCOUNT
One of the biggest concerns regarding crypto is preventing fraud. To do so in this space, exchange platforms require you to upload identification such as your social security number, passport or even a selfie for confirmation. Did someone say queue this song?
Once your account has been verified, you are free to hookup a payment to the exchange which will allow you to purchase a coin of your choosing. It is most cost effective to do bank transfers since credit cards are treated with extra fees; this will have a larger portion of your investment lost.
THIRD: PLACE YOUR ORDER!
Once you have money to invest in your account, there are thousands of different coins to choose from. First, type in the ticker symbol of the coin of your choosing and your US dollars can be traded for that value of a particular cryptocurrency. Most popularly, Bitcoins symbol is (BTC) and Ethereum (ETH). Of course before doing so, be sure you are investing what you can afford to lose, and have fun!
Tretina, K. (2022, February 8). How to buy cryptocurrency. Forbes. Retrieved February 18, 2022, from https://www.forbes.com/advisor/investing/how-to-buy-cryptocurrency/
Time. (2022, February 1). How to buy and invest in Bitcoin | NextAdvisor with time. Time. Retrieved February 18, 2022, from https://time.com/nextadvisor/investing/cryptocurrency/how-to-buy-bitcoin/