The cryptocurrency market is vastly developing, with more and more people expressing interest in this subject. Before diving in, though, sensible traders test the waters. Certain questions require answers:
- What's the best way of buying cryptocurrency?
- What's the easiest way of purchasing it online?
- What is the cheapest way of buying crypto, and how can you reduce the expenses? How to buy crypto without fees?
- Is it mandatory to identify yourself when trading cryptocurrency online?
- Can digital trading be, overall, a safe and a profitable experience?
We've got a few useful tips for those traders that are only researching online trading, its safety, and pricing.
How to Buy Cryptocurrency With a Credit Card
Anyone who wants to buy crypto online has to deal with two main tools:
- Crypto aggregators.
- Crypto wallets.
Both tools are essential, although they serve different purposes.
While aggregators follow the markets and display its news to customers in various accessible ways, crypto wallets allow you to buy and sell digital assets, as well as to store them safely.
If you are just taking the first steps in buying crypto with a credit card, you'd have to exchange 'regular' currency to a digital one using a special exchange platform. In other words, you pay with a credit/debit card. Do not enter any numbers from your card if you have any doubts! It’s important not to give away your personal data until you feel safe enough to start the game.
The good news is that there are a whole lot of platforms that meet different needs and experiences.
Here are just a few examples you can use when buying crypto with a credit card:
- SoFi, or All-In-One Investing App, is a possible solution for beginners. It allows investing gradually, highlights tips for novice traders and works with all popular currencies – Bitcoin, Ethereum, Litecoin.
- Coinbase is an international platform that supports all major cryptocurrencies, guides users through buying crypto with a credit or debit card, and converts “regular'', or fiat, money to digital currency at a favourable rate.
- Coinmama allows the payments not only with a credit/debit card but also via bank transfer or Apple Pay. It has gained a reputation as a reliable trading platform, which is also a benefit.
- Bitcoin remains the main trading currency of CEX.IO. The registration process takes only several minutes to complete, and after that one, can actually start trading – with Visa, Mastercard, a money transfer or another crypto that is convertible into Bitcoin.
The key points you should pay attention to:
- The speed of delivery.
- The assortment of currencies the platform/wallet supports.
- Independent reviews.
When you pick the digital wallet, move on with the following steps:
- Decide on the amount you fancy to spend.
- Go through the registration process; it will most likely ask for common personal details.
- Create the account.
- Purchase crypto.
- Wait a little bit until it's delivered to your account.
Fees and extra costs are other factors that novice traders should look at carefully before they set up their wallets and start dealing and trading.
Some ask: how to buy cryptocurrency without fees?
Possibility to Buy Cryptocurrency With PayPal
How do you buy cryptocurrency with PayPal? Is there even such an option?
Yes, there is. On October, 21st, 2020, PayPal launched its own service that helps (i.e., encourages) its customers to trade cryptocurrency using their PayPal account. Until the end of 2020, PayPal users/traders are not paying extra fees for holding cryptocurrency, nor can they transfer digital money to any other PayPal or bank account. At the moment, however, buying crypto via PayPal is a way to go if a trader is willing to accept quite a few limitations — it's not possible yet to transfer crypto from PayPal account to another storage option, nor to send crypto to other people or paying for services an option. For the next year, the company has ambitious plans regarding cryptocurrency transactions. The company has prepared an educational kit on how to purchase crypto via Paypal that reveals the potential advantages, as well as the risks of cryptotrading.
How to Buy Crypto Anonymously
How do you buy crypto without ID if traders prefer to keep their personalities in secret? Is there such a possibility at all?
Well, this is possible, though it can be tricky.
- Monero. Among various cryptocurrencies, Monero is considered to be the safest in terms of anonymousness. Traders and investors remain hidden. If anonymity is necessary, Monero may be the best way to go. It's also convertible to other currencies.
- Personal meet-ups. Even if you are eager to find the solution on how to buy crypto anonymously, one can find direct online selling too straightforward and, yes, a little bit boring. In this case, you can search for sellers via social media and websites, meet them on the bus stop, pay in cash. Before rushing into that, please weigh the pros and cons.
- Localbitcoins.com creates an atmosphere of anonymousness and, to a certain extent, it does keep traders in the shade. If the transactions seem suspicious, though, the platform will require your real ID.
- Search for a Bitcoin ATM in your area. If you reside in a relatively big city, most likely, you will find one. There are around 10,000 Bitcoin ATMs in the States, around 300 in the UK, 55 in Russia, and a few dozen in most of the EU. Bitcoin ATMs work both ways – they sell and buy BTC.
As you see, the crypto market is competitive and demanding. There are choices to be made and alternative ways to go. Though online trading requires careful research, attention, and certain cautiousness, it also can lead you to profitable investments and new trading opportunities.