Sign In
Education

How To Buy Cryptocurrencies

Cryptocurrencies are in trend these days, and no one wants to miss out on this new transaction system. Everyone is excited to try out trading in crypto, storing some in their wallets, or buying their favorite art collection as NFTs. All in all, crypto has people worked up in one way or another. 

Now, as fascinating as the crypto world sounds from the outside, one must be careful diving into it to avoid impenetrable losses. One needs to be thorough with their research before signing up for a considerable amount of their investments. When you are new to crypto, the biggest question that struck your mind is where to buy it, so follow these steps to buy cryptocurrency

Steps To Buy Cryptocurrency:

  • Picking out your crypto exchange

The first and foremost step in investing in crypto is to look for the most suitable exchange for you. 

A crypto exchange is a marketplace where sellers and buyers meet to exchange cryptocurrencies. Today, several exchanges are available in the market thus, you have to focus on your standards and what you want from the trading platform. New crypto users may get intimidated by the interface of crypto exchanges as they come with advanced performance charts and multiple trade types. 

LCX is the most secure crypto trading platform currently available in the market. It is regulated by Financial Market Authority Liechtenstein and is compliant with various digital assets. The interface of LCX exchange is user-friendly as it is designed keeping in mind the requirements of beginners and professional traders. 

  • Create your account and get it verified

Once you have picked out the suitable crypto exchange for you, the next step is creating your account. Most exchanges require verification of your identity to meet the federal regulatory requirements and prevent fraud. Generally, the platforms require you to submit a copy of your passport or driving license to prove your identity.

  • Deposit funds in your account

When your account is verified, you are eligible to buy and sell crypto on that platform. But to move beyond the eligibility requirements, you will need funds in your account to buy crypto. You can deposit the funds into your wallet by a bank transfer, link your bank account to the wallet, or choose to pay from your debit card or credit card. You will soon receive a notification about the deposit on your email address.

  • Placing your crypto order

After sustaining some funds in your account, you are ready to make your first crypto purchase. There are a variety of cryptocurrencies in the market, such as Bitcoin (BTC), Ethereum (ETH), Tether (USDT), etc., and it is your free will to choose what seems profitable to you for the investment. You are advised to research the current trends, market scenarios, and prices before purchasing.

  • Store the crypto

Now that you have purchased your crypto, you need a safe place to store it to prevent theft or hacking. You have two primary options to secure your crypto purchase:

  • Hot wallet: These crypto wallets are stored online and are very easy to use. It makes the task of keeping, buying, and selling crypto quite convenient due to its access to the internet. 
  • Cold wallet: These wallets are not connected to the internet and are thus considered very secure. They come as external devices such as hard drives or a USB. Therefore you have to be careful about not losing the device. If the device is compromised, you will lose all your crypto.

Conclusion

If you have not yet entered the crypto market, the steps mentioned above will guide you in buying cryptocurrency. There is no need to get intimidated by the complex-looking charts of the market or multiple colored graphs on the internet. Today, you can start your crypto journey with a few easy steps, thanks to numerous exchanges available to guide the users according to their requirements. 

How to buy cryptocurrencies
Login @ LCX