How to Buy Cryptocurrency: A Beginner's Guide (2024)

Are you ready to dive into the world of cryptocurrency? Buying crypto might seem daunting at first, but it's actually quite straightforward. This guide will walk you through everything you need to know to make your first purchase, from choosing the right platform to understanding different order types.

Where Can You Buy Cryptocurrency?

There are generally three ways to buy crypto: crypto exchanges, brokerages, or payment services. Each option has its own advantages and disadvantages, so it's important to choose the one that best suits your needs.

Crypto Exchanges

If you’re ready to learn how to buy cryptocurrency, start with finding the right exchange. Exchanges offer a wide variety of cryptocurrencies and trading features. They are ideal for users who want more control over their investments and are comfortable with slightly more complex interfaces.

Brokerages

Brokerages offer a simpler interface and often allow you to buy crypto alongside other traditional investments like stocks and ETFs. This can be a good option for beginners who are new to investing.

Payment Services

Some payment services, like PayPal, allow you to buy and sell a limited selection of cryptocurrencies. This is a convenient option for existing users of these platforms, but it may not offer the best prices or selection.

Steps to Buying Cryptocurrency

Below, you’ll find everything you need to buy crypto for the first time, including the key steps, terminology and how to purchase crypto safely. You can make your first crypto purchase in a few easy steps. But you’ll need to consider these 4 things first.

1. Choose a Platform: Select a crypto exchange, brokerage, or payment service.
2. Create an Account: Sign up for an account and verify your identity. You’ll verify your identity, connect a payment method, and set an order.
3. Connect a Payment Method: Link your bank account, debit card, or credit card. Can I buy cryptocurrency using a credit card?
4. Place an Order: Choose the cryptocurrency you want to buy and the amount you want to purchase. Order types greatly influence how much you'll pay for.
5. Secure Your Crypto: Consider transferring your crypto to a secure wallet for long-term storage.

Key Considerations Before You Buy

Cryptocurrency investing can take many forms, ranging from buying cryptocurrency directly to investing in crypto funds and companies. For direct investing in cryptocurrency, it's crucial to understand a few key factors:

• Research: Understand the cryptocurrency you are buying and its underlying technology.
• Risk: Be aware of the risks involved in cryptocurrency investing, including price volatility and the potential for loss.
• Security: Take steps to protect your cryptocurrency from theft or hacking.

Coinbase: A Simple Way to Buy Crypto

You can buy, trade, convert, and swap crypto assets and tokens using Coinbase in a few easy steps. Learn how to purchase crypto assets using our how to buy guides. They provide a user-friendly platform for buying, selling, and managing your cryptocurrency.

FAQs About Buying Cryptocurrency

How to buy cryptocurrency using USD, EUR, and GBP? What is the best way to buy cryptocurrency? Find answers to these and other common questions below.

What is Cryptocurrency? Cryptocurrency is a digital currency where transactions are recorded and maintained on a peer-to-peer ledger. How Do I Buy Crypto? What Are NFTS?

Disclaimer: Cryptocurrency investments are speculative and can be risky. Always do your own research before investing.