As a most preferred trading asset, virtual currency is continuously gaining popularity and attracting more and more people every day. From the time when it first started gaining a high price in the year 2017, especially in 2021, when the price skyrocketed to over $68,000, the number of crypto investors started increasing rapidly.
To date, people who are completely new to the field are showing their interest in buying cryptos. Here in the article, a few steps are given to facilitate the newbies to buy cryptocurrencies easily.
- Select the crypto to buy: There are more than 18,000 cryptocurrencies ever created. But, among them, a few are on the front line and are performing well. Bitcoin is the most famous and highest valuable among them. If you are buying cryptos for the first time, it is better to start with one of them and with a minimum amount. But, how to select the right one. Some of the checking points can help you with the selection process.
- Market capitalization: Know the market capitalization of some best-performing cryptos and compare them. A large market cap means high use of that particular crypto. It also indicates more supply in the market.
- Price movement: It is the most vital thing. In order to determine the right price movement, the traders need to study the crypto investment market thoroughly. Also, sometimes for short-term trading, the volatile nature and price ups and downs will tell you which crypto would be good for you to make a profit.
- Performance and potential: Check the performance record of cryptos. Also, experts’ future price prediction is very important. Both the factors will help you choose the cryptocurrency that has a chance to give you better profit in the future.
2. Select a reliable crypto exchange: A reliable crypto exchange saves you from losing your money and also offers you the best trading facilities. The selection process must be done by keeping the following things in mind.
- The market reputation of the exchange must be checked.
- Read the customers’ reviews carefully and analyze them.
- If possible, select the nearest and best one and visit their office address.
- Check the facilities and tools they offer.
3. Register with it: The registration process is very simple in most exchanges. It only needs some of your IDs and information like your name, mobile number, ID proof, and photo with the document. But, for some exchange, and for high-value trading, a complex verification process might be done where you might need to submit some extra information.
4. Open a trading account: You need to opena trading account which is quite a simple yet straightforward process. Once the registration process is done and you are verified, you have to go for the opening of a trading account and select the facility an account will be opened.
5. Link the account: Now, the crypto trading account must be linked with a personal account. The step can be seen on the screen and is very easy.
6. Fund it: From the personal account, you have to transfer some funds to the trading account. If you are a beginner, you must transfer some fiat currencies to the account.
7. Buy crypto: Now, you have a fund in your crypto trading account with which you can make your first crypto purchase. You have also selected which crypto you want to buy. Generally, two ways are there to make a buy order for cryptocurrencies.
- Market order: A market order is a simple buying of cryptos where the crypto will be purchased at its current bid price.
- Limit order: Limit order is the way where you can select a limit of the price of the particular crypto meeting which the purchase will be executed by the exchange platform.
Note: While crypto trading is picking up pace, people are also exploring other avenues like oil trading. If you are looking forward to good returns, then oil investment is a good choice. You can log on to to explore more on oil trading and registration.
Also read: What Is a Crypto Airdrop?
Conclusion
Buying cryptos is very easy if you follow the steps carefully and have a clear idea about the crypto market. Moreover, crypto platforms have made the buying and trading process so easy with their beginner’s guide and various tools. There are also some direct trading platforms where you can directly talk to other parties and make deals about crypto prices. Whatever buying method you choose, you must learn and practice trading crypto in a wise manner.
