How to Purchase Cryptocurrency: Many Beginner Resources Included!
Hey Cryptocurrency Beginners!
This is a short guide that I have created, along with resources, that will help the very beginner cryptocurrency enthusiast to establish a baseline system to purchasing cryptocurrency and how to move it across exchanges. Below are a few of the exchanges you will be introduced to in this article:
Purchasing Bitcoin and Ethereum with fiat currency like USD, Euro, Pound, etc.
My favorite exchange to use to initially purchase Bitcoin or Ethereum, and so far the most reliable for me, has been CoinBase. One of the major reasons I like CB is because they allow you to lock-in the purchase price of coins bought on their exchange, despite taking 5-7 days for ACH transfers to go through. It's cool because I personally find it hard to keep Ethereum and not purchase 'altcoins' or coins other than Bitcoin or the main coins - Bitcoin and Ethereum, although Etehreum is still considered an altcoin.
Sign up here and we both earn $10 in BTC when you purchase $100 in BTC
d[^_^]b
Changelly is one of the better known exchanges that is probably the most easy to use. This one is the most basic and best for those cryptocurrency traders who watch the market closely. Changelly's API is used by other exchanges like Poloniex and can get bogged down so always make sure you check that Changelly is offering fair exchange rates.
Learn more about Changelly or purchase Bitcoin and other cryptocurrencies here
d[^_^]b
CEX is my next favorite. Why? Just take a look at the picture above! CEX takes out the calculating and simplifies the Bitcoin purchase process by putting out different buckets with set amounts of BTC for us to easily purchase. This refreshes automatically every 40-seconds to ensure users purchases at the real-time price. They even have a pretty cool mobile app that makes purchasing Bitcoin and other coins easy! AND allow you to easily purchase cryptocurrency with your credit card.
You can learn more about CEX or sign up at this link
d[^_^]b
When it comes to buy 'altcoins' or coins outside of Bitcoin, CoinExchange is a great place to catch the smaller, less expensive coins that have potential to 10x, 100x, or even 1,000x from the price they are on that exchange. CoinExchange does not discriminate against the coins they list on the exchange which means there is very little DD/Due Diligence. Make sure to research ANY investment you make into cryptocurrency coins/tokens.
Learn more about or sign-up for CoinExchange here
HitBTC is the next crypto-to-crypto exchange in line! Much like CoinExchange.io, HitBTC does not discriminate much about the tokens/coins listed on their exchange. HitBTC also tends to run initial coin offerings or ICOs very similar to the Iinitial Public Offerings seen in the business world by investment banks. HitBTC will essentially sell coins through their exchange for ICO launches. Really cool and another place to find coins with the potential to 10x, 100x, or 1,000x over time.
Learn more about HitBTC or sign-up here!
Next is Exmo Exchange - this one is pretty cool because it has some strong currency pairs that FOREX traders will likely be more accustomed to. This includes USD/EUR/RUB along with some really cool cryptocurrency pairs like WAVES/BTC and ETH/LTC - don't really see those trading pairs much on other exchanges which can lead to more arbitrage opportunities on the Exmo Exchange platform. I don't use Exmo as much as other exchanges, but it's nice to go to when certain coins launch their ICOs and might only be on Exmo or when I simply get bored with the other platforms - Exmo can be a nice change of pace.
Learn more about the Exmo Exchange or sign-up here :)
d[^_^]b
Up next is CoinMate! This one is for the European cryptocurrency enthusiasts! CoinMate has a clean user interface and truly does a great job of presenting traders with fair Bitcoin prices. This exchange is more focused on sending fiat currency back to your bank account and vice versa. CoinMate is not an exchange I typically use, but again, it is helpful to have multiple exchange accounts for numerous reasons - arbitrage trading opportunities tend to be a benefit of this diversified exchange approach.
Learn more about CoinMate Exchange or sign-up here
For more cryptocurrency trading resources, trends, and updates - follow me on Steemit at @crowdedmind!
Nice tutorial, Changelly took 4 days to process my transactions. Blocktraders is the best in my humble opinion. Have a nice day!
@virtualcoin - thank you for the input!! Definitely open to hearing more of others' insight because I don't know EVERYTHING there is to know and not one of us does - thank you!!
You are quite right. Every exchange may have different rates and prices may vary a bit, or there is a fee. It all depends. I use few and do some research to see which is the best to use at that time.
Keep up the good work.
thanks @zneeke! Always open to answer any #cryptocurrency or #trading questions you might have :) I'll be including your artwork within my posts throughout time too!!
Great post ! Today i just lost my job...i worked really hard as a waiter for like 10 years in a restaurant...worked night after night shifts but still they decide they don't need my services anymore and that they don't have money to pay me so they just kick me out . It was really hard for me to find this job because i don't have much education....i did't go to college...
The real problem is that i have a debt of 759 $ to my apartment rent and if i don't pay till the end of the month they gonna kick me out from my own home. I don't have friends and my family won't lend me any money...
My only hope now to raise this money is steemit...i like it alot here and the community is very nice...
Please if anybody would like to help me , a upvote would be awesome and would help me tremendously to raise the money i need .
Thank you very much for your help and i hope you have a great day .
voted you up and wish you good luck!
I use CEX.io. Please do not buy bitcoin/eth from the buy/sell page. They sell with a markup because they're selling the currency in bulk. The markup is significant, the trading price could be at $290 and you'd be paying $310. Buy eth and bitcoin from the trade page. Just put a limit or market order for the amount of currency you want, or a fraction of it, and you'll quickly get the same amount of coins but at a fair price.
As for good exchanges, CEX.io is great. Nice trading experience and UI, commission is typical, it's an established an mature company relative to other exchanges. It's also nice to be able to deposit and withdraw fiat using credit/debit cards. Only problem is support can be a bit slow sometimes.
I heard Gemini is probably the best exchange out there right now. Secure and fast support. I'm trying to get into Gemini too but need to wait till I get back into the country from vacation.
Like CEX.io, you can deposit and withdraw fiat using credit/debit cards in Coinbase/GDAX. HOWEVER, people recently has been having significant issues with the service. Slow support and the website crashing at crucial trading times (low prices) has been a big pain for many (I think almost 4 crashes at low prices in the past month?). That said, Coinbase is prob the easiest way to get into crypto trading.
Share some advice with me. Check out post and answer if you have something to say. https://steemit.com/bitcoin/@vikky/litecoin-invest-or-not-to-invest-in-this-cryptocurrency
Congratulations! This post has been upvoted from the communal account, @minnowsupport, by CrowdConscious from the Minnow Support Project. It's a witness project run by aggroed, ausbitbank, teamsteem, theprophet0, and someguy123. The goal is to help Steemit grow by supporting Minnows and creating a social network. Please find us in the Peace, Abundance, and Liberty Network (PALnet) Discord Channel. It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there.
If you like what we're doing please upvote this comment so we can continue to build the community account that's supporting all members.
good post! useful for those folks coming via steemit with little crypto knowledge. going to look at CEX. what do you think of https://shapeshift.io/ ?
Thank you @bunabit!! I haven't used it yet, but it looks similar to Changelly. Is that pretty much what it is, but more precise/transparent? #cryptocurrency #trading #money #bitcoin #ethereum
yes quite the same as changelly but the two often have different coins offered. i used shapeshift a lot when i was starting out and didn't have myself a full exchange account yet. also i am pretty sure the Jaxx wallet has shapeshift integrated.
Hi @crowdedmind thank you for sharing this. Even though I am not a newbie in cryptocurrencies I have learned something from you. I will follow you!
While scrolling down the new feed I saw that scams are promoted on steemit. Yes, you red it right! And there is a lot of newbies here who do not know enough about this topic. Help me to spread information
https://steemit.com/steemit/@cryptogirl1/alert-the-billion-coin-scam-is-promoted-on-steemit-resteem
Thank you!
I wish that I had seen this Blog earlier. Learning how to purchase cryptos was quite a steep learning curve for me. Good on you for making it easier for others.
@durhamprof - I wish I had made it earlier now too! Feel free to save this for later or share it with new friends that you know that are interested in #bitcoin or #cryptocurrency #trading - hell, you can even point them in my direction or reach out to me on my posts and I'll be glad to help! Can give you other resources too if you request.
Follow for more updates on trading and resources :)