If you’re new to crypto and have begun exploring its vast intricacies, this space might initially seem very complex. However, it’s easier to understand now more than ever before, especially as mainstream adoption has officially joined the party.
In the past, onboarding was complex, as there was virtually no integration with traditional institutions or payment methods. Because of this, you had to spend hours and days learning and understanding the inner workings of blockchain technology. However, as a result of all of the recent noise and buzz surrounding crypto, solutions have been created across the board to simplify the way people buy digital assets.
Today, we will take a deep dive into the easiest methods and places to buy crypto for those who are just getting their feet wet in this exciting space.
Simple steps to buying cryptocurrency: From A-Z
1. Getting started
Every crypto exchange works differently – some require you to register, but there are others that allow you to get started much faster without having to create an account (i.e. N.exchange). Even nowadays with increasing regulations on crypto, the process is relatively simple and much easier than opening a traditional bank account. Crypto exchanges are divided into two groups – centralized and decentralized.
Centralized exchanges (CEXes) have long been the kings of the castle, as they have some of the highest liquidity and available coins for trading.
On the other hand decentralized exchanges (DEXes) are gaining steam, as they are bringing back the power to the people through permissionless trading.
N.exchange is an example of an exchange with a clever system to bring the best of both worlds. Users don’t need to create an account, but can opt-in to KYC verification methods depending on their order size.
Once you’ve made your choice, follow the steps on the homepage to get started.
2. Establish a payment method
Once you’re all set, you’ll have a few options to get ready to buy crypto.
N.exchange extends most of its services to those who have completed KYC verification; this way, your information is stored without having to re-enter it later (assuming you maintain the same KYC tier level).
For example, you can purchase with any type of bank debit or credit card. Additionally, purchases are also available in multiple fiat options, including EUR, GBP, RUB, and USD.
3. Select which crypto token you want to purchase
There are over 9,000 different crypto tokens to choose from, and the list keeps on growing.
Bitcoin and Ethereum have always been ranked 1 and 2, respectively. If you’re interested in exploring other coins, their rankings by market cap can either be viewed on an exchange’s homepage or analytical websites, such as CoinMarketCap.
Once you’ve selected the coin and respective amount you want to purchase, you simply buy it via the methods explained in step 2. Most exchanges now offer an extremely simple user interface to buy a multitude of cryptos, as seen below with n.exchange:
As you begin to familiarize yourself with the different exchanges and interfaces, you may develop a curiosity to dive deeper into the additional benefits and features they offer.
KYC verification is an important process to ensure that users are staying in concordance with federal laws and regulations. As mentioned earlier, n.exchange offers different tiers/levels of KYC verification, and the amount of crypto you can purchase depends on your verification level:
- Tier 1: Provide a National ID or driver’s license, in addition to a picture of a utility bill. You may also be requested to add “N.exchange” with the current date and, if necessary, take a selfie
- Tier 2: Take a selfie with your ID and credit card used, as well as a note that says “N.exchange” with the current date (in addition to completing Tier 1 verification)
- Tier 3: Take a selfie with a note that says “N.exchange” with the current date and one of your crypto address on the exchange (in addition to completing Tier 1 & 2 verification)
- Tier 4: You will need to conduct a video interview with a compliance officer to achieve level 4 verification
CEXes are considered custodial exchanges, as they have control of your private keys while permitting you to buy and sell coins. N.exchange is a non-custodial exchange, where you have full control of your private keys and are the sole owner of your cryptos.
Not having true and direct ownership of your funds is risky, so non-custodial exchanges are the safest ones on the market and always recommended.
Most exchanges offer a limit on the amount of crypto you can buy and trade per day – this is often a very small amount and has proven to be a major inconvenience to many traders. N.exchange provides the optimal solution for this problem, allowing for extremely high limits in comparison to its competitors.
How to safely store your crypto
Now that you’ve purchased your crypto, you may be wondering what the safest way to store it is; the good news is that there are plenty of choices available. Most people choose between keeping their crypto on an exchange or on an offline hardware wallet (cold storage).
Housing your crypto on any exchange is regarded as being quite risky, as many have been hacked or frozen trading of assets at unexpected points in time. Some exchanges now offer insurance on any assets held on their platform, easing the minds of many users. Although this is technically the easiest and most convenient way to store your crypto, we would still highly recommend considering cold storage options as an alternative.
Offline hardware wallets are devices that give you full control of your crypto, where you (and only you) control your private keys. These are physical devices with small OLED screens controlled by buttons. When setting one up, you will be prompted to set up a PIN and given several keywords that you will need to store in a safe place – it is recommended to write them down on a piece of paper and avoid capturing any digital record of them.
The most popular hardware wallets are Ledger Nano and Trezor, essentially dominating the marketplace with their elusive brand names and great reputations.
It is important to note that if you happen to lose your device or PIN, you will need to enter the keywords to recover the device and assets stored within; if you lose your keywords and can’t remember them, your tokens could be lost forever.
Immerse Yourself in the World of Crypto
All in all, getting into crypto and making your first purchase is generally hassle-free nowadays. There may be a few more steps for verification, but the marketplace is much safer than it used to be, which is pushing greater adoption overall from previous skeptics.
So what are you waiting for? If you’re keen on trying out crypto for yourself, don’t be afraid you dip your toes in the water!
Get started on n.exchange here – you will be able to easily facilitate fiat-to-crypto or crypto-to-crypto transactions.
Before you know it, you might just become a crypto enthusiast yourself.
*The opinions expressed in this article are not financial advice and should be used for general informational purposes only