How To Buy Cryptocurrency?
Buying cryptocurrency is not as tough as people think. Still, most of the people don’t invest as they are not aware of good way to buy cryptocurrency. This guide will help in buying Bitcoin or any other Altcoin in super easy way.
Two ways to buy Cryptocurrency
1) Purchase using Fiat currency like USD, EUR, GBP, CNH, JPY, CAD, INR etc
2) Purchase using Bitcoin (or using major altcoin like Ethereum)
1. Buying cryptocurrency using Fiat currency
You can buy cryptocurrency at exchanges.
(A) Coinbase
Coinbase is the world’s most popular exchange to buy Cyptocurrency with fiat currency.
Above is the interface to buy cryptocurrency at Coinbase. Additional details about Coinbase are as below.
Available Cryptocurrencies: Bitcoin (BTC), Bitcoin Cash (BCC), Ethereum (ETH), and Litecoin (LTC)
Supported Fiat Currencies: USD, EUR, and GBP. On Coinbase and GDAX, Bitcoin can be purchased with USD, EURO, and GBP while Ethereum and Litecoin can be purchased with bitcoin, USD, and EURO. Currently, Bitcoin cash can be traded only against USD on GDAX.
Supported Payment Methods: Credit card/debit card, Online bank transfer, and Wire transfer
Supported Countries: At present Coinbase supports Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Finland, Greece, Hungary, Ireland, Italy, Latvia, Liechtenstein, Malta, Monaco, Netherlands, Norway, Poland, Portugal, San Marino, Slovakia, Slovenia, Spain, Sweden, and Switzerland. Trading on GDAX platform is available for residents of US, Canada, United Kingdom, and Europe
Supported US states: Currently Coinbase has license to offer services to residents of Alabama, Alaska, Arizona, Arkansas, Connecticut, Delaware, District of Columbia, Florida, Georgia, Idaho, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Mississippi, Nebraska, Nevada, New Hampshire, New Jersey, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Puerto Rico, Rhode Island, Rhode Island,South Dakota, Tennessee, Texas, Vermont, Virginia, Washington and West Virginia
(B) Other reputed exchanges
If you are unable to make your purchase on Coinbase then there are some other good options. To make this article simple, I have listed all other exchange options at different post. As Coinbase offers only 4 Cryptocurrencies so you can explore this link to find other exchanges to purchase cryptocurrency of your choice with Fiat currency.
2) Purchase using Bitcoin (or using major altcoin like Ethereum)
Only well established Cryptocurrenies are available for purchase using Fiat currencies while there are 100s of potential Altcoins which you can’t purchase using fiat currencies. Binance is the most popular place to buy 100s of Altcoins.
(A) Binance
Binance trading platform is the most popular exchange for purchasing 100s of Altcoins. You can make a deposit of any available Crypocurency at Binance and subsequently purchase any other Altcoin with that. However, all trading is done only with four Cryptocurrencies – Bitcoin, Ethereum, USDT and BNB. So even if you transfer any Altcoin like Litecoin (may be purchased from Coinbase) then you need to convert it to one of above four to buy any other subsequently. As transaction verification fee is very high for Bitcoin so transferring other Altcoins like Litecoin to Binance can save you some money. In other words, if you deposit Bitcoin, Ethereum, USDT and BNB to Binance then you can make purchase of any other Altcoin with that directly but if you transfer any other digital asset like Litecoin then purchase will involve two steps, step 1 will be purchasing Bitcoin, Ethereum, USDT or BNB and then second step will be purchase of cryptocurrency of your choice. However, please confirm the purchase pair as only few Altcoin purchase is available with USDT and BNB but Bitcoin and Ethereum can pair with any Altcoins. Binance has two trade view – “Basic” and “Advance”. Basic interface is easy to understand and can be used for beginners who are new to the Binance. Following is the example of both interface to buy Ripple as example.
Basic Trading Interface of Binance
Advance Trading Interface of Binance
(B) Other reputed exchanges
There are some other good options as well to change one digital asset to another. But to make this article simple, I have listed all other exchange options at different post.