If you’re looking to buy cryptocurrencies like Bitcoin, Ethereum and other popular cryptos, you may be hard-pressed to know how to get started. Before you buy crypto assets, it’s important to check online review sites for reviews of the best platforms to buy cryptocurrency, their fee structures, payment methods, and trading features.
In this how to buy cryptocurrencies guide, we’ll explore the ins and outs of crypto and the best places to buy cryptocurrency in 2022 safely at a regulated exchange. On this Page:
Contents [show]How to Buy Cryptocurrency – Quick Guide
Do you want to buy cryptocurrencies like Bitcoin right now? If yes, you can follow the four quickfire steps outlined below to get started.
Best Crypto Exchanges in May 2022
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68% of retail CFD accounts lose money. How to Buy Cryptocurrency – eToro Tutorial
Gaining access to cryptocurrencies can be tedious if you are not using the right platform to do this. To make this process easier for you, we recommend using the eToro platform to buy and sell cryptocurrencies. In this section, we will explore how you can buy cryptocurrencies in as little as five minutes:Step 1: Open a Brokerage Account at eToro
To get started, visit the official website of the eToro platform and click on ‘Join Now’ in the top right-hand corner. You will be redirected to a signup page where you will need to provide a username, email address and choose a unique, strong password. You can also decide to fast-track the signup process by opening an account with your Facebook or Google account at the bottom of the page. Step 2: Verify your identity
The next step is to verify your identity. This is necessary because eToro is regulated by some of the top global bodies. Every new user will need to complete the know-your-customer (KYC) process to have their accounts verified.
This requires a copy of your:
- Passport, driver’s license, or national ID card
- Utility bill or bank account statement issued within the last 3 months
In most cases, eToro will authenticate your documents straight away and subsequently remove all account restrictions. Step 3: Fund Your Account
To begin trading, you will need to fund your eToro account. eToro requires an initial minimum deposit of $200. In addition, eToro offers multiple payment methods to make this process easy for you.
You can choose from:
- Debit/credit card (Visa, MasterCard, Maestro)
- Paypal
- Skrill
- Neteller
- Local bank transfer (country-specific)
- International bank wire
In terms of fees, eToro charges just 0.5% on deposits – irrespective of the payment method. This is much cheaper than some of its main competitors, with Coinbase charging 3.99% to buy Bitcoin with a debit card.
Furthermore, if you are a US resident depositing funds with a USD-backed payment method, there is no transaction fee at all. This stands at $10 for US and UK residents and $50 for most other countries regarding the minimum deposit. Step 4: Buy Cryptocurrency
The final step is to buy the cryptocurrencies that you want. eToro allows you to choose from over 16 cryptocurrencies. You can buy Bitcoin, Ethereum, ADA, or even Dogecoin. To get started, head to the search bar and type in the cryptocurrency you want to purchase.
Say, for example, you want to buy Ripple or Bitcoin, type ‘XRP’ or ‘BTC’ into the search bar and click on the first result that pops up. Once you get to the asset page, you can click on the ‘Stats’ button to get the financial track record of the digital asset.
To complete the purchase process, click on the ‘Trade’ button on your right. You will be shown an order page like the screenshot above to choose how much you want to invest and set your stop-loss and take-profit levels. Step 5: Download The eToro Mobile App (Optional)
This step is entirely discretionary and subject to your particular needs. However, if you will like to trade on your mobile when on the move, you can download the eToro mobile app. It is available for Android and iOS devices, and you can easily find it on the Play Store and Apple Store, respectively. Compare Platforms to Buy Cryptocurrency
These crypto platforms are security-conscious, meaning your details and funds are always safe with them. You can also store your digital assets in their crypto wallets safely, and they also comply with standard anti-money laundering (AML) and know-your-customer (KYC) policies.
Cryptocurrency exchanges can also be used to buy Ethereum (ETH) which can then be used to buy NFTs (non-fungible tokens), a popular new emerging market alongside cryptocurrencies.
eToro was ranked the best crypto exchange of 2022 by the Economic Times.Best Places to Buy Cryptocurrency – Exchange Reviews
As cryptocurrency adoption grows, so does the number of platforms offering access to these assets. Today, there are literally thousands of platforms where you can buy cryptocurrency. However, this creates a problem for traders. Finding the best platform to buy cryptocurrency could be challenging, especially for first-time traders. To save you on the hassles and hours in research, we did the heavy lifting. We reviewed hundreds of platforms before arriving at the best places to buy cryptocurrency.1. eToro – Overall Best Broker To Buy Cryptocurrency
Topping our best trading platform list is FCA-regulated broker eToro. Offering commission-free trades, eToro enables users to buy and sell cryptocurrency easily. Users can easily buy commodities, CFDs, ETFs, and trade FX currency pairs. Aside from this, the multi-asset platform grants exposure to over 3,000 global shares and stocks and 17 international markets.
eToro is also a social trading platform and is often regarded as a social network for traders. It is user-friendly and has a great trading experience. Users can also copy fellow traders’ market moves through the CopyTrade functionality. The online broker also offers an in-house managed basket of assets that allows users to diversify their investment portfolios across various sectors. eToro requires a minimum deposit of $200, and you can fund your account through your debit/credit card, e-wallet, or bank account.
Pros
- Regulated by the FCA, ASIC, and CySEC
- Social trading experience for users
- Commission-free crypto trades
- Supports multiple payment methods
- Minimum crypto investment of $10
Cons
- Conversion fee of 0.5%
- $5 withdrawal fee
Your capital is at risk.2. Huobi – Reputable Place to Buy Crypto
Like eToro, Huobi has been operating since the early days of cryptocurrency. A long-established household name in crypto, it was founded in 2013.
In that time Huobi, also known as Huobi Global, has never been hacked or had any issues with user data or funds being compromised in any way. When Bitmart exchange was hacked the Huobi and Shiba Inu communities teamed up to offer their assistance.
Huobi offers both spot and margin trading – meaning as well as buying crypto you can also take a long position or short crypto on the platform, using leverage. It offers up to 200x leverage on some assets, more than most crypto exchanges.
One unique feature of Huobi is it offers the free use of a crypto trading bot that uses a ‘grid trading’ system. Currently it has a backtested 7-day annual yield of 44% – that ROI performance data is updated weekly.
It also offers high-yield crypto staking of up to 50% APY on several assets, crypto loans and a welcome bonus.
Pros
- A decade of operation without being hacked
- Crypto staking
- Grid trading bot
- Both spot and margin trading
Cons
- No social trading / copytrading unlike eToro
- 0.2% maker / taker fee is higher than Binance and Coinbase Pro
Visit Huobi3. Crypto.com – Crypto Debit Card & App
