How to buy cryptocurrency for beginners - BlockchainVsCrypto - Get Early Access for Success

Thursday, October 25, 2018

How to buy cryptocurrency for beginners

How to buy cryptocurrency:

Buying Cryptocurrency is simply divided into four parts. Before that, you have to decide which cryptocurrency you want to buy & how much time you want to hold it. Mainly people buying cryptocurrency for two perspectives,
For short term to gain some profit 
For long-term by holding a strong project
Buying & trading Cryptocurrency you need,

Open an account on exchanger or wallet :

For buying cryptocurrency you need to open an account on cryptocurrency exchanger like binanace, bittrex, or Kucoin or you want to open an account on cryptocurrency wallets like Coinbase, Blockchain wallet.

Download Wallet:

Which type of wallet software you choose, If App then goes to App store of ios or Android & download it. if this wallet is the only desktop based then download for desktop.

Verify Your Identity:

Once you open an account on exchanger or wallet you need to verify your identity to meet up regulatory requirement. To verify your POI (proof of identity) you need to provide Passport or national ID or any other identity card in scanned copy & in POA (Proof of address) you need to submit Your Utility bill or bank statement to the particular exchanger.

The benefit of Verify Identity:

You can freely trade on the exchanger.
Your Withdrawal limit increases up to 100BTC e.g. Binance.
You fulfill a regulatory requirement of the country
Your fund will be safe
You enhance your security.

Buying Cryptocurrency on wallet e.g. Coinbase:

After verification, you decide that which cryptocurrency you want to buy, currently on coinbase five major pairs traded i.e. Bitcoin, Bitcoin cash, Litecoin, Ethereum & Ethereum classic. Firstly you need to buy bitcoin by using your debit card or credit card. 
Coinbase works as a wallet as well as the exchanger. If you have bitcoin then transfer to your Coinbase wallet address & hold. Coinbase is a very secure wallet for holding cryptocurrency.

Buying Cryptocurrency on Exchanger e.g. Binance:

If you want to trade in cryptocurrency then you need to transfer cryptocurrency from your wallet to exchanger. let's take an example, you want to buy an Ethereum which is listed on binance as BTC-ETH pair. then you need to transfer Bitcoin from your wallet to exchanger. once you receive BTC in Binance wallet then you easily buy Ethereum as BTC-ETH at market order or limit order price.

This is a simple way to buy cryptocurrencies on exchanger or wallet.

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