Many newcomers to the crypto space find it difficult to purchase their first cryptocurrency.
So do not worry, I will be explaining the step by step process to purchase cryptocurrencies and store them in a secure way.
It is very important to know if your country allows cryptocurrency buying and selling, it is completely different from cryptocurrency trading because some countries allow cryptocurrency buying and selling but not trading activities.
Payment methods & Particular Cryptocurrency
Select a website to buy your first cryptocurrency based on the payment method that suits you and the availability of cryptocurrency you wish to purchase.
Since most of you might want to purchase Bitcoin, I think that is available in most of the cryptocurrency selling websites.
Bitcoins can be exchanged for any other cryptocurrency with the help of a cryptocurrency exchange later.
List of popular cryptocurrency buying and selling websites
Coinbase – available to only selected countries, so check if your country is available
Localbitcoins.com – This website is like eBay to cryptocurrencies with both buyers and sellers.
After creating your account just select your country and payment method and you can find a list of bitcoin sellers at different prices, also payment method plays an important factor in the pricing of cryptocurrencies. Localbitcoins only sell bitcoins. (KYC might be required)
CEX.IO – This is another popular cryptocurrency exchange that allows users to purchase cryptocurrencies through credit and debit cards as well.
Coinmama.com – Coinmama is a famous cryptocurrency exchange because it’s known to sell cryptocurrencies to almost any country, also has an option to purchase cryptocurrencies via credit card but additional fees are applied
Secure your cryptocurrencies after purchase
Once you have purchased your desired cryptocurrency, it is mandatory to shift your cryptocurrencies to your own secure wallet to prevent it from being at risk.
You only store cryptocurrencies at a place where you have access to the private keys or any Mnemonic phrases
List of popular wallets to store your cryptocurrencies
Ledger Nano S – Hardware wallet, it needs to be purchased.
Trezor Wallet – Hardware wallet, it needs to be purchased as well.
Blockchain.info – Software Wallet, Free, account gets created instantly.
Exodus Wallet – Software Wallet, Free, The software needs to be installed on the desktop, it provides a great interface for users and also has the option to store multiple cryptocurrencies
Store your private keys or any recoverable phrases in a secure place
You need to store your private keys and any other recoverable phrases of your wallet in a secure place, it can be done by :
Writing it down and storing it in place that cannot be destructed. for example, a bank locker.
you can also create multiple copies of it and store it in multiple places but make sure no one ever finds those keys except you or a person you solely trust.
For those of you who don’t know what are cryptocurrency exchanges, cryptocurrency exchanges are the place where you convert a cryptocurrency in exchange for another cryptocurrency.
For example bitcoin in exchange for Ethereum, Ripple, Tron, etc.
Trading cryptocurrencies is a minor complex but could be easily understood in tutorials and by own practice.
List of popular cryptocurrency exchanges
These are the list of top cryptocurrency exchanges, but remember once trading is done, don’t store your coins there unless you want to trade consistently, just send the coins back to your secure wallet.