How to buy a cryptocurrency?
are one of the fascinating assets at the instance. The primary reason behind this fact is that cryptocurrencies are offering a gigantic return every single month. As a result, we have seen many people making millions of dollars by either just holding a token or by regularly trading these currencies. In addition, innovative features of cryptocurrency like anonymity, transparency and accessibility make it more appealing amongst investors and traders.
All the more, millennials are also excited about cryptocurrencies and buy cryptocurrencies for fun. It is one of the prominent reasons why meme coins like Shiba Inu coin and Dogecoin have gained immense popularity over the past few years. Here is an entirely comprehensive guide on buying cryptocurrency, so without wasting any further time, let’s jump straight to the facts.
Should you invest in these digital currencies?
Investing in digital currencies might seem a task of risk, but if you study the market entirely and then invest in this marketplace, you can make a tremendous amount of money. Unfortunately, since cryptocurrencies exist virtually, it has led to numerous Ponzi schemes and criminalized activities that can further lead to gigantic financial terrors. Therefore, here is a complete step ladder on buying your foremost digital currency.
Choose an exchange
Many cryptocurrency exchanges can help you in buying bitcoin or your desired cryptocurrencies. This exchange even allows you to convert your existing cryptocurrency with another cryptocurrency.
There is both local and foreign exchange; local exchange includes Wazir X and coin cx. On the other hand, foreign exchange includes exchanges like Binance and uni swap. To know how to buy cryptocurrency, you should exchange it according to your convenience. To check the authenticity of an exchange, you should check the user base, reviews, transaction fees and security protocol.
After choosing an exchange, you must register yourself on the cryptocurrency exchange. Registering on a cryptocurrency exchange requires only a few details to be filled, such as name, email address and mobile number.
KYC is one of the decisive steps of the trustable exchange. Most of the centralized trustable exchanges need KYC for you to process the transaction. KYC stands for Know Your Customer process, and it is the verification of your identity.
To complete KYC on a trustable exchange, you have to provide a photo of government based identity and a picture of yourself. Every trustable exchange takes a different time to complete your KYC; some popular trustable exchange completes the KYC merely in 10 minutes, whereas some take a few hours or even a few days.
Connect the payment source
To buy the cryptocurrency after completing KYC, you need to connect to the payment source. The potential trustable exchange allows you to connect any payment source such as a bank account, credit card, debit card, peer to peer transfer, UPI transfer and many other payment options. Yes, some payment method offers you a special discount on each transaction, but you should know the Ponzi schemes.
After connecting the payment source, you are ready to buy your cryptocurrencies. You can either buy or can convert cryptocurrencies with one another.
The above-mentioned portion describes some steps you need to follow for knowing how to buy cryptocurrency in this digital era.