It might be that you are a beginner when it comes to cryptocurrency. In that case, the terms Bitcoin, Ethereum, and Dogecoin might appear to be quite confusing to you. However, it is far from true, and you will find it quite simple to understand these terms in the long run. Here we have highlighted the important steps that will help you make the right call to choose a crypto exchange platform.
- Selecting an exchange
The platform where you can purchase, sell, and store cryptocurrency. You need to select a reliable exchange at first while buying crypto. You will come across several exchanges out there, and here, we have mentioned 3 of them.
- Binance.US – This particular exchange is known to provide lower fees, more sophisticated features, as well as a better collection of cryptocurrencies.
- Coinbase – This exchange is ideal for beginners in particular. They are reputed for their sophisticated and intuitive user interface. Moreover, they have more than 75 million users at present.
- WeBull – This exchange will be appropriate for an individual if he wants to purchase stocks, crypto, and ETFs from the same location. WeBull likewise has lots of crypto selections that will help you choose easily.
- Opening a trading account
It will be imperative to open a trading account at your chosen crypto exchange. While registering, your credentials will be verified by the exchange depending on the services you go for and the amount you would like to invest. The trading account opened by you is almost identical to that in a financial institution. Compared to regular stock exchanges, these crypto exchanges are known to function at all times around the clock.
- Choosing which cryptos you like to purchase
You will come across more than 8000 cryptocurrencies available on the market right now. However, only a few of these are offered by most of the exchanges. Hence, if you are planning to choose a crypto exchange, focus on choosing the one that gives you an array of options. Here, we have mentioned some reputed cryptocurrencies available nowadays.
- Bitcoin – This is the most famous cryptocurrency that you will come across at present. Almost every exchange offers Bitcoin for purchase.
- Dogecoin – Even though this particular crypto was created within a short span of time, it has reached a market cap of $85 billion right now.
- Ethereum – After Bitcoin, Ethereum has garnered major attention.
Cryptocurrency is extremely volatile in nature as well as speculative. Consequently, your notion will play an important role in selecting the proper crypto for your portfolio. To make the right call, you must check the updates and news related to the cryptocurrencies of your interest. Make sure that you take the decision only after complete study and analysis of the market.
Here, we like to mention that you can go for https://meta-profit.app/ which happens to be a user-friendly and secure trading app for purchasing Bitcoin.
- Verifying your account after creating it
After signing up for opening your account, you need to verify your identity. This step is important for preventing fraud and satisfying federal regulatory specifications. It might not be possible to purchase the currency until the verification process is completed.
- Funding your account
Once your account has been created, it will be imperative to transfer some cash into the account for purchasing cryptocurrency. The funds might be transferred online from your bank account. Moreover, a waiting period might be required by you before buying cryptocurrencies.
- Buying the cryptocurrency
After transferring the money, you have to decide which coins you want to purchase. Amongst all the cryptocurrencies, Bitcoin happens to be the most popular, as mentioned earlier.
- Storing the cryptocurrency
After purchasing the cryptocurrency, you need to store it. Make sure to store your codes to your assets and account in a secure manner. It will be good to store the purchased coins within a crypto wallet.
It is quite simple to buy cryptocurrency at present. However, despite being quite exciting, cryptocurrency is not meant for everybody out there. While investing in crypto, you need to make certain that you are aware of the risks while keeping a vigil on the industry. Also, you must follow the best practices too.