You want to purchase some cryptocurrencies, but you’re not sure where to begin. You’re not alone, so don’t worry. Over the past year, the NFT market has expanded by leaps and bounds, making it more challenging than ever to traverse the confusing world of cryptocurrency, much alone locate a decent place to start.
We’ll cut through the muddle and walk you through the process of getting your first cryptocurrency in this guide.
1. Select the Cryptocurrency Marketplace
As said above, choosing the platform or service you want to use to acquire bitcoin is the first step in the process. The two most popular platforms are cryptocurrency brokerages and exchanges (there are both centralized and decentralized exchanges).
A cryptocurrency exchange like Bitcoin Era is a website where people can buy and trade digital currencies like Ether, Bitcoin, and Dogecoin. They frequently operate similarly to conventional stock exchanges and brokerage businesses, with the exception that customers trade cryptocurrencies rather than equities.
In contrast, a crypto brokerage serves as a middleman between a user and the cryptocurrency markets to make it easier for users to purchase and sell cryptocurrencies. As a result, users aren’t engaging in cross-exchange transactions based on current market prices. The broker sets the price instead.
We’ll be concentrating on cryptocurrency exchanges like Bitcoin Era in this article because they unquestionably offer the most convenient way for new crypto and NFT fans to trade.
2. Create A Profile
You’ll need to create an account once you’ve chosen a platform, such as Gemini, or whatever suits your needs. The majority of the time, exchangers will require you to submit personal information such as a photo of your passport or driver’s license in addition to setting up and verifying your account by email, phone, etc. You have to finish the verification process to start making purchases from your account.
3. Fund Your Account
Cryptocurrency has a price. To buy crypto, you’ll need to use conventional currency. Connecting it to your bank account is the most popular way to add money to your account. Making deposits and withdrawals as easy as possible requires linking your bank account. Don’t be fooled—verifying your bank account can be time-consuming at first, but it will ultimately make buying cryptocurrency a lot simpler. Instead of making a deposit on the exchange itself, you will also be able to purchase and sell directly through your account.
4. Spend Money
Now that you’ve funded your account or linked your bank account, it’s time to purchase some cryptocurrencies. Make your first crypto order right away. A ticket is created with the amount you wish to spend on it, and it is sent to be filled out. When you submit an order to buy the order will be filled at the best price currently on the market.
Depending on the type of transaction that is initiated, the majority of exchanges charge fees in the range of 0.5 percent to 5 percent. Buy fees should stay low because you’ll almost always be buying fractions of a coin at a time. Check the fee schedule of any platform you plan to use twice before making a purchase because cashing out could be expensive.
5. Decide Where To Keep It
There is obviously more to the process after purchasing cryptocurrencies. You have a wide range of options for exchanging, purchasing and storing cryptocurrency now that your exchange account on Bitcoin Era or others is operational. Yes, if you plan to trade frequently, keeping your money in your exchange account is good. But what’s better is to store your cryptocurrency into storage wallets like hot wallets and cold wallets to protect it from any theft.
A hot wallet is a type of cryptocurrency wallet that maintains its data online and can be used with and operated on tablets, computers and smartphones. A cryptocurrency wallet that isn’t online is known as a “cold wallet.” Since information is maintained offline, they are less suitable for everyday trading but more safe for keeping cryptocurrency and NFTs.
The ideal option for you may be a software (hot) wallet like MetaMask if you plan to utilize your cryptocurrency for NFT. However, we do believe that Cold wallets are more secure because once you try to link to NFTs marketplaces you put your money at risk if you have stored it in hot wallets. Consider investing in one of the well-known hardware (cold) wallets produced by Ledger or Trezor for a more sophisticated and safe solution to store your cryptocurrency. Of course, you should always try to protect yourself by carefully checking wallet transaction submission information and learning to recognise cryptographic and NFT red flags.