{"id":24291,"date":"2024-03-04T17:38:52","date_gmt":"2024-03-04T22:38:52","guid":{"rendered":"https:\/\/coincentral.com\/?p=24291"},"modified":"2024-03-05T10:19:24","modified_gmt":"2024-03-05T15:19:24","slug":"best-ways-to-buy-crypto","status":"publish","type":"post","link":"https:\/\/coincentral.com\/best-ways-to-buy-crypto\/","title":{"rendered":"What Are the Best Ways to Buy Crypto in 2024"},"content":{"rendered":"

Buying crypto is a much easier process than it was a few years ago; back in the day, people had to go as far as mailing physical money across the country (or world) to score some BTC.\u00a0<\/span><\/p>\n

Today,\u00a0 buying crypto is as simple as signing up for an exchange, going through the basic KYC (Know Your Customer) questions that exchanges must collect by law, linking your payment information, and buying your crypto of choice. You don\u2019t need a high degree of sophisticated crypto and blockchain knowledge to purchase Bitcoin or any other coin.<\/span><\/p>\n

When evaluating places to buy cryptocurrency today, you should consider the following factors:<\/p>\n

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  1. Can you trust the exchange?\u00a0<\/strong>Most popular exchanges today are trustworthy, but things can get a bit seedy if exploring the more unknown exchanges. Coinbase, Gemini, Kraken, and UpHold are all solid options.<\/li>\n
  2. How many different types of cryptocurrencies does the exchange offer?\u00a0<\/strong>Some exchanges only offer a few dozen, whereas others offer hundreds of cryptocurrencies.<\/li>\n
  3. What are the transaction fees? <\/strong><\/li>\n
  4. Sign-up bonus offers? <\/strong>Why not make some extra money signing up for a platform you want to use anyway? Don’t get too excited though, most of these are just like $10 to $20 or so.<\/li>\n<\/ol>\n

    In this article, we\u2019ll guide you through some of the easiest ways on how to buy crypto and how to store your funds and keep them safe and sound.\u00a0 <\/span>The most common way to start is through a cryptocurrency service platform, such as a centralized crypto exchange; we’ll review a few.<\/span><\/p>\n

    Before You Buy Crypto\u00a0<\/span><\/h3>\n

    The crypto market has <\/span>thousands of different cryptocurrencies <\/b>for buying, selling and trading. If you\u2019re starting your crypto journey, <\/span>the vast majority are a hard skip.<\/b>\u00a0<\/span><\/p>\n

    Lesser-known coins are subject to more extreme volatility and can be wiped out of the market in a blink. A large chunk of them might act as the flagship token of unreliable and unknown projects that serve no real purpose to the sector besides being a get-rich-quick scheme. On the other hand, the top 10 currencies have the largest <\/span>market caps and the strongest communities<\/b>.<\/span><\/p>\n

    How to Buy Crypto Using a Crypto Exchange<\/span><\/h2>\n

    One of the easiest ways to buy crypto is through a well-established cryptocurrency exchange, like Binance or Coinbase.\u00a0<\/span><\/p>\n

    Crypto exchanges allow users to buy, sell and trade digital assets. Some of these might have a broader display of products\/services, such as staking, yield farming and crypto lending. But these companies are more directed towards experienced users as they convey a higher level of risk. For now, you should stick with more beginner-friendly exchanges such as Coinbase.<\/span><\/p>\n

    Before opening an account in any exchange, make sure it has a solid reputation in the space. You can narrow down if the platform is right for you by reviewing certain factors including:<\/span><\/p>\n

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    1. Security<\/b>: has the exchange been hacked before? What security methods does it leverage? Does it have insurance\/has most assets in cold storage (storing funds offline to mitigate cyber-attack risks)?<\/span><\/li>\n
    2. Fees<\/b>: does the exchange has simple and transparent fees? Or rather a complicated fee structure or hidden costs? How competitive are these fees compared to others?<\/span><\/li>\n
    3. Supported assets: This shouldn\u2019t be an issue for beginners, but it\u2019s good to know how many currencies the exchange supports since not all list the same assets.<\/b><\/li>\n<\/ol>\n

      Now that we have that in mind, it’s time to open your account.<\/span><\/p>\n

      All exchanges have different registration protocols, so the information you need to provide varies. Generally, you need to provide your email and full name, type a password, and submit a government-issued document, like a passport, social security number or an ID card, to verify the account.<\/span><\/p>\n

      After your account is fully verified (some exchanges first require proper verification to allow you to start placing orders), you must link a payment method.\u00a0<\/span><\/p>\n

      You can connect your bank account or use credit or debit cards (if the exchange supports their card deposits). Both options carry an underlying transaction fee (some exchanges may charge a deposit fee) though bank transfers are usually cheaper than card deposits.<\/span><\/p>\n

      Once you have funds in your account, you can place a buying order. This process differs depending on the exchange. Generally speaking, most platforms will allow you to use your USD funds to buy Bitcoin, Ethereum, or any other available crypto by simply entering the amount in dollars you want to buy in crypto.\u00a0<\/span><\/p>\n

      Some other exchanges, like Kraken and Binance, present more buying options such as limit orders and market orders. The first allows you to place a purchasing order when the cryptocurrency hits a specific price, while the latter means you\u2019re purchasing the asset at the current market price.<\/span><\/p>\n

      How to Buy Crypto With PayPal<\/span><\/h2>\n

      PayPal allows users to buy crypto assets. You can purchase crypto directly via in-app using your PayPal balance, bank account or debit card linked to your PayPal account. Another way is sending funds from an external wallet.\u00a0<\/span><\/p>\n

      For example, you can send crypto from your Binance account to your PayPal account:\u00a0<\/span><\/p>\n