Cryptocurrency is all the rage these days, but if you’re new to the world of digital cash, you might be wondering where to buy cryptocurrency and how to get started with using it. As cryptocurrency is such a hot commodity, new exchange sites are cropping up every day. One of the biggest factors in deciding where to buy cryptocurrency is determining how experienced you are with the process of buying and using this new form of currency.
Where to Buy Cryptocurrency?
It is no understatement to say that there are hundreds of places where you can buy cryptocurrency. Some of these places are established and rather well known; others are as new as your understanding of this new and exciting way of doing business.
When deciding where to buy cryptocurrency you must first assess your understanding of the economics of this business extend. If you’re a beginner, you’ll want an easy-to-use site that doesn’t bombard you with lots of choices.
You might want to choose a provider that really spells out the steps of their process and offers multiple, easy ways to “purchase” cryptocurrency. These sites will let you use debit cards, credit cards and more to convert your money from local currency to cryptocurrency, and some will even have areas of the website dedicated to educating you about the various cryptocurrencies they deal with.
Alternately, as a beginner, you may want to stick with the most popular, most established exchanges. Some examples include Coinbase, Kraken, Yobit and CEX.IO.
Just as you would when shopping around for a new bank, read reviews and feedback to learn more about what other people think of any exchanges you are thinking about dealing with.
Making a Cryptocurrency Exchange
Just as you might trade US Dollars for local currency when traveling, you must convert your traditional cash to cryptocash in order to use it in the digital world. There are several ways of doing it, some of which are easier and more convenient than others.
The largest cryptocurrency exchanges will make it easy for you to convert physical cash to digital cash. They will accept bank transfers, credit cards and more. Some will even accept PayPal, though some exchanges have been wary of doing so as of late due to unscrupulous chargebacks.
No matter where you live or what world currency you hold, there’s a cryptocurrency exchange that can convert your Dollars, Rupees, Yen, Euros or Francs to Bitcoins, Feathercoins, Litecoins or Monero.
To recap, here are the top things to keep in mind when deciding on where to buy cryptocurrency:
- Be honest with yourself about your understanding of cryptocurrency, and find a site that matches your experience level. If you’re a beginner, check out Cubits or Coinbase for their ease of use.
- Read reviews to see what other people have to say about the cryptocurrency exchanges you’re interested in.
- Determine how you’d like to purchase your cryptocurrency. Most platforms will allow you to do bank or wire transfers. Some will even allow you to meet face-to-face to convert your cash to digital assets. Few will accept PayPal due to the risks to sellers.
- Be sure to do your homework on conversion rates. The values of the various cryptocurrencies change just about every minute. Make sure you understand the current value of your world currency, as well as the value of the cryptocurrency you wish to convert your cash to.
There are many cryptocurrency exchanges available for you to choose from. Picking the right one for your particular needs will take a little bit of effort on your part, but once you’ve found the site of your choice you can make your trade and be on your way to making purchases online or even investing to make more money.