There is a lot of buzz surrounding cryptocurrencies. Every 3 seconds, there is a post on social media about Bitcoin. Even you landed on this page because you were searching online how to buy cryptocurrency. If you are looking to learn the basics and finding the right places to buy cryptocurrency then this guide is for you.
If we get down to the basics, cryptocurrency is digital money. Cryptocurrencies are not stored in a central authority like a bank. Cryptocurrencies are minted digitally and stored in crypto wallets. There are about 1600+ cryptocurrencies in circulation and the number is increasing steadily. Millennials and Gen Z are the pioneers of the crypto revolution.
People who don’t own cryptocurrencies want to go back to the time when crypto prices were dirt cheap. Let’s admit it, we all want to be the guy who got 10,000 bitcoins in exchange of two large pizzas in 2010! The good news is that it is still not too late to invest in cryptocurrencies. The process of buying is a little different from the traditional methods of buying or investing. But before we move on to some easy no fuss methods for buying cryptocurrencies, you must take into account:
- Your location: It is easier to buy cryptocurrency in countries like Canada, Australia & USA.
- Preferred method of payment: Cash, Bank transfer, ATM, Credit card or exchange.
- Disclosing personal information while buying cryptocurrency.
How to buy cryptocurrency with different payment methods?
You can purchase major cryptocurrencies by different payment methods such as :
- Bank Transfer: Using online banking the buyer can send money online to the cryptocurrency seller. In some countries, the whole process may take up to 1-3 days. The payment processing fees are also low as compared to other methods. Most cryptocurrency exchanges accept bank transfer as a form of payment.
- Cash exchange: Cash exchange is a near instant private transaction that needs no personal information. One can even exchange cash at Bitcoin ATM and get bitcoins instantly. The fees associated with cash transactions are generally higher and may cost around 5 to 15%.
Where to buy cryptocurrency without disclosing any personal information?
You can buy cryptocurrencies without submitting any personal details in certain jurisdictions. You can buy cryptocurrencies such as Bitcoin with gift cards, ATM or local peer to peer marketplaces.
How to buy cryptocurrency from cryptocurrency exchanges?
You can buy cryptocurrency from a cryptocurrency exchange website. Cryptocurrency exchanges accept different forms of payment such as Paypal, different fiat currency forms, and bank transfer. You have to register on the website and undergo their security check procedure. You may have to submit documents of proof of identity and your contact details like phone number and email address. Once you set up the account, the can buy can buy or exchange cryptocurrencies, just like on a regular stock trading platform.
How to buy cryptocurrency from cryptocurrency brokers?
Cryptocurrency brokers are places where you can exchange your local currency to a cryptocurrency. You may even trade your newly purchased cryptocurrency to buy another cryptocurrency. Some of the popular cryptocurrency broker exchange sites are Coinbase, Coinmama, and Bitsmap. They accept major payments through credit card, Paypal and bank transfer. However, the have certain limitations such as :
- Unavailability in certain countries
- High processing fees: Coinbase charges 3.75% whereas Coinmama charges around 6% of the amount when you pay with a credit card
- Limited options to buy: You can only buy only Ether and Bitcoin on Coinmama
While picking the cryptocurrency exchange to buy from, you must consider factors such as the privacy of your personal information, the time taken for an exchange to process and customer support. It is vital to pick a cryptocurrency exchange that provides a secure interface without compromising on ease of buying or exchanging cryptocurrencies.
While choosing a cryptocurrency exchange you must consider certain factors such as:
- The privacy of your personal information
- The time taken for an exchange to process
- Customer support
At Switchain, we offer an instant non-custodial exchange of cryptocurrencies using a user-friendly platform. Crypto traders can trade major cryptocurrencies on our platform without creating an account and submitting their personal information. We have partnered with the best cryptocurrency exchanges to ensure that our users get the best cryptocurrency rates. We support the exchange of almost all major cryptocurrencies like ETH, BTC, LTH, USDC and many more. With a robust 24/7 support, our team would help you with transactions across any of our supported cryptocurrency exchanges.
Switchain is an instant non custodial cryptocurrency exchange. Our user user-friendly platform makes trading crypto easy and fast. We work with different cryptocurrency trading partners to guarantee the best cryptocurrency rates to our clients.