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How to buy / buy cryptocurrency 4 steps and how to choose a safe exchange

6 mins read

A virtual currency that is expected to be a currency of the new era by utilizing block chain technology such as Bitcoin (BTC) and Ripple (XRP). The number of people who purchase virtual currency as an investment target is increasing more than before.

However, even if a beginner wants to buy virtual currency, he does not know how to buy it. The flow to purchase is not so difficult, but there are some precautions to be taken when trading virtual currencies, so it is necessary to understand it well in advance.

So, this time, for those who are thinking of starting virtual currency from now on, introduce a specific purchase method. Although there are slight differences depending on the cryptocurrency exchange, the procedure to trade is generally simple, so please refer to it when you start trading.

 

There are two main places where you can buy virtual currency: “exchanges” and “sales offices”.

  • An exchange provides a place for users to trade with each other. If the desired price is matched between the users, the transaction will be completed, so it may take some time to complete the transaction, but on the other hand, it is possible to trade at the desired price.
  • A sales office is a place where you and a trader do business. Since the user buys and sells the virtual currency held by the trader, the transaction can be completed immediately, but a fee may be charged from the exchange.

If you are a beginner, we recommend a sales office that has few operational mistakes and is easy to purchase. Some vendors offer both exchanges and sales offices.

Once you get used to trading cryptocurrencies, you may want to try limit orders on the exchange, where you can place orders at the price you want to buy.

 

4 steps to buy cryptocurrencies

The general flow for purchasing virtual currency is as follows.

 

Step 1. Select the cryptocurrency exchange you want to use

To use an exchange, start by opening an account.

The characteristics differ depending on the cryptocurrency exchange.

Be sure to select the exchange that suits you, such as price aspects such as fees and spreads, security measures, operability, and the brands of virtual currencies handled.

 

Step 2. Open an account on a cryptocurrency exchange

To open an account, you need to register your personal information and submit your identity verification documents. On many exchanges, opening an account can take several days or more.

Therefore, if you plan to trade virtual currencies, create an account on the exchange in advance.

 

Step 3. Deposit funds to purchase virtual currency

There are means such as making a bank transfer and depositing money from your bank account to the bank account of the exchange. It may take some time to reflect the balance, so you need to make a deposit before the timing you want to trade.

 

Step 4. Buy cryptocurrency

After depositing the funds, it is finally time to buy virtual currency.

The minimum trading unit depends on the currency, but beginners should start with a small amount. At the Coin check sales office, you can purchase all the virtual currencies.

 

4 points for choosing a secure cryptocurrency exchange

There are many exchanges both domestically and internationally, but what should you be aware of when choosing an exchange?

There are four points to consider when choosing a secure cryptocurrency exchange, for example:

 

Point 1. Security system is in place

The first is “where the security system is in place.”

When trading virtual currencies, consider hacking risks and choose an exchange with strong security measures.

In particular, it is important to check in advance whether storage in a cold wallet and whether two-step authentication can be set.

 

Point 2. The management system is in place

It is safe to use a highly reliable exchange, such as the capital size of the trader and the segregation management system.

 

Point 3. Diversified investment in various virtual currencies

The types of currencies handled vary depending on the exchange. In the unlikely event of risk diversification, an exchange with more options is better.

 

Point 4. Easy to use services and apps

High operability is one of the important points for beginners. If you use an exchange that is difficult to use, you may place the wrong order and lose a lot of money.

On the other hand, if the operability is high, not only can you reduce ordering mistakes, but you can also realize smooth transactions, so be sure to choose an exchange that is easy to see and use.

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