If you want to buy cryptocurrency then you will need to go to an online exchange like Coinbase in order to do this. An online exchange is a marketplace where crypto are traded (bought and sold).
There are a vast number of exchanges out there but I’m going to let you know about the one I think is the best, especially if you are new to the crypto world or looking to dip your toe into crypto through curiosity and purchase a small amount of coins.
One of the easiest exchanges to use by far is Coinbase.
Why is that?
In at number one, without doubt, is the fact that it’s so easy to use.
It’s user friendly interface is so simplistic that even if you’re a beginner, you will have no problem in purchasing your crypto coins.
It was purposely designed to be simple in order to encourage mass adoption and therefore help to stimulate the growth of the cryptocurrency market.
Number two is… it is so easy to use.
Ok same reason again, but using Coinbase takes away the stress of learning how to place orders on an exchange.
This is something that you will want to learn eventually as you become more confident in order to benefit from reduced transaction fees but Coinbase is the place to start out.
When you are new to something it can be easy to make a mistake.
You don’t want to be worrying about the actual process of buying, you just want to be able to buy with a few simple clicks of your mouse, and that’s exactly what Coinbase offers…
A simple, understandable, purchasing process.
To buy you click onto the Buy/Sell tab on the dashboard menu and it brings up the options. There is no live order board with flashing prices all over the place, just three simple options; Bitcoin, Ethereum and Litecoin with the stated price per coin.
In at number three is the crypto available.
Bitcoin, Litecoin and Ethereum are all available on Coinbase..
These are three of the top five cryptoby market cap.
There is much more confidence and finance in these cryptocurrency (and platforms in the case of Ethereum) than nearly all other cryptos making them the ideal crypto to start out in.
Reason number 4 is the fact that you can’t buy tokens on Coinbase.
Not all cryptos are currencies. Some are tokens to be used for Dapps (start up businesses operating on blockchain platforms). As a beginner in the market it is unlikely you will yet understand the difference and added associated risks to buying tokens.
I really would not advise going into tokens at this stage. Bitcoin, Litecoin and Ethereum are not tokens and all three options represent a good place to start with your crypto purchasing.
Currently, the only way to transfer funds to your Coinbase account would be to use SEPA or to purchase using a 3D Secure enabled credit or debit card. If you you have internet banking and can pay for stuff online then you should be good to go.
You just enter your details during the sign up process and upload a form of ID such as your driving licence or passport. You will be sent an email to verify your email address and another one to say that your ID has been verified once this is complete.
To get started on Coinbase first thing you’ll need to do is click here and sign up.
Oh and finally, remember my golden rule..
Exchanges are for exchanging. I do not recommend that you store any large amounts on the exchange.
You will need to look at getting hold of a e-wallet or, even better, a cold storage wallet such as the Ledger Nano S available here.