Buying Bitcoin might seem like an overwhelming proposition in the beginning. However, when you divide it into simple steps, it gets easier. This is just what we intend to do in this article. We are breaking down the whole process into small steps that will make it easy to follow.
Choose the Crypto Trading Service
The first step to investing in Bitcoin is researching the different crypto trading services or venues and selecting the best for yourself. Some common options are brokerages, crypto exchanges, and payment services. However, crypto exchanges are the best because they offer a variety of features.
Once you sign up for a crypto exchange, you will be eligible to buy, sell, and hold cryptocurrency. While choosing an exchange agency, try to find one that allows users to withdraw crypto to their own wallet. This will ensure the safety of your money.
Since Bitcoin ethos is about decentralization and individual sovereignty, some exchanges allow users to remain anonymous and not seek personal information. Such exchanges operate autonomously and are typically decentralized. However, since there is so much anonymity, the safety of your funds could be at risk. So avoid associating with such agencies, at least if you are new to crypto investment.
After finalizing the exchange agency, the next step is to get your documents verified. The documents and information required of you depend upon your country’s norms. Generally, you are required to submit an ID proof, the source of your income, details of your employer etc. There are some exchange services that have a really simple procedure for document verification, for instance bestcryptoexchangeaustralia.com.au.
Attach Payment Option
After the required documents are approved, you will be asked to attach a payment option. Before attaching the payment details, make sure that your bank allows investment in Bitcoin. For instance, Bitcoin is illegal in the USA. When you attach a payment option to a crypto agency, the bank charges minimal fees that vary from bank to bank. The fee is chargeable for credit cards, debit cards, or bank accounts. Since it is different for each bank, proper research can help you save money. The exchanges also charge a fee for each transaction, a specific amount or a certain percentage of the trading amount.
Place an Order
After you have attached the payment, you can place the order for Bitcoin at your selected crypto service. Before you place an order, there are a few things that you should know. The exchange agencies have evolved over the years to provide a seamless crypto trading experience to the people. In that, they have also doubled their fees over the course of years as the trust of people on cryptos got stronger.
Store it safely
The next important step after buying Bitcoin is its safe storage. Since it does not have any physical form, you get ownership of the Bitcoin through private keys. To ensure safety, always store these private keys safely. You should always store it in your personal wallet so that only you can access it. You can consider exchanging wallets, but we don’t recommend it for safety reasons, especially when the amount is huge.