How to Buy Cryptocurrencies – Best Crypto Exchanges

If you’re looking to buy cryptocurrencies like Bitcoin, Ethereum and other popular cryptos, you may be hard-pressed to know how to get started. Before you buy crypto assets, it’s important to check online review sites for reviews of the best platforms to buy cryptocurrency, their fee structures, payment methods, and trading features.

In this how to buy cryptocurrencies guide, we’ll explore the ins and outs of crypto and the best places to buy cryptocurrency in 2022 safely at a regulated exchange.

How to Buy Cryptocurrency – Quick Guide

Do you want to buy cryptocurrencies like Bitcoin right now? If yes, you can follow the four quickfire steps outlined below to get started.

Best Crypto Exchanges in August 2022

How to Buy Cryptocurrency – eToro Tutorial

Gaining access to cryptocurrencies can be tedious if you are not using the right platform to do this. For beginners, we recommend using the eToro platform to buy and sell cryptocurrencies. In this section, we will explore how you can buy cryptocurrencies in as little as five minutes:

Step 1: Open a Brokerage Account at eToro

To get started, visit the official website of the eToro platform and create a free account. You will be redirected to a signup page where you will need to provide a username, email address and choose a unique, strong password. You can also decide to fast-track the signup process by opening an account with your Facebook or Google account at the bottom of the page.

Step  2: Verify your identity

The next step is to verify your identity. This is necessary because eToro is regulated by some of the top global bodies. Every new user will need to complete the know-your-customer (KYC) process to have their accounts verified.

This requires a copy of your:

• Passport, driver’s license, or national ID card
• Utility bill or bank account statement issued within the last 3 months

In most cases, eToro will authenticate your documents straight away and subsequently remove all account restrictions.

Step 3: Fund Your Account

To begin trading, you will need to fund your eToro account. eToro requires an initial minimum deposit of $200. In addition, eToro offers multiple payment methods to make this process easy for you.

You can choose from:

• Debit/credit card (Visa, MasterCard, Maestro)
• Paypal
• Skrill
• Neteller
• Local bank transfer (country-specific)
• International bank wire

In terms of fees, eToro charges just 0.5% on deposits – irrespective of the payment method. This is much cheaper than some of its main competitors, with Coinbase charging 3.99% to buy Bitcoin with a debit card.

Furthermore, if you are a US resident depositing funds with a USD-backed payment method, there is no transaction fee at all. This stands at $10 for US and UK residents and $50 for most other countries regarding the minimum deposit.

Step 4: Buy Cryptocurrency

The final step is to buy the cryptocurrencies that you want. eToro allows you to choose from over 16 cryptocurrencies. You can buy Bitcoin, Ethereum, ADA, or even Dogecoin. To get started, head to the search bar and type in the cryptocurrency you want to purchase.

Say, for example, you want to buy Ripple or Bitcoin, type ‘XRP’ or ‘BTC’ into the search bar and click on the first result that pops up. Once you get to the asset page, you can click on the ‘Stats’ button to get the financial track record of the digital asset.

To complete the purchase process, click on the ‘Trade’ button on your right. You will be shown an order page like the screenshot above to choose how much you want to invest and set your stop-loss and take-profit levels.

Step 5: Download The eToro Mobile App (Optional)

This step is entirely discretionary and subject to your particular needs. However, if you will like to trade on your mobile when on the move, you can download the eToro mobile app. It is available for Android and iOS devices, and you can easily find it on the Play Store and Apple Store, respectively.

Compare Platforms to Buy Cryptocurrency