Guide: how to buy cryptocurrencies
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    Senior Member fxtester's Avatar
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    Default Guide: how to buy cryptocurrencies

    The purchase of Bitcoin or a different crypto electronic cash can be made in two steps. First you need to buy one of the most popular decentralized digital currency. And then you will be able to exchange it against another coin. The goal is to make money while trading them or investing on them. Unless, you need it to buy products from them on an ecommerce.

    1. Buy one of the main crypto currencies

    Guide: how to buy cryptocurrencies-coinbase-jpg

    You need first to register on the Coinbase, the digital currency portfolio, and then buy one of the most important crypto currencies, ie Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, or Litecoin. You will just need to verify your email address, send a proof of your identity (a scanned image or a picture taken from a webcam, a mobile phone of a passport, a driver licence or an identity card), a proof of your address (an electricity bill, a credit card statement, or a bank statement). You can buy a crypto money with a bank wire or with your credit card. It supports 32 countries, has a total of USD 150 billion digital currency exchanged, 20 million customers. The company was established in June 2012 and is based in San Francisco, California. A total of USD 217 million has been invested in this enterprise by worldwide business angels.

    Purchase of a currency:

    To buy Bitcoin (for example), you have to go on the Accounts tab, to Add funds from your bank account (for large amounts) or from a credit card (Visa or Mastercard for small amounts), it will add funds to your wallet. You will have then to click on Buy / Sell, select the currency you want to buy, from your wallet, and enter the wanted amount (in your local currency among 163 national currencies, with a maximum of 100,000 USD/EUR). You don't need to buy one full unit that can be very expensive, but instead a portion of it. Each bitcoin is divisible to the 8th decimal place (1⁄100000000, this smallest portion is called satoshi). And finally to click on the "Buy Instantly" button. You will get an address for this purchase. The account on this service is indeed a collection of addresses. New addresses are automatically generated for each payment.

    The sale of a currency:

    To sell a digital currency, go on the Buy / Sell tab, click on Sell, select the wanted currency (for example Sell from BTC wallet), enter the amount. And finally validate the sale by clicking on Sell Instantly. The money will go on your wallet expressed in your local currency.

    You can set recurring transactions, consult full reports, the transfer history, check the price chart for each asset.

    Fees:

    The fees depend on your location. For U.S. residents, it is $10 if you make a deposit from a bank account, $25 for a withdrawal. Then 1.49% with a minimum of $0.15 if you purchase from a U.S. bank account (the same for a sale), 3.99% from a credit card. You get the same fees if you are in U.K., except for the deposit that is free and the withdrawal will cost you £1 (for bank transfers). The same for Europeans, except that the deposit is free, and the withdrawal costs €0.15 (for bank transfers). There is no fee on virtual currency transfer.

    Security:

    The access can be secured with a sms authentication code. To add more security, we can store our funds in a vault with time delayed withdrawals. The digital currency stored on their servers is covered by an insurance policy. It is possible to contact them through email, phone, postal address.

    2. Exchange it against a new crypto currency

    Guide: how to buy cryptocurrencies-binance-jpg

    You can then buy, sell, or trade one of the new crypto currencies on Binance, the blockchain and crypto asset exchange platform. It is the largest in the world. For this service, there is no obligation to prove your identity. However doing so can increase the limit of daily withdrawals from 2 BTC to 100 BTC. This service uses a multi-tier & multi-cluster system architecture, is able to proceed 1,400,000 orders per second. You can exchange a total of 145 cryptocurrencies. The company has been founded in 2017 and is established in China, with offices also in Taiwan. It owns its own digital money, named BNB, which has a market capitalization of $1.3 billion. The company has made $500 million of profit during its first year and is expecting to make $1 billion in 2018. It has already done its first acquisition with Trust Wallet with an undisclosed deal.

    Deposit:

    To make a deposit in Bitcoin (for example), you will have to go on Funds > Deposits, to select the respective currency, to send the BTC to a specific unique address, which will be displayed on the Deposit page. The deposit will be done immediately. You will be able to track its progress on the history page.

    Exchange:

    To make trading between currencies, click on Exchange, select the wanted market. Click on the wanted pair, choose between buy and sell, enter the amount in the currency you want to buy / sell. Click on the Buy / Sell button.

    Withdrawal:

    Click on Funds > Withdrawals, select the wanted digital currency, enter the respective address, enter the amount (minimum withdrawal of 0.002 BTC = currently 13 USD) and click on Submit.

    Fees:

    The exchange fees represent 0.1% of the amount involved for each transaction. You can get a discount of 25% on the fees if you choose to use BNB. There is no fee for deposits. The withdrawal fees depend on the currency, for BTC it is 0.0005 BTC (equal to 3 USD currently). For Ethereum withdrawals, it is 0.01 ETH (equal to 3 USD). The cheapest seems to be Litecoin with 0.001 LTC (ie 6 USD cent at the moment).

    Security:

    The access is done through google authenticator or a sms authentication code. You can contact them through email, Telegram, Facebook, Twitter.

    Why buy cryptocurrencies ?

    The crypto electronic cash is currently the opportunity with the biggest potential. The Bitcoin price has jumped from USD 0.0001 per unit to USD 19,468, that's an insane growth of 194 million %! The Ethereum has gone from $0.3 to $1392. And the Litecoin from $0.0325 to $366. Of course you can invest in a digital money that can stay at a low price for years. It is better to buy several of them and to always invest only the money that you can afford to lose. There are hundreds of new cryptocurrencies, but these platforms only propose the most secure ones.
    Last edited by fxtester; 08-23-2018 at 12:04.

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Guide: how to buy cryptocurrencies