Many people, starting their adventure with cryptocurrencies, wonder how to buy digital assets. To address this, below we present how you can buy cryptocurrencies on exchanges. In addition, we briefly outline what are the alternative ways to buy cryptocurrencies.
Key information:
- Cryptocurrencies can be bought on exchanges (this article describes how the purchase looks like using OKX and ByBit exchanges as examples).
- Various payment methods are available on exchanges. Among them, payment by credit card, bank transfer or payment through a third-party payment provider.
- As an alternative to exchanges, you can use bitomats and cryptocurrency exchange offices. These types of solutions allow you to purchase cryptocurrency with cash.
Where can you buy cryptocurrencies – what are the possibilities?
Where to buy cryptocurrencies? In most cases, buying cry ptocurrencies is done through a cryptocurrency exchange. This can be either a centralized platform (CEX) or a decentralized exchange (DEX). Alternatives include cryptocurrency exchanges, bitmarkets and P2P services.
The most convenient and also the most common method is to buy on an exchange. As a rule, buying cryptocurrencies on an exchange requires creating a user account and going through a verification process. Some of the most well-known platforms include such exchanges as Binance, ByBit and OKX.
How to choose an exchange to buy cryptocurrencies?
Where to start when choosing an exchange? The basis is to choose a large and reputable entity. Smaller cryptocurrency exchanges sometimes have problems with liquidity and maintaining high security standards. The opinions and reviews you can find on the Internet about a particular platform prove useful. As a rule, a large amount of information can easily be found online about recognizable large exchanges. In the next step, it is a good idea to read in detail the rules and regulations of the selected exchange. In addition, it is worth paying attention to whether the exchange offers efficient support (user support).
When choosing an exchange, it is likely that most users look at such aspects as the amount of fees and the availability of certain features to improve trading (such as the possibility of staking or trading with leverage). In addition to these aspects, you should undoubtedly be guided first and foremost to choose the safest possible platform.
Why should you start buying cryptocurrencies precisely with the help of exchange platforms? First of all, because of the simplicity and convenience. Buying cryptocurrencies on an exchange is not a problem even for beginners, in other words, the use of such platforms is fully intuitive.
Moreover, most platforms of this type are geared towards new investors who are just about to take their first steps in the world of digital assets. To meet this goal, the exchanges provide carefully prepared knowledge bases and allow the use of demo accounts.
How to buy cryptocurrencies on an exchange using ByBit as an example?
ByBit is a growing platform that has quite a reputation. How to buy Bitcoin or other cryptocurrencies on the ByBit exchange? Buying cryptocurrencies on ByBit is possible after registering an account on the platform.
- To do this, go to the website (bybit.com) and click the yellow “Sign Up” button, located in the upper right corner.
- It is then necessary to enter an email address and set a password.
- A verification code will arrive at the address provided, with which you can confirm the creation of an account.
- Before you start trading on the platform, it is advisable to use the appropriate account security. For this purpose, you can set up additional authentication, such as by SMS or using the Google Authenticator application.
At this stage the user can verify the account (KYC) or start buying cryptocurrencies. Interestingly, going through the KYC procedure on ByBit is not necessary, but some people choose to do so because it allows them to withdraw larger amounts at a time.
To start buying cryptocurrencies, you need to deposit funds into your wallet. This can be done in at least four ways:
- With a credit card (One-Click Buy option);
- By using the P2P Trading platform, which operates within the ByBit ecosystem;
- By means of SEPA transfer (Fiat Deposit);
- By means of cryptocurrencies (Crypto Deposit).
How to buy cryptocurrencies with a credit card (One-Click Buy option on ByBit)?
If you want to use your credit card to deposit then you can use the One-Click Buy option, which is available ByBit.
- To do this, just click the “Buy Crypto” button in the top menu and then “One Click-Buy”, which is located in the upper right corner of the screen.
- In the next step, the user is asked to select the currency in which the payment for cryptocurrencies is to be made.
- Then simply select the payment method (e.g. “Credit Card” and click “Add Card” to pay by credit or debit card. The step required to process the payment is to enter the card details (name, email address, card number, expiration date CVC code).
- Then click “Continue.” To confirm the payment, it may be necessary to enter the CVV/CVC code again and select the “Pay” and “Confirm” buttons. The payment will be verified.
- To check the status of your purchase, simply select “View Asset.”
How to buy cryptocurrencies using P2P on ByBit?
- To buy cryptocurrencies via P2P on ByBit, you need to log in to ByBit.com and click the “Buy Crypto” button located in the main menu at the top of the page.
- Then select the “P2P Trading” options. This will take us to a screen with a list of offers. If you select the appropriate offer then just click the “Buy” button (e.g. “Buy USDT”).
- In the next step we will be asked to enter the amount to be purchased. Just click Buy again and proceed to the transaction summary. If everything checks out, the next step is to pay for the order by clicking “Go to Pay.”
- After completing the formalities (entering the data) and making the payment, you can click “Payment Completed”. At this stage, we can track the status of the cryptocurrency purchase in the “Orders” tab.
How do I buy cryptocurrencies by wire transfer (Fiat Deposit on ByBit)?
In order to withdraw funds via a regular SEPA bank transfer, again after logging in, select “Buy Crypto” in the top menu after which click “Fiat Deposit”. Then enter the amount and select the appropriate fiat currency (available cryptocurrencies include PLN, EUR, GBP, TRY, RUB, BRL, among others). Then select SEPA Transfer as the payment method. The time to post the transfer should be about 1-3 business days.
How to buy cryptocurrencies on an exchange using OKX as an example?
Another exchange that has quite a reputation is OKX. It is a large platform that processes a large volume of transactions every day. OKX has made it a priority to ensure the highest degree of security.
- To create an account on the OKX exchange, click “Register Here” or “Register” in the upper right corner.
- It is necessary to provide a phone number or email address and accept the consents and terms and conditions.
- The user must then enter the necessary data and select the “Register Here” button again.
- A verification code should arrive by e-mail or SMS, which must be approved. Once the account is registered, the system transfers to the newly created profile.
To buy cryptocurrencies on OKX it is necessary to go through the KYC verification process. To do this, you need to attach a scan or photo of your ID card. Identity should be confirmed within a few days at most.
Funds to the OKX wallet can be deposited using 3 methods:
- Credit/Debit card (Visa or Mastercard). Revolut card is also supported.
- P2P trading.
- A third-party operator (such as Simplex or Banaxa).
How to buy cryptocurrencies by credit card on OKX exchange ?
To buy cryptocurrencies by credit card on OKX, select the “Buy cryptocurrency” button, and then enter the “Buy by card” section. In the next step, we may be asked to specify the type of card to be used for payment and enter the data. After that, all you have to do is select the cryptocurrency and the amount for which the payment is to be made. After that, all we have to do is reprocess and confirm the payment, just as we do with regular online purchases.
How to buy cryptocurrencies using P2P on OKX?
The OKX exchange, like the ByBit exchange and many other leading platforms of its kind, has its P2P platform, through which you can buy cryptocurrencies from other users. To start buying cryptocurrency this way, go to okx.com/p2p-markets. Then just log in and select the appropriate offer. Then press the “BUY” button to place your order. Once the order is placed, pay for the purchase and finalize the transaction by following the on-screen instructions.
How to buy cryptocurrencies using a third-party payment provider on OKX?
To buy cryptocurrencies through a third-party payment operator, select “Buy cryptocurrency” and then “Third-party payment” in the menu. We are then asked to select a payment operator. The choices are Simplex, MoonPay, Coinify, Banaxa and Itez. In the next step, you need to choose what cryptocurrency you intend to buy and the FIAT currency to reprocess the payment (PLN is available). Before making the transaction, check the purchase limits with the third-party operator. It is also worth paying attention to the payment processing time.
How to buy cryptocurrencies at a cryptocurrency exchange?
Wondering where to buy cryptocurrencies(cryptocurrencies where to buy), it is worth knowing that exchanges are not the only method available. Buying cryptocurrencies is also possible through exchange offices. This does not mean classic exchange offices, where fiat currencies are exchanged, but those that specialize in trading cryptocurrencies. Some exchange offices of this type operate on the principle of online platforms, allowing the entire process to be carried out remotely. Others, on the other hand, allow you to buy only at a stationary point, just like in classic currency exchange offices.
As a rule, cryptocurrency exchange offices operate in a way that, from the point of view of a person who wants to buy cryptocurrencies, may seem very convenient. The principle of operation resembles the one one has to deal with when using a traditional exchange office. You simply walk into the establishment and use cash to buy cryptocurrencies.
This method gives novice investors a greater sense of security. However, exchange offices also have their disadvantages. First of all, we are talking about fees, which are generally higher compared to cryptocurrency exchanges. An example of an operator that allows you to buy cryptocurrencies using cash of a physical facility is Kanga.
How to buy cryptocurrencies at bitomats?
Bitomats are special devices that work very similarly to classic ATMs. The main difference is that they do not deliver banknotes, but allow you to buy cryptocurrencies or sell them. More and more such devices are being built in Poland.
As a rule, bitomats allow the purchase of cryptocurrencies up to a certain amount without KYC verification. The advantage of these devices is that they are available around the clock, which often gives them an advantage over exchange offices.
The disadvantage is similar to that of exchange offices – here, too, users must prepare themselves for higher fees than those charged at exchanges. In addition to standard commissions, sometimes additional transaction costs are charged. Popular operators include FlyingAtom and ATM Egera, for example.
How to buy cryptocurrencies using P2P services?
P2P services are systems that mediate between buyers and sellers of cryptocurrencies. Where to buy using such a method? This can be done on platforms, for example: LocalBitcoins or Paxful.
A few words of summary
In conclusion, how to buy cryptocurrencies? Based on the above text, it can be concluded that cryptocurrencies are easiest to buy on exchanges that allow you to purchase cryptocurrencies with credit cards, bank transfers and through third-party payment operators. In addition, it is worth bearing in mind that an interesting alternative is to buy cryptocurrencies at exchange offices and bit machines. Such a way allows you to buy cryptocurrencies with cash.
