How To Buy Bitcoin: A Step-by-step crypto guide on how to buy Bitcoin & other cryptocurrencies in 5 simple steps. As a newbie in crypto, it’s important to understand the fundamentals, risks, do’s and don’ts of crypto investing as explained in this free crypto for beginners course titled “What To Do Before Buying Bitcoin”.
I recommend taking some time to complete the free crypto course, first, before buying your first coin or token for a hassle-free crypto investing experience. The course is designed to make the process of investing in Bitcoin and crypto as easy as possible for you.
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So let’s jump into today’s tutorial: How To Buy Bitcoin.
TABLE OF CONTENT:
2. Verify Your Crypto Account
🛒 4. Buy Bitcoin
Step 1: Open An Account With A Crypto Exchange:
First, to buy Bitcoin, Ethereum and other cryptocurrencies, you need to open an account with a crypto exchange. What is a crypto exchange, you might ask?
A crypto exchange is an online platform or marketplace for buying, selling, or trading crypto or digital assets. A crypto market is open 24/7, meaning that you can buy crypto anytime, anywhere at your convenience. All you need is a smartphone or a laptop or device with internet connectivity.
Now, how do you choose a crypto exchange? There are several factors to consider when selecting a crypto exchange such as fees, account features, coin & token availability, deposit and withdrawal options & limits.
I’ve highlighted below some go to crypto exchanges to get you started fairly quickly depending on your location.
Best Canadian crypto exchange for beginners and advanced crypto traders.
NDAX offers 30+ coins & tokens with low fees, instant ID verification, multiple funding methods, free deposits, offline, multi-signature wallet. Want to learn more about NDAX’s account features? Click here.
Get $10 cash back when you buy any crypto worth $100 or more. Click here
Sign up to enjoy up to $10 in cashback.
Simple, beginner-friendly crypto platform to buy and sell Bitcoin & Ethereum quickly.
Get $30 cash back when you buy any crypto worth $100 or more. Use promo code: MFZ0JPC
Sign up to enjoy up to $30 in cashback.
Canadian crypto exchange offering 15+ coins and tokens including BTC, ETH, ADA & more.
Get $20 cashback when you make a deposit of $250 or more. Use promo code: AXLRI246X
Sign up to enjoy up to $20 in cashback.
Sign up to enjoy low trading fees.
Step 2: Verify Your Crypto Account:
Next, now that you’ve opened a crypto account, you need to verify your account. Most crypto exchanges require user account verification for regulatory and compliance purpose.
To verify your account, you’ll have to submit a valid government-issued photo ID. Ensure the name on the photo ID matches the name your crypto account is opened in.
Other account verification processes may include email and/or phone number verification. Usually, the crypto exchange will send you an email confirmation that contains a verification link. You just need to click on the email link to confirm your email.
Similarly, for the phone number verification process, you might need to set-up a two-factor authentication process either via text message or Google Authenticator or Twilio Authy Authenticator.
Note that the account verification process could take minutes or hours, or some business days.
Step 3: Fund Your Crypto Account:
Next, now that you’ve opened and verified your crypto account, you’re ready to start funding your account. There are several ways to fund your crypto account wallet:
If you’re in Canada, the fastest and best way to fund your crypto account wallet is via Interac e-Transfer. Usually instant or at most 30 minutes depending on the financial institution.
When making fund transfers, it’s important to always include your unique reference code. That’s the only way the transfer will be matched to your account for deposit.
It’s recommended to send a small amount first to confirm if the transfer medium is working as it should before sending a large sum of money.
Step 4: Buy Bitcoin/Crypto:
Next, now that you’ve opened, verified and funded your crypto account, you’re ready to buy Bitcoin or any crypto of your choice.
Step 5: Transfer Your Bitcoin/Crypto To A Cold Hardware Wallet
Finally, the last and most important step is to now secure your Bitcoin and other crypto by transferring and storing it on a cold hardware wallet like the Ledger Nano X. Never leave your crypto on any crypto exchange. If you do, you can lose all crypto due to fraud, theft, hacks, malicious attacks or bank runs.
As explained in the free crypto for beginners course titled “What To Do Before Buying Bitcoin”.
You’re technically your own bank and your primary priority in crypto investing is to secure and protect your crypto by storing it on a cold hardware wallet.
Hey there! I’m Blooming Umoren, your money coach, and I’m thrilled to see you here. If you found my tutorial helpful, don’t forget to drop a comment below. Your feedback means the world to me and I promise to read every single one.
For those who are new to my website, welcome! I’m passionate about coaching and creating educational content on crypto and stock investing. Be sure to check out my YouTube channel and Facebook page for more valuable insights on investing. Let’s stay connected and learn together. Talk to you soon!
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Hello, I’m Blooming Umoren: your money coach. I enjoy teaching & speaking about crypto and stock investing as pillars for creating and building long term multi-generational wealth.
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