If you are a beginner who wants to know “how do I buy Bitcoin?” then there are a few helpful steps you need to know and follow. Buying Bitcoin may not be as easy as you may think as there are several factors you need to consider. This includes choosing the right exchange and knowing the possible risks so you can avoid them and have a safe experience of investing in the flagship crypto asset.
The crypto space is known to be unpredictable and can be complicated for someone who has no prior experience or relevant information. Therefore, it is important for every novice crypto investor to take their time and learn some useful tips that can help them purchase Bitcoin with minimum inconveniences.
Including knowing how to find the best place to buy Bitcoin, here are a few other helpful steps that can make it easier for you to purchase the crypto king for the first time.
How Do I Buy Bitcoin – Know the Price of Bitcoin
Bitcoin is the largest crypto asset in the world and is known for the price fluctuations seen for it in the market. The ups and downs in its price occur due to several reasons. However, BTC is not the only digital asset to go through ups and downs, in terms of price.
However, the volatility is something you need to keep in mind before you purchase the digital currency. Therefore, if you are interested in buying Bitcoin then you first need to take a look at the price of the asset at the moment you are about to make a purchase.
You should also be familiar with the basic price movements seen for the flagship cryptocurrency before you step into crypto investing. Knowing the price of the asset at the moment will also help you be sure that the exchange you choose is secure and does not include any unnecessary and hidden charges.
Choose a Suitable Exchange
The next step to follow, after knowing the price of Bitcoin is to choose a suitable exchange. If you ask “how do I buy Bitcoin safely?” then you need to know the significance of opting for a secure exchange.
There is no shortage of crypto exchanges in the market, however, they don’t all cater the needs of beginners. It is also not necessary that every exchange would match your needs and requirements. Therefore, as a novice crypto investor you need to choose a platform that is according to your criteria.
There are different types of platforms in the market including:
- Decentralized exchanges
- Centralized exchanges
- Peer-to-peer crypto exchanges
Therefore, if you want to find the best place to buy Bitcoin make sure you:
- Take your time and look at all your options
- Choose the one that matches your criteria
- Has good feedback from other customers
Choose a Payment Option
Once you choose an exchange that ticks all the right boxes for you, you can move to the next step, which is to choose a payment method. People who ask “how do I buy Bitcoin after choosing an exchange?” need to know that different platforms offer support to different payment methods.
Some exchanges rely on a single payment method while others offer more variety. Therefore, if you are new to the crypto space and want to invest in crypto for the first time, make sure you take a look at the payment options supported by an exchange and choose the one that suits you the most.
This can also be one of the best ways to identify the best place to buy Bitcoin as you should go for a platform that is according to your convenience.
Some of the supported payment methods include:
- Credit cards
- Debit cards
- PayPal
- ApplePay
- Wire transfer
- Wallet transfer
Place an Order
After choosing a payment method you can then begin investing by placing an order. A great number of crypto exchanges offer different order types and ways to invest in crypto. There are:
- Market orders
- Limit orders
- Stop-loss orders
If you are a beginner and want to know “how do I buy Bitcoin?” then you should take a look at these order types and choose the one that is most suitable for you.
Choose Safe Storage
Once you have placed your order and bought Bitcoin, you also need to know the best way to store it. There are two types of storages on an exchange. One of them is a hot wallet, whereas the other is a cold wallet.
Hot wallets are connected to the internet and are vulnerable to scams and cyber-attacks. Choosing such a wallet is likely to make your funds susceptible to these kinds of attacks.
The cold wallets, on the other hand, are not connected to the internet and are therefore safe from cyber threats and attacks. This make choosing cold wallets a safer storage option for you.
