How To Make Your First Cryptocurrency Purchase Safely?

When I asked a crypto-sceptic friend of mine what they think could be the elemental reason for a person to buy cryptocurrency, their answer was, “the desire to make money.” I asked, “Don’t you want to make money?” and they replied, “Yes.” To that, I asked, “Then why not cryptocurrency?” I only received a head nod with a foolish smile as the reply. 

And that’s when it struck me… 

After all, who doesn’t want to make money? However, every new opportunity has a common friend, fear. When Henry Ford started the mass production of Model T in the 1900s, people were afraid to let go of their horses for a car. 

At this point, cryptocurrency, the faceless pioneer of the new finance world order, Decentralized Finance (DeFi), is facing similar turmoil. Its great promises are being constantly haunted by apprehensions of all sorts and the pressing agony around digital asset security. 

Nevertheless, this is also the tool that created major FOMO across the globe when eminent personalities, organizations, and governments started talking and investing in crypto. Now everyone wants a piece of this cake despite the apprehensions. 

Hence, we’re here. Today I’ll ease that pain of anxiety and talk to you about the best way to purchase cryptocurrency. 

Steps For A Secure Crypto Buying 

The first purchase is often the most daunting one but once you get through the process, you feel more confident in the asset. However, if the first experience exposes your private details or funds to malicious online entities, it’s going to be ruined forever.  

To avoid that, the first step is to decide where to buy your cryptocurrency. 

Where To Get It From? 

There is no dearth of platforms when it comes to purchasing cryptocurrency. However, the best way to purchase cryptocurrency is through a cryptocurrency exchange. Below we have an infographic highlighting the five most popular and historically proven safe crypto exchange platforms that you can select for your first buy. 

These platforms are regarded as pure-play crypto exchanges as they enable users to trade in crypto and no other assets. For beginners, however, this is the best option as they come with an easily accessible user interface without confusing you with varied options of stocks and bonds but with a wide selection of cryptocurrencies. 

However, there’s no limit to pursuits. You can also measure your chances on all-in-one exchanges such as Robinhood, Fidelity, and Interactive Brokers to get a glimpse of the crypto stocks and bonds world. Also, there’s another option of decentralized exchanges where you can find quite competitive prices but only at the cost of complicated features and steps, which is stressful for newbies. 

How Are You Going To Pay? 

Since we are talking about your very first purchase, I’ll assume fiat money is the standard you’re going by. Nevertheless, if you have gathered tokens from before and wish to exchange them for cryptocurrencies, you can always do that. 

But first, let us stress fiat payments as the best way to purchase cryptocurrency for the first time. Moreover, the top cryptocurrencies are available only in exchange for fiat currencies such as the US dollar, so why not? 

Before buying crypto you must fund the account you created on your selected crypto exchange. Once your account is verified you can transfer the money to the account via various methods: 

• Bank transfers 

• Debit/Credit cards 

• PayPal 

Keep track of this transaction and ensure the amount has been processed safely before moving to the next step. 

Which Crypto Do You Want To Buy And How Much Of It? 

As you must already know, the options for buying a cryptocurrency are endless. The toppers of that loss are Bitcoin and Ethereum, you can also explore a wide range of altcoins such as XRP, Solana, Tether, and many more.  

Very interestingly, Bitcoin which held the top position for years when newbies were searching for the best first investment option, has slipped down the list lately. Several platforms moved its position to the second-best option after Ethereum for first purchasers.  

All this BTC vs. ETH drama took a turn when Ethereum upgraded to ETH 2.0. With this upgrade, the blockchain moved from a PoW mechanism to a sustainable PoS mechanism.  

Thus, the modern Ethereum is here with plenty of opportunities for traders and investors to make money in the decentralized world of finance. From passive income opportunities to favouring the planet, the blockchain update proved to make up for a great cryptocurrency purchase decision. 

How Much? 

Now, moving to the “how much” question, the simplest answer would be, that the sky is the limit. But I know this is your first purchase and you don’t want to pull all your cards at once. This is where your planning comes in. First, analyze your goals and why you want to make this purchase.  

Then take a deep look into your wallet and realize your potential to spend like you do for any other investment. You can always divide your funds into multiple tokens and diversify your crypto investment profile, an iron-clad plan to fight volatility within this uncertain market. 

Once you’ve decided how much to invest, check the conversion for the cryptos enter the amount you decided to invest, and review all the transaction terms before putting your finger on the “confirm” button. 

Now That You Have Your Asset 

Now you’ve gone through the best way to purchase cryptocurrency and you have the assets in your exchange wallet. But it is important to lose no time before you begin the crypto wallet setup process and transfer them to the wallet safely. 

You can choose between hot and cold wallets where cold wallets have proved to be the better and safer option for all. 

There are some common security measures that you must maintain throughout the life of your cryptocurrencies like avoiding public Wi-Fi to access your assets, updating your wallet software regularly, and creating a backup for your recovery key. 

Congratulations On Your First Purchase! 

You got the best way to purchase cryptocurrency from all the steps and advice bits above and now they are safely huddled in your wallet. But the fun part is, the journey only begins from here.  

You now have your presence in two worlds, the tangible world where you’re sitting on a couch and reading this, and the digital web3. But remember, both these worlds function in conjunction with the other. It is the events of the couch world that influence and rives volatility in the digitized one.  

Hence, your only way is to divide your attention mindfully and keep an eye on both sides. Read crypto-related news on our channel, follow social media trends, and make the wisest decisions when holding or trading your digital tokens. Watch out and prevent your assets from becoming a liability!