By the end of 2017, Bitcoin, the King of cryptocurrency, reached around $20,000 at its highest position. This event attracted even those who weren’t really into ‘all these cryptocurrency things’, because that’s when they realised that Bitcoin is actually the 21st century’s sweet spot for private entrepreneurs, not to speak of major companies that invest huge funds into cryptocurrency. That’s why the number of newcomers to this sphere is increasing exponentially every day. Hence, there is a growing demand for articles that provide interesting insights and useful guides on ‘How to Buy Bitcoin easily’. So, here you are about to read one of them.
Now, let’s get started. First of all, you should…
Choose an Exchange to Buy Bitcoin
The intensity of the cryptocurrency market seems to have no limits due to the reasons stated just above. At the same time, it lacks regulations.
High demand + Partly regulated sphere = A sufficient number of shady businesses
Obviously, it means that you should choose an exchange prudently. It’s not really a problem. One of the most sound methods is to check out for how long the platform has been operating. It is also better to choose well-known ones like CEX.IO.
Note that, the following guide will take this Cryptocurrency exchange platform as a basis due to its reputation and a beginner-friendly website. Trading cryptocurrency on CEX.IO is as easy as buying things on Amazon or eBay.
Buy Bitcoins with CEX.IO : Cryptocurrency Exchange Platform
Being a CEX.IO user, you have two basic options to buy Bitcoins. You can choose the most convenient one depending on your purposes:
1. Buy/sell : This is a good choice for beginners. The interface is so clear that it reminds as if you use some food delivery website, so buying Bitcoins is no harder than ordering pizza. Mind that the fees are of course higher here.
2. Trade section : This option best fits, as you can guess… traders, because there you can find a great variety of altcoin/fiat trading pairs and some accessory instruments, such as a price graph or a market depth chart. But don’t be frustrated, the interface is easy-to-grasp even for novice users. In addition, the fees are more profitable here than if you use the Buy/Sell, so we’ll go through both of these options.
BUY/SELL BITCOINS : STEPS TO FOLLOW
The steps are as follows:
- Choose “Buy” or “Sell.” The “Buy” button is by default, so you don’t need to press anything here.
- Choose the pair. The default one is BTC/USD. If you wish, you can switch to BTC/EUR, BTC/GBP or BTC/RUB.
- Indicate the amount of BTC you wish to buy.
Note 1: Once you’ve input the amount of BTC, you will immediately see the total sum of fiat money you need, including fees. It works the other way around as well: indicate the sum you wish to spend and get the amount of BTC you can acquire.
Note 2: You can buy Bitcoin using all your USD by pressing the following sign.
Note 3: The minimum amount of Bitcoins you can buy is 0.01.
- Press “Buy”.
Note: If you didn’t fund your account with money, you will get a message like the following one.
In this case, you press “Fund account”. There you will have to choose the …
Payment options :
With CEX.IO, you have three alternatives:
- Payment Card (Visa/MasterCard): This is probably the quickest one. You only need to link your bank card and wait until it is verified. After that, you will be able to deposit/withdraw funds quickly and on a constant basis. On the average, the commission constitutes 3.5% + $0.25.
- Bank Transfer: This is how you can deposit money without any fees, providing that you have passed identity verification. This is a good choice if you have enough time, a standard wire transfer can take from 3 up to 7 days. The good thing is that, when withdrawing money, you pay a static fee, no matter of the amount you withdraw.
- CryptoCapital: This is another payment method available on CEX.IO. It also implies that you have your identity verified. The best part of this way is that deposits are completely free, so are the withdrawals, in case you use EUR or GBP. With USD, you will need to pay a 2% fee.
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Trading on CEX.IO
The essential difference here is that you don’t buy Bitcoins from the exchange itself but trade them with real people. That’s why prices are more profitable than in the Buy/Sell. Although at first glance, trading may seem complicated, in fact, it’s not.
So, let’s see and analyse…
How to buy Bitcoins using the Trade section?
1. Choose the pair : Again, BTC/USD is the default one. You can choose any you wish.
2. Press “Market” :You will need to scroll down the page a bit until you see the following section.
3. Choose the amount of fiat money you wish to spend (USD, EUR, GBP, etc.).
Note: You can buy Bitcoins with all your funds, by pressing the “Balance” button.
4. Press “Buy now.” Once you’ve pressed it, you will almost immediately see the corresponding amount of Bitcoins on your account balance, thanks to the fast execution of orders.
As you can see, dealing with cryptocurrency is much easier than it seems at first sight. The only issue of high priority is to choose an exchange you can trust because it’s the crypto exchange that does all the operations and holds your money, which is commonly a lot. With cryptocurrency, the profits might be high, but so are the risks.
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Here are a couple of pieces of advice on the road while investing or trading in such risky options:
- Avoid shady platforms
- Think deeply & Invest wisely
- Never rush into a decision
Disclaimer : Bitcoin is an inherently risky investment. Please follow due diligence for bitcoin as well as the exchange/trading site you want to trade on before entering the trade. This blog post can’t be constituted as a professional advice in any regard. Fintrakk.com or any of its representatives are not responsible for any losses occurring due to investment in bitcoins or any other cryptocurrency!!
Hope you liked these minute details on how to buy bitcoins with CEX.IO easily. What are your views on the rising cryptocurrency craze around? Are you attracted towards this emerging digital world or you are just amongst the silent observers? We would surely like to hear your valuable opinion on this trending Bitcoin wave and other cryptocurrencies in the comment section.