Turtle Crypto

Now that we know what a cryptocurrency is, a natural question that arises is how to buy it. To buy cryptocurrency, you can follow these general steps:

1. Choose a cryptocurrency exchange: Research and select a reputable cryptocurrency exchange platform that suits your needs. Some popular options of centralised exchanges (CEX) include Coinbase, Binance, and Kraken. Experts in crypto generally prefer using decentralised exchanges (DEX) such as Uniswap and Pancake swap for privacy (DEX allows individuals to operate anonymously). In general, CEX is recommended for beginners.
2. Create an account: After choosing a CEX, as a prerequisite, you need to sign up for an account on the chosen exchange. At this stage you will be prompted to provide the necessary information (government issued identity) and complete any verification processes required.
3. Secure your account: To complete account creation you must set up a two-factor authentication for added security. This typically involves linking your account to a mobile app like Google Authenticator or receiving SMS codes (care should be taken here, some people have had their SIM card swapped resulting to loss of funds).
4. Deposit funds: Link your bank account or debit/credit card to your exchange account and deposit funds into it (for safety, unlink your card immediately after your crypto purchase). Follow the instructions provided by the exchange to complete this step. This step is becoming harder to implement is some countries due to government crackdowns on crypto.
5. Choose the cryptocurrency: Again, perform further research on crypto projects and decide which cryptocurrency you want to buy, if possible ask for professional advice. Bitcoin (BTC) and Ethereum (ETH) are commonly traded options (the informal blue chip cryptocurrencies), but there are many other crypto project available for trading.
6. Place an order: Enter the amount of the cryptocurrency you wish to purchase and review the order details. To guarantee low spread fees, seasoned crypto buyers normal use various order types, such as market orders (executed at current market prices) or limit orders (set a specific price at which you want to buy).
7. Execute the purchase: Confirm the order and complete the purchase. The cryptocurrency will be credited to your exchange account.
8. Transfer to a wallet (essentially): If you plan to hold the cryptocurrency for the long term, it’s recommended to transfer it to a secure wallet that you control. This provides an extra layer of security. One of the most used and trusted hardware crypto wallets includes Ledger and Trezor. Currently, there are no government guarantee schemes for any crypto kept in CEX. Therefore, if you leave your crypto on the exchange you risk losing it in the event a CEX fails.

Remember, cryptocurrency investments come with risks, so it’s essential to do your own research, understand the market dynamics, and only invest what you can afford to lose.

Disclaimer: This blog post is only for educational purposes. It should  not  be taken as financial advice, please seek professional advice before making any financial decisions. Turtle Crypto makes no representations or warranties as to the accuracy or timeliness of the information contained herein.