So you’ve got some money, and you want to invest it in cryptocurrency. Maybe you’ve heard good things or seen good things, and you know it’s a worthwhile risk should it pay off.
But the thing with cryptocurrency is that it’s all digital. It’s not like you can just go out and buy it.
And how do you store it? You can’t put it in your actual wallet. Cryptocurrency has to be stored specially and bought from a specific place. Luckily, we can tell you how and where.
What Is Cryptocurrency?
Crypto is a form of digital currency used exclusively online. There are many cryptocurrencies, but here are some of them: Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and others.
What makes it different from normal currency, other than it being digital, is that it is secured via cryptography. This is a fancy way of saying that it’s so secure that it can’t be counterfeited or double-spent.
Why Should You Invest In It?
Some would argue that cryptocurrency is the future of money and investing. They will be used by a lot of people as a medium to get paid for their work or sell services that other people need.
The most attractive thing about cryptocurrency is that it doesn’t require a bank.
This means that when you’re using cryptocurrency for foreign exchanges, you don’t have to worry about ever-fluctuating exchange rates. Cryptocurrencies, therefore, transcend borders.
They also tend to travel a lot faster than centralized currencies.
Where Can You Buy Cryptocurrency Stock?
It’s all very well knowing what cryptocurrency is and why you should invest in it, but the question remains, how?
Buying cryptocurrency is not like buying anything else. How and where can you buy something that technically doesn’t exist in tangible form. Easy.
Entire cryptocurrency exchanges exist. These companies are exclusively dedicated to the sale and storage of cryptocurrencies.
On these exchanges, just like with currency trading, the price of bitcoin is affected by its market value.
This goes up and down every day, if not hourly. And it can be by a little, or even by a lot. Let’s not forget Bitcoin’s legendary 3000% increase.
Coinbase
Coinbase is one of the most widely used cryptocurrency exchanges today. If you have some basic knowledge about cryptocurrencies, you’ve likely heard of Coinbase before.
The company offers an easy way for beginners to buy bitcoin, Ethereum, or Litecoin with a bank transfer.
For those who are comfortable purchasing via debit card or credit card, Coinbase also provides additional payment options, including wire transfers and gift cards from popular stores such as Amazon.
The great thing about Coinbase, and some other cryptocurrency vendors, is that they provide you with a digital wallet to store your cryptocurrency in.
Voyager
Named after the Star Trek ship, Voyager is a crypto broker that broke onto the scene in 2017. They’re hailed for being incredibly user-friendly and having a variety of innovative features.
They offer a unique crypto rewards program aimed at your crypto purchases, as well as an interest-bearing crypto savings account.
Typically, cryptocurrency exchanges will suffer from very high prices. This is because of their sneaky fees inflating the price. Voyager is one of the rare brokers that does not charge high fees.
This makes them a cost-effective exchange. They are, however, only available to people living in the USA. Moreover, they do not have a desktop platform. Though users have boasted about their easy-to-use mobile app.
BlockFi
BlockFi is another trusted cryptocurrency exchange. They provide the option to buy, sell, and trade cryptocurrencies but also provide other products, like BlockFi Interest Accounts, for cryptocurrency enthusiasts.
One limitation of BlockFi would be that it’s not beginner-friendly, and is for the more intermediate to advanced crypto traders, as it can be difficult to set up an account without prior cryptocurrency experience.
It could also prove daunting for non-crypto experienced individuals. However, there’s no denying this website has a loyal following of crypto fans and traders.
CEX.IO
CEX.IO stands out as one of the biggest cryptocurrency exchanges with over $8 billion worth of trades performed on the site yearly.
It’s known for its impressive array of liquidity and security options. One of CEX.IO’s major selling points, besides excellent customer service, is that they accept fiat deposits through international transfers.
Though, like with BlockFi, beginners may find this cryptocurrency exchange a little bit overwhelming. It’s designed more for those who are regulars on the cryptocurrency scene.
SFOX
At SFOX, they believe in making investing accessible to everyone, which is why they make their investment research free to all investors.
They don’t take themselves too seriously, either – they love giving investors access to insightful information. Their goal is to help everyone succeed with crypto.
What began as a simple Twitter bot trading strategy, SFOX now enables anyone in the world to invest in the best blockchain assets.
No matter your interests, background, or net worth; anyone can become a Crypto Investor and benefit from the collective wisdom of the community.
Their mission is to create a global financial system based upon access, trust, and participation that empowers people to achieve more financially.
What To Look Out For When Buying Crypto?
There’s a lot to think about when it comes to buying cryptocurrency. The first thing you’ll want to look at when choosing an exchange for yourself is how much volume the exchange boasts.
Volume should give you a quick indication of what kind of transaction activity takes place on a given day.
In addition to the daily volume, check to see if orders settle instantly or if you need to, wait for the confirmation of the order before you get your coins.
Most reputable exchanges feature instant settlements, but some still require confirmations of orders to ensure they’re legitimate.
If possible, choose an exchange that features a high number of transactions per day. This will mean that you’ll have enough time to process any withdrawals or deposits needed.
Final Thoughts
We hope this helped you figure out where to buy cryptocurrency from, and what exactly to look for.
As is always the case, investing is a risk, but if you follow our advice and never invest what you can’t afford to lose, you stand to be quite successful.
Financial Disclaimer
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