With the evolution of the cryptocurrency marketplace, more and more ways to invest in bitcoin keep arriving. But novices have to go with the easiest method for bitcoin investment. Novices find it challenging to purchase their first bitcoin unit because the UI of famous bitcoin exchanges is chaotic and is not a piece of cake to understand; one prominent example of such a case is Binance.
Since Binance carries features for advanced traders, novices find it very complicated to make their first bitcoin investment. One of the easiest ways to buy bitcoin is from some well-reputed bitcoin exchange. Almost all good exchanges provide a platform that helps newbies deposit money and easily buy their first bitcoin unit. Daily conversion and trading volume of a particular cryptocurrency depend upon popularity, the number of enthusiasts, and liquidity.
But not all altcoins are suitable for investment and trading, as they don’t have enough volume to maintain stability, so always choose wisely before using available funds for buying crypto coins daily. Furthermore, the bitcoin market is constantly in flux due to fluctuating trends, but that does not mean you should avoid cryptocurrency investments because volatility will ensure profit from daily trading.
Bitcoin Trading Venue:
Various cryptocurrency trading venues exist, such as local bitcoin exchange, cryptocurrency exchange, cryptocurrency ATM, cryptocurrency brokers, OTC platforms, etc. But all these trading venues have their pros and cons, as well as different deposit and withdrawal options. Therefore, before opting for any options, ensure you understand all the related terms and conditions.
Carefully read about the minimum amount required for making a deposit or a withdrawal in your preferred cryptocurrency exchange. Some exchanges could charge additional fees if you try to withdraw using less than the defined minimum amount. Always study the trading fees and commissions for making deposits and withdrawals.
Open Account on Exchanges:
Opening an account with a cryptocurrency exchange could be a good option, as it will allow you to buy and sell crypto coins without taking part in security measures. Some exchanges require valid government identity documents, while others will let you use your PayPal account or credit card. You have to read all the terms and conditions before opening an account with any exchange to avoid any bitcoin mismanagement. Always read all the necessary information before depositing any money to avoid scams of fake exchangers.
Pick a reliable or traditional payment method:
Before depositing money to buy bitcoins, select a suitable payment method. Always use a government-backed method like PayPal, Bank card, Debit card, or credit card to avoid identity theft and protect yourself from scams of fake crypto exchanges.
There are lots of commercial websites that allow you to purchase bitcoins using your PayPal account. Some of these sites additionally provide you with an option to convert your balance into different fiat currencies. However, the best method is to use a good cryptocurrency exchange and buy cryptocurrencies using suitable reputed traditional payment methods like PayPal or credit card because they are easy to register, have simple UI, and have many participants.
Ass money through a reliable payment platform:
Before depositing any amount of money to buy bitcoins, ensure you have selected a suitable payment method. Always use a government-backed method like PayPal, Bank card, Debit card, or credit card to avoid identity theft and protect yourself from scams of fake crypto exchanges.
There are lots of commercial websites that allow you to purchase bitcoins using your PayPal account. Some of these sites additionally provide you with an option to convert your balance into different fiat currencies. However, the best method is to use a good cryptocurrency exchange and buy cryptocurrencies using suitable reputed traditional payment methods like PayPal or credit card because they are easy to register, have simple UI, and have many participants.
Place a bitcoin order:
The final stage of investing in bitcoin is to place your first bitcoin order. Of course, you must place your first order with the amount you can afford to lose. Always remember that the cryptocurrency market is full of scams and fake exchanges, so be careful.
Many reliable websites like coinbase and Bittrex are available on the internet for making your first for bitcoin investment by using different payment methods. Most of the reputed bitcoin exchange sites offer discounts if you are willing to use a high amount for depositing money for buying coins. The best thing about these sites is that they offer simple UI, have high-security protocol, and offer instant delivery of bitcoins once a payment transaction is completed.