Let’s suppose that you are a newbie investor willing to try a hand in cryptocurrency. You have learned a lot about Bitcoin and altcoins, explored the reasons affecting their prices, and weighed all the pros and cons of investing in crypto. But where should you start? How to find a reliable platform to buy your first Bitcoin from?
What you need to understand is that the majority of exchanges support Bitcoin as it is the most popular cryptocurrency at the moment – and its market capitalization says it all. There is a vast choice of crypto platforms now, and therefore it is essential to pick the best Bitcoin exchange for your particular needs.
Bitcoin… But There Are Lots of Other Cryptos
First of all, Bitcoin is a crypto that is the most widespread. That means that you still cannot buy stuff for XRP or ZEC, but there are many retailers (both online and offline) that accept Bitcoin. In other words, Bitcoin is likely to be the first crypto to be accepted everywhere, and it is also currently the most established and recognized one.
Sure, it has certain downsides – transactions are sometimes too slow and the fees may be a bit high. However, if you want to play it safe, go for Bitcoin.
What to Look for in a Crypto Exchange?
Exchanges differ in many ways. The first thing is the number of currencies and types of trades they offer. For example, some exchanges may allow you to trade crypto for crypto, but there will be no fiat accepted. Others will allow using fiat but may not allow for various types of trading (margin trading, for example.) Finally, there are platforms that charge huge fees but have excellent service and vice versa.
For the newcomers, there are two most important factors to look for– safety and user-friendliness.
How to Find the Exchange I Can Trust?
One of the exchanges that will encourage every new Bitcoin buyer is CEX.IO. It has a great user-friendly interface and trading there is made simple. Furthermore, you can rest assured that there will be no hurdles when you buy Bitcoin at the platform. Once you go through registration and verification, trading and buying will be a child’s play.
We would also recommend checking out Kucoin, a relatively innovative new platform with some interesting features.
Is It Difficult to Register on CEX.IO?
Registering on CEX.IO is not a complicated process. You only need to take the following steps in order to create an account and start buying Bitcoin:
- Click the ‘Register’ button;
- Fill out the form with all the required details;
- Turn on two-factor authentication for further security;
- Verify your account via your email.
There are additional requests that you may get depending on your country of residence. For example, the CEX.IO team may ask you to provide an official document along with your selfie with it. This photo is then processed by the face recognition technology where the software determines whether your document is indeed yours.
How Can I Pay for Bitcoin?
Once the registration process has been completed and CEX.IO has verified your user account, you need to choose the most appropriate method that you will use for purchasing your Bitcoin. Now, there are three ways to pay for your crypto:
- Wire Transfer;
- Payment Card (Debit/Credit);
- Other cryptos.
Of course, if you’ve ever made a payment online, you know that cards are a much faster and reliable option than bank transfers that sometimes may take days to be processed.
What Does It Take to Purchase Bitcoin Here?
First of all, go to the Buy/Sell tab to navigate to the instant-buy page. There you will find the offers for different cryptos against various fiat currencies – pick the one that suits you most and click ‘Buy’ under it.
There is also an option to buy a customized amount of Bitcoins. Just fill in the amount you are willing to buy and you will get an instant offer which is automatically calculated according to the latest price of BTC within the platform.
How Much Do They Charge?
Naturally, CEX.IO charges fees for transactions, which is something most of the websites do. Luckily for you, it is one of the most affordable online exchanges. The instant-buy option that we discussed earlier will cost you no less than a 7% fee charged from the amount of fiat currency. Keep in mind that every exchange of this type will also have deposit and withdrawal fees for fiat. So, if you are not familiar with how fees work, you can check out the fee schedule on their website for more information.
There is also a so-called Maker-and-Taker fee. In essence, these fees are imposed on the trading activity and are usually lower than those for the instant-buy option. Trading involves someone (the Maker) creating an offer, and someone (the Taker) accepting that offer. The fees for this type of activity are calculated on the basis of your 30-day trade volume; they vary from 0.1% to 0.25% for takers, and from 0% to 0.16% for makers.
Now that you have an idea on how to make an account and buy your first Bitcoins, you can proceed and actually do that on CEX.IO. However, make sure not to buy a huge amount right away – try to buy small first until you get the hang of things.
It is important to know that the journey doesn’t end here. In fact, this is just a start, and it is the perfect time to get informed about the crypto economy and other coins that exist.