To become an owner of cryptocurrency, simply choose a cryptocurrency exchange and go to their website. Then set yourself up with an account using their website. Here are some examples of common cryptocurrency exchanges:
Based in the U.S.:
- Bittrex – (Headquartered in Seattle, WA, USA.)
- Coinbase – (Headquartered in San Francisco, CA, USA)
- Gemini – (Headquartered in New York, USA)
- Kraken – (Headquartered in San Francisco, CA, USA)
Non-US based:
- Bitpanda – (based out of Europe)
- Bitstamp – (based out of Luxembourg, Western Europe)
- CEX.IO – (Headquartered in London, UK)
- Coinmama – (based out of Israel)
- Crypto.com – (based out of Hong Kong, China)
When choosing a cryptocurrency exchange, you may want to consider the following:
- What are the fees charged by the exchange?
- How good is the customer service?
- Anything that was important to you when you choose your bank or stock exchange.
- What is the physical address of the exchange?
Every Cryptocurrency exchange will claim their exchange is the best one, so shop around online and decide which one is best for you!
Cryptocurrency exchanges make their money by charging you transaction fees. To save money on transaction fees, its best to plan out your transactions ahead, and attempt to make fewer of them. For example, if are thinking of buying $25.00 of cryptocurrency a week for the next four weeks, try waiting 4 weeks and buying $100.00 all at once. This allows you to make one transaction instead of four transactions, which will save you money by paying fewer transaction fees.
The getting started process for first-time buyers:
- First, read ALL the cryptocurrency-consulting.online webpages to become informed.
- Next, visit the websites of the online exchanges and choose one that best suits you. You don’t want to rush this. Let this task take a week or more.
- Then you will need to make sure you have the appropriate resources to purchase cryptocurrency via your chosen cryptocurrency provider, and meet their criteria such as providing them payment information. You don’t want to rush this. Plan on letting this take a few days. Take careful hand written notes in a private notebook.
- Once you make your first cryptocurrency purchase, your cryptocurrency provider may inform you that it will take 5 business days before you are able to trade the crypto you just purchased. This is normal for first time purchases from a newly set up account.
As a general rule of thumb, if you cannot physically drive to a business’s location and greet an employee, (and perhaps take a selfie with the front doors to their business in the background of your selfie) then they are probably not worthy of your business. In other words, if a cryptocurrency exchange cannot or will not provide physical access for customers to their place of business to assist in transactions and customer account matters, then you should ask yourself: “Are they trustworthy enough for you to do business with them? Think of it this way, would a reputable bank ever deny customers and potential customers into their lobby, (assuming there isn’t a highly contagious pandemic going around)? An exception to this general rule is if they have great customer service. This should include reaching a live person over the phone or live online chat which is fairly simple.
