Buying crypto is not always as atraight forward as you would hope. You cannot buy it at your local bank. This page will explain to you how to open an account to acces the world of trading crypto.
There are many coins and exchangers, but not every coin is listed at every exchange and not all exchange for “normal” money. Accordingly you will need a wallet at a few different exchanges. For this use case we are going through with the following proces.
Proces
- Sign up at binance and buy ethereum with a visa
- Sign up at metamask and transfer ethereum from binance to metamask
- Connect our wallet to “pancake swap” to Trade any token on Binance Smart Chain in seconds, just by connecting your wallet.
Step 1: Sign up at binance
most crypto coins can not simply be exchanged from your regular valuta (€/$) to the coin. Specific exchanges will however allow you to swap a stable coin like bitcoin to ethereum to all the other coins. That is why you will first need to sign up at a big exchange and add some bitcoin or ethereum to your wallet.
for this use case we sign up at binance. Go to binance.com click sign up and finish the sign up and verification process.
After this, you can go buy some bitcoin or ethereum. For this use case, we buy ethereum. It often takes a day or so until you can actually find your purchase in your wallet.
congratiulations, you now own some crypto.
alt coins
altcoins are usually newer coins, the rate is usually not yet stable. This means it has a higher potential to suddenly grow, a lot. But also a higher potential to completely crash. So investing is high risk too. But more interesting if you quickly want to make some revenue.
buying alt coins
now swapping your ethereum to the newest altcoins is often not possible in binance. Because they tend to list more stable and proven coins. This means you need to use anorher exchange. For this use case we use meta mask and pancake swap.
first, sign up for metamask
How Can I Buy Cryptocurrency?
Cryptocurrency is still outside the realm of traditional fiat currencies, which means you will not be able to buy it at your local bank or brokerage account. To open an account to access the cryptocurrency market:
1. Sign up for an Account on a Cryptocurrency Trading Platform
In order to access the crypto world, you need a cryptocurrency trading account. Traditional banks currently do not offer crypto accounts, so consider starting with something like Wealthsimple Crypto.
Wealthsimple Crypto, available to users via Wealthsimple Trade and has the following Welcome Bonus Offer: For a limited time, get a $50 cash bonus when you open a Wealthsimple Trade or Crypto account and deposit and trade at least $150. Sign-up today to take advantage of this exclusive offer!
2. Make a Cash Deposit
Many cryptocurrency trading platforms will link directly to your bank account, allowing for electronic fund transfers that take approximately 3 to 5 days. Others might allow you to link a credit card, however, they may charge fees for the transaction and require a minimum deposit amount. Whichever method you choose, transfer some money to your cryptocurrency trading platform. A good sum to start with is $500 to $1,000.
3. Convert Your Cash to Cryptocurrency by Purchasing One or More Crypto coins
Once you have your cash deposited in your cryptocurrency trading account, all you need to do is buy coins. Unlike the traditional stock market, the cryptocurrency market is open 24/7. So you don’t need to wait to make trades.
You can purchase Bitcoin and other cryptocurrencies as soon as your cash is deposited in your trading account. Simply choose the coin you want to buy, select the amount, and click Buy. You are now invested in cryptocurrency!