How to buy Bitcoin & other cryptocurrencies

Bitcoin has become extremely popular across the world, and there is a reason why. The promise of a reliable, decentralized and inexpensive payment system is pushing investors and businesses alike into supporting cryptocurrencies and promoting their adoption.

Cryptocurrency has long been a buzzword in the world of technology. But Bitcoin is the first and only coin most people have ever heard of, and very few have actually tried using it. There is a general feeling that it requires some kind of expertise to obtain and use cryptocurrency. In this article, I want to crush this myth and tell you the ways you could go about getting your first coins.

It must be stated right away that acquiring Bitcoin and other digital assets might be subject to regulation depending on the country you reside in. Therefore, the availability of services and prices in fiat terms may differ significantly.

Exchanges

There are countless websites which can help you convert your fiat currency into digital cash, and they come with varying unique features and exchange rates.

Some cater to the needs of a specific region, such as BitPanda in Europe, while big players like Binance, Bitstamp, and Coinbase provide their services in many different locations around the world.

Once you log into an exchange, all you have to do is to find a “Buy” button, select the amount you need and proceed to pay with a debit or credit card, PayPal or other payment systems. Exchanges usually support USD, EUR, and sometimes local currencies.

As it stands, most exchanges have some form of KYC (Know Your Customer), a process of identity verification. Among the leaders in this industry, only Binance allows more or less anonymous activities, but there are many trading platforms that do not even require the user to log in on their websites.

If you are going for one of these smaller exchanges, make sure you can trust them and beware of scams which could cost you money and expose your identity. Buy coins from reliable sources and avoid phishing sites masquerading as legitimate entities.

P2P Directories

In addition to the centralized companies mentioned above, there are also peer-to-peer directories. They allow users to trade with one another by themselves. While typically chosen for their privacy features, directories may even be the only legally possible way to buy cryptocurrency in your country.

Unfortunately, the most popular peer-to-peer exchanges such as Local Bitcoins and Paxful do not support any cryptocurrency other than Bitcoin. Don’t be discouraged, however, as you can simply exchange Bitcoin for the coin that you want right after purchase.

Instead of selling the coins directly, directories allow third-party sellers to advertise and trade on their platform and then charge them a small fee for these operations. The payments can be done in virtually any local currency, and there is often a variety of different options other than debit or credit cards.

The role of such exchanges is providing sellers and buyers with a payment guarantee to ensure that all deals are carried out the way they are supposed to. In case of any malicious behavior, all assets are returned to their original owners.

Cryptocurrency ATMs

For those who happen to live close to one, an ATM is a convenient place to buy and sell cryptocurrency quickly and without an Internet connection.

Much like peer-to-peer exchanges, ATMs are often limited to Bitcoin or Ethereum. However, due to the recent growth of altcoins, a growing number of them are multicurrency.

Using a map such as this one, you will be able to find the ATM nearest to you, as well as information on which coins it supports and what operations you can perform with it. They accept bank cards, cash, and even pocket change. As you would expect, selling is a far less common feature than buying.

Then what?

Once you have acquired some coins, it’s important to find a good place to keep them. Cryptocurrency exchanges usually store users’ assets in the company wallets, putting them at risk of being lost or stolen.

At the same time, non-custodial cryptocurrency wallets allow you to keep your funds entirely to yourself and manage them in the most convenient way possible without sacrificing security.

Magnum Wallet lets you easily exchange your coins and tokens to another cryptocurrency with the help of our partner Changelly. Furthermore, very soon it will be possible to purchase and sell crypto directly from within our app, which will make Magnum a truly all-in-one platform for managing crypto assets.

Invest in the future by buying your first Bitcoins today!