Getting started in cryptocurrency is admittedly daunting. It can seem like jumping through an insane amount of hoops to get the crypto from cash to your wallet of choice.
Buying cryptocurrencies can come in two different forms. The first form is buying cryptocurrency using fiat currency, which is the currency people use in their daily lives such as the Euro or Dollar. The second form is buying cryptocurrencies on an exchange. An exchange is where one cryptocurrency trades for another cryptocurrency. For example, someone may trade Bitcoin for Ethereum and Ethereum for Ripple tokens. To participate in these exchanges, a person must own cryptocurrencies. Usually, there is a limited number of trading pairs that a coin can trade. For example, Bitcoin can easily be traded with almost any other coin, as it’s the largest and has the highest amount of trading volume. There are different ways to engage in both types of marketplaces.
Coinbase is one of the biggest websites for buying cryptocurrencies. Through this website, anyone can purchase Bitcoin, Ethereum and more. Through this platform, anyone can purchase directly with a credit card, up to a weekly limit. Customer identification is necessary for this platform. For anyone starting to use cryptocurrencies, Coinbase is usually the first port of call for converting fiat currency into cryptocurrency.
Coinhouse is a French-based cryptocurrency exchange. Based in Europe, many European customers use Coinhouse as the first port of call. This platform allows users to convert fiat to cryptocurrencies such as Ethereum and Bitcoin. At present, only French residents can use the pay by credit card feature; however, bank transfers are a secure and reliable way to make payments also.
Binance is one of the world’s largest exchanges. Currently, it doesn’t support fiat to crypto transactions; however, it hosts a considerable number of cryptocurrencies listed for exchange. These can be exchanged and stored within the platform, or withdrawn into a private wallet instantly. Binance has a strong focus on security and provides a high number of security checks to protect users upon sign in / withdrawal. Binance also has its very own native cryptocurrency, which has the ticket BNB. This Binance cryptocurrency is used to make trades seamlessly on the platform as a trading pair for coins. Overall, Binance provides a massive range of options for coins in the marketplace.
Bittrex is a US exchange that allows users to exchange over 1,000 cryptocurrencies. Similar to Binance, no one can trade fiat currency into cryptocurrencies on Bittrex, meaning it’s necessary to convert fiat first into cryptocurrencies. Do this on a platform like Coinbase, where digital assets can be deposited into Bittrex once converted.
Founded by the Winklevoss twins, Gemini is a fully licensed cryptocurrency exchange. On the Gemini platform, anyone can deposit funds and convert these into cryptocurrency. The advantage of Gemini is that it is the first platform which fully insures both digital and fiat assets. Fiat currency on the Gemini exchange is stored in insured banks. Digital assets bought on the Gemini platform are secured in cold storage systems, meaning they are not connected to the internet and are fully secured. Gemini is a highly secure platform for buying and selling cryptocurrencies.