Buy cryptocurrency on the stock exchange
You can buy digital coins directly from the seller, through online exchangers, specialized sites or cryptocurrency exchanges.
How to choose an exchange for buying cryptocurrency
The first serious cryptocurrency exchange appeared in the summer of 2010 and it was used only for bitcoin trading. This is the project Mtgox.com (it completed work in 2014, it had sad major failures).
Many major exchanges appeared in 2018, which complicated the procedure for selecting an optimum trading platform. To find a good exchange for buying cryptocurrency, you need to pay attention to the following points:
Tongue. If you don’t understand English at all, it is better to look for exchanges with a Russian-language interface. This item is optional but desirable - you don’t need a deep knowledge of the language to use the exchange, Google Translate is enough.
The number of coins and the number of pairs to exchange. If you plan to buy not the main currencies, but less popular altcoins.
Methods of depositing and cashout. Large exchanges have a large number of input/output methods. There are convenient for users living in the post - Soviet Union.
Commission. The size of the commissions is necessary.
Reputation. If you plan to enter large amounts onto the exchange be sure to evaluate this factor, and especially if you plan to keep the purchased coins on the exchange.
Age. It will be good if the exchange is old. In addition to exchanges that have been operating for a long time, it is easier to form an opinion: if for several years the exchange has not cracked and worked stably, this is a clear plus.
User data requirements. Only email and log in with a password are enough on some exchanges. Something of this will require passport data for full work with the account. Some users for some reason don’t want to provide such information about themselves.
Account protection. It is enough to simply enter a password and login on some exchanges, two-factor authentication is supported on others.
Daily trading volumes. Bigger is better: it means that trading on the exchange is lively, it is popular and it will be possible to quickly sell and buy different coins on it. Daily volumes exceed $50-100 million on large exchanges.
List of popular exchanges
Among the Russian-speaking users:
Instructions for buying cryptocurrency on the exchange
The purchase process looks like this:
- An exchange is selected. If you need to buy different coins, and not all of them are in one place, you will have to choose several sites at once. This is normal - many users have accounts on different exchanges.
- An account is being registered. After registration, you can evaluate the interface and accurately study all the conditions of use of the site.
- If necessary, documents are downloaded (passport photo) and two-factor authentication is connected. On some exchanges, this is mandatory for all users, on others - it is done only for working with large amounts (of a certain deposit size).
- The most convenient of the available methods is replenished with a dollar account on the exchange (Tether).
- If the desired coin is being paired with Tether, you can simply buy it. If you can’t directly buy it for USDT, then first BTC is bought for them, and then BTC is changed to the desired coin.
If the dollar account on the necessary exchange cannot be replenished in the way available to you, there are 2 solutions:
You need to create an account on another exchange, where available methods of replenishment work. Refill your account on it, purchase some kind of cryptocurrency (for example, DOGE), transfer it to your wallet on the desired exchange, and they already convert it into the necessary coin. The option is not ideal, since at least 10% will have to be paid in the form of commissions, and several actions will have to be completed.
You need to replenish your account on the exchange not directly (not USDT), but you should buy some kind of cryptocurrency on it through any exchanger with Best change. You may convert the purchased currency into the desired coin after replenishment. The commission will also be rather big (hardly below 5%), but fewer actions will have to be taken.