The Best Ways To Buy Bitcoin And Other Cryptocurrencies:
A Beginner's Step By Step Guide
So You Want To Buy Bitcoin Or Some Other Cryptocurrency But Don't Know Where To Begin?
You've come to the right place!
This free and easy guide for beginners will walk you step by step through how to go about buying bitcoin, or other cryptocurrencies, at a good price, from a legitimate source, without getting scammed or ripped off.
Step One: Choosing The Right Exchange To Buy Bitcoin
The first step is to choose the exchange where you are going to purchase the cryptocurrency.
Each exchange has its own advantages and disadvantages.
If you'd like to purchase under $500 worth of bitcoin with your debit or credit card, and you don't mind paying the high fees that credit card companies charge (most credit card companies add an extra 5-10% fee to purchase cryptocurrencies, if they even allow it at all, because many credit cards classify buying cryptocurrencies as a cash advance and attach their own cash advance fees), and you're looking for a really easy place to get started, then your best bet is the largest and most popular exchange, which is Coinbase. If you sign up using this special link you'll get $10 worth of free bitcoin. Their prices are fair, and their site is very simple to use. It's a great place for beginners to get started. One of the limitations however of Coinbase is that if you are purchasing with a credit card you are limited to buying $250 worth of cryptocurrency per week until you have built up a purchase history with them. If you want to buy more you can always send them a bank wire instead but then you''ll have to wait about 4-5 days for it to be credited to your account.
Here's what you're going to need:
1) A valid email address
2) A mobile phone, a tablet, or a computer
3) A debit or credit card
4) Valid Identification (A license or a passport)
Step 2: Create your account
The first thing you need to do is to click this link which will take you to Coinbase's sign up page as seen below. When you sign up with that link we'll both get $10 worth of FREE bitcoin if you buy $100 worth of Bitcoin or more.
On the signup page fill in your name, email, and pick a password. After you submit your information you'll see a screen telling you that you were sent an email from Coinbase and asking you to verify your email by clicking on the link that you were sent. If you don't see the email, make sure to check your spam folder.
Here's what Coinbase's verification email looks like:
Click on the "Verify Email Address" link in the email. You'll be brought to the site and asked to add a phone number to your account.
Once you add your phone number they will sms you a seven digit code for verification. Enter the code that you were sent.
Step 3: Verify your identity
The next step is to verify your identity. You will see the screen below. Click on the spot on the bottom left of the screen where it says to "Verify your identity" right under the spot where you add your phone number.
Coinbase will ask you to verify your identity by uploading a picture of your passport, license, or photo id from your computer or taking a picture of it with your phone. Select the type of identification you wish to provide.
Next choose whether you will upload the identification using your computer's webcam, your mobile phone, or by uploading a file from your computer.
When you take the photo of your identification, make sure that all four corners of your identification are visible and that the photos are clear and in focus. About 5 minutes after you upload and submit the photos you should receive an email letting you know that your id is now verified.
Step 4: Add a payment Method
Next you'll need to add a payment method. Click where it says to "Add a payment method" on the bottom left of the screen under where it says to "verify your identity". If you choose a debit or credit card you can instantly buy cryptocurrency. You also have the option to send a bank wire which might take 4-5 days to arrive and be credited to your account. If you are purchasing a large amount this is a better way to do it because the fees are much less but the downside is you have to wait that long and the price of the cryptocurrency you want to buy might have changed drastically in that period of time.
Once you select your method, enter your details such as your credit card number and billing address,
Step 5: Making your first purchase
Select "Buy/Sell" on the top nav bar
The current prices of the coins will be displayed. Select the coin that you wish to purchase.
Your choices are Bitcoin, Bitcoin Cash, Ethereum, or Litecoin.
Select your Payment method - the card you entered should show up in the drop down menu
Enter the $ amount of the cryptocurrency that you wish to buy in your currency and the amount of cryptocurrency you'll be able to purchase for that amount will be displayed.
Then click on the button to buy that amount of the cryptocurrency instantly for the price displayed.
Note: you depending on what type of card you have you might be asked to complete some verification. The cryptocurrency will now be available in your Coinbase wallet. Congrats! It's as simple as that! You will also receive a confirmation email with the details of your purchase.
If you used our special link to sign up and you bought over $100 worth of bitcoin, your free $10 worth of bitcoin should show up in your Coinbase wallet about 10 minutes after your purchase. You'll get an email confirming this.