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How to buy cryptocurrencies? Where to start?

Step 1: Opening an account with an exchange

It may seem challenging to gain exposure to the cryptocurrency or token space, however it is actually quite simple if you know how to get started.

The first thing to do is to open an account with an exchange where you can buy Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH) or other coins with fiat currency (such as dollars or euros for instance). Opening an exchange is basically like opening a bank account.

Exchanges where you can buy Bitcoin (BTC) and a number of other coins with fiat currencies, also called Fiat-to-Crypto Exchanges are:

Name of Exchange Fiat currency excepted
Coinbase USD, EUR
Gemini USD
Bitfinex USD, EUR
eToro USD
Coinmama USD, EUR
Bitstamp EUR, USD
Changelly USD, EUR
Upbit KRW
Bithumb KRW
bitFlyer JPY, USD, EUR

Date of assessment: June 2018

In order to open an account with an Exchange you will need to go through a number of steps, beginning with an e-mail confirmation.

This is an example for Bitstamp:

Phase 1 subscription account

After that you will be ask to validate your identity, by sending a copy of your passport and a proof of residence.

Phase 2

Phase 3

Once your account is verified you will need to transfer dollars, euros or other fiat currencies to that account, just like you would do for any regular bank transfer.

When you have successfully transferred funds to the exchange, you can "exchange" them for Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH) or other coins.

This can be done with "instant orders" where you will pay the "ask price". Or you can also work with limits if you want to buy (or sell) at a certain pre-set price.

Step 2: Transferring BTC between exchanges

Why would you want to transfer BTC between exchanges?

Well, the exchanges listed above do not necessarily list all of the available coins. So as a next step you can open an account with other exchanges and transfer Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH) or other coins to them.

These are some examples of exchanges where you find a large number of coins: Binance, Bittrex, Poloniex, Huobi, OKEx, etc.

To open an account here you will again need to validate your identity, the same way as for the Fiat-to-Crypto exchanges.

What is most important here is your Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH) address, this address will allow you to transfer Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH) from let’s say your Bitstamp or Coinbase account, to your account on Binance for instance.
Your Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH) or other coins address are like a bank account number, only longer.

What you need to do is to copy this address and paste it in Bitstamp or Coinbase in "send/request" (for Coinbase), or "withdrawal" (for Bitstamp). That way you can transfer your coins to the other exchanges.

Once you have filled in the amount, and verified the transfer with an e-mail or a two-factor authentication procedure (it is recommended to always activate the two-factor authentication), the coins will be transferred. This may take up to 15 minutes or longer because of the algorithmic verification process (which is actually a service provided by the miners).

Once your coins are transferred you can now buy and sell all sorts of coins and tokens. The number of coins/tokens available on exchanges may be overwhelming, that is why we have started, in order to allow you to find your way around this fascinating new technology so that you can make your own, informed decisions.

TopCoinRating is only an informational website that provides information about Coins/Tokens/ Projects. None of the information you read on TopCoinRating should be taken as investment advice. Buying and trading cryptocurrencies should be considered a high-risk activity. Do consult your financial advisor before making any decision. TopCoinRating is not accountable, directly or indirectly, for any damage or loss incurred, alleged or otherwise, in connection to the use or reliance of any content you read on the site. TopCoinRating has no preference, interest and has not received any benefits, financial or other, regarding the exchanges mentioned above, these were selected purely based on general popularity and Google search results. TCR does not claim or pretend this selection to be exhaustive.

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