✔️ Information reviewed and updated in December 2023 by Eduardo López
In order to obtain cryptocurrencies, the fastest and easiest way is to buy or exchange as if it were any good. This is because this is the fastest and easiest way, in addition to being much cheaper than becoming a cryptocurrency miner.
Despite being a very common and basic process, many people do not know how to do it properly. That is why here we will explain to you step by step how you can easily buy and exchange cryptocurrencies. In this way, you can be sure that the process was carried out properly.
➡✨The first thing you should know: Types of platforms
Before telling you how you can buy or exchange currencies, you should first know that there are two types of platforms. Next, we explain each one:
- Purchase platforms: Cryptocurrency buying platforms are designed exclusively for this, just buying cryptocurrencies. This is because it has payment processing services which only allow converting conventional money into cryptocurrencies and vice versa.
- Exchange platforms: On the other hand we have cryptocurrency exchange platforms which focus solely on the exchange of cryptocurrencies, that is, moving from one virtual currency to another. These platforms only allow you to get cryptocurrencies through the use of other cryptocurrencies.
There are some brokers that offer both functions on a single platform, that is, we have the option of buying cryptocurrencies with conventional money, as well as exchanging cryptocurrencies in one place.
➡✨Steps to buy or exchange cryptocurrencies
Open an account and make a deposit
The first step is very simple, you must choose a broker and open an account. The choice must be made carefully in order to find the platform that best suits your needs and the operations to be carried out.
Once you open your account, you must make a deposit of money to it in order to buy cryptocurrencies. Depending on the chosen broker, the forms of payment will be available, since some allow the use of cards, other bank transfers and others, payment processors such as PayPal.
When you have the money in your account, you can proceed to choose the cryptocurrencies you want to buy, as well as the amount. According to the price, it will be the number of coins you can buy since not all have the same price. You should also take into account the time it takes for the funds to be reflected, which varies depending on the platform and deposit method.
Buy your cryptocurrencies
Now that we already have the money in our account on a platform for the purchase of cryptocurrencies, then the next step is to buy. For it, We first recommend that you verify which cryptocurrencies you are going to buy to ensure 100% that this is the best option.
Then You must evaluate the price and see if this is the best occasion to buy or better, you wait a bit. If you have seen that this is the lowest price, then the next step is to make the purchase of your cryptocurrencies according to what you had planned.
The process is very simple, most platforms have a button that says buy / sell. You just have to click here and voila, a window or menu will be displayed where you will have to search for the cryptocurrency you want to buy and select the amount according to the available funds.
Transfer to another wallet
If you want to use those cryptocurrencies to buy other cryptocurrencies, then you must pass it to a platform for the exchange of cryptocurrencies. The first step will be to create an account on the other platform by following the steps to register.
When a Wallet is generated, they will give you an address with numbers and letters. You will have to paste this address where you have your cryptocurrencies in order to indicate to the platform where it will send your cryptocurrencies. It is very important to take care of the address because if you add a wrong one, then your cryptocurrencies will end up elsewhere.
The process depends on the platform, but in general they all focus on the same cryptocurrency withdrawal process. If you want to save this step, you can look for a platform that offers both options, both buying cryptocurrencies with real money and exchanging cryptocurrencies with each other, for example, Bitcoin to Ethereum.
Once you have finished the process of transferring your cryptocurrencies from the purchase platform to the exchange platform, you can now exchange cryptocurrencies. This process is known as Altcoin and consists of exchanging a cryptocurrency for another cryptocurrency using pairs of cryptocurrencies.
For example, we may have Bitcoin and we want to go to Ethereum, so we must go for the BTC / ETH pair, which means we will go from Bitcoin to Ethereum. Instead, if we want the opposite process then we have to go for the ETH / BTC pair to go from Ethereum to Bitcoin.
We recommend that you take into account the purchase conditions of the platform, since the exchange method may vary from one to another. Similarly, some platforms charge commissions for the exchange of cryptocurrencies which can raise the cost. Considering these points will help make the process easier.
A private purse
According to experts, it is advisable to transfer your cryptocurrencies to a private wallet in order to avoid any type of scam. And it is that the cases of broker that disappear overnight with cryptocurrencies are more and more frequent.
Some coin issuers such as NEO offer you the option of having a private Wallet which allows you to keep your cryptocurrencies safe on the same platform. To do this, you just have to go to their website and there download the software that will allow you to create your own private Wallet.
We recommend that you verify if the issuer of your cryptocurrencies offers you the option of having your own private cryptocurrency portfolio in order to reduce the risks of theft and hacking. It is better to be forewarned with a more secure platform than to trust a broker that may disappear or be vulnerable.