The ultimate guide to buying cryptocurrency securely and safely for beginners is here. If you’re new to cryptocurrency and want to buy, then you need to watch this video. It’s essential that you do not skip anything in this video follow it step by step as there are some crucial points throughout the video.
I’ve separated this complete guide into six different steps that are:
- Understand the requirements and important information before purchasing Bitcoin or Cryptocurrency
- Choose and create a wallet that’s suitable for you.
- Buy Cryptocurrency from an exchange.
- Send your cryptocurrency from the Exchange to your wallet (that you create in step 2)
- Send your crypto back to the exchange from your wallet
- Sell you Cryptocurrency for Fiat currency (Your local currency) and withdraw back in to your Bank account.
Requirements and beginners information before purchasing Bitcoin or Cryptocurrency
Before considering purchasing any Crypto understand that Bitcoin & Cryptocurrency are within a volatile market, meaning it can pump 150% one day and crash 150% the next day.
Bitcoin and Crypto work like digital cash, so transactions are irreversible, send to an incorrect address, then you will lose your Crypto forever. Much like if you had cash and you dropped it somewhere you lost it forever.
Security is critical. There are lots of phishing scams, trojans, fake wallets, malware and fraud. So be aware of these types of security flaws before purchasing any Crypto.
Let’s clean your pc – it’s imperative to keep the platform of choice of where you’re purchasing cryptocurrency clean. Whether you’re on a Windows PC, Mac, Android device, you will need to make sure your device is clean. If you frequently download apps, plugins then I would suggest you need to keep your platforms clean. So download malware bytes, remove adware, run a virus scan (a lot of them are free).
You will need a VPN
has also been around for a while, click the link to find out more.
Next, we also make sure your platform is UPDATED – yes it’s
What is KYC? – Know your customer
The easiest way to purchase Bitcoin or altcoins is to use Cryptocurrency exchanges. Most of the exchanges will require KYC (Know your customer); this is identification using a passport or driving license. Some Exchanges will ask for a recent bill or photograph of your face, so please be aware of this.
Also, allow yourself at least a few days as the process can take some time, especially with all the checks and verification.
Choose and create a wallet that’s suitable for you
Before you start any purchase, you must familiarise yourself with a Cryptocurrency wallet,
Many wallets exist but what’s right for you
Will you keep you cryptocurrency for a long time without trading or moving around? Then choose a hardware wallet such as:
If you will be moving your Crypto around and not too much worth of Crypto, then you can use a wallet app such as:
Exodus wallet – Mobile and desktop link
Trust wallet – Desktop Download
Atomic Wallet – Mobile and Desktop – Link here
Metamask – browser plug in based wallet – Link here
For convenience, we will be using the Exodus mobile and desktop wallet. This will work for both Android and iPhone.
Buy Cryptocurrency from an exchange.
We will need to choose and Exchange now there are hundreds of exchanges to choose from and exchanges are the most accessible place to purchase Bitcoin or any other cryptocurrency.
Bitstamp (UK & Europe)
London based cryptocurrency exchange, however, the rates can be a bit on the high side.
So in this step, we will use Coinbase as an example – here you can visit my site and follow this exact tutorial.
You can click the link from my page.
When you click any link, make sure the site address is correct in your browser. Check the padlock icon within the browser bar and check the SSL certificate to verify it is the correct corresponding address. If it isn’t, then I would get out of the site immediately.
So once you’ve clicked the link and the website address is correct, you can now sign up to your Coinbase account and it’s free.
Fill in your details in the form and confirm your email.
Once complete, there will be an identification (KYC) process, so be sure you have a correct form of identification ready. You may be required to take a picture of your ID, so make sure you follow the requirements. Once you upload the required ID, then you may need to wait 24 hours before success, so go and enjoy life and come back.
Now once the verification is complete, it’s time to fund your account. Coinbase gives you an easy option of purchasing Cryptocurrencies with a credit card. However, there are massive fees when you make a credit card purchase of Crypto.
(Show the price of fees using credit card)
So we now have to use another method which is to use Coinbase Pro.
So this site is the same company and same platform, but for slightly advanced users. However, it’s a cheaper alternative to purchase Bitcoin or altcoins in terms of fees.
So to do so, we need to login to pro.coinbase.com, and we can do so by clicking this link. We need to deposit funds, so we click the Deposit CTA and follow the instructions depending on your bank account.
This deposit may take some time depending on where you’re country, and mine took two days.
Now we’ve funded our account, and we have some GBP, but it works for all the currencies shown. We need to double-check what you want to buy first so is it Bitcoin, Litecoin or Ethereum. Make sure when purchasing any cryptocurrency you have the correct ticket associated with the coin you wish to purchase.
Now there are many variations of different coins with very similar tickers, take a look at how many different Bitcoins there are.
There is only one Bitcoin, which is BTC, and in this case, we wish to use our Fiat currency GBP to purchase BTC. So we must select GBP – BTC ticker as shown.
So we made our purchase of cryptocurrency – congratulations!
So to get our cryptocurrency out of the Exchange, we need to withdraw out to your wallet. We will withdraw to the trust wallet as an example in this tutorial.
Never leave any cryptocurrency on any exchange.
If an exchange gets hacked, then you will won’t able to get your cryptocurrency back.
Only rare examples such as Binance.com have been hacked but paid back all users as they had the funds in liquid cash.
First, we need to check our wallet address from our wallet that we want to send too. So, in this case, we want to send our coins from Coinbase to our Trust wallet (show image).
So from our Trust wallet, we need to select the correct coin we want to transfer so in the case Bitcoin which has the BTC ticket make sure you get this ticker right!
Your wallet address will look something like this 3SKSD8jfk393. We will go back into Coinbase pro and select withdraw, and we must copy and paste the wallet address and double-check the address.
If you have a large amount that you want to send to the wallet, then I would recommend sending a tiny amount first, so it gets confirmed in your wallet.
If all done correctly, then you should see this confirmation and we must wait for the confirmations to fully confirm before we can say the transaction is fully complete.
So that’s it you completed the transfer of your bitcoin to your wallet. Congratulations, your Bitcoin is safe in this wallet.
So what if you want to sell it then lets so I will show you exactly how from our trust wallet where we hold the bitcoin. First, we must copy the deposit address from our Coinbase wallet and just as last time we need to double-check the wallet address from Coinbase. From the trust wallet, we paste in our Coinbase address and double-check, and we hit send.
Again we will need to allow for some time to confirm and once confirmed the transaction is complete. Congratulations your coins are back in the Exchange.
Now we want to exchange this Bitcoin back into a Fiat currency, and the process is the same here. Find the matching pair and choose the sell to market for convenience.
Congratulations you just sold your bitcoin for Fiat.
You can now withdraw your Fiat back into your bank account by selecting the withdraw button here. Now choose the currency you need to withdraw out of and select your method of withdrawal, now Coinbase usually has a limit for withdrawing, but you can always request a higher amount if you speak with the team.
So that’s it congrats on your purchase, transfer, selling and withdrawal of Bitcoin, please give us a thumbs up if you like the video and provide a subscribe for more videos.
If you like this video, you can give me a donation to support this channel too! You can pay with any one of these cryptocurrencies.