Where and how to buy cryptocurrencies correctly and not overpay

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03.06.2021 13:52
Where and how to buy cryptocurrencies correctly and not overpay

    Financial analysts call bitcoin digital gold and recommend buying cryptocurrencies to protect assets in times of crisis.

    Before investing in Bitcoin, Ethereum or other digital currencies, it is worth exploring ways to buy them that are suitable for a newcomer.

    The cryptocurrency market offers five options for buying cryptocurrencies:

    • Buying via an exchanger
    • Buying via ATM
    • Buying via an exchange
    • Buying from individuals
    • Buying via an investment platform

    Each option has its advantages and disadvantages.

    BUYING CRYPTOCURRENCY VIA AN EXCHANGER

    You can quickly buy cryptocurrency via cryptocurrency exchangers. The advantage of this way of buying is that the transactions are online. The entry threshold is low - the amount of the exchange transaction starts from about 100 euros. You can pay by bank card or via payment systems associated with the exchanger. 

    Exchangers with a long history in the market value their reputation, buying digital currency through a proven exchanger is safe. 

    The exchanger, when selling cryptocurrency, takes a commission on the transaction. The exchange rate in exchangers is higher. There is a limited list of digital currencies for sale.

    Buying cryptocurrency in an exchanger is fast, in a single transaction. On the exchanger's website, the buyer specifies the direction of the exchange, the amount, and the details. The transfer of funds will go quickly, after confirmation of the transaction via SMS or e-mail.

    One of the convenient exchangers for today is Berukriptu.ru, where you can quickly, without registration exchange fiat to cryptocurrency, the advantage of the service is the favourable rate.

    BUYING CRYPTOCURRENCY VIA AN EXCHANGE

    Purchasing cryptocurrency on an exchange will take more time and require additional transactions. The buyer needs to register and open an account on the exchange. The account on the exchange is virtual; depositing and withdrawing funds are separate operations, for which most exchanges charge a fee. 

    The exchange rate for buying cryptocurrency is different from the exchange, the exchange rate is lower. Exchanges provide a larger selection of virtual currencies for purchase. 

    Transferring funds from the seller's account to the buyer's account on the exchange takes more time than in the exchanger. In some cases, it takes two to three days to execute the order.

    The disadvantage of this method is the multi-step registration process, which takes much more time than buying through an exchange

    BUYING CRYPTOCURRENCY VIA ATM

    The easiest way to buy cryptocurrency is through an ATM. Paying for the purchase of digital currency at an ATM is done with a bank card or in cash. The purchase fee is fixed and does not exceed 4%. The exchange rate is set by the provider at the time of payment. There are 16,000 cryptocurrency ATMs in the world, but most of them, 13,500, are in the US. In the EU, there are 1,300 ATMs installed to buy digital currency for euros.

    BUYING CRYPTOCURRENCY FROM INDIVIDUALS

    When buying cryptocurrency from other users, you don't have to pay any commission interest. The private person sets the selling price of the cryptocurrency based on their considerations. When buying cryptocurrency from a private party, keep in mind that the selling rate is significantly lower than the exchange rate, which can be a trick by scammers.

    Transactions in digital currency between individuals take place on dedicated exchange platforms. The administration of the platforms pays attention to the security of transactions, using ratings and reviews to inform buyers about the reputation of the seller. But there is always a risk of losing money when buying digital money from a private individual.

    CRYPTOCURRENCY STORAGE

    Purchased cryptocurrency is stored in electronic cryptocurrency wallets, special programs or devices. Electronic wallets come in several forms:

    • Software, they are installed on a personal computer;
    • A smartphone app;
    • Online platforms;
    • Hardware, in the form of special devices for data storage.

    Hardware devices and software wallets on a personal computer provide the highest level of security for storing virtual currencies if the owner does not neglect digital security measures in general.

    Smartphone applications and online wallets will suit the user accustomed to conducting financial transactions using online services. 

    Data storage on such apps and platforms should be handled with caution; security levels are extremely low. 

     

    PROS AND CONS OF WAYS TO BUY CRYPTOCURRENCY

    The existing ways to buy cryptocurrency are not perfect, each has advantages and disadvantages. 

    Buying cryptocurrency via an exchanger

    Pros:

    • The exchange process is fast, there are reliable and proven services such as Broex - link https://broex.io/payments.

    Cons:

    • Exchangers do not provide the most favourable buying rate.
    • The amount of cryptocurrency in exchangers is limited.

    Buying cryptocurrency via an exchange

    Pros:

    • Offers to buy cryptocurrency are not limited in volume
    • Wide range of cryptocurrencies
    • Advantageous rate

    Cons:

    • Transactions take a long time 
    • Deposit and withdrawal fees
    • Some exchanges only support cryptocurrency

    Buying cryptocurrency via ATM

    Pros:

    • High speed and ease of transaction
    • Fixed commission
    • Possibility to exchange cash for cryptocurrency

    Cons:

    • A limited number of ATMs for exchanging cryptocurrency.

    Buying cryptocurrency from individuals

    Pros:

    • Ability to find a suitable exchange rate and deal terms.

    Cons:

    • High risk of losing funds due to fraud.

    After considering the pros and cons of each option for buying cryptocurrency, a newcomer can choose the most convenient one for themselves. But before you start working with a particular service, you should study its reputation.

    BROEX: AN ALTERNATIVE TO BUYING CRYPTOCURRENCIES FROM EXCHANGERS AND EXCHANGES

    Buying cryptocurrencies from exchangers is fast and easy, buying cryptocurrencies on exchanges allows you to earn money by selling them at an increased rate. 

    Clients of Broex trading platform do not have to choose between a quick exchange or a profitable investment. Both options are available on Broex - buying cryptocurrency without registration and investing in a cryptocurrency portfolio after registration.

    You can buy cryptocurrencies without registration on Broex Investments Platform by clicking on the "Buy and sell without registration" link,

    This will open a window with a buy form.

    In the top field, you have to choose the currency to pay for the purchase. You can pay by bank card or one of the 24 cryptocurrencies available on the platform.

    You can pay by bank card or one of the 24 cryptocurrencies available on the platform.

    In the bottom field, choose which cryptocurrency to buy. 24 digital currencies and fiat are listed, with transfer to a bank card.

    The system will show the purchase rate and calculate the amount in the selected currency. 

    The exchange rate is fixed at the beginning of the exchange transaction, the commission of the exchange is included in the price.

    After you click "Start exchange" you will see the second step of the transaction. In the top field of the page, you need to specify the address to which the purchased cryptocurrency will be sent. 

    The payment is identified by an email address or a mobile phone number.

    After completing the second step, click on the button "Confirm exchange", go to the page of the payment system and make the exchange operation.

    On the first page in the upper right corner, there is a button "Register". To start registration you must click on the button. A registration form will appear. It is necessary to enter the e-mail address, the password to log in and accept the terms of the personal data processing and privacy policy. After submission of the form, a "Welcome to Broex" email will be sent to the specified email address. Registration is confirmed by clicking the "Confirm Registration" button in the email. 

    You will be able to trade in 25 digital currencies, as well as EUR and USD. You have to fund your account before you can trade. On the Assets page, choose which currency you want to deposit your account in - BTC, USDT or EUR. In the "Portfolio balance" tab click the "Deposit" button. When you deposit EUR, the system will offer to choose the payment system - VISA or MasterCard or MIR and to set the amount of deposit. To deposit in BTC or USDT the system will offer to create an address where funds will be deposited. 

    When you deposit EUR, the system will offer to choose the payment system - VISA or MasterCard or MIR and to set the amount of deposit. To deposit in BTC or USDT the system will offer to create a deposit address where funds will be deposited. 

    Trading operations with cryptocurrencies also take place on the page "Assets". From the list "All currencies" choose the appropriate one and click on it. The selected cryptocurrency will appear in the Buy/Sell tab. **********. If you have enough funds in your account to purchase - click the "Buy currency" button. Selling cryptocurrency is the same as buying, with one difference - it takes place in the "Sell" tab.

    Withdrawal is made through the tab "Portfolio Balance", EUR/USD can be withdrawn to the bank card. 

    CONCLUSION

    The cryptocurrency market offers different options for buying cryptocurrencies.

    Broex platform offers users the simplest and most accessible tools to buy and invest in cryptocurrencies, mastering these tools does not require any special knowledge. The interface of the platform is intuitive and simple.

    Buying digital currency on Broex is as easy as paying for a purchase in an online shop. 

    When buying cryptocurrency, beginners should be aware of their capabilities and consider the risks of investing in cryptocurrency.

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