Where to buy and exchange cryptocurrencies
When I started to get interested in cryptocurrency investing, it was very complicated.
The crypto world was fairly new, so it definitely involved a lot of research and submitting documents to exchanges that made you a little uncomfortable.
Also, the majority of the crypto exchanges were not ready for what was to come.
For example, when cryptocurrencies started to gain more of a spotlight in 2017, the exchanges couldn’t handle the traffic to the point where they had to stop accepting new accounts.
They’ve gotten so much better at the new traffic, but there is still work to do on their end.
I get a lot of questions about where to start when it comes to buying and exchanging cryptos, so here are three exchanges that I started off with in the beginning.
Bitstamp is the first exchange I signed up with. When I registered, they required me to send in my drivers license, but after I was verified, things were great.
The only issue I ended up having was from my bank. Since Bitstamp is located in the UK, my card declined every now and then. After calling my bank I was able to sort it out.
When I was ready to purchase on Bitstamp, all I had to do was select the crypto I wanted, enter the amount, submit, and boom, I was in the game.
The only cryptos they offer are Bitcoin, XRP, Ethereum, Litecoin, and Bitcoin Cash. I’m sure that they will add more in the near future.
The next exchange I signed up with was Binance.
It’s not the type of exchange where you can put in a bank card to purchase cryptos(at this point), this exchange is used to convert one crypto into another.
There are a lot of different cryptocurrencies on Binance, and you have to transfer your purchased cryptos from Bitstamp, Coinbase, or whatever exchange you decided to register with to use them on Binance.
Coinbase is actually one of the first exchanges I heard about, but I didn’t register for an account until much later.
The reason for that is they did not offer XRP.
I went with Bitstamp in the beginning because I could purchase both Bitcoin and XRP.
Coinbase has a great website, and I’ve never had an issue with purchasing anything. They are probably the most popular exchange in the United States at the time of this post.
Also, one thing you do not want to do is leave the cryptos you purchase on any exchange. You definitely want to get a hot or cold wallet to store them in.
There have been recent articles published about exchanges being hacked, so once you purchase them, transfer your cryptos to your wallet.
I will write more about cryptocurrency wallets in another post.