As a newbie to cryptocurrencies, it can be difficult to know where to start when you want to start having your first coins. However it is quite simple to purchase and hold different cryptocurrencies and you don't even need to have several different accounts to hold different coins as some sites have chosen to integrate more or less all the larger coins that exists today.
Amongst those sites are Bitmex and Binance as well as Coinbase for Bitcoins only.
There are many different ways to obtain cryptocurrencies, which we will describe in this article.
How to Buy Your First Cryptocurrency Coin
Always remember to only deal with people or sites whom you trust, in order to not lose any money to scams. Follow the guide from this site along with the sites we recommend and you should avoid ever getting into trouble with your coins.
Now let's have a look at how you can purchase your first cryptocurrency coins.
Open Up a Cryptocurrency Wallet
The very first step you have to take in order to purchase and being able to hold your coins is to open up a cryptocurrency wallet.
There are different choices of wallets depending on if you want to simply hold the largest coins - Bitcoins and LiteCoins - or hold many different types.
All the different cryptocurrency coins have their own wallet that you can download from their website, which can also be used to mine for coins.
They can work fine if you plan on only having a few different coins, so you will only have a few different wallets.
However choosing this kind of wallet eliminates the option of buying coins through a cryptocurrency exchange without having to open yet another wallet. So if you open up the coins own wallet, remember that you either have to buy coins through a forum or similar or from friends without having to open up yet another wallet account.
The most simple way to start is to instead open up a cryptocurrency wallet with one of the large cryptocurrency exchange sites, where you can buy all the different coins and hold them all in the same wallet, so you can easily transfer or sell them if you don't need them again.
This kind of wallet is the most commonly used for regular people who just wants to buy some coins and try and shop online, gamble or invest in them for a while. The security of the wallets are as they should be, as they all use SSL certificates and secure transactions, just remember to always choose a strong and unique password, so nobody can easily try and gain access to your account.
No matter which of the wallet types you decided to open, it will provide you with a unique wallet address, where other people can send coins to you through, ensuring you will always receive them and they don't go to someone else.
Buying Coins From a Cryptocurrency Exchange
The most safe and most commonly used way for new users to purchase any sort of cryptocurrency coins is through a cryptocurrency exchange site.
How to Buy Cryptocurrency for Beginners (Ultimate Step-by-Step Guide) Pt 1
If you choose one of the large and trusted cryptocurrency exchange sites you will not only be sure that your money is safe, but all transactions are all fast and secure, so you avoid doing deals with people who doesn't have the right intensions. All you have to do is to choose a site of your liking (or one of the sites we recommend here, as we know that they have a good reputation) and create an account with them.
Registration usually takes less than a couple of minutes in total, so it is quite fast to begin.
The next thing you need to do in order to purchase any kind of coins is to upload funds to your cryptocurrency wallet account, which can be done through different regular payment methods such as credit cards and bank transfer.
The money transfer can take from a few minutes and up to several days, depending on the method you have chosen, so you will not always be able to begin buying coins instantly.
Once the money has hit your account, you are ready for the next and final step of the process of obtaining coins.
This process is once again very simple as you simply have to choose which cryptocurrency you want to buy, how many coins you want of the currency and which price you wish to pay.
Once you have decided all of these factors, you simply place an order in the system and the cryptocurrency exchange site will match up your preferences with what the sellers have and make the deal happen.
This can take everything from a few seconds and up to hours depending on which coin, amount and price you have chosen. Once the order has been processed and the system has found a seller for you, you will receive the coins in your account instantly and the money will be deducted from your account and is send to the seller.
Here's a basic guide and recommendations for where to safely buy digital currencies like Ethereum.
From there you can do whatever you want to do with the coins you have bought.
You can buy Bitcoins and other cryptocurrencies with the sites below, who are all respected and reputable sites:
Buying Coins From Forums and Other Online Communities
Another way to obtain cryptocurrencies is through the many different online communities that is focused around cryptocurrencies.
In these communities you will always find lots of people who are interested in selling coins to other users, many times for a price that is similar to the market value or slightly under the value they have.
Buying coins through communities is also quite simple as you will discuss the exact details with the user who wants to sell.
This includes how many coins you will be buying, the price for them and how to pay the user the money you agree on. Once this has been finalized you will just need to give him your wallet address so he can send the coins to you and within 10-50 minutes after he has send them to your address, you will receive them in your wallet account.
There are some things you have to be aware of when you buy coins this way.
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The first thing is that you should only do trades with users who has references to previous trades that went through without problems. This is to avoid that you send a user money and he never sends you any coins, which is not something that happens very often, but it does happen.
Secondly you should always be sure that the value of the coins has not gone down while you have been discussing the deal, so you will be getting a bad deal on your purchase.
If you just follow these simple advices, then you are off to having a good trade and receive coins just as fast as if you bought them from a cryptocurrency exchange site.
Buying Coins From Friends
The last option you have is to buy cryptocurrency coins through one of your friends, should you have any that holds the coins that you want to purchase.
Once again it is very simple to trade cash for coins this way, as you just need to figure out how many coins you want, the price for them and how to pay your friend the way he prefers.
Once that has been done, your friend will send you the coins to your wallet account and you are ready to begin using the coins within one hour.