Let's say you'd like to buy, sell or trade crypto like Bitcoin, Litecoin, and Ethereum. Where you should start? What are the requirements to do so? How to buy crypto with a credit card? How to transfer your money? Is it safe? How is the price calculated?
In this article, I'm going to answer these questions. I'll also provide you basic information about one of the most trusted cryptocurrency exchange with easy follow steps on how to start.
Where get cryptocurrency
A place where you can buy or sell cryptocurrency is exchange. Exchanges are web platforms which provide markets where anyone can place orders.
Placing an order means to create an order to sell or buy cryptocurrency asset. The current price of cryptocurrency is based on the ask and bid price. The price between them usually differs. This difference is called spread. The last price is the current market price and it's the price of the last completed trade on the market. You can create an order for any price you like. If the desired price differs from the current market price it will be not executed until the market reaches your price. If you'd like to execute the order immediately you have to create a market order with the current market price.
Each exchange has different extra services. These services can be various options for deposits or withdrawals. These are important to us because we want to access our funds as fast as possible together with lowest fees.
Best cryptocurrency exchange for begginers
The best place to start is definitely CEX.io exchange. CEX is based in the UK and it has a big user base which ensures fast order fill, low spread and access to top currency pairs. It has never been hacked, their services are very professional, they take care of customers through the fast ticket system.
Cryptocurrency deposits and withdrawals are instant. They never block accounts without reason. They provide several ways to deposit your fiat money. One of the best thing is ability to use credit card both for deposits and withdrawals.
So when you need your money to be withdrawn very fast you can do it even using a credit card, which is also instant. This is very handy, especially for smaller amounts. The security is on a high level too. To use credit cards, each particular card must be verified by sending selfie picture of you holding the card.
Create an account
To be able to create orders on the market it is necessary to create an account. That's quite easy task.
Verify your account
Verifying your account could be seen as pain, but it should be done if you want to trade between crypto and fiat pairs like BTC/USD. Exchanges are now being regulated by governments and they have now the obligation to know the identity of the client.
Let's start the verification process.
- Log in to your new account.
- Hit menu button with your name on the right side of page header.
- Hit Verification menu item.
- Now start with identity verification, hit the first banner on left side and fill the form, provide your documents, submit it.
- Continue to address verification. Hit second banner and fill the form. Provide proof of your residence and submit it.
- Wait until your account gets verified.
Make your first deposit
You can finally make the deposit.
- Choose Finance in the menu.
- Hit green Deposit button.
- Select your method and currency.
- Specify how much you would like to deposit.
- Hit the blue button saying Deposit.
Trade your money for crypto
Once your deposit is credited to your exchange account you will see the current balance of your assets below the main menu.
- Select Trade from the menu.
- In left sidebar choose currency pair you would like to trade e.g. BTC/USD.
- Fill your first buy order.
- Set amount BTC you would like to buy.
- Set desired price.
- Hit Place Order.
- Watch the market and your order being executed.
Request withdrawal
To withdraw your Bitcoin or any other currency go again to the Finance page.
- Select currency you would like to withdraw.
- Select method you would to use for the withdrawal.
- Set how much you would like to withdraw.
- Set destination address, bank account or credit card.
- Complete withdrawal by hitting big blue Withdraw button.
That's it. You're done now. Enjoy your funds.
CEX.io is exchange that have never been hacked. It is based in the United Kingdom. Its security policies are strong enough to protect your account. Their support is very professional, fast and easily reachable. CEX.IO LTD and CEX.IO Corp. are transparent enough, so you always know where your money ends. The terms of use are very short, clear and easy to understand. The website is easy to use. Transactions are instant. You can use cryptocurrency trading bots or other applications through its API access. I already trade here for 5 years and I can only recommend this healthy and fair market as a place to start with the crypto trading and investments.
