If you wish to buy Bitcoins instantly and securely you need to go through some important steps. Investing in Bitcoins is not as easy as it sounds because the crypto market and stock market are not the same. The crypto market is characterized by extreme volatility and unpredictability. Before you start buying cryptos you need to have an account at a reliable brokerage platform, personal ID documentations, a payment method, and secure web connectivity. Besides, it is advisable to have your own digital wallet for storing the coins; coins stored on an exchange are liable to cyber threats and hacks.
Things to Do to Buy Bitcoins Instantly and Securely:
- Find a reliable exchange: Your first task is to sign up with a trustworthy cryptoexchange which will let you buy, store, and sell your Bitcoins. You can choose one that lets you withdraw your cryptos to their online wallet for safe-keeping. Exchanges can be of different types; since Bitcoins are decentralized you will find that most of these let users remain anonymous. So, in many exchanges, you will not even be asked to provide your personal ID proof. These are targeted by unscrupulous people for illicit activities. However, the better-known ones will ask for KYC documents like Kraken, Gemini, or Coinbase. When you create an account on any of these, remember to use secure online practices like dual-factor authentication and a robust hard-to-crack password.
- Connect to Payment: When you have an exchange account, you need to have a payment method. Most exchanges will let you link your account to a bank account or you may buy Bitcoins using debit and credit cards. Each of these purchases will have different charges, whether it is wire transfer or credit card purchase. So, make sure to check for these fees before choosing a payment option.
- Place the order: After connecting your account to a payment option you can start buying Bitcoins and other cryptos. Most exchanges will provide features like stop-loss orders, market orders, and limit orders, like Kraken. Exchanges even provide different methods to install recurring investments, for instance, Coinbase that lets you set up recurring buys every week or month.
- Secure storage: Buying cryptos is not enough; you need a place to keep these digital assets safe. When you can keep your coins outside the exchange in your own wallet, you alone own the private keys to access these. You can choose from hardware wallets that are offline and more secure or hot wallets that are online and vulnerable to cyber thefts. Paper wallets are a type of cold wallet where you print out your address and private keys on paper and laminate this..
- To buy Bitcoins instantly, you can choose PayPal. A convenient option is to buy the coins through PayPal directly or alternately use the balance in the PayPal account to buy Bitcoins from a third-party. Visit https://coincierge.de/bitcoin-kaufen-paypal/ to know more details about buying Bitcoins with PayPal in less than 10 minutes.
- You may purchase Bitcoins instantly using credit cards where you provide your credit card details to the exchange and authorize a transaction. The downside is that many exchanges do not allow this as there are risks of frauds and high processing fees involved.
- P2P exchanges: While decentralized exchanges can match sellers and buyers together anonymously, P2P exchanges will offer a direct connection. Local Bitcoins is one such example that lets you look for Bitcoin buyers when you wish to sell your coins.
- Finally, you can purchase Bitcoins instantly through Bitcoin ATMs. You simply have to insert cash into these machines to buy Bitcoins which are then sent to your digital wallet.