Many users are afraid to buy cryptocurrency because they do not always understand how to do it and what benefits crypto can bring. Digital currencies provide their holders with almost limitless investment and profit opportunities. And the level of blockchain adoption in the world is steadily growing.
Another obstacle before buying cryptocurrency is the fear of difficulties. If you really think that it is difficult, you simply have not tried to do it. In fact, today’s crypto exchanges have teams of specialists who work hard in order to grant highly convenient services available to anyone. On WhiteBIT, the entire process requires only a few clicks. We will describe how to buy cryptocurrency and give you 2 ways to do that.
Create and verify your account
The first thing you need to do is create an account. To do this, enter your e-mail and password, agree to the terms, and click the Continue button.
Then you can already use the cryptocurrency exchange, but without verification, you will not be able to work with fiat. The withdrawal will also be limited to 2 BTC per day (or any other asset equivalent to that amount)
If you want to have access to the platform’s full functionality, you need to pass KYC (identity verification). It means that you will have to provide your personal data, including IDs or other required documents. WhiteBIT needs this data to ensure the users’ security. It takes up to 24 hours to confirm your identity.
Suppose you are a citizen of a country where the platform does not provide its services. In this case, you will be informed at the identity verification stage, and your account will not be verified at all or even blocked.
That is why we urge you to approach this process with full responsibility: the company operates legally and monitors activity on the exchange in order to prevent any illegal transactions.
Replenish your balance
It is impossible to buy digital assets without money on your balance. On WhiteBIT, purchases can be made using both fiat and cryptocurrency. As a rule, newcomers make their first replenishment through credit cards. At the time of writing the article, there are 24 state currencies available on the exchange. The system will offer the national currency of your home country if you are a verified user.
To deposit funds, open the Main balance and click Deposit. Enter the ticker manually or find the desired currency on the list, select a merchant, enter the deposit amount, and click Proceed. You will see the minimum allowed amount of deposit if you enter the lesser sum. To complete the purchase, enter your bank card details or log into your account in the payment service and confirm the transaction. The money will be credited to the balance within a couple of minutes.
Place your first cryptocurrency order
For novices, it usually seems to be the most difficult and incomprehensible part. But after reading the information below, you will understand that placing an order is not difficult at all.
Pick the desired trading pair on the main screen, specify the amount of crypto you want to buy in the Buy window, and then set the order type. It is better to place a Market order if it is your first time. It will be executed immediately, and the desired amount of crypto will be credited to your balance. Please note that the exchange takes a 0.1% fee, so the purchase amount + fee should not exceed the total amount of funds in your account.
Alternatives ways to buy cryptocurrency
WhiteBIT is a CEX that acts as an intermediary between traders. But, in fact, this is also an ecosystem of related products. And this ecosystem offers an alternative way of buying and selling crypto assets.
This is the P2P platform Bitcoin Global. It is a marketplace where users post ads for selling and buying cryptocurrencies. Bitcoin Global conducts direct transactions between participants, but the platform itself acts as an escrow service. It means that for each transaction, it locks an asset. The buyer will not receive cryptocurrency until the seller confirms the payment.
To buy crypto, set the necessary search parameters, and the platform will sort ads according to the values. After, select the desired ad and click Buy/Sell. Confirm it when the payment is made by clicking on the I have paid button. Try for yourself and make sure that everything is simple.
This P2P platform suits you if you are interested in dealing with crypto without intermediaries or identity verification. Besides, Bitcoin Global allows not only buying bitcoin. It gives access to 100+ cryptocurrencies and 50+ payment ways.
Additional features of platforms
WhiteBIT and Bitcoin Global both have apps with functionality equal to the website versions. For users, it means that they can buy assets and easily trade on the go.
Each platform’s website has an extensive FAQ section with answers to most questions. And, in case of any difficulties, the support representative will gladly help to eliminate them.
Buying cryptocurrency now is no more complicated than buying things on any online marketplace. WhiteBIT and Bitcoin Global provide an excellent and intuitive service that will help you to understand how to deal with cryptocurrencies very quickly. Good luck with your first purchase!