How To Buy Crypto The Easiest Way To Get Bitcoin, Ethereum, Dogecoin And More

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Note: This is not financial advice. This is for educational purposes only. Please note that cryptocurrency is a very volatile asset class; invest only what you can afford to lose.

“How to Buy Crypto” is a popular query that is blasting Google’s search engine right now as more and more people are interested in cryptocurrency. El Salvador recently passed a bill to adopt Bitcoin (BTC) as legal tender, Elon Musk is gushing out of Dogecoin, and there is a lot of talk about Ethereum because it is the most popular digital asset alongside BTC.

As such, cryptocurrency is becoming more and more common; many are even willing to buy digital tokens for themselves. Buying intangible virtual currencies may seem like a distant and confusing concept to some, but I assure you the process is super easy. In fact, it’s so simple, you’ll be sorry you didn’t join the crypto train sooner.

How to buy crypto

Before buying cryptocurrency, you need to choose an exchange that has the digital asset you want. Most exchanges will have Bitcoin, Ethereum, and Dogecoin due to their popularity and high demand, but some lesser-known cryptocurrencies like XRP and SafeMoon require specific outlets (e.g. decentralized exchanges) to purchase them (j have guides on how to buy XRP and SafeMoon).

How to buy crypto (Image credit: Getty)

For the sake of simplicity, this guide will focus on buying well-established cryptocurrencies. The best cryptocurrency exchange for newbie crypto investors is Coinbase. There are two versions: Coinbase and Coinbase Pro. The user interface of the first is very intuitive and easy to use. The downside is that its fees are ridiculously high. Coinbase Pro, on the other hand, has an off-putting user interface that targets advanced traders, but its fees are significantly cheaper.

Coinbase (Image credit: Coinbase)

For this tutorial, we are going to focus on how to use Coinbase Pro to buy crypto. Why? Because a smoother user interface just isn’t worth the extra. This tutorial will help you master Coinbase Pro so that you can buy today’s most popular cryptocurrencies.

1. Create a Coinbase account. Although Coinbase Pro is a separate platform from Coinbase, you must log into Coinbase before you can use the Pro version.

2. Go to Pro.Coinbase.com.

3. Consider how much you would like to spend on crypto. You must also offset all costs. Click on “Deposit”.

How to buy crypto (Image credit: Future)

4. Click on your currency. For this guide, I will be using USD.

5. A window titled “USD Deposit” will appear. You have the option of clicking on Bank account (ACH transfer) or Bank transfer. I would recommend the former as Coinbase bank transfers are charged $ 10 (including fees charged by your bank).

How to buy crypto (Image credit: Future)

6. A new window will appear prompting you to enter the amount you wish to deposit into Coinbase Pro under “Amount”.

7. Click on “Deposit overview” followed by “Deposit in USD”.

How to buy crypto (Image credit: Future)

Although the deposit has not yet been cleared, Coinbase allows you to trade instantly. The trade-off is that you are not allowed to withdraw funds from the platform for 5-6 days.

How to buy crypto with your deposited funds

1. Determine which cryptocurrency you want to buy. In this case, we’ll use Dogecoin as an example. Click on the “Commerce” tab.

2. At the top left, click on “Select a market”. In the search bar, type Dogecoin (or whatever crypto you prefer). The trading pairs will appear. In my case, DOGE-USD appeared. It just means I can trade USD for DOGE and vice versa. Because I have USD, I want to trade for Dogecoin, I click on DOGE-USD.

How to buy crypto (Image credit: Future)

3. Under “Order Form”, make sure the “Buy” button is selected in green. Market should be selected by default (this means you will buy your cryptocurrency at its current price). You can also choose Limit and Stop for advanced trading techniques, but to keep it simple, let’s go for Market.

4. Enter the amount you want to spend on your crypto under “Amount”. You can click “Max” if you want to use all of your fiat. You will get a quote on the charges from Coinbase. In my case, spending $ 500 on Dogecoin incurs a fee of 20 cents. (On regular Coinbase the fee would be $ 7.24!)

How to buy crypto (Image credit: Future)

5. Click on “Place a Purchase Order” and voila, you have your crypto!

Crypto Buying Tips

Now that you know how to buy cryptocurrency, there are a few tips you should know before you dive into the world of digital assets.

To protect your cryptocurrency, get a Ledger Nano X or a Trezor Model T to store your digital assets in a hardware wallet (instead of keeping it online where it’s susceptible to hack) Stay away from exchanges cryptocurrency that doesn’t allow you to move your digital assets to other platforms and wallets (e.g. Robinhood) Enable two-factor authorization to add an extra layer of security to your Coinbase Pro account

As always, be sure to exercise proper risk management when purchasing cryptocurrency; it is an extremely risky asset class.

Today’s best Trezor Model T offers

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