How to buy cryptocurrency
The basic steps, and the mistakes beginners make.
1. Decide why you're buying
Be honest about your reason, whether that's curiosity, a long-term bet or using crypto for payments. It shapes everything else, including how much to spend. Many people start with a small amount just to learn how it works.
2. Choose a platform
Most beginners use an exchange, a company that swaps normal money for crypto. Check that it is available in your country, how it's regulated, and what it charges. Our exchanges page lists some well-known options to compare.
3. Create and secure your account
You will normally need to verify your identity with ID documents. Use a unique, strong password and turn on two-factor authentication, ideally with an authenticator app rather than text messages.
4. Add money and place an order
Deposit by bank transfer or card. Card payments are quicker but often cost more. Then choose a coin and an amount. A market order buys straight away at the current price, while a limit order only buys at a price you set.
5. Think about where to keep it
Coins left on an exchange are held by the exchange. For larger amounts, some people move them to a wallet they control, such as a hardware wallet. If you do, write down your recovery phrase on paper and never share it or store it online. Anyone who has it can take your coins.
Common mistakes
- Buying because a price is rising fast, then panicking when it falls.
- Putting in more than you can afford to lose.
- Falling for scams, such as fake giveaways, impersonators or promises of guaranteed profit.
- Sending coins to a wrong address. Transfers can't normally be undone.
- Forgetting that profits may be taxable. Check the rules where you live.
Still new to it all? Start with what cryptocurrency is.