If you are an internet user, some time or the other you must have heard the term cryptocurrency. However, many of you don’t have any idea about how to acquire some of these. The best five ways of acquiring cryptocurrency are discussed below.
The type of the money depends on the method you choose. Therefore, you can either get digital money or fiat money. You need money to buy cryptocurrency and an e-wallet to store those. As you already know that the existence of digital money is on the internet only, you must be extra cautious about storing it in your e-wallet.
Now, let’s check out the five methods that can be helpful for you if you want to but cryptocurrency.
Currently, this is the most widespread method of buying cryptocurrency. There are two main types of exchanges:
• Brokers: Broker websites only sell cryptocurrency and reverse-trading is not supported by these exchanges. Though the fees are higher than the other exchanges, they offer a huge range of payment options.
Example: Coinmama lets you buy cryptocurrency with the help of either credit or debit card. However, it only offers eight cryptocurrencies. It’s available worldwide and the anonymity is on the lower side. You need to pay 1-7% fees that depend on the payment option you choose.
• Trading platforms: You can place orders for either buying or selling cryptocurrencies just like the normal share market. Though the fee is low, the price keeps bouncing often.
Example: While Binance is used for exchanging crypto-to-crypto, Kraken deals in exchanging Altcoin. CEX.IO is the most famous cryptocurrency exchange because you can instantly buy from the eight cryptocurrencies offered by CEX.IO.
Though some people offer to sell cryptocurrencies against cash, the idea has not gained much popularity because of its complicacy. You have to contact the seller, then meet the person and give him money in exchange for the cryptocurrency. Though the fee is either zero or very low, this is quite risky.
Some websites work as an agency to connect the merchant and the buyer. As P2P systems do not control the deals, the chances of fraud are higher on these websites. Besides, these websites generally deal in Bitcoin only.
Example: One of the most popular P2P platforms is LocalBitcoins that offer to sell and buy Bitcoins. Another website that offers the same is Paxful. Normally, the fee is around 0-1% but the seller can sometimes charge more.
LibertyX is an established American company that has 19,000 stores across the US where cryptocurrency is sold in exchange for cash. The company follows a strict verification process so that the dealings remain as safe as possible. You may need to pay around 10% for the stores and the vouchers.
This is yet another cash-based method. Some terminals allow you to buy cryptocurrency in exchange for fiat money. However, there are only 1,600 such ATMs all around the world. These are convenient for you if you don’t want to waste time for verifications or create an account at all. The fees are around 3 to 9% and the mode of payment is cash only.