How to buy cryptocurrency

In this guide, we will provide you with the ultimate guide on how to buy cryptocurrency safely and at the lowest fees. We will also go over some of the best cryptocurrencies to buy right now, where to buy them, and some of the most popular ways of investing in crypto.

By the end of this post, you will have also learned the pros and cons of buying cryptocurrencies in 2024.

Top Exchange

What we Like:

  • Over 75 cryptos to trade
  • Minimum deposit only $10
  • Regulated by top-tier entities
  • User-friendly trading app
Our Rating

5 Stars

Warning: Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

How to Buy Cryptocurrency – 4 Quick Steps

Here is a simplified 3-step guide to buying any cryptocurrency on some of the most popular crypto exchanges. For illustration purposes, we will teach you how to buy digital assets on the all-popular eToro exchange.

  • Step 1: Open a crypto account: Hit the “Join now” button on eToro’s website or mobile trading app and hit the “Join Now” button. Complete the registration form that pops up here and verify your identity.
  • Step 2: Fund your account: Log in to the approved eToro account and fund this account. The minimum deposit starts from $10, and the payment method depends on your country of residence.
  • Step 3: Buy Cryptocurrency coins: Once the payment reflects in your account, proceed to identify the best crypto to place your buy order.

In the below sections, we will discuss some of the best crypto exchanges available to you. We will also provide you with a more detailed crypto-buying guide. For starters, though, we look at some of the best cryptos to buy today.

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. 

Which is the Best Cryptocurrency to Buy in 2024?

Cryptocurrencies were the best-performing investment class of the last decade. This nascent industry was one of the fastest growing, seeing that more than 25,800 digital assets have been launched over the last 13 years. Finding the best crypto to invest in from such a deep pool can, at times, prove complicated, especially for novice investors.

To help you get started, we have come up with a list of the best cryptos to buy right now and provided a brief explanation of why they are worth investing in.

1. Bitcoin (BTC) – Overall Best Cryptocurrency to Buy Right Now

Bitcoin is the oldest, most popular, and one of the most lucrative crypto investments of all time. It is also one of the most resilient digital assets and has weathered multiple storms – ranging from market crashes to government interference. It has always been quick to rebound and almost always rose to a new high after a price crash.

Bitcoin

There are three key reasons why we consider BTC one of the best crypto to buy right now and why it is still not too late to buy Bitcoin. First is the upcoming Bitcoin halving event expected in early 2024. Like all other halving events in the past, this is expected to trigger a massive price run for BTC, with most analysts and investors confident it will catapult it past the November 2021 highs.

We also feature Bitcoin here because it has maintained an overall uptrending price action since its launch over a decade ago. It is expected to maintain this trend, making it one of the best cryptos to invest in over the long term. Lastly, we list it here because it currently is selling at high discounted prices – which will translate to attractive returns as soon as it rebounds.

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. 

2. Ethereum (ETH) – Invest in a Crypto With The Most Promising Future

Ethereum is the second most valuable crypto asset, accounting for more than 19% of the crypto industry’s market cap. It has also been one of the most lucrative crypto investments, with both an overall uptrending price action and an attractive ROI.

Moving forward, Ethereum is expected to continue extending its market dominance, growing its value, expanding its ecosystem, and being profitable.

All these make Ethereum one of the top altcoins to buy and hold this year and beyond.

Ethereum

We believe Ethereum to be worth investing in today because it underwent multiple significant developments during the 2022 crypto market bear market. These include the Merge, and they are all yet to be factored in the current ETH price. We, therefore, expect ETH prices to break into a major run as soon as the market starts recovering as investors rush to price in these developments.

ETH token’s utility in and outside the Ethereum ecosystem has also been on the rise. In addition to facilitating transactions within the network and being used for trade, the number of brands accepting ETH as a payment method has been rising steadily. We expect this trend to continue in the foreseeable future – a move that some optimists believe will help Ethereum dethrone Bitcoin as the most used and most valuable crypto asset.

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. 

3. Binance Coin (BNB) – Invest in One of the Most Resilient Altcoins

Binance Coin is the fourth most valuable crypto asset – only behind Bitcoin, Ethereum, and Tether. It also is one of the most popular and recognizable digital assets. And much of these could be attributed to its close association not with the largest crypto exchange – Binance – but also its growing utility on the Binance Smart Chain.

Binance Coin

We believe it to be one of the best cryptocurrencies to buy in 2024. And this opinion is informed by its utility and demand that is expected to continue rising – thanks to soaring Binance popularity and expansion of the Binance Smart Chain ecosystem.

We also include it here because of its resilience and attractively high return on investment. For starters, it has maintained an overall uptrending price action since its establishment in 2017, and we expect it to sustain this in the foreseeable future.

Further, it has survived multiple crypto market crashes and other external factors that sought to drown its price action – including government interference. That we expect it to survive the current market crash and rally to new highs is part of the reasons why we consider it a top crypto to buy right now.

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. 

4. Solana (SOL) – Invest in the Fastest-Growing Smart Contract Platform

Solana is one of the fastest-growing and most lucrative smart contract platforms. Launched in 2020, it has established a solid smart contract ecosystem to rival Ethereum’s, even though the latter has been around since 2015. By the time it peaked in late 2021 – less than two years after launch – the altcoin was already trading more than 118,000% above its ICO price.

Such aggressive value and ecosystem growth speak volumes, hint at a massively promising future and inform our decision to feature it in our list of top altcoins to buy right now.

Solana

It also makes it here because it is currently selling at a highly discounted price – more than 90% below its current all-time high. This is in recognition of the fact that it has weathered the two core factors associated with the massive price crash.

First was its close ties with Sam Bankman-Fried’s Alameda Research Company, while the second was the bear sentiments dominating the market throughout 2022. It proved its ability to come from under both in early 2023 when it bolted into a price run – albeit temporarily – in reaction to the false BTC rally.

We must also acknowledge that Solana’s network underwent multiple strategic developments through the bear market period. These include network upgrades that guarantee reliability, move towards total decentralization, community building, as well as the onboarding of more developers and adopters.

None of these developments have, so far, been factored into its current price. Even the slightest sign of market recovery will, therefore, possibly trigger a massive bull run for SOL token prices. This, then, makes today the best time to buy Solana while it trades at a discount.

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

5. ApeCoin (APE) – Massively Popular Altcoin with Unimaginable Upswing Potential

Apecoin has only been around for slightly over a year and is already considered one of the most popular cryptos. It enjoys massive support from the crypto community, especially on social media. Much of this is attributable to the popularity of the different products affiliated with the altcoin – especially the MAYC and BAYC NFT projects. This popularity is expected to influence its demand and value – which explains its feature among the best cryptocurrencies to invest in right now.

Apecoin

We also feature Apecoin among the top altcoins to buy today because it launched at the height of the 2022 bear market. This means that unlike most of the coins in this list, it never got to reach its true peak price. You can, therefore, expect it to resume its early 2022 price run as soon as the market starts gaining.

Further, Apecoin developers have committed to growing the APE network and expanding the altcoin’s utility tenfold. They have, for instance, already launched the Otherside metaverse and are on the path to launching a blockchain mainnet.

These, plus the ultra-popular NFT projects, will all have APE as their utility coin. The promise of an increased utility/demand that APE is currently trading at a discount and the likelihood of an uptrend during the next bull run make Apecoin one of the best cryptos to buy during the current dip.

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. 

6. Shiba Inu (SHIB) – High Yield Memecoin Selling at a Discounted Price

Shiba Inu is one of the most lucrative crypto investments of all time. During the last bull run, for instance, its value soared by more than a million percent. And while we don’t expect it to post similar gains during the next market rally, we expect it to record highly attractive gains. This makes it one of the best cryptocurrencies to buy right now.

Shiba Inu

This observation is informed by a number of factors. First are the many developments taking place within the Shiba Inu ecosystem. Its developers have embarked on an aggressive network expansion campaign that includes the launch of NFT projects, play-to-earn games, a marketplace, a decentralized exchange, the Shibarium metaverse and an upcoming layer-2 blockchain network. All these are expected to pump up SHIB’s utility which has a direct impact on pushing up its value.

Second is the aggressive burning of excess SHIB tokens. The Shiba Inu network developers have committed to reducing the supply of SHIB tokens. We recognize that a reduced supply against rising utility/demand will have the net impact of triggering a value gain for SHIB tokens. This makes SHIB one of the best meme coins to invest in over the short term.

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

Is Cryptocurrency Worth Investing in Today?

We have already mentioned that cryptocurrencies have been the most lucrative investment class of the decade. Now we need to add that it has also been the most volatile and arguably the riskiest. And to determine whether virtual currencies are worth investing in, you need to start to self-evaluate. Be in tune with such factors as your investing goals, risk tolerance, and understanding of the crypto industry.

You then need to complete these with a thorough understanding of the different merits and demerits of investing in cryptocurrencies. Below, we look at some of the most common:

Benefits of Buying Cryptocurrencies

Here are the most common advantages of investing in cryptos that you need to familiarize yourself with before buying your first digital asset.

Outsized ROI

Cryptocurrencies have been the most lucrative asset of the last decade. Crypto investments are characterized by higher-than-average returns – in comparison to traditional investments like real estate or stocks – both over the short term as well as the longer term.

Here is an example: By the time Ethereum peaked in November 2021, it was trading more than 150,000% above its late 2016 ICO price. Its value was also up by more than 700% that year.

Hedge against inflation

The majority of cryptocurrencies have, over the course of their short history, maintained an uptrending price action. Unlike most other assets and fiat currencies, their rate of gaining value has consistently outpaced general inflation. This doesn’t just make them a great investment but a perfect hedge against inflation.

Control over assets

You will also note that cryptocurrency is the only asset class that gives absolute ownership and control over your investment. You get to own and keep the private keys associated with your crypto investment. Unlike bank savings or physical property, your crypto holdings cannot be censored, frozen, or taken over by the government.

Portfolio diversification

The crypto industry is rather broad, allowing for decent portfolio diversification. In addition to the more than 25,800 digital currencies, you could also invest in NFTs, virtual real estate, liquidity pools, virtual games, and more.

Online and cross-border payments

Cryptocurrencies present you with a faster, cheaper, less bureaucratic and more flexible alternative to moving cash online and across borders. Some altcoins and blockchains like Ripple and Stellar have been specifically designed to help facilitate online and cross-border value/cash transfers.

Risks of Buying Cryptocurrencies

As is the case with virtually all other asset classes, crypto investing is not without its fair share of risks. Here are some of the most common, which you need to pay most attention to:

Exposure to scams

The crypto industry is exposed to many scams, and Billions of dollars worth of crypto is lost to different crypto scams every year. In 2022, for instance, more than $10 Billion worth of crypto was to scammers. Some of the most common types of scams executed in this space are exit/rug pull scams, flash loans, as well as pump and dump schemes. Familiarize yourself with how each works in order to avoid them.

Extreme volatility

We have already mentioned that cryptos are also the most volatile asset class. Unlike most other investments, it is not unlikely for the value of a digital asset to dip by as much as 99% in a few months. This can expose you to untold losses should you sell the dip or if the crypto asset never recovers.

Unpredictable market

The crypto market isn’t just volatile, it is also wildly unpredictable. From government interference to changing investor sentiments and developments within specific blockchains – there are so many factors impacting the price of digital assets and industry direction. These make it one of the most unpredictable markets to invest in today.

Hacks and ransomware

Crypto investors have been a soft target for hackers and ransomware groups. These two have been the two leading causes of losses for crypto investors. Some of the measures that you can put in place to mitigate the possible loss of crypto to hackers include activating two-factor authentication, moving crypto to a safe hardware wallet, using strong passwords, and only using legit altcoin exchanges.

When is the Best Time to Buy Cryptocurrencies?

You’ve probably heard investors and traders talk about the possibility of timing the market when addressing the question of the best time to buy cryptocurrency. This strategy often works with some other asset classes. However, the massively volatile and unpredictable nature of cryptocurrencies and the industry as a whole makes it almost impossible for anyone to time the market currently.

Buy cryptos

How, then, do you start investing in cryptocurrencies in 2024? Here are two effective strategies that may help influence your decision of when to buy cryptocurrencies.

Buy the dip

Buying the dip simply means investing in a cryptocurrency while it sells at a heavily discounted price – most likely after undergoing a price crash. This is one of the oldest and most lucrative investing strategies, having been used when investing in traditional asset classes – including stocks and real estate.

For the better part of 2022 and the first half of 2023, cryptocurrencies were selling at heavily discounted prices. This can be attributed to the crypto market crash witnessed early in 2022. At the time of writing, for example, Bitcoin was trading more than 50% below the all-time high set in 2021. Popular altcoins like Solana and Cardan, for example, have had their value crash by more than 90%.

That the market is trading near crash-price levels and most cryptocurrencies are selling at heavily discounted prices makes now the best time to buy.

Dollar-cost averaging

Since buying the dip only works after a market crash, what happens during periods of relative market stability? You turn to dollar-cost averaging (DCA). This involves buying a fixed amount of cryptocurrencies at regular intervals over an extended period of time.

Here is an example, you may decide to invest 20% of your monthly earnings in crypto. This would mean buying crypto worth 20% worth of crypto every 5th, regardless of the market direction or the price of your preferred crypto asset. This is one of the most practical long-term investing strategies.

Where to Buy Cryptocurrency in 2024

There currently are more than 600 crypto exchanges and other trading platforms to buy cryptocurrency coins. This complicates the process of finding the best crypto exchange – especially for newbies. Some of the factors that we advise our readers to keep an eye out for when vetting crypto platforms include the exchange’s liquidity, cost, user-friendliness, range of supported crypto, and regulation/reputation.

To help you get started with crypto investing today, we have vetted the markets and come up with what we consider the best crypto exchanges. Here is a brief rundown of how each works:

1. eToro – Overall Best Pace to Buy Cryptocurrency Coins

eToro is one of the more popular crypto exchanges in the world, famed for its user-friendliness, affordability, and safety. eToro exchange also maintains one of the most straightforward and beginner-friendly on-boarding processes. After registration, you will be ushered into a highly navigable and user-friendly trading interface that also integrates a wide range of trading, analysis, and market research tools.

Buy cryptos on eToro

The exchange also supports all popular cryptocurrencies. And you only need $10 to begin investing in either of these. This deposit can be made via a range of fiat payment options, including PayPal, cards, and bank transfers. The transaction fee is then fixed at just 1% of the total trade volume.

eToro also tops most investor lists of the best crypto exchange to buy cryptocurrency like Bitcoin and other leading altcoins because of its commitment to the safety of client funds and data. For starters, the crypto exchange doesn’t share its client’s personal information with third parties.

Secondly, it provides all its platform users with two free crypto wallets. A custodial wallet, which stores 90% of client funds offline and a free self-custody mobile wallet app. Note that since it started processing Bitcoin trades in 2013, eToro has never been hacked.

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

2. Binance – Best Exchange to Buy Cryptocurrency for Liquidity and Low Fees

Another top place to buy cryptocurrency is Binance. This leading exchange is arguably the most popular and most recognizable crypto exchange in the world today. It is also the most liquid – processing as much as $50 Billion worth of crypto trades daily. Meaning that new investors can easily find the best beginner cryptos to buy. But in addition to the deep liquidity, several other factors make Binance one of the best places to buy cryptos today.

These include its rich crypto product list, low fees, safety, a peer-to-peer trading platform, and other integrated features.

Buy cryptos on Binance

For starters, Binance is more than a crypto exchange. It can best be described as a digital marketplace for crypto-based products. Here, you will get to interact with 350+ popular cryptocurrencies, crypto derivatives, and trade NFTs. Plus, in addition to trading crypto, you get exposed to multiple earning opportunities – from saving, liquidity farming, DeFi staking, crypto mining, and dual investing.

Binance then maintains some of the most competitive transaction fees. These maker/taker fees range between 0.1% and 0.02% based on your 30-day trading volume on the exchange. You could lower these fees further by settling the transaction charge with BNB coins. The move ensures you qualify for a 25% discount on fees, bringing the charge to between 0.075% and 0.015%.

Binance also operates one of the most popular and liquid crypto peer-to-peer crypto trading platforms. This lets you buy a range of crypto instantly from peers and pay them using local currency via local payment options. At the time of writing, for example, the Binance P2P platform supports 700+ payment methods across the world.

3. Coinbase – Most Beginner Friendly Crypto exchange

Coinbase is one of the oldest and most reputable crypto exchanges in the world. Established in 2012, the digital asset trading platform has positioned itself as one of the most beginner-friendly crypto exchanges around. It achieves this by maintaining a straightforward account opening process that ushers users to a highly intuitive trading interface. Traders on the platform have the option of buying crypto instantly or opening a buy order on the trading interface.

Buy cryptos on Coinbase

The exchange also maintains affordable deposit and trade minimums and processes fiat deposits from a wide range of cryptocurrencies. Here, you only need to deposit a minimum of $10 to start buying cryptocurrencies. And it supports a broad range of deposit options – from cards to bank transfers and even PayPal.

We also liked Coinbase because of its deep liquidity and extensive range of supported digital assets. The trading platform is the second most liquid crypto exchange and processes crypto transactions worth Billions of dollars daily. You also get to interact with one of the most diverse range of digital currencies.

But even more importantly, Coinbase is strongly committed to the safety of client data and funds. For starters, it doesn’t share sensitive client data with third parties. It then holds as much as 98% of client funds in ultra-secure offline vaults while insuring the 2% left in hot wallets. In addition to this, it provides all its platform users with a free mobile wallet app.

4. Kraken – Best Crypto Exchange for Safety

Kraken is the oldest crypto exchange platform on this list – having been established in 2011. It is also the most reputable, thanks to its commitment to the security of client funds. This is evidenced by the fact that it has never been hacked.

Buy cryptos on Kraken

Some of the security safeguards put around by Kraken that have helped its client funds safe include 24/7 armed guards around the company and its servers. It then stores the private keys holding client funds in ultra-secure offline vaults – offsite. This makes Kraken the safest crypto exchange around.

But the security guarantee isn’t the only reason you would want to buy crypto on Kraken. It also makes it here because it is deeply liquid, supports a wide range of crypto, and maintains competitive trading fees.

For more than a decade, Kraken has consistently featured among the ten most liquid crypto exchanges. It also has a beginner-friendly trading interface from whence you get to interact with hundreds of the most popular digital assets. Traders on this platform also get to interact with highly competitive maker/taker transaction fees that range between 0.26% and 0.00% – depending on your 30-day trading volume on the platform.

One other unique feature that helps Kraken stand out among the best crypto exchanges is its dark pool. This allows you to open and close orders for crypto pseudonymously, i.e. without having to go through the open marketplace. This integrated feature appeals to high-volume traders the most.

5. Presale – New Altcoins

In addition to investing in established and well-performing cryptocurrencies, you may also consider investing in new coins during their pre-sale stage. This involves investing in crypto projects that are yet to launch. Today, a growing number of crypto exchanges, including Binance, have come up with their own token launch pads that help developers take their crypto projects public.

We must mention, though, that presale investing isn’t beginner-friendly. It carries massive risks and calls for higher-than-average research and analysis skills as well as a proper understanding of the crypto industry. You will need to know how to vet the viability and sustainability of crypto projects, and you must also know how to thoroughly audit these project developers.

Before you jump at the opportunity to invest in a presale token, understand that this is one of the riskiest niches of crypto investing. We say this because the biggest percentage of crypto projects trade at perpetually low prices – ensuring you never recover your investment. Cases of rug pulls and exit scams have also been on the rise and are primarily concentrated on new crypto projects.

The upside to this is that you could be staring at unimaginable returns if the crypto project receives a warm reception from the crypto community. Here is an example, if you had invested in the Solana ICO in March 2022 – when it was selling for $0.22 – you would have grown that investment by 118000%+ less than 18 months later when its price peaked at around $260.

Popular Ways of Investing in Cryptocurrency Today

After deciding on the best cryptocurrency to invest in today, you now need to identify the best fiat payment method. In most instances, your preferred crypto exchange will provide you with different fiat payment options – mostly depending on your country of residence.

Below, we look at some of the most common ways of buying cryptocurrencies on the most popular exchanges.

Buy Crypto with credit cards or debit cards

Credit cards and debit cards are one of the most common payment methods – accepted on virtually all the popular exchanges. Some of the perks of buying cryptocurrency coins with credit cards or debit cards include the fact that the transactions are almost instantaneous. Further, most exchanges don’t have a transaction fee for card deposits.

Buy cryptocurrency with PayPal

A growing number of popular exchanges will also let you buy cryptocurrency with PayPal. Like cards, PayPal has become a popular payment method because of its accessibility (available in 200+ countries), affordability, and transaction processing speeds (instantaneous).

Buy crypto via PayPal

The majority of crypto trading platforms don’t charge a processing fee on PayPal deposits. And PayPal maintains highly competitive transaction fees. You could also buy the likes of Bitcoin, Ethereum, Litecoin, and Bitcoin Cash directly on the PayPal website.

Buy crypto with Skrill, Neteller, or eWallets

In addition to PayPal, popular exchanges will also process a growing number of eWallet deposits. Some of the most common include Skrill, Neteller, Apple Pay, and Payoneer. Today, a growing number of exchanges will let you buy crypto instantly with any of these eWallets.

Like PayPal, these digital payment options are famed for their low transaction processing fees, faster deposit execution, and their accessibility.

Buy crypto with a bank wire transfer

Bank transfers are the most accepted crypto payment method seeing that virtually all popular crypto exchanges accept bank deposits. It is also popular with high-volume investors because most exchanges do not have a maximum deposit minimum for wire transfers.

There, however, are two downsides to buy cryptocurrency with bank deposits. First, banks are rather sluggish in processing payouts, and the deposit may, therefore, take between 3 and 8 business days before reflecting in your trader account. Secondly, banks maintain comparatively higher transfer charges.

Buy cryptocurrency with gift vouchers

A few crypto trading platforms, especially peer-to-peer, will let you buy cryptocurrency with cash alternatives like gift vouchers. In addition to gift vouchers, other supported payment options include tickets to sporting and entertainment events.

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

How to Buy Cryptocurrency Safely in 2024

You can buy cryptocurrency safely online today. Crypto trading exchanges have not only stepped up the security measures geared towards protecting their clients, but there has also been regulatory pressure and investor sensitization.

These notwithstanding, remember that you still have the greatest role to play in guaranteeing the safety of your crypto transactions. Below, we look at three key things that you need to do to guarantee the safety of your crypto transactions:

Regulation and reputation

It is imperative that you only buy and sell crypto via regulated and highly reputable exchanges. You can easily confirm the regulatory status of a crypto exchange online. You also need to go through social media posts and review sites about a specific exchange to ensure that you only deal with the most reputable. While at it, check the ease of use of their platforms, the fees, the level of customer support, if they have ever been hacked, and how they reacted to that hack.

Audited algorithms

Most exchanges have subjected their systems and algorithms through robust audits to test with some of the most reliable security risk analysts. Ensure that your preferred exchange has been audited and received a clean bill.

Secure storage

Equally important, take the security of your private keys seriously. Below, we will tell you about the different crypto storage options available to you. But where possible, avoid hot wallets – which store your keys online or on internet-enabled devices – and move them to a reliable hardware wallet.

Common Types of Cryptocurrency Wallets

Cryptocurrency wallets are primarily categorized into two. First, we have hot wallets, which refer to any crypto storage tool that holds the private keys for your digital assets online or on internet-enabled devices. These are unsafe and expose your funds to the possibility of a hack. The second classification is hardware wallets which store your private keys in offline devices.

Let us go over the different types of wallets that you will most likely interact with today:

1. Digital Wallets

A digital wallet typically refers to any self-custody or third-party wallet that holds your keys online or on an internet-enabled device. Examples of digital wallets are exchange-provided self-custody wallets like the eToro wallet app, the Coinbase wallet, or the Trust wallet. These encrypt your private keys and store them in the root folder of your device – phone or desktop. These are relatively unsafe and prone to such risks as hacking and malware attacks.

2. Custodial wallets

Custodial wallets refer to the exchange-provided wallets that keep cryptocurrencies safe on your behalf. Virtually all crypto exchanges provide users with a free custody account, with most of these claiming to hold 90%+ of client funds offline. They, too, are prone to hacks, malware, and misappropriation – as was the case with user funds held by the now-defunct FTX exchange. A slogan, “NOT YOUR KEYS, NOT YOUR COINS” has even been coined to sensitize crypto investors and traders on the dangers of leaving funds in exchange.

3. Hardware wallets

Hardware wallets fall within the self-custody category as they give you access and control over your private keys. These are more secure than the two storage options we have discussed hereinabove because they store your private keys offline. Some will even let you transfer crypto while offline.

How to buy Cryptocurrency – Step-by-Step Beginners Guide

Looking to jump straight to buying cryptocurrencies on eToro right away? Here is a detailed step-by-step guide on how to go about it.

Step 1: Open a crypto trader account

Sign up via etoro

On your browser, open the official eToro website. Alternatively, download the eToro mobile trading app from IOS App Store or Google Play Store. On either platform, hit the “Join Now” button and proceed to complete the user registration form that pops up here. It will seek to capture such basic personal information as your address, country of residence and phone number, email address and source of funds.

Step 2: Verify your identity

You will also need to verify your identity by submitting a clear copy of a government-issued identification document –such as your driver’s license or passport. This is in line with international regulations that exchanges subject potential clients through KYC/AML checks.

Step 3: Fund your crypto account

fund your crypto account

eToro will send you an email informing you that the account has been approved. Log in to the approved trader account, and on the user dashboard, tap on the “Deposit Funds” icon. A funding tab will pop up indicating all the crypto payment methods available to you – based on your country of residence. Choose one and follow the prompts to deposit at least $10 into the account.

Step 4: Identify crypto coins to buy

find your cryptos

On the user dashboard, tap on the “Discover” button. From the list of supported trading instruments, choose to trade “Cryptos.”

Step 5: Buy cryptocurrency

The list of all digital assets that you can trade on eToro will pop up. Identify the altcoin you wish to invest in and click on the “BUY” option. A trading tab will pop up. Use it to customize this investment by indicating the number of crypto you wish to buy or the amount – in cash that you wish to invest in.

Note: The private keys for the cryptocurrency you just purchased will be deposited into the exchange-provided storage account. This holds more than 90% of all client funds in ultra-secure offline vaults. To transfer this crypto to a third-party wallet or exchange, you first need to move it to the free eToro mobile wallet app.

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. 

Conclusion – How to Buy Cryptocurrency Safely and Affordably

There goes everything you need to know about buying cryptocurrencies safely and affordably online. We started by looking at some of the best cryptos to buy right now. We then discussed some of the top crypto exchanges to use today. Equally important, we looked at everything else you need to know before investing in digital currencies. From the pros and cons of buying crypto to popular ways of investing in crypto and even how to keep the private keys for your crypto investment safe.

Want to start buying crypto today? Follow the step-by-step beginners guide to buying cryptocurrency on eToro that we have outlined hereinabove.

Author Checked Reviewed and Fact Checked by Kamal Masri, Fintech and Crypto Editor and Financial Analysts.

FAQs on How to Buy Cryptocurrency Safely

How can I invest in cryptocurrency today?

It is simple to start investing in crypto. Start by identifying the best crypto exchange for you and create a crypto investor account with them then deposit some funds.

Bitcoin is one of the best cryptocurrencies to buy today because it is fairly stable, has maintained an overall uprtrending price action and has a massively promising future. While these make it a good long-term investment, the fact that it is currently selling at a discounted price makes it a good short-term buy.

Two factors make cryptocurrencies a good investment. First is the fact that they have maintained an overall uptrennding price action and even outperformed all other asset classes. Secondly, they have proved to be a perfect hedge against inflation.

The crypto market is wildly volatile, which makes it impossible for anyone to accurately tell which direction it will assume in the future. There nevertheless have been several instances when the market showed signs of recovery, which is an expression of its eagerness to rebound at the slightest provocation.

No one can tell with utmost accuracy which cryptocurrencies will explode before the end of the year or how high they can rally. We must, however, mention that the majority of coins are still reeling from the 2022 crypto market crash and are thus trading at heavily discounted prices.

Different crypto exchanges have their core strengths and weaknesses. If you are looking for the most beginner-friendly exchange, consider eToro or Coinbase, if you are looking for safety – go for Kraken. And if you are looking for deep liquidity and low fees, consider Binance.

You can buy cryptocurrency today online through a regulated crypto exchange that lists your preferred token or coin. You’ll need to open an account, and if depositing in fiat money – upload some ID. Then, after making a deposit, you can proceed to buy cryptocurrency coins.

The best place to buy crypto is offered by SEC-regulated eToro – which is available to download for free on iOS and Android.

If you’re wondering where to buy cryptocurrency coins, we found that eToro exchange is the best place to buy cryptos and offers a top-rated service – in terms of low fees, regulation, small account minimums, accepted payment types, and supported tokens. There are also a wide variety of crypto exchanges that allow customers to buy crypto.