How to buy crypto: So, you’ve decided to dive face-first into the exciting world of cryptocurrencies! Go you! Whether you’re looking to invest, trade, or simply explore this digital frontier, understanding how to buy crypto is essential.

In this guide, we’ll walk you through the process step by step, ensuring you’re well-equipped to embark on your crypto journey.

Choose a reliable cryptocurrency exchange

The first step in buying crypto is selecting a trustworthy exchange or trading platform. Here are some key factors to consider:

Company authenticity and platform security

Research the exchange’s reputation, security protocols, and history of handling user funds. CoinJar has great reviews from independent platforms like Trustpilot.

Ease of Use

Opt for an exchange with a user-friendly interface that suits your level of experience.

Fees and Charges

Compare fees, spreads, and any hidden costs associated with transactions. CoinJar fees are some of the most competitive around.

Customer Support

Look for exchanges that offer responsive customer service. CoinJar's customer support has an excellent reputation.

Number of Supported Coins

Consider the variety of cryptocurrencies available on the platform. CoinJar offers a seamless experience for buying, selling, and storing crypto. And it has over 50 cryptocurrencies to choose from.

Create an account and verify your identity

Once you’ve chosen an exchange, sign up for an account. You’ll need to provide personal information and undergo a verification process. This typically involves verifying your identity and linking your bank account.

Fund your account

To buy crypto, you’ll need to deposit funds into your exchange account. You can use various payment methods.

Bank transfer

Transfer fiat currency (such as Australian dollars) from your bank account to the exchange.

Debit or credit card

Some exchanges allow direct purchases using cards. CoinJar has an Instant Buy facility where you can purchase crypto instantly with a card. There are also other methods available on CoinJar so choose the method that suits you best.

Purchase with crypto

Once you buy some crypto, you can then buy other cryptocurrencies using the original crypto you bought with everyday money.

Choose a cryptocurrency

Now comes the exciting part: choosing which cryptocurrency to buy. Consider factors like your investment goals, risk tolerance, and market research.

Popular options include Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP).

Execute your purchase

Once you’ve selected a coin, place your order. You can choose between market orders (executed at the current market price) or limit orders (set a specific price at which you want to buy).

Secure your investment

After purchasing crypto, you can keep it on the exchange. Or you can transfer it to an external digital wallet. If you keep it on the exchange, it makes the crypto readily accessible if you want to exchange it for other crypto or sell it.

But, if the crypto exchange goes bankrupt (like FTX) or if the exchange gets hacked, your crypto could be at risk. CoinJar is one of the longest-running platforms in the world, and it has had no crazy dramas like FTX.

If you buy crypto on the CoinJar app, then the crypto you purchase will simply go into your wallet on the app, you don't need to set a separate wallet up. You don't have to do anything, it will just appear when you press "accounts". In this way it is a great app for beginners. It's not complicated at all.

After you build some confidence, you can create an external online wallet independent of CoinJar (hot wallet), or download your crypto to a cold wallet / hardware wallet (which means it's not connected to the internet so the risk of hacking is very low).

You can read up on wallets here.

As a newbie on CoinJar, you don't have to know about wallets yet, all you need to know is that your crypto can be kept on the CoinJar app.

Conclusion: How to buy crypto

Buying crypto doesn’t have to be daunting. With the right knowledge and a reliable exchange like CoinJar, you’re well on your way to becoming a crypto enthusiast.