Cryptocurrencies provide an excellent way of making money and growing returns. For example, Bitcoin price has moved from below $5 in 2009 to over $40,000 today. Similarly, Ethereum has jumped from below $10 to over $3,000. In total, cryptocurrencies have moved from nowhere to become an asset class worth over $2 trillion. In this article, we will look at the easiest way to buy cryptocurrencies.
Online wallets are popular financial products that enable people to save, send, and receive cash from their loved ones or business partners. These wallets are popular because of how easy they are to use and the fact that they mostly have low fees.
The number of digital wallets has been in a strong uptrend as the fintech revolution continues. Some of the most popular wallets are PayPal, Cash App, Skrill, Neteller, Revolut, and Venmo among others.
As part of their strategies, many online wallets have now made it possible to buy cryptocurrencies inside their ecosystems. The goal is to simplify how people access financial services and to also make money doing that.
The process is similar with other online wallets like Cash App. You just need to select the coin you want to buy and then execute the trade.
The other easiest way to buy cryptocurrency is through a centralized exchange. An exchange is a company that provides different cryptocurrencies for people to trade. In most cases, exchanges provide a website and mobile applications that let people buy coins. They also offer other tools that help them to make better and more informed choices.
Cryptocurrency exchanges work in a relatively similar way. They provide a marketplace where one can go and buy coins. After buying the coin, one can easily save them in their online wallets. When needed, a person can then convert their coins into cash and withdraw to their online wallets or bank accounts.
In addition, it is possible for people to move their cryptocurrencies from exchange to their cold wallets in a few steps.
The crypto exchange industry has become significantly saturated. CoinMarketCap tracks 511 exchanges from around the world. In total, these exchanges help to move cryptocurrencies worth over $100 billion every day. Some of the biggest exchanges in terms of volume are Binance, Coinbase, KuCoin, Huobi Global, Gate, and Crypto.com.
Second, you should create your account by providing your name and email address. After this, to comply with the law, many exchanges will seek to verify your account by confirming your location.
Using exchanges like Coinbase, Binance, and eToro is recommended because they are safe and they provide more coins. They also provide more solutions like staking, leverage tokens trading, and perpetual futures trading.
Another easy option for buying cryptocurrency is to use a peer-to-peer exchange platform. These are companies that provide a platform where people can buy and sell cryptocurrency among themselves in an easier manner. A P2P exchange provides a platform that ensures safety.
They work in an easier way. After creating and verifying your account, you will select whether you want to buy or sell a coin. When buying, you will see numerous people who are selling coins and their prices. Select your preferred one and then make a payment to them directly. After they receive their funds, the coins deposited in the Escrow will be transferred to you.
There are several reasons for using a P2P exchange. First, they are easy to use. Second, you can use arbitrage by buying a coin at cheap prices and then selling it instantly at a higher price. Third, you can use your preferred option to complete the transaction. Examples of P2P payment platforms are Paxful, Local Bitcoins, and Binance P2P
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