How to buy cryptocurrency?

Ole
24.09.2021
195 Views
Buy cryptocurrency

More and more people want to invest in cryptocurrency, whether it is Bitcoin , Ripple or other variants. Fortunately, it’s pretty easy to get started, and it does not take long either.

When you buy cryptocurrency, it is important to think about which platform (marketplace) you should choose, payment methods and any costs.

How to buy cryptocurrency? In this guide, we will walk you through the process, step by step.

Step 1: Find a platform for buying cryptocurrency

The first step towards being able to buy cryptocurrency is to find a suitable trading platform – also known as a marketplace or trading platform. There are a number of different options, but it is recommended to choose a platform that is registered with the Norwegian Financial Supervisory Authority.

Platforms such as Binance are among those that are not recommended by the Norwegian authorities, because the platform has previously engaged in the sale of cryptocurrencies without being registered with Finanstilsynet .

[etoro]

The platform you choose should be user-friendly and intuitive. Among the most popular platforms Norwegians use to buy cryptocurrency, we find the following:

Hva skjedde med kryptobørsen Binance i Norge?

Step 2: Create user account

The next step is to register with the relevant trading platform, by creating a user account. If you choose eToro, for example, you just need to click on the “Start trading” button. You can then enter basic information about, for example:

  • Username.
  • E-mail address.
  • Password.
Buy Bitcoin Etoro

Buy Bitcoin easily at Etoro. Click on “Trade markets” -> Crypto -> BTC

Then confirm the information you have entered. Creating a user account with a trading platform usually takes no more than a minute or two, and is very simple.

Remember that you usually need to verify your email address. You will receive a verification message at the email address you provided. You confirm the verification by clicking on the link in the email. Remember that it is not possible to buy cryptocurrency until the account has been verified.

Step 3: Customize user profile

After registering, it is important to customize and complete the user profile. If you have chosen eToro, you do this by clicking on «Complete profile», a button you will find at the top left of the website.

To complete your user profile, you must, among other things, answer various questions. These questions must be answered because the legislation in Great Britain requires that information be provided on the following:

  • What is the origin of the money you are going to trade for (is it, for example, wage income or money you have earned on investments?)
  • Whether you as a user have traded cryptocurrency on previous occasions
  • That you understand the risk involved in buying cryptocurrency

Step 4: Make a deposit

In order to be able to buy cryptocurrency, you also have to make a deposit of money. This money is then used to pay for the cryptocurrency. With most trading platforms, you can choose between secure and well-known payment solutions, such as these:

  • We saw.
  • Maestro.
  • MasterCard.
  • Skrill.
  • Bank transfer.
  • PayPal.
  • Neteller.

Most deposits are transferred directly, but this may depend somewhat on the payment method. For fast transfers, e-wallets can be a good choice.

Also note that different trading platforms may operate with different deposit limits. As a rule, the lower deposit limit is around NOK 400.

Step 5: Buy cryptocurrency

How to buy cryptocurrency? Once you have made a deposit with money you can start trading. Find out which cryptocurrency you want to buy, whether it is Ethereum, Dogecoin, Bitcoin Cash, Ripple or Stellar. The options are many.

To buy cryptocurrency from, for example, eToro, select “Trading markets” from the menu on the left, and then “Crypto” in the window at the top of the page. You will then get an overview of the available cryptocurrencies you can choose from.

The various cryptocurrencies are presented with a graph showing the currency unit’s recent changes in exchange rates. You can choose between “Buy” and “Sell”, depending on whether you are buying or selling cryptocurrency.

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Different ways to buy cryptocurrency

When you are going to buy cryptocurrency, you will usually be able to use different buying methods. The most common is that you can choose between options and futures contracts, both of which are so-called derivatives.

  • Options : You have the right to buy / sell your cryptocurrency in the future, and have a contract with a specific expiration date (known as Time Decay Factor)
  • Futures : Similar to options, but does not have a given expiration date. You can buy both short and long contracts. It is possible to sell out at the desired time. If you choose futures, you can “gear” (ie increase) the investment, with increased risk.

How to buy cryptocurrency in the smartest way possible?

If you have not purchased cryptocurrency before, the whole process may seem a bit extensive or difficult. But it’s really quite easy to get started.

Here we will share some tips with you, which increase the chance that your crypto-trading will be successful.

Look at fees and brokerage

Brokerage is the price you have to pay to buy or sell cryptocurrency (or shares for that matter). Some trading platforms take no brokerage, while others do. In other words, you can save money by making smart choices.

In platforms such aseToro one can buy cryptocurrency without having to worry about deposit fees. Check out what kind of fees the various trading platforms charge before you sign up.

Copy those who can crypto-trading

Getting started with crypto-trading does not have to be difficult, and even beginners can succeed. It is especially beginner-friendly to choose a platform that offers copy trading.

Copytrading at Etoro

How easy it is to copy other traders at Etoro. This is how beginners can get started easily.

At eToro, for example, you can find the CopyTrader feature that makes it easy to copy the actions of the world’s best crypto traders. You thus avoid making difficult decisions yourself, or getting to know something special in trading before you start.

Buy cryptocurrency today

Buying cryptocurrency is not as difficult as you might think. There are a number of trading platforms to choose from, and the registration process is fast.

Deposit money with the desired payment method, and buy cryptocurrencies such as Bitcoin or Ripple. Feel free to copy other people’s actions if you are unsure!

FAQ

[sc_fs_multi_faq headline-0=”h2″ question-0=”Hva slags kryptovaluta kan jeg kjøpe?” answer-0=”Du kan kjøpe mange ulike typer kryptovaluta, inkludert Dogecoin, Ripple, Bitcoin Cash, Bitcoin, Ethereum og Dash.” image-0=”” headline-1=”h2″ question-1=”Hvordan kjøpe kryptovaluta uten erfaring?” answer-1=”Du trenger ingen erfaring for å sette i gang, siden man i mange tilfeller kan ta i bruk copy trading og kopiere andres handlinger.” image-1=”” headline-2=”h2″ question-2=”Hvilken plattform for krypto-trading er best?” answer-2=”Det avhenger av dine preferanser. For de fleste er imidlertid eToro eller Nordnet gode og brukervennlige løsninger.” image-2=”” count=”3″ html=”true” css_class=””]

Author Ole

Ole jobber som freelance forfatter/skribent, men er også med på vårt team. Han har hatt en interesse for krypto i flere år og det er naturlig for han å opplyse andre om denne fantastiske teknologien. Ole sier selv at å skrive om kryptovaluta ikke er en jobb, men en lidenskap! For oss kan det jo ikke bli bedre!