How to buy cryptocurrencies and keep them safe – Part 1

When it comes to buying and storing cryptocurrency—whether you’re new to the field or have experience with digital assets—this guide will give you a complete understanding of your options.

There are three main reasons why you might consider purchasing and holding cryptocurrency:

Low-Cost Transactions: Perhaps you’re tired of your current money system and want a fast, low-cost digital alternative. Thousands of retailers have started accepting payments in cryptocurrency.
Investment Opportunity: You can make a profit by buying now and selling later at a higher price.
Other financial services. Or you can use cryptocurrencies to interact with open financial protocols related to lending or savings that cut out intermediaries.
Let’s look at some of the best cryptocurrency storage options. We’ll also look at the best ways to purchase your cryptocurrency of choice using different payment methods.

How to buy cryptocurrencies

There are many ways to purchase cryptocurrency: you can use your credit card, make a bank transfer, or use a payment solution such as Skrill or Neteller. Even PayPal has gotten into the cryptocurrency business. Let’s look at some popular ways to buy Bitcoin and other virtual currencies.

Financing Option: Credit or Debit Card

Most major cryptocurrency platforms work with payment processors to accept instant purchases through Visa or Mastercard (we are one of them). This is a big advantage for the industry as it allows everyday users to buy some Bitcoin or Ether using a system they are already familiar with.

It’s easy on Kriptomat. Simply sеlect the cryptocurrency and amount you want to buy, enter your card details, review the transaction and confirm. Purchasing with a card is better than a bank transfer because you don’t have to wait several days for the transfer to be processed.

On the other hand, buying cryptocurrency with a credit or debit card may mean paying a fee to your card issuer and a service fee for the platform you use. Entering all the required data can be tedious, and some banks require an additional confirmation step before approving the transaction.
Financing option: SEPA bank transfer
In most cases, buying cryptocurrency using SEPA transfers is as easy as using a credit card. First, you make a SEPA deposit into your Kriptomat account. Once the deposit is confirmed, your Euro balance will be credited and you can make a purchase with it. Cryptomat charges a small fee for SEPA transfers.

There are daily limits that limit the amount you can spend in cryptocurrencies. And while card payments are processed more or less instantly, you’ll have to wait a few business days for the SEPA payment to clear before you can buy the cryptocurrency you want.

Replenishment option: Money transfer service

In recent years, a number of payment companies have announced support for cryptocurrencies, following strong user pressure and growing acceptance of digital assets.

Neteller, for example, allows users to buy cryptocurrencies using 28 fiat currencies, with membership tiers that determine daily limits, fees, and processing speed. Skrill supports the conversion of 40 fiat currencies into digital cash with over 100 deposit methods.

In 2020, PayPal allowed users to buy cryptocurrencies and use them as a source of capital for purchases at 26 million merchants worldwide.

Another popular transaction payment platform, especially in Latin America, is AstroPay. Users simply download the mobile app or purchase an AstroPay card, load it and use it to pay with cryptocurrencies. The advantage of AstroPay is that it does not charge a commission for transfers. The downside is that it is not as supported as other options.

European citizens are more likely to use Sofort, an electronic payment system that offers fast payments via bank transfers. Essentially, customers use their own online banking details without sharing personal information or card details with the merchant. Since the seller receives transaction confirmation in real time, you can receive your cryptocurrency without having to wait several days for your withdrawal.

Kriptomat works with many of these providers, including Neteller, Skrill and Sofort. When you sеlect one of these payment methods using Kriptomat, you will be asked to verify account ownership and then confirm the transaction. Once the transaction is confirmed, Kriptomat will immediately send the purchase order.

More options

This list is not exhaustive. It’s also possible to buy cryptocurrency with cash, and you don’t need to know anyone who wants to sell. Peer-to-peer services like LocalCryptos connect buyers and sellers every day. Cryptocurrency banking services such as Revolut and Wirex also allow users to buy cryptocurrencies, with some restrictions.

“Where can I buy cryptocurrencies?” The question comes up more often than you think.

Most people buy Bitcoin and other cryptocurrencies from online exchanges such as Kriptomat. In some countries, you can buy cryptocurrency using money transfer services such as PayPal. Of course, you can also buy cryptocurrency from an ATM if you live near one.

Depending on your experience and needs, the best place to buy cryptocurrency may be an online platform such as Kriptomat, a decentralized exchange, or a Bitcoin ATM.

We will continue this in our next article, stay tuned!