You’ve probably have heard of Bitcoin, Ethereum & other cryptocurrencies as of late. You’ve spent some time reading and learning about blockchain technology and cryptocurrencies, and are interested in buying some to “try out” crypto.

This blog post is a quick guide on how to get started and acquire your first cryptocurrency.

Join a Exchange that accepts Fiat /Bank Deposit

So you’ve heard about Bitcoin and cryptocurrencies, and now you’re interested in buying some. The quickest way to acquiring cryptocurrency will be purchasing it off an exchange. If you’re just starting off, you’ll want to sign up and join a cryptocurrency exchange that allow fiat deposits, which essentially allows bank withdrawals/deposits to your exchange account.

The list below covers some popular cryptocurrency exchanges that accept fiat/ bank deposits.

The main downside of fiat-friendly cryptocurrency exchanges is that the commission and trading fees are generally higher than cryptocurrency-only exchanges. This is generally due to the extra costs associated with processing and managing fiat-currency

cryptocurrency-Only Exchanges

Now that we’ve touched upon fiat-friendly cryptocurrency exchanges, let’s take a look at exchanges that only accept cryptocurrencies. Generally speaking, obtaining the regulatory permissions and licenses to handle government-issued currencies is an expensive and time-consuming process. In an effort to provide individuals immediate entry into the crypto space, many exchanges have decided to bypass legal restrictions by only accepting cryptocurrency deposits and withdrawals. While the conversion of cryptocurrency to cash may become more of a hassle, the benefit to trading on crypto-only exchanges include: lower trading and commission fees, increased liquidity & volume, and increased trading pair options.

Some popular cryptocurrency-only exchanges include:

Once you’ve signed up for multiple exchange accounts, you’ll be able to explore the wider range of exchange features and offerings. You can also research and explore additional cryptocurrency exchanges from all around the globe. Some good resources for exchange research and reviews include CoinMarketCap, CoinLib, CoinCodex, and WorldCoinIndex.

As a relatively new asset class that is facing a lot of scrutiny from governments and regulatory bodies, cryptocurrencies are still considered risky. We recommend that you do conduct your own research and due diligence when purchasing and transferring cryptocurrency. Here are some insightful articles on Forbes and Investopedia which explain in more detail the risks of cryptocurrencies.

Shrimpy: Cryptocurrency for Beginners