[Guide] Beginner’s Step-By-Step Guide to Buying Your 1st Crypto

Almost everyone is investing in cryptocurrency these days. If you have not but have finally decided to dabble in the crypto world, then you must be wondering how to buy crypto. Because there are so many cryptocurrency exchanges, wallets, and crypto itself, out there, it is easy to get overwhelmed. Before you dive in, read up on the crypto exchanges and or wallets to use, as well as the factors to take note of:

https://www.coinlive.com/news/detail/?id=10789 (for crypto exchanges) and,

https://www.coinlive.com/news/detail/?id=11215 (for crypto wallets).

As a first-time crypto buyer, it can be daunting when navigating the technicalities of crypto investments. Sometimes you might push it off to an indefinite ‘later’ because there is just too much information to process. Or, there are also times when the information that you are reading, does not contain specifically what you need or is just too complicated. This simple but concise step-by-step guide will walk you through the how-to ─ from using either your credit/debit card or linking it to your bank account, and purchasing your first-ever cryptocurrency.

But before we dive in, speed up your navigation process with the shortcut below:

Steps 7 to 8e ─ How to deposit your SGD (or other fiat currencies) by adding your bank account

Steps 7 & 9a to 9b ─ How to add your credit/debit card

Steps 10a to 10c & 12 ─ How to buy crypto via your fiat wallet that is linked to your bank account

Steps 11a to 12 ─ How to buy crypto via your credit/debit card

Make sure you have registered with a crypto exchange before you start. In the case of this guide, I will be using Crypto.com’s app as an example.

1. Click on the cryptocurrency exchange’s app to begin (after registration). In this case, it is Crypto.com.

2. Enter your passcode.

3. Click on the indicated logo.

4. Select “Buy”.

5. Choose the cryptocurrency you want to buy.

6. As a first timer, you will not have any balance in your account nor will your payment method be set up yet. So set up your payment method by clicking “+ Add Payment Method”.

7. If you add your credit/debit card, there will a chargeable fee unless stated otherwise as seen below. In the case of your credit/debit card, there is no waiting time, whereas the waiting time for linking your bank account is one to five business days although it took no more than a minute on my end. Next, select your payment mode.

8a. Let us start with linking your bank account. After you have accepted the T&Cs, click on “Link Bank Account”.

8b. Enter the necessary information (bank account number, bank name, name of bank account holder) into your designated banking app so as to add recipient.

8c. Enter the recipient’s details into your banking app (depends on which bank you use) as shown in the screen before.

8d. Ensure the details are correct before you select “ADD RECIPIENT NOW”.

8e. When the adding process is successful, it will indicate as such below.

9a. Alternatively, if you want to add your credit/debit card details instead, below is what you will see. Enter the necessary details and press “Add Card”.

9b. Your bank statement will reflect the pending deduction as seen below. Once it has been successfully added, you may proceed to buy your crypto via credit/debit card.

10a. Once you are done with adding either payment methods, follow steps 3 to 5. For example, I clicked on Ethereum (ETH) with payment via your bank account which reflects as “SGD Fiat Wallet” in my case. Enter your desired amount then click “Buy (insert amount of ETH)” to proceed with your purchase.

10b. Thereafter, ensure the amount you input is correct before hitting “Confirm”.

10c. The last step in verification is entering your passcode.

11a. What if you want to buy your first crypto with your credit/debit card instead? Simply select the correct option then enter your desired amount before clicking “Buy (insert amount of ETH)” to proceed with your purchase.

11b. There will be a prompt indicating the card transaction fee. This one varies so make sure you take note of the fee before checking the box and clicking “Continue”. P/S: 0.0% is shown below as crypto.com is having a promotion right now, usually credit card transactions come with a higher fee.

11c. Thereafter, ensure the amount you input is correct before hitting “Confirm”.

11d. The last step in verification is entering your passcode, which is the same as seen in 10c.

12. Viola! You have successfully bought your first crypto! Give yourself a pat on the back for taking your first step on your crypto journey. Below is the image you will see after successfully completing steps 10c and 11d.

There you have it ─ from how to add the two payment modes to your account, to buying your first cryptocurrency. It is always wise to be cautious because you take on a plausible risk when dealing with crypto. Learn more about the different types of cryptocurrencies on offer. Make an informed decision before you step into the marketplace.

Disclaimer: The content in this article is solely the author’s opinion and is by no means financial/investment advice; it is purely for educational/informational purpose only. Please do your own research (DYOR) and never invest what you cannot afford to lose.