While they’re undeniably convenient, you have to be careful with brokers because you may face restrictions on moving your cryptocurrency holdings off the platform. Robinhood and SoFi are two of the most well-known crypto brokers.
Others claim to be “free” while making money by selling information about what you and other traders are buying and selling to large brokerages or funds or not executing your trade at the best possible market price. What Is a Cryptocurrency Broker?Ĭryptocurrency brokers take the complexity out of purchasing crypto, offering easy-to-use interfaces that interact with exchanges for you. Some exchanges only allow you to buy crypto using another crypto, meaning you’d have to find another exchange to buy the tokens your preferred exchange accepts before you could begin trading crypto on that platform. To save on costs, you might aim to learn enough to utilize the standard trading platforms before you make your fist crypto purchase-or not long after.Īn important note: As someone new to crypto, you’ll want to make sure your exchange or brokerage of choice allows fiat currency transfers and purchases made with U.S. The convenience comes at a cost, however, as the beginner-friendly options charge substantially more than it would cost to buy the same crypto via each platform’s standard trading interface. While these companies’ standard trading interfaces may overwhelm beginners, particularly those without a background trading stocks, they also offer user-friendly easy purchase options. Some of the most well-known cryptocurrency exchanges are Coinbase, Gemini and Binance.US. Exchanges often have relatively low fees, but they tend to have more complex interfaces with multiple trade types and advanced performance charts, all of which can make them intimidating for new crypto investors. What Is a Cryptocurrency Exchange?Ī cryptocurrency exchange is a platform where buyers and sellers meet to trade cryptocurrencies.
While either lets you buy crypto, there are a few key differences between them to keep in mind.
To buy cryptocurrency, first you need to pick a broker or a crypto exchange. You can start investing in cryptocurrency by following these five easy steps. Thankfully, it’s pretty simple to learn the ropes.
#CHROME CRYPTOCURRENCY TICKER HOW TO#
If you’re new to the world of crypto, figuring out how to buy Bitcoin, Dogecoin, Ethereum and other cryptocurrencies can be confusing at first.
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