There are a handful of common choices when it comes to deciding where to buy cryptocurrency - a digital exchange, a cryptocurrency broker or ATM and P2P options.
Purchasing on a digital exchange is the most popular method, attracting cryptocurrency buyers with convenience and simple set up options.
These locations function like a stock exchange and usually accept regular credit card and bank transfer payment options.
Attached to these exchanges are varying levels of security, although most follow the same verification steps before purchases can be made.
The buyer’s details must be provided for identification purposes, such as full name, phone number and email address, as well as official identification like passports or drivers licences.
These details are specifically for verification purposes providing security for buyers’ accounts.
They are not attached in any way to the wallets being used to store the cryptocurrency purchase details at the exchanges.
There are several factors involved with choosing an exchange to begin purchasing cryptocurrency.
Different types of cryptocurrencies can be bought and traded at exchanges, much like stock trading platforms.
But while certain currencies can be bought and traded for others, it is important for buyers to check if their specific cryptocurrency is available for purchase at particular exchanges.
Other factors to consider when deciding between different exchanges are the different levels of security, transaction fees and account activation waiting times.