How and Where to Buy Cryptocurrency in 2024

Cryptocurrencies are continuing to grow in popularity but not everybody understands exactly how to buy them! Below, I’ll break down exactly how to buy cryptocurrency and give you some tips on how to stay safe while doing so.

How to Buy Cryptocurrency in 2024

Different Ways to Buy Crypto

If you’re wondering how to buy crypto for the first time, you might not realize how many options you have available, so I’ve broken down some of the different ways to buy crypto below.

Cryptocurrency Exchanges

A cryptocurrency exchange is an online platform that allows you to buy, sell and trade a range of crypto assets. 

Cryptocurrency exchanges will often offer a range of tools and educational materials to their users. For example, it’s often possible to use charting tools on a crypto exchange, and some exchanges will allow users to use leverage when buying crypto.

These exchanges will often charge you a fee for making a transaction. These fees will usually vary depending on the volume of cryptocurrency being bought (or sold), although some exchanges will simply charge a flat-fee.

Some of the most popular examples of a cryptocurrency exchange include:

• Coinbase
• Kraken
• Binance

Centralized vs. Decentralized Exchanges

There are two main types of cryptocurrency exchange: centralized exchanges (CEX) and decentralized exchanges (DEX).

• Centralized exchange: A trading platform that is controlled by a central entity, who acts as the intermediary between buyers and sellers. You will need to verify your identity in order to use a centralized exchange.
• Decentralized exchange: A blockchain-based, peer-to-peer exchange that sees buyers and sellers transacting with each other directly using an automated system of self-executing smart contracts. You will not need to create an account or verify your identity to use a decentralized exchange.

Traditional Brokers

A traditional broker is a company or financial institution that helps investors to buy cryptocurrency. The broker will act as an intermediary and will buy crypto assets on your behalf.

A traditional broker will usually take a percentage commission for their work in facilitating the buying (and selling) or a crypto asset.

Usually, traditional brokers offer a range of asset classes in addition to cryptocurrencies. These will often include stocks, ETFs and commodities.

Traditional crypto brokers differ from cryptocurrency exchanges in that an exchange matches buyers and sellers together, while a broker completes transactions on your behalf.

Some of the most popular brokerage platforms on which you can buy crypto include:

• eToro
• Robinhood
• Interactive Brokers

Payment Apps

Some payment apps allow you to buy cryptocurrency through their platform. These platforms usually make the buying process as straightforward as possible, acknowledging that their users will often be exploring cryptocurrency for the first time.

Prioritizing accessibility, payment apps will often have a very low minimum spend and will allow you to store your purchased crypto directly in the app.

Some of the most popular payment apps that allow you to buy crypto include:

• PayPal
• Cash App
• Venmo

Bitcoin ATMs

A Bitcoin ATM, sometimes referred to as a BTM, is very similar to a standard ATM. It is a physical kiosk that allows you to buy and, occasionally, sell bitcoin (BTC). Bitcoin ATMs are owned and operated by third-party providers.

To buy bitcoin with a Bitcoin ATM, you will need to insert cash or a debit/credit card and exchange your fiat currency for bitcoin. The newly purchased bitcoin will be transferred to a cryptocurrency wallet.

There are tens-of-thousands of Bitcoin ATMs located around the world, although most of them can be found in the US. Bitcoin ATM maps will tell you where your nearest Bitcoin ATM is, as well as any potential daily limits.

There are a range of security measures in place at Bitcoin ATMs. For example, you will need to create an account with the operator of a particular ATM and comply with their KYC checks before you can use it. Many Bitcoin ATMs will also implement biometric authentication to first verify your identity.

Peer-to-Peer Marketplaces

Peer-to-peer marketplaces, otherwise known as decentralized exchanges, allow you to buy cryptocurrency from another person, without the transaction needing to be approved by an intermediary.

Peer-to-peer marketplaces usually have lower fees than centralized exchanges because the process is automated. These marketplaces also function using blockchain technology, which means that they benefit from the security of the network they’re built on.

Typically, a blockchain-based marketplace will only offer cryptocurrency tokens that are compatible with the blockchain in question. For example, UniSwap, an Ethereum-based decentralized exchange, will let you buy ERC20 tokens.

Crypto Wallets

A large percentage of cryptocurrency wallets will allow you to buy cryptocurrency directly. Although it’s only possible to buy cryptocurrencies that are compatible with the wallet you’re using, it can provide a straightforward way to purchase and store crypto in the same place.

Some crypto wallets will have partnerships with specific exchanges, while others will give you a range of options, depending on where you’re located. For example, when buying cryptocurrency using the MetaMask wallet, you will see a number of regularly updated quotes from various providers.

How to Choose the Right Platform to Buy Cryptocurrency 

Choosing the right platform for buying crypto is an essential part of learning how to buy cryptocurrency.

First, decide whether you want to use a centralized or decentralized platform for buying crypto. A centralized option will likely give you greater levels of support but the fees will often be higher.

There are some other key things to look out for when choosing where to buy crypto:

• Fees: Does the platform charge fees for making a deposit or just when actually buying crypto? What percentage does the platform take when you make a purchase?
• Customer Support: Does the platform have a dedicated customer support team with multiple methods of communication? Are there extensive FAQs that will provide answers to the most common questions?
• User Reviews: What are other people saying about the platform? Have the majority of users had a positive experience, or are there recurring problems being flagged?
• Cryptocurrencies Offered: What cryptocurrencies does the platform offer? Can you only buy the most popular cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH), or can you buy newer, lesser-known assets?

A cryptocurrency exchange or broker should be easy to use, be very transparent with their fee structure and have readily available customer support.

Make sure you really understand how a platform works before you make a deposit. Do your research and make sure you’re 100% happy before you commit real funds to a trade.

Investing in Cryptocurrency vs Trading Cryptocurrency

There are some key differences between trading and investing in cryptocurrency. Typically speaking, traders look to take advantage of short-term price movements. This often involves holding positions for a number of minutes, hours, days or weeks.

On the other hand, investors will often hold a cryptocurrency for a much longer period of time, usually for months or years.

When looking to buy cryptocurrency, it’s important to know which strategy best suits you. Trading is best done by more experienced individuals who will use a combination of technical and fundamental analysis to know when to buy or sell an asset. This involves trying to take advantage of very small, very quick price movements.

Investing is arguably more suited to newer investors. If you’re confident in the long-term prospects of a cryptocurrency, buying and holding a crypto asset – in the hopes that the price goes up in the future – avoids the need for constant monitoring of the wider market and the asset’s price chart.

Top 5 Places to Buy Crypto in 2024

If you’re looking to start investing in crypto, it can be difficult to know where to get started. I’ve broken down my top 5 choices for buying crypto in 2024, detailing some of the platform’s key features, as well as the advantages and disadvantages of each.

1. Coinbase 

Coinbase is a beginner-friendly centralized exchange. You can buy, sell, send, receive and store cryptocurrencies on Coinbase, with the platform allowing you to buy more than 240 crypto assets.

You can also earn rewards on certain cryptocurrencies with Coinbase. This involves “locking up” your cryptocurrencies after you’ve bought them, usually for a specific period of time. Users can earn up to 46% APY on staked crypto assets with Coinbase.

Coinbase also offers a range of analytical and charting tools, educational materials and the Coinbase Wallet, the latter of which is a self-custody wallet designed for securely storing your cryptocurrencies.

How to Buy Cryptocurrency on Coinbase

To buy crypto on Coinbase:

1. Create an account: Create a Coinbase account by inputting your personal details and verifying your identity.
2. Deposit funds to your Coinbase account: Deposit funds to your Coinbase account or link your payment method.
3. Click “Buy & Sell”: Click the “Buy & Sell” button which will open up a pop-up.
4. Choose your cryptocurrency: Choose from the drop-down list of cryptocurrencies that Coinbase offers.
5. Input the amount: Decide how much you want to spend or how many cryptocurrency tokens you want to buy.
6. Select payment method: Choose from the available list of payment methods.
7. Review order: Review your order to confirm all of the details.

2. Revolut

Revolut is a financial application that offers a range of services, including the ability to buy cryptocurrencies. Revolut offers more than 175 crypto assets and charges as little as $0 per transaction, depending on your account level.

Revolut also makes it possible to send and receive more than 30 cryptocurrencies, and set up recurring buys. This means that you can automatically buy a set amount of a crypto asset on a weekly/monthly basis.

Revolut also offers Revolut X, a platform that gives advanced traders access to a range of analytics. There are also educational resources available through Revolut’s “Learn” courses.

How to Buy Cryptocurrency on Revolut

To buy crypto on Revolut:

1. Create an account: Create an account with Revolut. Follow the KYC process to verify your identity.
2. Download the Revolut app: Download the Revolut app via the App Store or Google Play. Log in to your new account on the app.
3. Add funds to your account: Add funds to your account using one of an impressive range of fiat currencies.
4. Go to the “Crypto” section: Click on the “Crypto” button to see the list of cryptocurrencies that Revolut offers.
5. Choose your cryptocurrency: Choose your preferred cryptocurrency.
6. Tap “Trade” or “Buy”: Click “Trade” or “Buy” to open a pop-up.
7. Add the amount you want to buy: Input the amount you want to purchase, depending on the funds you added to your account.
8. Review and confirm your order: Review and confirm your order, and wait for the transaction

3. eToro

eToro is a beginner-friendly social trading and investing platform. You can trade more than 6,000 assets, including over 100 different cryptocurrencies.

eToro has a CopyTrader™ feature that allows you to copy the portfolio of experienced traders. You can copy portfolios belonging to crypto-specific investors, giving you exposure to the trading decisions that they make.

It is possible to earn staking rewards on a small number of cryptocurrencies with eToro. Alternatively, the eToro Money crypto wallet allows you transfer your crypto holdings away from the eToro platform for safe storage. However, it’s worth noting that once you’ve transferred your cryptocurrencies to the eToro Money wallet, you cannot transfer them back.

The eToro Academy is also available to investors, with a range of educational materials available for beginner, intermediate and advanced audiences.

How to Buy Cryptocurrency on eToro

To buy cryptocurrency on eToro:

1. Create an account: Create an eToro account and follow the sign-up process. eToro requires you to provide details about your investment goals and financial knowledge to ensure you’re able to trade safely.
2. Deposit funds: Deposit funds by clicking “Deposit Funds” in the navigation bar on the left-hand side of the screen (on desktop).
3. Visit the “Crypto” market page: Visit the “Crypto” market page and explore the range of crypto assets available.
4. Choose your cryptocurrency: Choose one of more than 100 cryptocurrencies. Click on the currency in question to visit that specific market page.
5. Click “Trade”: Click “Trade”, which will open a pop-up window.
6. Input amount: Add the desired amount that you want to spend.
7. Select “Order Type”: Choose “Market Order” (to buy crypto at the current price) or pick “Limit Order” to purchase the asset when it reaches a desired price in the future.
8. Click “Trade” to confirm: Review your details and click “Trade” to confirm the purchase.

4. Kraken

Kraken is a cryptocurrency exchange that offers more than 200 cryptocurrencies in over 190 different countries around the world.

Designed to be user-friendly, Kraken offers a mobile application to both Android and Apple users. Kraken customers can take advantage of 24/7 customer support, as well as an extensive educational platform, known as the “Learn Center“.

You can earn staking rewards on a range of cryptocurrencies with Kraken, and Kraken Pro is available to more experienced investors, who can employ a range of advanced trading tools.

How to Buy Cryptocurrency on Kraken

To buy cryptocurrency on Kraken:

1. Create an account: Create a free Kraken account. Follow the verification process to complete the sign-up.
2. Fund your account: Fund your account with your preferred payment method.
3. Click “Buy Crypto”: Click “Buy Crypto” and then click “Buy”. Alternatively, click “Buy” on the Kraken homepage.
4. Select your cryptocurrency: Choose your cryptocurrency from a drop-down list or by searching for it using the search bar.
5. Input amount: Add the amount of fiat currency that you’d like to spend.
6. Select payment method: Choose your payment method. You can select the account that you funded earlier in the process, if you prefer.
7. Click “Review”: Click “Review” to make sure you’re happy with all the transaction details.
8. Click “Confirm”: Click “Confirm” to finalize the transaction.

5. Crypto.com

Crypto.com allows you to buy more than 350 cryptocurrencies and is trusted by more than 100 million users around the world. You can buy, sell and trade a range of crypto assets with relatively low fees on Crypto.com.

You can enjoy some elements of decentralized finance (DeFi), with Crypto.com offering three different DeFi features: Wallet, Swap and Earn. With DeFi Earn, it’s possible to earn a percentage yield on more than 20 different cryptocurrencies.

The Crypto.com Android and iOS app also makes buying cryptocurrency on a mobile device fairly straightforward. You can also join the platforms Telegram crypto group to keep up to date with market events from your phone.

How to Buy Cryptocurrency on Crypto.com

To buy cryptocurrency on Crypto.com:

1. Create an account: Create an account and complete Crypto.com’s verification process.
2. Deposit funds: Deposit your funds. The payment methods on offer will vary depending on your region.
3. Click “Buy”: Click “Buy” to be taken to the “Buy” screen.
4. Select a cryptocurrency: Choose your cryptocurrency from Crypto.com’s accepted currencies.
5. Choose a payment method: Under “Cash”, select your payment method. You can buy directly with a credit or debit card, or choose to use the funds that you added earlier.
6. Input amount: Add the amount that you want to spend.
7. Review and confirm transaction: Review the transaction and click “Buy” to confirm.

Top Tips for Buying Cryptocurrency Safely 

There are some fundamental things that you can do to make sure you’re buying cryptocurrency safely:

• Do your research – Conduct thorough research on the cryptocurrency you want to buy and the exchange/broker you’re planning on using.
• Use a regulated exchange – Ideally, beginner investors will want to use a regulated centralized exchange or broker. These will usually have additional security measures and protections in place.
• Store crypto safely – Store your cryptocurrencies in a cryptocurrency wallet. If you’re planning on trading regularly, use an online hot wallet. If you want to invest for the long-term, consider using a physical, offline cold wallet.
• Use 2FA – Wherever possible, use two-factor authentication on all of your accounts.

Final Thought and Next Steps 

Having read the above article, you’ll hopefully understand exactly how and where to buy crypto. Consider using one of a huge range of options, from centralized exchanges to Bitcoin ATMs.

Look for a platform that has good customer support, doesn’t charge extortionate fees and has been rated highly by other users.

Finally, decide whether you want to buy cryptocurrency and hold it for a short- or long-term period. Traders will usually want to try and buy and sell cryptocurrencies more often, while investors will typically buy a cryptocurrency and hold it for several months or more.

To get started buying crypto, take a look at our list of all the best cryptocurrency exchanges or start researching the cryptocurrencies that you’re interested in buying.

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