How Does Buying Cryptocurrency Work

As cryptocurrency and blockchain have gained popularity, many new users are joining this field and wondering about how buying on crypto exchange works. And that is what we will discuss in this article.

Platforms, where you can purchase crypto safely, are called centralized crypto exchanges. They operate as a traditional financial establishment with central management responsible for the smooth work of a platform. Such sites always demand users’ verification to identify them and carry out due diligence to ensure a client has not been engaged in fraudulent activities before. For this, centralized exchanges use various software and take measures. Thus, the security of such platforms is on a high level.

Examples of centralized crypto services:

  • WhiteBIT
  • Binance
  • OKEx
  • Coinbase

They allow not only for exchanging crypto but also open loads of earning opportunities such as staking, trading with leverage, spot, etc. WhiteBIT also offers an educational and crypto trading news resource – White blog. On this service, you will find:

  • Recommendations on which cryptocurrency to buy.
  • New projects that had joined the WhiteBIT family.
  • Description of the most promising projects and their tokenimics.
  • Benefits of using crypto.
  • Guides on how to trade.
  • How to try trading with a demo account.
  • Competitions and quizzes for the WhiteBIT community, rewards, and winners.
  • History of crypto assets.
  • Famous people in the industry.
  • And much more valuable and interesting information.

Process Of Buying Cryptocurrency

Let’s consider the WhiteBIT example? First, you will need to register an account and pass KYC. Verification is necessary if you want to use all the trading tools and earning opportunities of the exchange. Next, you will need to deposit your account. If this is your first time buying crypto, you can purchase it through your bank card. Don’t forget that every bank charges fees for such operations. Important to note that Monobank charges zero fees, as it is the WhiteBIT partner.

Once you replenish your account, you can place an order to buy crypto. Pay the fee (by the way, WhiteBIT charges an average fee of 0,1%) and receive coins to your account.

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