More and more people are immersed in the crypto world and want to move from theory to practice. Increasingly, we are asked questions about how to buy cryptocurrency or withdraw it back to fiat. We have collected 5 of the easiest ways to buy / sell cryptocurrencies and several proven examples for each of them.
There are several fundamentally different ways – each with its own advantages and disadvantages. The main differences are the speed of the operation and the size of the commission, and, of course, security. We will tell you about proven services that we use ourselves and that will not harm your wallet. But what is more important to you: speed or economy, choose for yourself.
Method 1: cryptocurrency exchanges
There are quite a few different exchanges that trade cryptocurrencies. They differ in the volume of trades, quotes, identification requirements, possible methods of replenishment and withdrawal of funds, and the interface language. A good example of cryptocurrency exchange online – Godex
The algorithm of action on all exchanges is approximately the same and consists of several stages:
1. after registration and authorization, you transfer the currency to the exchange account;
2. then create an order to buy or sell currency;
3. go to the auction, choose the pair of crypto and fiat currencies you are interested in, set the rate and the number of currency units.
If you specify the buy price according to the best sell offer, then the deal will be executed immediately. If you specify a more favorable price, you will have to wait until the price reaches the selected value.
After completing the transaction, it is better to immediately withdraw the currency from the exchange: cryptocurrency – to other wallets, fiat – to payment systems or bank cards. It is not worth keeping large amounts on the exchange, only what you are going to trade in the near future.
Method 2: crypto exchangers
All online exchangers work in about the same way and are quite simple: you just need to select the desired pair of currencies (crypto or fiat) and indicate the amount. Exchangers usually support many means of payment, as well as major cryptocurrencies:
This method can be called the simplest and one of the fastest – the whole process will take a few minutes. The main drawback of exchangers is not the most favorable rate and the presence of commissions for operations. It is important to understand that an exchanger is a secondary structure that purchases cryptocurrency on exchanges and then sells it to users, adding its own percentage and usually not a small one (commissions can reach 10-15%). Also, not all exchangers work with unpopular currencies.
Method 3: professional “Money changers”
You can buy cryptocurrency directly from their owners by negotiating on forums, chat rooms, message boards, etc. This is often the most profitable, but at the same time the most risky way to buy / withdraw cryptocurrency. The most important thing is to contact only trusted money changers, read reviews and comments of other users, and always carefully check contacts so as not to get caught by scammers.
Method 4: P2P – exchange between users
Peer-to-peer services allow you to exchange currency directly with other users. Users post ads where they indicate the exchange rate and payment methods for buying and selling cryptocurrency. You respond to these ads and make an appointment to make a cash purchase, or make transactions online by choosing one of the payment methods. The rate is much more profitable than in exchangers, the commissions are lower, but the risks are higher – there is a chance to run into unscrupulous sellers.
Method 5: crypto wallets with the ability to exchange
Some cryptocurrency wallets also allow users to exchange cryptocurrency for fiat and vice versa.