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How to Buy Cryptocurrency Safely & with Low Fees in March 2022

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How to Buy Cryptocurrency Safely & with Low Fees in March 2022 Blockchain PlatoBlockchain Data Intelligence | Vertical Search AI

Buying digital currencies like Bitcoin, Dogecoin, and Cardano is now a simple and burden-free process.

All you need to do is open an account with a trusted cryptocurrency broker that offers low fees — make a deposit, and decide how many tokens you wish to buy.

In this beginner’s guide, we explain how to buy cryptocurrency in great detail — covering the step-by-step investment process alongside an overview of the best exchanges to consider.

In the following sections of this guide, we explain the process of how to buy crypto in a more detailed way.

It goes without saying that in order to buy cryptocurrency online, you need to have an account with a broker or exchange.

When deciding where to buy cryptocurrency — your chosen platform should offer low fees, your preferred payment method, small account minimums, and of course — a strong regulatory framework. So, whether you’re looking to buy the Graph, XRP, or Ethereum, you’ll need to choose an exchange or broker that matches your trading needs and financial goals.

Below, we review a selection of top-rated platforms that allow you to buy cryptocurrency safely and cost-effectively.

You won’t find a better online broker to buy cryptocurrency than eToro — which offers a safe, low-cost, and budget-friendly way to invest. First, this innovative social trading platform is regulated by several tier-one licensing bodies — which include the SEC in addition to the FCA, ASIC, and CySEC. Moreover, eToro is a member of FINRA.

You only need to deposit $10 to open an account at this broker — which is ideal for those wishing to invest small amounts of money. Similarly, the minimum cryptocurrency purchase permitted at eToro is also $10. Supported cryptocurrencies are plentiful at eToro, with more than 40+ digital assets available to buy. This covers large-cap tokens as well as several DeFi coins. For instance, you could buy Solana or you could buy Axie Infinity with a tight spread of just 2.9% on eToro.

eToro really stands out when it comes to fees. For instance, US clients can deposit funds without paying any fees at all — which covers debit/credit cards, e-wallets, and bank transfers. When you buy and sell cryptocurrency here, you only need to cover the spread — which starts at just 0.75%. Furthermore, USD withdrawals are also free.

If you’re interested in cryptocurrency but have little experience in this space — eToro offers a Smart Portfolio that manages your investments on your behalf. The portfolio in question will cover more than a dozen digital assets — which will be rebalanced regularly by the eToro team.

Alternatively, you can choose to copy top crypto traders on the eToro platform. The copy trading tool allows you to instantly copy the portfolios of any crypto trader on the platform, and you can access in-depth statistics on their performance all for no extra cost! Finally, eToro also offers a top-rated mobile app — which is available on both iOS and Android. This means you can gain exposure to the crypto market directly from your smartphone device and buy Celo and other exciting new altcoins with tight spreads and low fees.

Launched in 2012, Coinbase is a large cryptocurrency exchange and broker based in the US. With millions of customers using Coinbase to buy and sell cryptocurrency — the platform is often the preferred provider for beginners. This is because Coinbase is simple to use and it supports small investments.

On the other hand, Coinbase is expensive — especially when it comes to debit/credit card payments. That is, by using your Visa or MasterCard to buy cryptocurrency instantly, Coinbase will charge you almost 4%. Standard commissions at this platform are also pricey at 1.49% per slide.

On the flip side, you can deposit US dollars via ACH without paying any fees. Moreover, Coinbase offers a relatively broad selection of cryptocurrencies to choose from — you can diversify well here. We also like that Coinbase is regulated — and that it keeps 98% of client digital funds in cold storage.

Binance is larger than Coinbase — with a global user base of over 100 million clients. The platform is also the biggest in terms of daily trading volume. As such, Binance is popular with those seeking high levels of liquidity and a wide selection of digital currency markets.

If you’re based in the US, you will have access to a dedicated US version of Binance. This gives you access to over 50+ currencies — all of which you can buy with a debit/credit card. Much like Coinbase, the fees here are expensive — with Binance charging 4.5% to use Visa or MasterCard, in addition to a buy commission of 0.5%. This means you could buy Polkadot with a small commission of 0.5%.

With that said, if you are able to deposit funds with ACH or a domestic wire transfer, you will not be charged any fees. When it comes to trading commissions, Binance is very competitive. In fact, you’ll pay a maximum commission of 0.10% per slide to trade crypto-crypto pairs. If you’re a seasoned investor, Binance offers advanced trading tools and OTC services.

Webull is one of the most popular brokerage sites in the US, with the platform offering thousands of stocks, ETFs, and even options. However, Webull is also known for offering low-cost cryptocurrency services. In fact, you can buy cryptocurrency here at a minimum of just $1 — which is ideal for casual traders.

When it comes to fees, Webull does not charge any commissions when you buy or sell cryptocurrency. You do, however, need to be aware that cryptocurrency spreads here start from 1%. You can trade a variety of digital currencies here — including but not limited to Bitcoin, Chainlink, Uniswap, Zcash, Bitcoin Cash, Litecoin, Ethereum, and more.

Webull also offers a fully-fledged trading app that gives you access to your investment account on the move. You can deposit funds at this brokerage without needing to meet a minimum. Although you won’t be able to deposit via a debit/credit card, you can fund your account with ACH or bank wire. The latter comes with a deposit/withdrawal fee of $8/$25 respectively.

Gemini offers one of the most secure places to buy cryptocurrency — especially if you are a large-scale investor. The platform is authorized and regulated by the New York State Department of Financial Services and is structured as a trust company. Moreover, in addition to institutional-grade security — Gemini has also secured $200 million of cold storage insurance.

Although Gemini offers a rock-solid place to buy cryptocurrency safely, the platform does charge a rather pricey commission of 1.49% per slide. Nevertheless, when it comes to supported markets, you will have access to over 70+ cryptocurrencies at Gemini. This includes a wide selection of large caps, ERC-20s, and DeFi coins.

Another top-rated feature at Gemini is its crypto interest offering. In a nutshell, by depositing your idle digital tokens into the Gemini exchange, you will be paid a rate of interest — which will depend on the respective asset. For example, you can earn 8.05% APY on the Gemini Dollar and 4.03% on Bitcoin Cash.

When learning how to buy cryptocurrency for the first time — you will quickly figure out that this marketplace is extremely volatile.

1. For example, across the 12 months prior to writing this guide, Bitcoin has experienced 52-week lows and highs of $29,000 and $69,000 respectively.

2. In simple terms, this amounts to a volatility spread of over 80%.

Taking this into account, it’s important to do plenty of research before you buy Bitcoin.

On the flip side, and as we cover in more detail shortly, it is important to note that 10 years prior to writing, Bitcoin was available to buy at just $1 per token. This means that the cryptocurrency has since grown by over 7 million percent.

1. And, don’t forget that Bitcoin isn’t the only cryptocurrency that you can buy.

2. On the contrary, CoinMarketCap now lists over 17,000 different digital currencies — all of which freely trade online.

Crucially, some cryptocurrencies have performed significantly better than Bitcoin in recent years.

Examples include the likes of Dogecoin, Shiba Inu, Ethereum, Binance Coin, and Solana — all of which have outperformed Bitcoin since each respective project was launched.

Beginner crypto traders often find choosing which altcoin to buy and how much to invest in very challenging. Something that could potentially help is to use the best crypto signals. Crypto signals do exactly what they say on the tin. Simply put, they’re trading ideas from experienced cryptocurrency traders indicating whether you should buy or sell specific cryptos at a certain time and price.

You could also consider trading crypto CFDs with a Bitcoin robot such as Bitcoin Prime. Trading via a Bitcoin bot means you’ll be speculating on the price movements of crypto CFDs and will not gain ownership of the underlying assets.

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