Bitcoin might seem like a world of complicated terms, algorithms and Netflix documentaries, but the actual process of buying it is relatively simple. At this point, I have to say that if you are just starting out on your Bitcoin journey,Before you even think about how to buy it, you should thoroughly research whether this is the right kind of investment for you. The first step is to find a crypto exchange that lets you buy Bitcoin. A crypto exchange is a bit like a digital shop where you can buy and sell cryptocurrencies.These can come in the form of dedicated exchanges just for cryptocurrencies, like Coinbase or Coinjar, for example. Or in the form of regular trading apps and platforms that also let you invest in crypto, like eToro or Revolut.If you prefer the human touch, you can also buy and sell crypto via a broker, but this can tend to be the more expensive option as you’re employing an actual human to help you out. In this video, I’ll primarily be focusing on buying Bitcoin using a crypto exchangeOr trading app, as your broker will basically do a lot of the leg work for you and be there if you have any question as you go. There are loads of exchanges and apps out there, that each come with different pros and cons.So take your time to compare a whole bunch before deciding on the right one for you. Some key things to look at would be what fees they charge, what features they have, whether the platform comes with 24-hour support and even, simply, whether you like the look and feel of the app or platform.Cryptocurrency is not regulated in the UK, so it’s a good idea to at least start off with an app or platform that is on the Financial Conduct Authority’s crypto asset firm register, which means that the app or platform has agreed to comply with anti-money laundering guidelines set by the FCA.Once you’ve landed on a platform of your choice, you’ll need to create an account. This typically involves verifying your email and your identity so have your phone and ID to hand. But the process will look slightly different for different apps and exchanges.Once you’ve been verified, you’re going to need to put some money in your account. Find the bit in your platform where it says deposit funds or add funds, and click it to see what payment methods you can use to add money to your account.You should also be able to find this info in the platform’s FAQs. Bank transfers, debit cards, PayPal and Neteller are a few widely accepted methods. When searching for Bitcoin, you can either type in the full name or search for Bitcoin’s ticker symbol.Ticker symbol is the abbreviated name of a stock or cryptocurrency that’s listed on a stock market or crypto exchange. These tend to be fairly obvious, for example Netflix is listed on the Nasdaq stock exchange under the ticker symbol NFLX. Bitcoin’s ticker symbol is BTC. You can buy Bitcoin in two different ways.One is a monetary amount, for example, buying £10-worth of Bitcoin. The other is buying a specific amount of Bitcoin. You’ll probably be looking to buy a fraction rather than a whole Bitcoin as, for the last few years, even despite fluctuations in price, a whole Bitcoin has been worth tens of thousands of pounds.Once you’ve decided how much you want to buy, input that amount into your platform. Review your purchase, and make sure you’re happy with any fees, then hit buy. At this stage you’ve got two payment options.Either lock in your Bitcoin at the price listed on the screen in front of you - which is what we call a “market order”. Or, if you’re not happy with the current price and want to wait for prices to fallWithout checking your app every 10 minutes, you can set a “limit order”, which is where you tell your app or platform to buy Bitcoin when its price falls within the price limits you’ve set. For more info on how to buy Bitcoin, check out our full guide on finder.com by clicking this link here.If you enjoyed this video, like, subscribe and be sure to hit that bell button to be the first to know when a new video drops. Thanks for watching.
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