Buying cryptocurrency: how to trade crypto? (Tutorial)

Don't be intimidated, buying cryptocurrency is far from complicated. The situation has improved over the years, which makes it much easier to invest in digital assets like Bitcoin, Ethereum, Ripple, Binance Coin, Solana, Dogecoin… Do you still have doubts or questions because you are a beginner? You will find answers and above all reassuring elements in the following guide.

In addition to explaining how to buy cryptocurrencies, we will recommend two trustworthy platforms that may be worth considering in order to invest or actively trade. Their main advantage is that they are very easy to understand and use, which will make your job much easier.

Where to buy cryptocurrencies: list of the best sites and applications

As we promised in the introduction, before even telling you how to buy crypto, we will answer the question: where to buy it?

For us, this is a question that should not be overlooked because it will determine the quality of your experience as an investor or trader. By opting for an unreliable or unregulated platform, you are not immune to unpleasant surprises.

Rest assured because the two crypto platforms that we are going to present to you below are the opposite of all that. By trusting one of them, you can buy, trade, and sell crypto-currencies with complete peace of mind.

1 – eToro: the best crypto trading platform

After taking the time to test more than a dozen different services, the conclusion we were able to draw is the following: eToro is the best platform for investing in crypto-currencies.

Regulated platform (CySEC, ACPR)

Intuitive and simple interfaces

Ideal beginner (demo account)

Assets: cryptos, stocks, etc.

9.6 /10

68% of retail investor accounts lose money when trading CFDs with this provider. You need to know if you understand how CFDs work and if you can afford to lose your money.

The biggest advantage it has is that it is one of the only platforms in 2022 to be regulated in Europe. eToro is effectively a European company due to the fact that it is based in Cyprus. It responds to the competent authority on site: the CySEC (Cyprus Securities and Exchange Commission). That's not all since eToro is also registered with the ACPR in France (a division of the Banque de France).

You will tell us, but what is all this for, after all you are only looking to buy cryptocurrency?! Well the fact that eToro is a regulated platform will give you better protection as an investor. With this broker you can take advantage of the Deposit Guarantee and Resolution Fund. The latter protects customers in the event of failure of eToro's partner banking institution.

So yes, you will surely never need this protection because eToro is a reliable and serious broker. Now it's always good to know that in the event of a glitch, all will not be lost. The same cannot be said for the biggest crypto “exchanges” at present: Binance or Coinbase. By choosing eToro, you will therefore opt for security.

This feeling will be amplified through the purchase of cryptocurrencies via CFD (contract for difference). You will indeed not have to store and secure your digital assets since you will not directly own the purchased cryptocurrency. The fact that eToro relies on CFDs so you can buy crypto means you can easily apply leverage too. However, be careful with such a feature.

eToro is also simple interfaces and a complete application. Through its site or its application, it will be very easy to buy CFDs on crypto such as Bitcoin, Ether, Cardano… In total eToro offers more than thirty digital assets. The list is constantly updated with new additions. This makes it an excellent solution for buying altcoins (this is the name given to crypto-assets excluding Bitcoin).

If you are looking to actively trade one or more cryptocurrencies, know that eToro is a good choice of platform. Indeed you will find all the necessary tools and functionalities there. This includes leverage effects or the ability to place different types of buy orders.

Open an eToro account

68% of retail investor accounts lose money when trading CFDs with this provider. You need to know if you understand how CFDs work and if you can afford to lose your money.

As a bonus, eToro provides access to a copy trading function (to replicate the actions of the best traders on the platform). It's something quite unique in the field and which will allow beginners to make some good moves. Be careful, however, not to blindly follow any trader.

eToro has also introduced a concept of social trading. You can easily exchange with other investors, publish posts, as if you were on Facebook or another social network.

Another advantage of eToro is that it clearly informs you of the fees applied for each transaction. There are no hidden fees.

To find more details about this excellent platform for buying and trading cryptocurrency, take the time to read our eToro review.

2 – ZenGo: to buy crypto-currencies in 20 seconds

You are not convinced by the CFD system (contract for difference) set up by eToro? Do you really want to buy, own and store the cryptocurrencies you invest in? If so, then ZenGo is for you. It will allow you to do all this through its application.

The first thing to know is that the ZenGo application is available on Android and iOS. It is possible to install it on both a smartphone and a tablet.

Like eToro, ZenGo will allow you to buy Bitcoin but also a large number of altcoins (more than 80). You will find assets like ETH, LUNA, BNB, MATIC, DOGE, UNI… A complete list is available on the official ZenGo website.

Buy Bitcoin / Ether easily

A simple and intuitive mobile app

Open an account in 19 seconds

5% return on Bitcoin holdings

9.4 /10

ZenGo is the easiest app to use in 2022 to buy cryptocurrency. There is no photo vis-à-vis the competition (the proof with the captures available below). On top of that, the process of signing up and setting up the app is quick. The whole thing will take you a few seconds and you will only have to provide an email address.

However, note that to buy more than €150 of crypto-currencies per month, you will need to verify your identity. A simple copy of ID will suffice.

ZenGo is not just a simple and nice application to buy cryptocurrencies. It is also an application that turns out to be extremely secure. This is a reason that led us to mention ZenGo in our ranking of the best cryptocurrency applications.

Unlike many other platforms or exchanges, ZenGo allows you to own the private keys of your cryptocurrencies. You will be the one and only holder. As for your wallet, only you will be able to access it thanks to facial recognition. In the event that you should change your phone, lose it, or have it stolen, it will be very easy to restore your investor portfolio to another device.

Open an account with ZenGo

To do this, ZenGo will help you configure a backup on your personal cloud. Always on the subject of security, its application is regularly audited by external companies.

What else should you know about ZenGo before buying any cryptocurrency? That several deposit/payment methods are supported (card, bank transfer, Apple Pay, etc.), that the charges taken will be clearly displayed, or that support can be reached 24 hours a day, 7 days a week.

On the subject of customer support (and in our experience), you'll never have to wait more than a few minutes for a response. It's simple, we haven't found better customer service than ZenGo's so far. It is also for this reason that we consider it an excellent option for buying, trading, and selling cryptocurrencies. ZenGo support can be reached directly from the application thanks to a live chat function. On the ZenGo site you will also find a lot of resources and tutorials if you ever can't do something from the application.

How to buy and trade cryptocurrency? (Tutorial)

Since you now know which platforms it makes sense to invest in crypto-assets, we will be able to present our tutorial to you. In the following lines, we offer you a five-step tutorial explaining how to buy a cryptocurrency.

Be aware that regardless of the asset in which you wish to invest, the process will be the same. The only difference is that you will have to select the crypto that interests you. For the purposes of our tutorial, we are going to show you how to trade Bitcoin via eToro.

If you prefer to buy Bitcoin on ZenGo (or any other asset), the main lines to follow will be the same.

Step 1: create an account on the crypto platform of your choice

To be able to buy one or more crypto-currencies, the first thing you have to do is create an account on the platform of your choice. By opting for eToro, this process is greatly simplified.

You can go directly to the eToro website and its account creation form by clicking on the following button:

Open an eToro account

68% of retail investor accounts lose money when trading CFDs with this provider. You need to know if you understand how CFDs work and if you can afford to lose your money.

Then click on the button available at the top right of the “Join Now” page. As you can see in the screenshot below, several pieces of information will be required to open an account:

If you do not want to open an account specific to this platform, you can very well use your Facebook or Google account.

Then accept the terms of use and press the “Create an account” button. You will then be redirected to the eToro investor interface.

Step 2: verify your identity

From there, eToro will ask you for some information about yourself. Because the platform is regulated in Europe, it is obliged to verify the identity of its customers.

It is also valid if you decide to buy crypto-currencies on ZenGo (above 150€ spent per month), Binance, Coinbase, Kraken, etc. Suffice to say that you will not be able to escape this procedure called in English KYC, Know Your Customer.

First, eToro will ask you a few questions to improve your trading knowledge. You will then be asked to specify what type of asset you want to buy (cryptocurrencies in this case) and what your goals are.

Trade on eToro

68% of retail investor accounts lose money when trading CFDs with this provider. You need to know if you understand how CFDs work and if you can afford to lose your money.

Once your profile is completed, go directly to verifying your identity. You can always come back later to the questions to determine your investor profile.

To verify your account, two documents will be required: an identity document and proof of address less than six months old.

As soon as your account is verified, you will be able to take full advantage of the platform's functions. Thus, you will be in the best conditions to buy crypto, but also to make deposits or withdraw your winnings.

Step 3: Deposit funds into your investor account

Your account is now created and verified. All in all, the first two steps listed won't take you more than a few minutes. Suffice to say it's fast.

It is now necessary to deposit funds so that you can buy the crypto of your choice. If we like eToro a lot, it's because it offers a plethora of options:

For comparison, ZenGo only supports deposits via credit card, wire transfer and Apple Pay. It's even more disappointing when looking at other services. For example, Binance only supports credit card deposits now. It is no longer even possible to make a SEPA transfer.

Depositing funds into your eToro account is easy. Simply click on the “Deposit Funds” button at the bottom left of the main interface. You will then see the following interface:

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— beadgaldesigns Mon Oct 08 01:06:36 +0000 2018

Select the amount in euros you want to invest, then the payment method. If eToro is showing you the dollar equivalent of your deposit, it's because buying and trading will take place in US dollars.

Then finalize the deposit by filling in the necessary information and click on the “Deposit” button.

How long do you have to wait before seeing the money appear in your account? The deadlines will depend on the deposit method chosen. You can consult the details in the FAQ offered on the eToro website.

Visit the eToro website

68% of retail investor accounts lose money when trading CFDs with this provider. You need to know if you understand how CFDs work and if you can afford to lose your money.

Be aware in any case that the best way to get your funds quickly is to go through the deposit via credit card or PayPal. A few minutes later, it will be possible to proceed to cryptocurrency trading.

Step 4: buy / trade cryptocurrency

Here we have arrived at the most important step: placing a buy order. This is when you will finally be able to buy the crypto of your choice (Bitcoin, Ether, Cardano, Ripple…).

From the eToro site, all you have to do is search for the cryptocurrency of your choice. In our case, we are going to trade Bitcoin.

Then click on the “Invest” button to be redirected to the interface that will allow you to place a buy order.

It is from this interface that you will be able to buy the cryptocurrency of your choice.

eToro offers two options for placing a buy order:

Which should be preferred? If you don't want to bother, you are investing a small amount, and you intend to hold the asset for the long term, the market order may be suitable for you.

Trade on eToro

68% of retail investor accounts lose money when trading CFDs with this provider. You need to know if you understand how CFDs work and if you can afford to lose your money.

Now we tend to advise placing a buy limit order. Why ? Because crypto-currencies remain extremely volatile assets. By placing an order at the market price, you risk being a victim of this volatility. It is indeed possible that the price increases significantly in a few seconds, making your purchase much less interesting.

You will avoid this situation by placing a limit order. As said before, this type of order will allow you to set a limit price not to be exceeded. If the price is exceeded, your buy order will not be executed. In short, this is the best way to buy crypto at the price you are targeting.

The question now is how to place a buy limit order? It's very simple with eToro. Just select the maximum price at which you want to buy (it's the “Rate” line in the screenshot below), then indicate the amount to invest.

After that you will only have to validate the purchase order by clicking on “Place an order”.

Subsequently, eToro will send you a notification confirming that you have indeed purchased a CFD on the cryptocurrency in question.

If this is not the case, your purchase order has not yet been placed. You can easily follow the status of it by going to the “Portfolio” section of the site. If necessary, you will even be able to cancel your purchase order to place a new one.

Trade on eToro

68% of retail investor accounts lose money when trading CFDs with this provider. You need to know if you understand how CFDs work and if you can afford to lose your money.

Step 5 (optional): Manage your cryptocurrency storage

Now you know where and how to buy crypto. That being said, depending on your choice of platform or exchange allowing cryptocurrency trading, you may need to manage the storage aspect.

With eToro for example, you won't have to worry about anything since you won't actually own the purchased cryptocurrencies. Everything will be done through a contract for difference (CFD). The advantage is that you do not incur any risk from a security point of view, which will greatly facilitate your task.

By opting for ZenGo either you will not have to do anything. Although this application allows you to buy crypto and own the private keys, it also acts as a secure wallet. The advantage is that unlike buying a “cold wallet” (cold wallet – this often refers to an external device that is not connected to the Internet), you will not have to pay anything to take advantage of it. .

If you decide to buy a crypto on another platform / “exchange” (such as Binance, Coinbase, Kraken…), you will have two choices:

The second option will offer you the most security, it is undeniable. Especially if you choose to use a device that allows cold storage (Ledger for example). Now if you're just starting out and it's the first time you're looking to invest in crypto-currencies, you might get lost.

To avoid this, we advise you to read our complete guide to storing crypto.

Buying crypto with PayPal: our advice

After some research, we could see that many want to know if it is possible to buy cryptocurrency with PayPal.

The answer to this question is YES. Now we would like to point out that you will not be able to buy a crypto such as Bitcoin, Ether, BNB, Solana, Cardano directly from PayPal (see our guide to buying Cardano)…

What is possible, however, is to opt for a platform such as eToro. With it, you will have no trouble depositing funds from your PayPal account. Once the funds have arrived in your eToro account, you can then trade the cryptocurrency of your choice.

Why are we only talking about eToro as an option to invest PayPal funds in the crypto of your choice? Because it is one of the only services to support PayPal.

Open an eToro account

68% of retail investor accounts lose money when trading CFDs with this provider. You need to know if you understand how CFDs work and if you can afford to lose your money.

The most widely used exchanges currently (Binance, Coinbase, Kraken, Kucoin, FTX, etc.) do not offer such a possibility.

To buy a crypto-currency with PayPal, the process is the same as that described during our tutorial. The only difference is that you will have to choose to deposit funds from your PayPal account to your eToro account.

By choosing this option, eToro will redirect you to the PayPal site so that you can finalize the transfer of funds:

Buying cryptocurrencies on Binance: what to do?

To make our guide on how to buy cryptocurrencies as complete as possible, we have decided to create a section dedicated to Binance. Although it is not, for us, the best crypto platform of the moment, it remains one of the most used.

Do you want to trade crypto on Binance? The first thing to do, if you haven't already, is to go to the Binance site and create an account. By clicking on the following button, you will be taken directly to the registration form:

Open an account on Binance

Method 1: buy crypto directly by credit card

Buying the cryptocurrency of your choice directly by credit card is the easiest method offered by Binance.

Once your Binance account has been created and your identity verified (this is now mandatory), you will be able to buy crypto-currencies from a list of assets provided.

From the main menu of the site, hover your mouse over “Buy Cryptos” and then click on the “Credit/Debit Card” option.

You will be automatically redirected to the interface allowing you to buy the crypto-currency of your choice, all directly by credit card. Select the currency and amount to spend, then choose the digital asset you want to invest in.

In total you will find more than sixty assets including Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), AVAX, BAT, BNB etc. This is the first drawback of this method of purchase: all the cryptocurrencies normally offered by Binance are not available.

Once the amount to invest and the crypto chosen, you will need to enter your credit card information. Validate the payment and after that, you will see the purchased tokens appear in your Binance wallet. If you proceed from the Binance application, note that the procedure to follow is identical.

Buy crypto on Binance

The other disadvantage of buying cryptocurrencies by card on Binance is that fees will be charged (1.8%) and the purchase price will be a little higher than the market price. Do you want to avoid buying at a price higher than the market price? In this case, you must opt ​​without hesitation for the second method presented below.

Method 2: Deposit funds and then trade the cryptocurrency of your choice

To best negotiate the purchase price of your crypto-currencies, we advise you to go through the trading markets. To do this, once connected to your Binance account and your funds deposited, go to the “Trader” menu and then select “Markets”.

World's #1 Platform

Training for beginners

Zero deposit fees (transfer)

Widest choice of crypto-currencies (>100)

9 /10

Binance will redirect you to all the markets offered. It is from this interface (see the screenshot below) that you will be able to find any crypto in order to buy it. We remind you that Binance offers several hundred digital assets.

For the purposes of our tutorial, we are going to show you how to buy Bitcoin. To find the matching pairs, we did a search for “BTC” (the Bitcoin ticker).

Buy crypto on Binance

Following this, all of the trading pairs supported by Binance appeared. If you have euros in your account, you will obviously have to favor the BTC/EUR pair. There is no EUR pair for the cryptocurrency you want to buy? Do not panic. In this case, the easiest way is to convert your euros into USDT or BUSD (these are digital currencies backed by the US dollar). They will allow you to buy more cryptos than with your euros.

Once you have in front of you the trading pair that interests you, simply click on the “Trade” button to the right of the line in question.

The Binance trading interface is now in front of you. You will therefore be able to buy, trade, and sell crypto-currencies. We advise you to place a “Limit” order (or limit order) rather than at the market price as we were able to highlight in our main tutorial.

You will then only have to define the maximum price not to be exceeded, as well as the amount to be invested. Then click on the “Buy” button.

At the bottom of this interface, Binance will allow you to follow the evolution of the order you have just opened. If the latter has not yet passed, you will be able to cancel it.

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Note that the process for selling a crypto is the same, with the only difference that you will have to fill in the information in the right column (the one above the red “Sell” button).

Which crypto to buy in 2022?

The purpose of our guide is not to tell you which cryptocurrency to buy but how to buy it. We do not actually provide investment advice.

We take this opportunity to remind you once again that investing in digital assets involves risks. It is a market that is very volatile.

That being said, if you want to play it safe and invest serenely, the only thing we can advise you is to turn to the most reputable cryptos with the largest capitalizations.

We think for example of Bitcoin, Ether (Ethereum), Binance Coin (asset specific to the Binance platform), Cardano, Solana, or Ripple.

In any case, whether you are looking to invest in Bitcoin or a lesser known altcoin, the most important thing is to do your research, take an interest in the technology and the project. Indeed, it is always better to invest in a crypto-currency in which you believe.

In any case, here are some elements that we think are important to take into account if you are wondering which cryptocurrency to buy in 2022.

Conclusion

Buying cryptocurrency doesn't have to be a complicated process, far from it. We were able to prove it to you through our tutorial to get you started.

This is even more true if you opt for a crypto platform worthy of the name. Our recommendations at this level are eToro followed by ZenGo.

Thanks to these, you will have no trouble buying Bitcoin, Ether, but also many more or less famous altcoins. This includes cryptocurrencies like Binance Coin (BNB), Ripple (XRP), Cardano (ADA), Solana (SOL), Luna (LUNA), Avalanche (AVAX), and quite a few more.

Discover eToro

68% of retail investor accounts lose money when trading CFDs with this provider. You need to know if you understand how CFDs work and if you can afford to lose your money.

All this being said, we strongly advise you to find out about the asset in which you wish to invest. It is indeed good to have strong convictions and a good overall understanding of the project before buying any cryptocurrency. Now if you only want to trade, then this remark doesn't really apply to you.

eToro

Editor's note