If you are new to #Cryptocurrencies, you will find it hard to know where to start when buying and investing in cryptocurrencies. Sites such as Coinbase, Alfacashier, and Cryptsy make it simple for anyone to #Buy, hold or sell major cryptocurrencies.

Buyers and traders of cryptocurrencies should first conduct a background check on #Currency Exchange sites by doing a thorough search of the sites online and social media reviews as well as read articles written about the site. It is also advisable to transact with a currency exchange site that is located in your country so as to easily overcome legal hurdles in the eventuality of a dispute or scam.

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This is how one can purchase their first cryptocurrency coins.

Opening a cryptocurrency wallet

There are several different online wallets; some let you hold only one type of coin while others let you keep different types of coins. Each site has a wallet which can be downloaded. The wallets not only allow you to receive, hold or send cryptocurrencies but also allows you to mine them.

The best way to start is by downloading a wallet from a large cryptocurrency exchange site that allows you to hold different cryptocurrencies in one wallet. The wallet comes with a unique wallet address. You will use this address to receive coins from other people.

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Buying coins from a cryptocurrency exchange site

The best way of buying and selling cryptocurrency is through a cryptocurrency exchange site. Buying from large exchange sites is also faster. After opening an account with the trusted site and downloading a wallet, you can choose the payment method for transferring funds to the cryptocurrency seller, such as credit card and bank transfer. Once the funds are in your online account; you will need to choose the currency you want to buy.

Purchasing cryptocurrency will depend on its price, the amount of funds in your account and the type of cryptocurrency you want to buy. The price of cryptocurrency may slightly vary between different exchange site and sellers; it also varies depending on your region. The price of Bitcoin, for example, is higher in Asian countries such as South Korea as compared to prices in the United States.

The next step is placing an order in the system and the exchange site will match up your preferences with the preferences of other sellers, and a deal will be made.

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The time it will take to make the transaction will depend on your price and the type of coin you want to buy.

It can take from a few seconds, minutes or up to an hour. Once a seller is found, the coins will be sent to you and funds will be debited from your wallet and sent to the vendor. You can now wait for the price of the currency to appreciate and sell it or buy goods and services online.

Other ways of buying the coins

Another way of buying cryptocurrencies is through online communities. The price in forums is either similar or lower than the price on the exchange site. After you have met and agreed with a seller, you can exchange wallet addresses so that you can receive the coins and the seller can receive the funds. This is, however, a riskier option as you can send funds to someone and they can choose not to send the coins to you.Some regions have ATMs for cryptocurrencies such as Bitcoin where you can exchange cash for the coins.