How to Buy Your First Cryptocurrency Safely

Before you start

Decide how much you can afford to lose entirely. Crypto prices can fall more than 50% in months. Start small while you learn.

1. Choose an exchange

For a first purchase, a large centralized exchange that is licensed in your country is the simplest route. Look for clear fees, a long track record and support for your local currency. Our exchange rankings and per-coin how-to-buy guides show which exchanges list which coins.

2. Create and secure your account

You will need to verify your identity. Then, before depositing anything:

• Use a unique, strong password.
• Turn on two-factor authentication with an authenticator app, not SMS.
• Turn on withdrawal address whitelisting if the exchange offers it.

3. Deposit money

Bank transfers are usually the cheapest. Cards are faster but often cost a few percent.

4. Place the order

A market order buys immediately at the best available price. A limit order lets you set the price you are willing to pay and waits until the market reaches it. For large coins with tight spreads, a market order is fine. Check the total including fees before confirming.

5. Decide where to keep it

Leaving coins on the exchange is convenient but means trusting the exchange. For anything you plan to hold long-term, consider moving it to a wallet you control. Read how to keep your crypto safe first, and send a small test amount before moving everything.

6. Keep records

Many countries tax crypto gains. Keep a record of every purchase, sale and transfer. Our portfolio tracker can help you follow cost and profit, and you can export it.

Common first-timer mistakes

• Buying a coin because its price per unit looks cheap (see what is crypto market cap).
• Following tips from strangers on social media.
• Sending coins on the wrong network: always match the network on both sides of a transfer.
• Sharing a seed phrase. Nobody legitimate will ever ask for it.