The crypto market has expanded substantially in the last few years. Trading has become a popular activity for numerous traders. With the availability of trading applications and crypto-wallets like bitcoins-evolution.com, new traders can be a part of the trading community. Bitcoin and other cryptos are considered a store of value.
In this article, we will discuss safe and secure ways of trading and buying cryptocurrencies. This might come in handy, if you are a new trader, or are looking for ways to securely buy Bitcoins and other cryptocurrencies.
Things you should know before buying Bitcoins
KYC- some of the trading applications that are available may require the buyer to share their personal identification information such as residential proof, bank account details, email, etc. This is required to ensure safety through the creation of databases on user information.
This database provides accounting security for the totality of transactions. It is also a preventive measure to prohibit frauds or cases of money laundering.
You can make use of credit cards, debit cards, or payments through UPI gateways if your platform syncs with your bank account.
Anonymous investment- You can also buy Bitcoins and other cryptocurrencies directly and anonymously from sellers. This will require you to have your own crypto wallet and a corresponding private pass key through which you may buy or sell cryptocurrencies. This process will not require you to share your personal identification information.
Since this process is susceptible to fraudulent transactions, the user must ensure that they are buying from reliable sources.
Traders should be cautious with their private passkey, and not share them with others, as there are numerous cases of crypto theft and frauds where traders lost staggering sums of money to hacking and theft.
Ways you can buy Bitcoins securely
These are the steps you should follow in order to buy cryptocurrencies safely.
- Crypto-exchange: you may look for a suitable and reliable crypto exchange through which you can buy Bitcoins and other cryptocurrencies. Through exchanges, you can procure currencies that you can later transfer to your private wallet.
A number of exchanges allow users to buy Bitcoins anonymously because cryptocurrency literally allows anonymous peer-to-peer transactions. Exchanges that allow buyer autonomy are decentralized in nature.
There is a great advantage of an anonymous crypto exchange in countries where the banking infrastructure is inconvenient for users. Users who do not have access to banking infrastructure for political reasons or users who are living as refugees can also have access to anonymous exchanges. For more details on crypto and investing you can check out crypto signals on Telegram.
However, most of the exchanges that we are familiar with are centralized in nature and may require users’ personal identification information or KYC. Some crypto exchanges that are widely known in the United States are Binance, Coinbase, Kraken, etc.
You can Bitcoin and other popular altcoins through these exchanges. The catalog of altcoins offered varies from one exchange to another.
2. Payment gateways for crypto exchange: To register with a crypto exchange and make transactions, you may be required to provide a number of personal identification information, that may include your social security number, your driver’s license, job information, and the source of your transactions.
Once the details that you have registered with are verified you will be able to connect a suitable payment option. To make a payment you can choose from credit card payments and debit cards or UPI payments.
However, the user should check with their bank in order to confirm if it is permissible to make crypto deposits. In some banks, crypto-related transactions and depositions are prohibited.
3. Placing an order through your crypto exchange: once your details have been verified you will be able to successfully make crypto transactions. Crypto transactions have become more or less mainstream phenomena today.
Users should always check on the transaction fees that are being charged by the exchange that they are using. Crypto exchanges were initially obscure concepts, but today they have become as popular as stock exchanges.
Conclusion: if you are new to the world of crypto make sure you take the right precautions so that you and your personal details are safe from hackers. In order to make sure that your crypto transactions are secured to not share your password and personal details with unknown people.
Disclaimer: The views and opinions expressed in this article are those of the authors and do not necessarily reflect those of Geek Vibes Nation. This article is for educational purposes only.
Hi! I’m Bryan, and I’m a passionate & expert writer with more than five years of experience. I have written about various topics such as product descriptions, travel, cryptocurrencies, and online gaming in my writing journey. The latter is one of my favorites topics, and you can find some of my premium casino content at OUSC.