How can you easily buy crypto?

Do you want to buy crypto but don’t know exactly how it works? You’re not the only one. Before you buy your first bitcoin or other cryptocurrency, you need to choose a platform, deposit money and decide which crypto you want to purchase.

In this article we explain step by step how to buy crypto, what to look out for and which choices to make. Then we show you how to do this, for example via BLOX.

Buying crypto, how does that work?

You usually buy crypto via a crypto platform or crypto app. Such a platform makes it possible to exchange euros for cryptocurrency, such as bitcoin or ethereum.

Broadly speaking, buying crypto works as follows:

• You choose a reliable crypto platform or crypto app.
• You create an account and verify your identity.
• You deposit money, for example via your bank account.
• You choose the cryptocurrency you want to buy.
• You decide how much you want to invest and confirm your purchase.

Then you own the purchased crypto. Depending on the platform, it is stored for you or you manage the crypto yourself in your own wallet.

Buy crypto in 5 steps

Step 1. Choose where you want to buy crypto

The first step is to decide where you will buy crypto. You can do that, for example, via a crypto app, a broker, or an exchange.

When comparing providers, don’t just look at the number of available cryptocurrencies. Also consider factors such as security, ease of use, costs, payment options and the way your crypto is stored.

For beginners, a simple app can be pleasant, while experienced users sometimes need more extensive trading options.

Step 2. Create an account

Have you chosen a platform? Then you create an account there. With regulated providers you generally also have to verify your identity and answer a number of questions.

This allows the provider to verify who you are. Which data and documents are needed for this varies by platform.

Step 3. Deposit money into your account

Before you can buy crypto, you usually first have to deposit euros into your account. Which payment methods are available depends on the provider.

Check whether there are any fees for depositing or withdrawing funds and how long a payment typically takes.

Step 4. Choose which crypto you want to buy

Now you can decide which cryptocurrency you want to purchase. Bitcoin is the most well-known cryptocurrency, but there are thousands of other cryptocurrencies with different uses and risks.

Don't buy a coin just because its price is rising or because there's a lot of talk about it. First, delve into the project and determine whether you understand what you are investing in.

For example, read more about crypto for beginners and view different types of cryptocurrencies.

Step 5. Decide how much you want to invest

You don’t have to buy a whole bitcoin or other cryptocurrency right away. With many providers you can also start with a small amount.

Especially when you have little experience, it can be wise to start small. This way you can discover how buying and selling crypto works without immediately investing a large amount.

Only invest money that you can afford to lose. Cryptocurrency prices can rise and fall sharply in a short time.

Where can you buy crypto?

There are several ways to buy cryptocurrency. The most well-known are crypto-exchanges, brokers and crypto-apps.

An exchange brings buyers and sellers together and often offers many trading opportunities. A broker or crypto app, however, takes some of that complexity off your hands. As a result, such a platform can be simpler when you buy crypto for the first time.

How can you buy crypto on BLOX?

Do you want to buy crypto without dealing with complicated trading environments or managing wallets yourself? Then you’re in the right place at BLOX.

At BLOX, buying crypto works in three steps:

1. Create a BLOX account

Download the BLOX app or create an account online. Then you go through the registration and verification.

2. Add credit to your account

After creating your account you can deposit euros. Your BLOX account is linked to your personal bank account.

3. Choose crypto and buy

Once you have credit in your account, you can choose a cryptocurrency, indicate how much you want to buy and confirm the transaction.

At BLOX you can buy crypto from as little as €1. BLOX stores the purchased crypto for you, so you don't have to manage an external wallet yourself.

Can you buy crypto with little money?

Yes. You don’t need to have thousands of euros to buy crypto. Cryptocurrencies are generally divisible into much smaller units. You can therefore, for example, buy €10 worth of bitcoin without having to purchase a whole bitcoin.

At BLOX you can start with as little as €1. A small amount can be a low-threshold way to get acquainted with how buying and selling crypto works.

What should you look out for when buying crypto?

If you're considering buying crypto, be sure to thoroughly research the market, the coin and the history of your chosen coin beforehand. A number of important questions to ask yourself are, for example:

• What type of cryptocurrency is this?
• What is the purpose of this project?
• Which problem in the market is the coin trying to solve?
• Are there large and well-known companies that support this cryptocurrency?

The answers to these questions are a good way to get to know a cryptocurrency. Also delve into the market conditions and the coin's price history. That way you know better what you're getting into.

Know what you spend

Are you planning to buy crypto? Never invest more than you can afford to lose. The crypto world is as unpredictable as Dutch weather and prices can swing sharply. That means you can earn money by buying crypto but also certainly lose money. So always do thorough research and make sure you understand the market well before investing in crypto.