If you’re new to cryptocurrencies, your first step would be to find an exchange that allows you to deposit money. Due to regulations, all exchanges require you to verify your account before depositing your funds, through the submission of your identity proof and any other personal information. Hence, you should find an exchange in your domestic country first to convert money from your bank account into Bitcoin.
It is important to note that not all best cryptocurrency crypto exchanges accept fiat money; some exchanges only allow you to deposit coins (most commonly Bitcoin) to purchase other alternative coins. Bitcoin is the most popular crypto that is offered on almost all crypto exchanges, and represents the gateway to purchasing other coins. In other words, if you want buy any other coins, you must do the following:
Step 1: Open a domestic cryptocurrency exchange in your country and verify your account (submit identity proof)
Step 2: Deposit funds from your bank account to your crypto exchange account and start buying Bitcoin
Step 3: Open a crypto exchange account that offers a variety of other coin. Usually these exchanges do not accept fiat deposits and only allows coin deposits
Step 4: After verifying your account, transfer the Bitcoin that you’ve bought from your local exchange to your new crypto exchange and you can start buying other coins with your Bitcoin
(Read Also: 4 Reasons Why Now is the Best Time for You to Invest in Cryptocurrencies)
Choosing The Best Cryptocurrency Exchange
Important Note: Trading Fees gets smaller with volume. The ones listed on the table are the max range* (Maker fees are paid when you add liquidity to our order book by placing a limit order under the ticker price for buy and above the ticker price for sell. Taker fees are paid when you remove liquidity from our order book by placing any order that is executed against an order of the order book.)
Once you’ve opened an exchange account that allows fiat deposit, you can link your personal bank account with your crypto exchange account and start depositing funds to buy Bitcoins.