Buying your first Cryptocurrency

Buying your first Cryptocurrency

First option

Since we’ll be using trading bots integrated to Binance exchange, we’ll explain how to buy Bitcoin or Ethereum for fiat money with debit card.
  • First of all, we need to create an account on Binance here or sign in to your account if you already have one.
  • Then follow this link and select “Simplex” or “Koinal” and click “Buy”. Note that Koinal has country restrictions, restricted countries are listed at the bottom when you select Koinal as payment method.
  • If you selected Simplex, use this guide, for Koinal use this one. Note that both payment methods take fees during buying procedure.
  • To finish the process, you’ll be asked to verify your identity, you’ll see all documents you need to provide before you can proceed further.

Second option

This option is viable for those that don’t want to verify their identities. You can use exchange services such as LocalBitcoins or BestChange, or those listed here in Peer-to-Peer section.
Before anything else, however, you’ll need to create your Bitcoin wallet if you don’t have one yet. This wallet is needed, since the BTC you will buy through these services will be send to it. There are various choices of wallets for BTC: mobile wallets, desktop wallets, web-wallets and hardware wallets.
You can select one for yourself on Bitcoin official website and get the link to install the wallet there.
Select your preferred platform (Android, iOS, WIndows, Linux, MacOS or others), User Type “New”, “Control” in criteria and “2FA - Two-factor authentication” in features (optional).
LocalBitcoins has a thorough guide how to buy BTC.

For BestChange it’s a bit different since it’s an aggregator that monitors different exchangers. There on the website in the top left corner you should click “List”, select payment method and Bitcoin and click “Find the best rate”. After that, you’ll get a list of exchangers with their rates and minimal and maximum purchases amount. After selecting the best method for you, click on it and you’ll be redirected to that exchanger, where you will make a purchase. Find “How-to” guide there and closely follow it. Note that BTC price on such services is usually higher than the market one by few percents depending on the exchanger.


Depositing BTC on Binance

When using the first option you won’t need to deposit purchased BTC, since you bought it directly with Binance partners and it’ll be sent to your account after your payment will be processed.

If you purchased BTC via exchangers, right now BTC is in your personal wallet you’ve created earlier. Now we need to deposing that BTC to Binance. For that closely follow Binance guide and double-check each step before you proceed further! If your BTC will be sent to the wrong address will be lost! Also, check this article to avoid possible confusion.

Creating API Key

To connect your Investy profile and enable automated trading with bots you’ll need to connect your Binance account with API key. To create this key you need to follow this guide. Do not share your API key with anyone under any circumstances and keep it safe at all times and take all safety measures in order to not to lose it. If you lose it you won’t be able to recover it, the only option is to delete it in your account and create a new API key.
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