In 2021 many countries have finally started to accept crypto on a legal basis and the ‘buy crypto’ in Google search query instantly amassed and became mega popular. The number of people buying and trading crypto has significantly increased over the several past years aggregating more than 100 million users for January 2021.
Getting down to business
Before you actually buy crypto you should check the legal field in your country.
In most of the countries, everybody can effortlessly and completely legally purchase crypto depositing fiat money and access the crypto market benefits: instant money remittances, trading & investing with low fees. First, you need to register in CEX or DEX (Centralized exchange or Decentralized exchange) and complete the KYC (Know Your Customer) procedure. Without KYC verification, the exchange cannot guarantee that you are not using an account for money laundering. The KYC procedure involves uploading your personal documents as a part of proof of identity process such as providing your passport and a selfie.
If you choose CEX, make sure it holds the exchange license. You must register a crypto wallet to hold your digital possessions there, not on a CEX account. With the multitudes of wallets out there, each with the pros and cons of their own, we recommend accessing ZamWallet, you can download it for free here.
Three Easy Steps to Purchasing Crypto
1. Register an exchange account on CEX and complete all the verification procedures listed. If you prefer DEX, you shouldn’t pass KYC or any other verification. You can start managing crypto as soon as you connect your wallet(s) to the exchange.
2. Deposit fiat to your account on CEX. Here, the fees are usually charged, so please, check this step out scrutinously. Some of the deposit methods supported by exchanges include:
- A bank transfer
- E-wallet (Qiwi, WebMoney and etc.)
- Credit or debit card
If you choose DEX, it is important to know you cannot operate with fiat there. You should buy popular cryptocurrency on various online exchange offices in advance (for example Localbitcoins.com), then you can operate with crypto: swap, trade and so on.
3. Once your deposit is confirmed, you can place an order for the cryptocurrency purchase. Click «Buy» to complete the transaction. Once completed, the amount of crypto purchased will be added to your exchange’s wallet. You can then transfer your crypto assets to ZamWallet.
Buying cryptocurrencies in 2021 is a very hype and lucrative thing that may look a little complicated for newbies. Thus, we are happy to create this guide in order to support everybody who wants to enter the emerging crypto market.