Buying various Cryptocurrencies through the established exchanges has always been the cheaper option. Usually, providing KYC, funding your account, and processing the bank transfer may take between a couple of days to an entire week depending on your country and the location of your bank.
Whether you are buying or betting at Stake, these hold ups can be the vital difference between going away with a profit or making a loss.
Buying Cryptocurrencies is the most convenient way to be a part of the largest economic revolution since the invention of fiat currency. Fortunately, you do not need to be an IT expert or queue up to purchase your choice of coins anymore.
The two ways to get Cryptocurrencies are either through mining new coins or purchasing them in the open market. Mining new coins can prove to be difficult, as it can be a costly and complicated process. So, our recommendation is that players start by purchasing the first coins. This blog focuses on the different ways you can convert your money into Cryptocurrency which will help you in accessing the full services of Stake.
Converting your fiat currency (USD, Euro, ETC.) into Cryptocurrency used to be a taxing prospect, but its current growth and popularity means there are easier and more convenient options turning up each day. You can purchase Cryptocurrency by following these three steps:
- Setting up your wallet.
- Choosing the platform of your choice to purchase the Cryptocurrency.
- Selecting a payment method.
These steps will be further explained below for better understanding.
Step 1: Setting up your wallet
Selecting and setting up your Cryptocurrency wallet is the first step to getting your choice of coins. A wallet works like a bank account and is necessary for exchange of funds across the crypto networks.
You just need to download/install the software to your preferred platform and follow the instructions. The players will need to choose a strong password, perform a backup and it is vital to follow the account recovery guidelines. If you need further information on how to do this, you can just reach out to us.
There are some online services who provide their own wallets, but we recommend keeping your funds in a wallet which you can access with your private keys to avoid the risk of losing your money because of a hack or bug in the service provider’s servers.
Once you get yourself used to the platform, the next step is to purchase your choice of cryptocurrency.
Step 2: Choosing the platform
Selecting the best platform to purchase cryptocurrency is primarily based on your location and the legalities in your country. Although, cryptocurrencies are legal in many countries but, its regulation is still in early stages. Therefore, some platforms might be unable or unwilling to offer their services in some countries.
Players can purchase directly through Stake using a credit/debit card, bank payments, exchanges, dedicated OTC, and the site also has the option to purchase using Apple Pay. The different options vary but are dependent on your preferences.
Purchasing via Stake with your credit/debit card is the most convenient option, though there is a fee for this type of transaction. Verified vendors and exchanges are cheap and secure ways but require setting up an account. For this ease and convenience, they require identity verification to comply with local and international regulations.
If you have dealt with cryptocurrencies before and your primary focus is privacy, you can use an ATM or look at the private methods on OTC platforms.
Using a Credit/Debit Card on Stake:
Buying cryptocurrency using your credit or debit cards is quick and trouble free on the Stake platform thanks to our partnership with Moonpay, the largest provider of different currencies. You can further explore this option by following this link: https://news.stake.com/how-to-buy-crypto-on-stake/.
Step 3: Selecting a payment method
Firstly, you will need to take into consideration the accepted payment methods for each section of the marketplace. There are various implications of different payment methods related to security, price and time taken for the transaction. Below is a list of payment options available to the players:
- Bank Transfers
- Credit/Debit Card
- Paypal/Other Online Platforms
- Gift Cards
Congratulations, now you have all the instruments to buy and invest in the various cryptocurrencies. If you are using a web wallet or a third-party service, make sure that you transfer to your Stake wallet. You will be able to hold onto, trade and use cryptocurrency on Stake according to your preference.
This guide should help cryptocurrency buyers across the world, though some countries have their own unusual ways of purchasing cryptocurrencies. Here at Stake we strive to keep our players updated and informed.