When it comes to buying crypto currency one of the worst things that you can do is to buy directly from the platform which you are using. This is something which experts like Robert Testagrossa have been warning first time buyers about of late.
The issue is this, if Bitcoin is currently trading at $35,000 and you wish to buy a whole coin, buying from the platform directly will likely give you a price of $36,000 or more. If however you buy from the exchange, then you can guarantee the live price. The problem for many however is that the exchange can look a scary place, with all of those numbers and candles to navigate through. The reality however is that buying here could not be easier, and here is how to make it simple.
Focus on One Thing
On the exchange you can set buy and sell orders, you can create stop limits and you can look to leverage your crypto, you can even buy future contracts. None of this however will be relevant to you right now, so the only thing that you have to focus on is getting the right pairing. Now the pair is basically the currency which you will be buying with, and the second currency of the pair will be the one that you are looking to buy. And so if you are buying Bitcoin with USD, the pairing will be BUSD/BTC.
Making The Purchase
You will see a small column with red numbers above, green below and white in the middle, these are the trades that people around the world are waiting to happen. If Bitcoin is currently at $35,000 and someone is trying to sell theirs for $36,000, this will be listed above as nobody is yet willing to pay that price. Now when you set the order to buy, all you need to do is type in how many dollars you wish to spend. Once you have completed this, set the price that you wish to pay for your Bitcoin. Perhaps you feel that the price will go down and you could set this at $34,500. Alternatively you could simply set the price as the current price of $35,000 and be guaranteed your purchase. Once you have done this, simply review the information which you have added in and then hit the buy order.
Monitoring Success
At the base of the screen you will see your order, and it will stay there until it has been fulfilled. Fulfilled is basically what will happen when someone around the world is happy to sell their Bitcoin at the price which you have committed to buying it. Once that happens, your crypto will then be delivered to your wallet and hey presto, you have made the transaction.
The key to buying and selling on the exchange is to ignore all of the information which simply doesn’t apply to you, do this and you will be just fine.
