Buying Your First Crypto SAFELY! [Beginner's Tutorial]

Crypto Banter

23 Jul 202410:19

Summary

TLDRThis video guide by Fafa teaches viewers how to purchase their first Bitcoin or cryptocurrency. It covers selecting a coin, using platforms like CoinGecko and Bitget, and different methods of buying crypto with fiat currencies, including credit cards, peer-to-peer trading, and OTC. Fafa also explains how to manage funds in various exchange accounts and convert currencies.

Takeaways

😀 The video is a guide on how to buy your first Bitcoin or cryptocurrency.
🔍 Use CoinGecko or CoinMarketCap to find and research coins before purchasing.
💡 CoinGecko is preferred for its user-friendly interface and comprehensive listing of tokens.
🔑 To buy a specific coin, search for it on CoinGecko and check the market section for available exchanges.
💸 When buying crypto with fiat currency, choose an exchange that supports bank transfers or credit card payments.
🌐 Bitget is highlighted as a preferred exchange with a high trust score, wide range of coins, and user-friendly platform.
💳 Bitget offers various buying options including credit/debit card, peer-to-peer trading, OTC, and quick buy.
📈 Bitget's peer-to-peer trading feature allows for 0% fees and interaction with sellers worldwide.
💰 For larger investments, Bitget's OTC service facilitates transactions of significant amounts, starting from $100,000.
📱 The purchased coins are deposited into the user's spot account on the exchange.
🔄 If USDT or another stablecoin is purchased, it can be easily converted to the desired cryptocurrency within the platform.

Q & A

What is the purpose of the video?
-The purpose of the video is to guide viewers on how to buy their first Bitcoin or cryptocurrency, providing a step-by-step process and introducing the platform 'BidGet'.
What is the recommended platform to find out where to buy a specific coin?
-The recommended platform to find out where to buy a specific coin is CoinGecko.com, which lists all the tokens available and the exchanges they are listed on.
Why is CoinGecko preferred over other platforms like CoinMarketCap?
-The presenter prefers CoinGecko because of its user-friendly interface and comprehensive listing of tokens, including both newly launched and more established ones.
What is the significance of the 'Market' button on CoinGecko?
-The 'Market' button on CoinGecko allows users to see all the exchanges where a specific token is listed, which is crucial for determining where to buy a coin with fiat currencies.
Why is BidGet chosen as the example exchange in the video?
-BidGet is chosen because it is a sponsor of the video, has a high trading volume, lists a wide variety of cryptocurrencies, and is known for accommodating both early and large coins.
What does the trust score on CoinGecko indicate?
-The trust score on CoinGecko indicates the reliability of an exchange, based on factors like volume verification and the authenticity of the trading activity.
How can one purchase Bitcoin or other cryptocurrencies on BidGet?
-One can purchase Bitcoin or other cryptocurrencies on BidGet using various methods like credit/debit card, peer-to-peer trading, Fiat OTC, and quick buy options.
What is the minimum trading size for OTC on BidGet?
-The minimum trading size for OTC on BidGet is $100,000, but the platform can facilitate transactions for much larger sums.
What is a spot account in the context of cryptocurrency exchanges?
-A spot account is where the purchased cryptocurrencies are deposited and held on the exchange, allowing users to trade or transfer funds between different types of accounts on the platform.
How can users convert USDT or other stablecoins to other cryptocurrencies on BidGet?
-Users can convert stablecoins like USDT to other cryptocurrencies by selecting the 'convert' option, choosing the amount, and confirming the transaction within the given time frame due to market volatility.
What additional services does BidGet offer besides trading?
-BidGet offers additional services such as staking, participating in launch pools, and other features that can be explored and utilized by users.