One way to board the crypto train as a beginner is by converting fiat to crypto. But as regulations around virtual currency exchanges continue to be stricter, some platforms are avoiding touching fiat directly. However, there are a few places where to buy cryptocurrency with fiat.
Although the list may be a bit longer, in this post, we will only feature four places where to buy cryptocurrency with fiat and especially those that have a high score of confidence.
Before we dive right in, let us briefly look at:
Where to buy cryptocurrency: Types of digital currency exchanges
While most people consider all platforms facilitating trading cryptos as basically crypto exchanges, there are boundaries between these exchanges along the lines of how they facilitate the trading of cryptocurrencies.
Below are the three types:
These platforms provide a place where to buy cryptocurrency by directly interacting with the seller. Peer-to-peer or commonly known as P2P crypto exchanges do not set a fixed price for the coins being traded.
The price negotiation is left between the buyer and the seller. The platform only holds the funds in escrow during a trade to make sure that no one party dupes the other.
Unlike on a P2P platform, a cryptocurrency trading platform provides a place where to buy cryptocurrency without a direct interaction with the seller. The two transacting parties initiate a ‘buy’ or ‘sell’ order through the platform. The exchange charges a transaction fee only when a trade has been completed successfully.
Virtual Currency brokers
These are simply brokers and they dictate the crypto prices. The platform is similar to foreign exchange and is open to anyone through a website.
Let’s now look at the 4 places where to buy cryptocurrency with fiat
1. Where to buy cryptocurrency: Coinbase
Coinbase is a leading cryptocurrency exchange in the United States. It’s one of the safest places where to buy cryptocurrency with fiat. Its conformity to local and international regulations makes it even more suitable to be among the first places you check when looking for a place where to buy cryptocurrency with fiat for the first time.
Unfortunately,the exchange is not available in all jurisdictions although it has promised to add more jurisdictions in the coming days. The exchange is available in over 30 countries across the globe and supports direct purchasing of crypto with fiat currencies of the supported countries.
Among the cryptos available for purchase include, Bitcoin (BTC), Ethereum (ETH), Zcash (ZEC),and Litecoin (LTC).
2. Where to buy cryptocurrency: Kraken
Another place where to buy cryptocurrency using hard cash is on the Kraken cryptocurrency exchange. The exchange has been in existence since 2011 and has over the years gained popularity and credibility. Kraken has a wide range of listed coins including, but not limited to, BTC, XMR, DASH, Auger, and XRP.
If looking for a place where to buy cryptocurrency through a wire transfer process, then Kraken is the short answer. The platform has high-grade security features including a two-factor verification process when login in into your account. Additionally, when registering a new account on the platform, you have to go through an identity verification process.
3. Where to buy cryptocurrency: Coinmama
Coinmama presents yet another trusted platform where to buy cryptocurrency directly using fiat. It can either be cash or through connecting a credit card on the exchange. However, for cash transactions, the exchange allows the usage of a payment processor like MoneyGram.
Coinmama’s web portal is easy to use and geared towards first time BTC or ETH buyers. The platform has a global reach.
4. Where to buy cryptocurrency: Bitcoin ATM
Although this is not an exchange, it offers a secure place where to buy cryptocurrency especially Bitcoin without having to go through the registration process of a cryptocurrency exchange.
There is only one major limitation of a Bitcoin ATM – you have to be physically present at the machine.
The above list of four places where to buy cryptocurrency with fiat is not by any chance exhaustive of the many places available for such activities. Other places include Gemini, LocalBitcoins,etc. You can, therefore, explore other options available. But before you do or while at it, do a thorough background check of the platform to ensure that they are not thieves hiding behind a website.
One way to check the authenticity of crypto platforms is by checking their online presence and what the online community is saying about them. Do not ignore any signs of danger.