Figuring out how to buy Bitcoin (BTC), Dogecoin, Binancecoin (BNB), XRP and Ethereum and other cryptocurrencies can be stressful at first. Thankfully, it’s pretty simple to learn and trade cryptocurrencies in Ghana. You can start investing in cryptocurrency by following these five simplified steps.
Choose a Broker or Crypto Exchange
To buy cryptocurrency, first you need to pick a broker or a crypto exchange. While either lets you buy crypto, there are a few key differences between them, it’s important to keep them in mind.
What are Cryptocurrency Exchange?
An exchange of cryptocurrency is a platform where buyers and sellers come together to exchange cryptocurrency. Exchanges often have relatively low fees, but they tend to have more complex interfaces with multiple trade types and advanced performance charts, all of which can make them intimidating for new crypto investors.
Some of the most well-known cryptocurrency exchanges are Binance, Coinbase, coinbase.pro, and Huobi Global3 While these companies’ standard trading interfaces may overwhelm beginners, particularly those without a background trading stocks, they also offer user-friendly easy purchase options
Convenience comes at a cost, however, as the beginner-friendly options charge a lot more than what it would cost to buy the same crypto through the standard trading interface of each platform. To save on costs, you might aim to learn enough to use the standard trading venues before making your crypto purchase first- or soon after. As someone new to crypto, you’ll want to make sure your exchange or brokerage of choice allows fiat currency transfers and purchases made with the Ghana cedis or the U.S. Dollars. Some exchanges only allow you to buy crypto using another crypto, meaning you’d have to find another exchange to buy the tokens your preferred exchange accepts before you could begin trading crypto on that platform. “Thankfully” Binance have made buying and selling more efficient.
What Is a Cryptocurrency Broker?
1.Cryptocurrency brokers remove the complexity of buying crypto, providing user-friendly interfaces that interact with the exchanges for you. Some charge higher fees than exchanges. Others claim to be “free” while making money by selling information about what you and other traders are buying and selling to large brokerages or funds or not executing your trade at the best possible market price. Robin hood and Sofi are two of the best known cryptographic dealers.
While they’re undeniably convenient, you have to be careful with brokers because you may face restrictions on moving your cryptocurrency holdings off the platform. At Robinhood and SoFi, for instance, you cannot transfer your crypto holdings out of your account. This may not seem like a huge deal, but advanced crypto investors prefer to hold their coins in crypto wallets for extra security. Some even choose hardware crypto wallets that are not connected to the internet for even more security.
- Create and Verify Your Account
Once you decide on a cryptocurrency broker or exchange, you can sign up to open an account. Depending on the platform and the amount you plan to buy, you may have to verify your identity. This is an essential step to prevent fraud and meet federal regulatory requirements. You may not be able to buy or sell cryptocurrency until you complete the verification process. The platform may ask you to submit a copy of your driver’s license or passport, and you may even be asked to upload a selfie to prove your appearance matches the documents you submit.
Deposit Cash to Invest in Ghana
To buy crypto, you’ll need to make sure you have funds in your Momo, Vodafone or Bank account. You might deposit money into your crypto account by linking your bank account, buying via p2p exchange or even making a payment with a debit or credit card. Depending on the exchange or broker and your funding method, you may have to wait a few days before you can use the money you deposit to buy cryptocurrency but with Binance it’s fast and simple.
- Place Your Cryptocurrency Order
Once there is money in your account, you’re ready to place your first cryptocurrency order. There are hundreds of cryptocurrencies to choose from, ranging from well-known names like Bitcoin, Ethereum, BNB, XRP and DOGE to more arcane crypto like Theta Fuel or Holo.
When you decide what cryptocurrency to buy, you can enter its trading symbol—Bitcoin, for example, is BTC—and how many coins you want to buy. With most exchanges and brokers, you can purchase fractional shares of cryptocurrency, allowing you to buy a sliver of high-priced tokens like Bitcoin or Ethereum that otherwise take thousands to own.
The symbols of the 10 biggest cryptocurrencies based on market capitalization* are as follows:
- Bitcoin (BTC)
- Ethereum (ETH)
- Tether (USDT)
- Binance Coin (BNB)
- Cardano (ADA)
- Ripple (XRP)
- Dogecoin (DOGE)
- USD Coin (USDC)
- Polka-dot (DOT)
- Uniswap (UNI)
- #Based on market capitalization as of August 07, 2021.
- Select a Storage Method
Cryptocurrency exchanges are not backed by protections like the Federal Deposit Insurance Corp. (FDIC), and they’re at risk of theft or hacking. You might even lose your investment if you forget or lose the codes to access your account, then millions of Bitcoin dollars has already been. That’s why it’s so important to have a safe storage location for your cryptocurrencies.
As noted above, if you’re buying cryptocurrency via a broker, you may have little to no choice in how your cryptocurrency is stored. If you purchase cryptocurrency through an exchange, you have more options:
Leave the crypto on the exchange. When you buy cryptocurrency, it’s typically stored in a so-called crypto wallet attached to the exchange. If you don’t like the provider your exchange partners or you want to move it to a more secure location, you might transfer it off of the exchange to a separate hot or cold wallet. Depending on the exchange and the size of your transfer, you may have to pay a small fee to do this.
Hot wallets. These are crypto wallets that are stored online and run on an internet-connected devices, such as tablets, computers or phones. Hot wallets are convenient, but there’s a higher risk of theft since they’re still connected to the internet.
Cold crypto wallets aren’t connected to the internet, making them your most secure option for holding cryptocurrency. They take the form of external devices, like a USB drive or a hard drive. You should be careful with cold wallets, though—if you lose the key code associated with them or the device breaks or fails, you may never be able to get your cryptocurrency back. While the same could happen with certain hot wallets, some are run by custodians who can help you get back into your account if you get locked out.
Alternatives Ways to Buy Cryptocurrency While buying cryptocurrency is a major trend these days, it is a volatile and risky investment choice. once investing in crypto on an exchange or via a broker doesn’t feel like the right choice for you, here’s are a few options to indirectly invest in Bitcoin and other cryptocurrencies:
- Wait for Crypto Exchange-Traded Funds (ETFs)
ETFs are extremely popular investment tools that let you buy exposure to hundreds of individual investments in one fell swoop. This means they provide immediate diversification and are less risky than investing in individual investments.
There is a huge appetite for cryptocurrency ETFs, which would allow you to invest in many cryptocurrencies at once. No cryptocurrency ETFs are available for everyday investors quite yet, but there may be some soon. As of June 2021, the U.S. Securities and Exchange Commission (SEC) is reviewing three cryptocurrency ETF applications from Kryptcoin, VanEck and WisdomTree. Invest in Companies Connected to Cryptocurrency If you’d rather invest in companies with tangible products or services and that are subject to regulatory oversight—but still want exposure to the cryptocurrency market—you can buy stocks of companies that use our own cryptocurrencies and the blockchain that powers them. You’ll need an online brokerage account to buy shares of public companies like:
Nvidia (NVDA): Is a technology company designs and sells graphics processing units, which are at the heart of the systems used to mine cryptocurrency.
Tesla: Is an American electric vehicle and clean energy company based in Palo Alto, California. Tesla current products include electric cars, grid-level home battery storage, solar panels and solar tiles, as well as other related products and services. They currently own about $1.5 million+worth of BTC
PayPal (PYPL): A popular choice for people buying items online or transferring money to family and friends, this payment platform recently expanded to allow customers to buy and sell select cryptocurrencies with their PayPal and Venmo accounts.
Square (SQ): This payment service provider for small businesses has purchased over $220 million in Bitcoin since October 2020. In February 2021, the firm disclosed that Bitcoin made up around 5% of the cash on its balance sheet. In addition, Square’s Cash App allows people to buy, sell and store cryptocurrency.
As with any investment, make sure you consider your investment goals and current financial situation before investing in cryptocurrency or individual companies that have a heavy stake in it. Cryptocurrency can be extremely volatile—a single tweet can make its price plummet—and it’s still a very speculative investment. This means you should invest carefully and with caution.
How to acquire Bitcoin with Binance in GH.
After you complete identity verification and add your payment methods, you are ready to buy crypto on the Binance P2P platform. First, choose from, all the available offers in the marketplace. Second, place an order to buy your crypto, and pay the seller based on the preferred payment methods. Finally, get your crypto from the seller after you complete the fiat transaction and confirm your payment on Binance P2P Click on the link to learn more.
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