Buying and Selling Bitcoin
What your first Bitcoin acquisition will look like.
STEP 1:
Pick a Beginner exchange app
​​
There are many unique platforms that allow you to buy and sell Bitcoin right from your phone or computer. It is important to recognize which app will be the best fit for you and your goals.
​
Coinbase (easiest UI), Strike (lowest fees), and Kraken (great security) are all recommended for beginners.
These apps are cryptocurrency exchanges, meaning they act as a stockbroker but for Bitcoin.
These apps are free to download and easy to set up.
STEP 2:
Verify your identity -->
Similar to opening a bank account -->
Photo ID + a selfie
STEP 3:
Start with an amount you are comfortable spending.
​
The exchange will give you a variety of methods for depositing dollars into your account.
​
Fund your account via bank transfer or debit card.
STEP 4:
Once you have deposited fiat currency into the exchange, you are able to buy Bitcoin.
​
Starting small, buying fractions of a Bitcoin is encouraged.
Online crypto exchanges charge a fee for every transaction (1-3%)
​
STEP 5: Selling your Bitcoin
​
​If for some reason you feel the need to sell or convert your Bitcoin, you would first open the app/platform you purchased your Bitcoin on.
There will be a button that says “sell”, choose your amount and cash out​ -->
​
Because you are cashing out with a bank, this transaction may take 1-3 days -->
Track your trades… selling your Bitcoin is a taxable event in most countries.
Convert USD to Bitcoin here!