Buying Bitcoin begins with creating an account on a cryptocurrency platform like Crypto.com. Most jurisdictions require users to provide a valid email address, phone number, and proof of identity. Next, the user must choose a payment method. Popular options include fiat currency, credit cards, payment apps, and other cryptocurrencies.
There are three major types of cryptocurrency platforms. Examples include the Crypto.com App, which makes it easy to buy Bitcoin with fiat currencies. Centralised exchanges (CEXs) are the second type of cryptocurrency platform. An example is the Crypto.com Exchange. CEXs usually offer advanced trading options like automated and leveraged trading, often through Bitcoin trading pairs.
The final type of cryptocurrency platform is decentralised exchanges (DEXs), which don’t have any third-party service provider, meaning users are responsible for managing their private keys. This gives a trader total control over their digital assets, but DEXs are more suitable for experienced crypto traders. The Crypto.com DeFi Wallet is a DEX that offers the lowest transaction fees possible.
Once a user has their account set up on their platform of choice, purchasing Bitcoin is as easy as clicking a button. Find out more in our University article on buying Bitcoin.