Introduction: Getting Ready to Buy Crypto

So you’ve got your crypto wallet set up – now you’re probably eager to buy your first cryptocurrency. Whether you’re looking to buy Bitcoin, Ethereum or any other coin, the process can be straightforward if you know the steps.

As a beginner, it’s normal to have questions like

“Where do I buy crypto?”

“Do I need an exchange?”

“Is it safe to buy with a credit card?”

In this guide, we’ll answer these questions and walk you through buying crypto safely.

Before you begin: Make sure you have a secure wallet ready (as discussed in the previous articles). You can choose to buy crypto directly into a wallet app like DB Cherry if it supports purchases, or you might use a cryptocurrency exchange and then transfer the coins to your personal wallet.

We’ll cover both scenarios.

The key is to use trusted platforms so that your first purchase is smooth and secure.

Let’s dive into the step-by-step process, from choosing the right platform to completing your first crypto purchase and keeping your investments safe.

Choose a Trusted Platform to Buy Crypto

There are a few different ways you can buy cryptocurrency as a beginner.

The most common method is using a cryptocurrency exchange or a broker app.

Here’s an overview of your options:

• Cryptocurrency exchanges: These are online platforms where buyers and sellers trade crypto. Think of them as crypto-specific marketplaces. Examples of well-known exchanges include Coinbase, Binance, Kraken, Gemini and Bitstamp. Exchanges often offer a wide selection of coins and competitive prices. As a beginner, look for an exchange with a good reputation, strong security and a user-friendly interface. When using an exchange, you’ll typically create an account, fund it with your local currency, then place an order to buy the crypto you want. Avoid random offers from social media or unverified “too good to be true” deals – scammers often prey on newcomers by promising cheap Bitcoin or special rates.
• Brokerage apps and wallets: Some apps (like Cash App or PayPal) allow you to buy crypto directly, often with a very simple interface. Additionally, some dedicated wallet apps integrate a buying service via third-party providers. The advantage here is simplicity. For example, with DB Cherry you could buy crypto in-app using your debit card without separately signing up on an exchange. However, not all wallet apps have this feature for all regions, and fees might be a bit higher for the convenience. Check what services are available in your location.
• Peer-to-peer (P2P) marketplaces: These platforms let you buy directly from other individuals. They offer various payment methods (even cash or gift cards) and can be useful in countries where exchanges are restricted. As a beginner, P2P can be a bit more complex, so it’s generally recommended only if other options aren’t available.
• Crypto ATMs: In some cities, there are Bitcoin ATMs where you can insert cash and send crypto to your wallet. These can be handy for small purchases or if you prefer cash, but they often have high fees. If you happen to use one, ensure you have your wallet address ready to receive the coins.

For most beginners, using a major exchange or a trusted wallet app is the easiest and safest approach.

Do a little research on the platform: How long has it been around? Does it have good reviews? Is it available in your country and compliant with regulations? Picking a reputable platform (like the ones mentioned above) will reduce the risk of any issues.

If you buy crypto through the DB Cherry app, you know the process meets security and compliance standards – giving you peace of mind as you enter the crypto world.

Set Up Your Account and Payment Method

Once you’ve chosen where to buy your crypto, the next step is to set up an account on that service (if you haven’t already) and get your payment method ready.

• Register an account: Go to the website or download the app of your chosen exchange or service. You’ll need to sign up with an email address (or sometimes a phone number). Choose a strong, unique password for this account. Since this account will deal with money, it’s critical to secure it – use a password you haven’t used elsewhere and consider using a password manager to generate one. Most reputable platforms will also prompt you to enable two-factor authentication (2FA) on your account. Definitely do this (usually via an authenticator app) to add an extra layer of login security.

• Complete identity verification (KYC): Don’t be surprised if the exchange asks you for some personal information or ID documents. Legitimate crypto exchanges and brokers follow KYC (Know Your Customer) regulations. This means you might need to provide your full name, address and a copy of an ID (like a passport or driver’s license) to verify your identity. This is normal – it’s similar to opening a bank account. It helps prevent fraud and comply with laws. Follow the verification steps provided - on some platforms it’s quick (a few minutes), while on others it might take a day or two to be approved.

• Add a payment method: To actually buy crypto, you’ll exchange traditional money (like USD, EUR, etc.) for the digital currency. So you need to decide how you will pay. Common payment methods include:

  • Bank transfer: You link your bank account and send money to the exchange via ACH or wire. This usually has lower fees and higher limits, but the purchase might not be instant (bank transfers can take a day or more).
  • Debit or credit card: Many services let you pay with a Visa/Mastercard. This is convenient and typically instant, but be aware card purchases often carry higher fees. Also, some banks block credit card crypto purchases, so debit is usually smoother. Services like DB Cherry focus on debit card top-ups for simplicity.
  • Other methods: Some platforms accept PayPal, Apple Pay, etc. or in some regions, cash deposits. Use whatever is most accessible and low-fee for you.

  On your chosen platform, go to the Payments or Add Payment Method section. Enter the required details and follow their instructions until your payment method is linked and ready. The platform might do a small test charge or two deposits to verify it’s your account.

If you’re buying through a wallet app like DB Cherry, the process is similar but streamlined. After verifying your account, you’d simply tap “Add Funds” or “Buy Crypto,” enter an amount and provide card details in-app. DB Cherry allows linking a debit or prepaid card to top up your wallet with fiat and convert to crypto seamlessly. The convenience here is you don’t have to manage two separate accounts – it’s all in one place.

Before moving on, double-check everything is set: your account is secured (2FA on), identity verified (if required), and a payment method is available.

Now you’re ready for the fun part: buying the crypto!

Place an Order to Buy Cryptocurrency

Here comes the moment of truth: purchasing your first cryptocurrency.

Here’s how to execute a buy order on a typical exchange or app:

• Navigate to the buy/sell crypto section: Most platforms have a clear button or tab that says “Buy Crypto” or just “Buy”. If there’s a list of cryptocurrencies, choose the one you want to buy.
• Enter the amount: Decide how much you want to spend. You can usually enter either the amount of money or the amount of crypto you want. As a beginner, it might be easier to decide based on a dollar amount you’re comfortable with. The system will automatically calculate how much BTC that equates to at the current rate. Remember: you can buy fractional shares of crypto. For instance, if 1 BTC costs $30,000, your $100 will buy 0.0033... BTC.
• Review the quote and fees: The platform should show you a preview – how much crypto you’ll get and any fees. Fees can vary: some exchanges charge around 0.5% to 2% per transaction, whereas broker apps might have a flat fee or a slightly higher rate for convenience. Check that everything looks correct. On an exchange, if you’re using a market order (buy instantly at current market price), you’ll see the estimated price. On some, you might have the option to place a limit order (to set a specific price to buy at later), but as a beginner, market order is simplest.
• Confirm the purchase: If all looks good, hit the Buy or Confirm button. If you’re using a debit card, the charge will process through that card. If you used a bank transfer that was pre-funded, it will deduct from your deposited balance on the exchange. After a few moments, you should see a confirmation that your purchase is complete.
• Where does the crypto go?: If you bought on a centralized exchange or app, the crypto will be credited to your account’s built-in wallet on that platform. For example, after buying on DB Cherry, the Bitcoin will show up in your DB Cherry wallet balance. If you bought directly through a wallet app (like via DB Cherry’s buy feature), the crypto should appear in your in-app wallet balance, since you’re effectively buying and storing in one place.

In either case, you now own the crypto – congratulations, you’re a cryptocurrency holder!

Transfer Your Crypto to Your Personal Wallet (If Needed)

This step is important for security, depending on how you bought your crypto.

If you purchased the crypto directly into a personal wallet (for example, through DB Cherry or another wallet that immediately puts the coins in your control), you can skip this step. The crypto is already in your possession.

However, if you used a custodial exchange or app, it’s often recommended to withdraw your crypto to your own wallet after buying, especially if you bought a significant amount that you plan to hold for a while.

The saying “Not your keys, not your coins” reminds us that when funds stay on an exchange, technically you don’t control the private keys – the exchange does.

While major exchanges are generally safe, they can be targets for hacks, and on rare occasions exchanges have even frozen withdrawals.

To have full control and security, moving your coins to your self-custody wallet is wise.

Here’s how to transfer your crypto to your wallet:

• Open your personal wallet app and find your address. It will be a long string of characters (and possibly a QR code). Copy the address to your clipboard. Double-check you have the correct address for the right cryptocurrency. Bitcoin to a Bitcoin address, Ethereum to an Ethereum address, etc. Sending to the wrong type of address can result in loss.
• On the exchange platform, go to your wallet holdings and choose Withdraw or Send for the crypto you bought. Paste your address when prompted for the destination.
• It will also ask how much to withdraw. You can withdraw the full amount you purchased (minus a network fee). Exchanges often charge a small network fee for withdrawals – this is paid to blockchain miners, not the exchange, and it varies depending on network congestion. The platform will show this fee and deduct it from the amount. For instance, if you bought 0.005 BTC, the network fee might be 0.0001 BTC, so you’d end up with 0.0049 BTC arriving in your wallet.
• Confirm the withdrawal. The exchange might do security checks here (send a confirmation email or 2FA code – which is good). Approve those. Then the withdrawal will be processed. It might take anywhere from a minute to an hour (sometimes a bit more if the network is busy) for the crypto to appear in your personal wallet.
• Once it arrives, you’ll see it in your wallet app’s balance. Now the crypto is truly under your control, secured by your private keys.

If you’re doing a small first purchase, you might also choose to simply keep it on the exchange temporarily while you learn the ropes.

But as a best practice, especially for larger holdings, use your own wallet for long-term storage. For example, after buying on an exchange, withdrawing your cryptocurrency to your DB Cherry wallet can be a good move. This way, an attacker can’t steal your funds by compromising your exchange account alone. They would need to also compromise your personal wallet (which, if you follow our security tips, would be very hard for them).

Selling or Using Your Crypto

Buying crypto is the entry point, but it’s good to know how you might sell or use it down the line:

• Selling crypto: On an exchange, you would go to the Sell section, enter the amount of crypto to sell, and execute the trade to get your local currency. You could then withdraw the cash to your bank account. If you’re using an app like DB Cherry that supports selling, you’d convert crypto back to fiat in-app, and then you might be able to spend it via the app or withdraw to your bank. Keep in mind that selling might have some fees and could be a taxable event. Make sure to check your local tax rules or consult an advisor if you start trading regularly.

• Using crypto: Instead of selling for cash, you might decide to spend your crypto or use it in other ways:

  • You can send some to a friend or family member directly (peer-to-peer payment).
  • Some merchants and services accept Bitcoin or other crypto currencies for payment. For example, gift card websites, some online retailers or even certain local stores.
  • You could also explore swapping your crypto for other cryptos (many wallets and exchanges let you trade one coin for another).
  • You might find opportunities to make purchases directly within the app using your crypto balance, bridging that gap between crypto and everyday needs.

  Using crypto directly can be fun and empowering – it highlights the “currency” aspect of cryptocurrency.

  Just be mindful that crypto prices can be volatile, so a coin worth $100 today could be worth more or less tomorrow.

  Plan your usage accordingly and only spend what you’re comfortable with.

Safety Tips for Buying and Holding Crypto

As you venture into the world of crypto, keep these safety tips in mind:

• Stick to reputable platforms: Use well-known exchanges or services with a solid track record.
• Double-check website URLs: If you’re using a web exchange, make sure the URL is correct and not a slight misspelled. Bookmark the official site and use that bookmark.
• Enable 2FA and security features: We said it before but it’s worth repeating – use two-factor authentication on any account where you buy crypto.
• Be cautious of scams targeting new users: Common ones include fake tech support and asks for your login or asks you to install software – don’t fall for it.
• Keep your crypto safe after buying: Now that you own some crypto, follow the security best practices we detailed earlier. Store it in your secured wallet and back up your recovery phrase.

By following this guide, you’ve not only learned how to buy cryptocurrency but also how to do it in a safe and informed way.

As a rule of thumb, nobody will just give you free money in crypto. If it smells fishy, trust your instincts and stay away.

Start small, learn as you go, and never hesitate to seek out more information.

Happy buying and welcome to the world of crypto!