Fastest Way to Buy Crypto | Step-by-Step

Summary: Buying crypto quickly can be key for investors and traders to capitalize on market opportunities and potential price fluctuations. One of the fastest ways to buy crypto is through regulated crypto-trading platforms like BYDFi, which provide a secure and reliable environment for buying and selling various cryptocurrencies with speed and convenience.

What is crypto?

Cryptocurrency is a type of digital or virtual currency that uses cryptography for security. It operates on blockchain technology, which is a decentralized and transparent system. To learn more about this asset class, read our comprehensive guide on how to invest in cryptocurrencies.

Unlike traditional currencies issued by governments, cryptocurrencies are not controlled by any central authority, such as a bank or government. Instead, they rely on complex mathematical algorithms to regulate transactions and create new units.

Bitcoin (BTC), the first and most well-known cryptocurrency, sparked the crypto revolution over a decade ago, back in January 2009. Since then, thousands of other cryptocurrencies, such as Ethereum (ETH) and Litecoin (LTC), have emerged with varying success.

Where to buy crypto?

Just like there are numerous cryptocurrencies out there, there’s also a large number of trading platforms for trading crypto. However, each of them has its pros and cons, and the question of which one you’ll use should depend on factors like:

• Security;
• User interface;
• Supported cryptocurrencies;
• Liquidity;
• Fees;
• Regulation;
• Customer support;
• Reputation.

That said, our recommended platform is BYDFi, as it prioritizes security by adhering to strict regulations and implementing KYC (Know Your Customer) policies, therefore, ensuring a safe and secure trading environment. Furthermore, other benefits of using BYDFi include:

• Access to over 400 different crypto assets and a user-friendly interface;
• Copy trading functionality;
• Advanced features like leveraged pairs and perpetual contracts with high leverage;
• Regulatory compliance, such as MSB and FINTRAC registration (US and Canada). 

How to buy crypto: Step-by-step process

One of the fastest ways to buy crypto is through BYDFi, and it can all be done in mere minutes. Here’s how:

Step 1: Create a free account on the BYDFi website or app

To start the registration process on the BYDFi website, locate the Get Started button in the top right corner and click on it. Alternatively, you can use the email sign-up form in the center of the page by entering your email address and clicking the Get Started button.

Upon clicking, you will be presented with two options for account registration—email or phone number. So, choose the desired option from the top selection panel.

Email registration

Enter your email address and click Send to initiate the verification process. BYDFi will send you a six-digit verification code, so copy and paste these digits into the provided field;

Next up, create a password and agree to the terms and conditions by checking the corresponding box. If you have an invitation code, you can enter it optionally;

Finally, click on the orange Get Started button.

Mobile registration

Provide BYDFi with your phone number. You will receive an SMS containing a verification code. Follow the same steps as in email registration.

Step 2: Decide on the amount and buy crypto

Once you’re done with creating an account on BYDFi, it will be time to deposit funds to purchase the cryptocurrency of your choice. This is a simple process that involves you clicking on the Buy Crypto button located on the left side of the navigation bar and choosing the crypto token which you’ll buy with a preferred fiat currency.

With the crypto and fiat currencies set, you’ll need to scroll down to payment channels and select the option that suits you best. However, we should point out that fiat deposits are done by third-party services and aren’t processed by BYDFi.

Payment options include:

1. Credit card payment;
2. Apple Pay;
3. Google Pay;
4. CashApp;
5. Bank wire.

Step 3: Review the fees and confirm your order

Before confirming your order, the exchange platform will display an estimate of your total fees, costs, and the amount of the chosen crypto you’ll receive from the purchase.

After the purchase, we recommend that you proceed with the KYC verification process, as it’s essential for using the platform’s full features and enjoying higher transfer and withdrawal limits. Also, the KYC verification ensures safety by preventing money laundering, fraud, and support for illegal organizations.

Step 4: Store crypto in your wallet

On BYDFi, your funds are held in an online hot wallet. It serves as a virtual wallet specifically linked to your account for the funds you possess within the platform.

Nevertheless, there’s also an option to store your funds in a cold storage wallet, which involves using electronic devices that require physical access to withdraw funds and is generally seen as an extra layer of security.

Trading tips

When engaging in crypto trading, it’s key to adhere to certain tips, such as:

• Thorough research: Stay updated on market trends, news, and developments to make informed trading decisions;

• Make a plan: Develop a well-defined trading plan and stick to it, avoiding impulsive actions driven by emotions;

• Manage risk: Manage risk effectively by diversifying your portfolio and setting appropriate stop-loss orders;

• Discipline: Stay disciplined and avoid chasing quick profits or falling for FOMO (Fear of Missing Out).

Remember to practice proper security measures, such as using reputable exchanges like BYDFi and implementing robust cybersecurity measures. And finally, continuously educate yourself about trading strategies (day trading and swing trading), chart patterns, and technical analysis to refine your skills and adapt to changing market conditions.

Current crypto prices

As mentioned earlier in this guide, cryptocurrencies have a volatile nature, experiencing fluctuations in value over time. They can thus go through periods of both high and low prices, making them potentially lucrative yet risky investment assets.

Pros and cons of buying crypto

Mistakes to avoid when investing in cryptocurrencies

Before we conclude this guide, we should mention that it’s essential to be aware of common mistakes when looking for the fastest way to buy crypto. Therefore, consider the following:

• Failing to thoroughly research and understand the fundamentals, technology, and potential risks associated with a cryptocurrency before investing;

• Neglecting to implement strong security measures such as two-factor authentication (2FA), secure wallets, and safe storage practices;

• Investing more money than one can afford to lose, risking financial instability or significant losses in case of market downturns;

• Neglecting to set clear investment goals, diversify the portfolio, and establish stop-loss orders or exit strategies;

• Relying solely on unverified sources, social media influencers, or inexperienced individuals for investment advice without conducting independent research.

The bottom line

To summarize, buying cryptocurrency quickly and efficiently requires choosing the right platform, verifying your account, and selecting a payment method that suits your needs. This is why our crypto-trading platform of choice in this case is BYDFi, a fast and reliable option.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

FAQs about the fastest way to buy crypto

What is crypto?

Crypto refers to digital or virtual currencies that use cryptography for secure transactions and operate independently of central banks or governments.

Where to buy crypto?

You can purchase crypto on various cryptocurrency exchanges, with BYDFi being one of the most popular platforms where you can start investing in no time.

How to buy crypto?

To buy crypto, you typically need to create an account on a cryptocurrency exchange (e.g., BYDFi), complete the necessary verification process, deposit funds, and then execute a buy order for the desired cryptocurrency.

What is the fastest payment method for buying crypto?

Using a debit or credit card is typically the fastest way to buy crypto, as transactions are processed instantly on most platforms.