How to buy coins? Read the details of how to buy coins in one article.

How to buy coins? Read the details of how to buy coins in one article.

With the popularity of cryptocurrencies, more and more Taiwanese users are concerned about how to buy digital currencies, especially popular currencies such as Bitcoin and Ether. For many people, the process of buying cryptocurrency may seem complicated or unfamiliar, but in fact, it's not difficult as long as you have the right steps and tools. In this article, we'll take you step-by-step through how to buy cryptocurrency safely and quickly, and explain some important concepts that will help you go from novice to expert.

Choose the right trading platform

How to choose a safe and reliable exchange is the first question every novice coin buyer needs to face. There are many different cryptocurrency trading platforms in the market, including the world-renowned Coinbase, Coinbase, and OKX, etc., and each platform differs in terms of features, fees, and supported currencies. When choosing a trading platform, the first thing to look for is whether it has good security measures and to ensure that it complies with local regulatory requirements. For Taiwan users, OKX not only supports a Chinese language interface, but also has a wide range of currencies with high liquidity and offers a variety of payment methods, making it the first choice for many Taiwanese users.

Register and complete authentication

After choosing a trading platform, the next step is to register and authenticate. Most exchanges require users to provide personal information, including emails, cell phone numbers, and identification documents to ensure the security and legitimacy of their transactions. This process may take some time, but make sure you don't skip it. Once you've completed the verification process, you'll be able to access the full range of trading features, including deposits, trades, and withdrawals.

Deposit of fiat or encrypted currency

After registering on the exchange and passing authentication, you will need to deposit funds on the platform to trade. There are two common ways to deposit funds: fiat currency top-ups and cryptocurrency transfers. If you are new to cryptocurrencies, you may choose to fund your account via bank transfer, credit card, or a third-party payment platform. Many exchanges support New Taiwan Dollar (NTD) top-ups and offer fast transfers. If you already hold other digital currencies, you may choose to transfer them to an exchange for inter-currency exchange.

Choosing the right pair

Once you have successfully deposited your funds into the platform, you will then need to choose which currency you wish to trade. There are a large number of currency pairs available on the exchange, with Bitcoin (BTC)/New Taiwan Dollar (NTD) and Ethereum (ETH)/Bitcoin (BTC) being some of the common pairs traded. Understanding the characteristics and price fluctuations of different pairs can help you make a smarter choice. If you are new to trading, it is recommended that you choose a pair with a high trading volume and high liquidity first, as this will increase the smoothness of trading and reduce the risk.

Placing trades and setting profit/loss limits

After selecting a pair, you can place an order. Exchanges generally provide two ways of placing orders: Market Order and Limit Order. A market order is filled at the current market price, while a limit order sets a desired price and the system will automatically execute the trade when the market price reaches your set price. For more experienced investors, you can also set a profit and loss limit to help you manage your risk and avoid losses due to market fluctuations. These features are difficult to use, but they are very useful for improving trading efficiency and protecting your capital.

Withdraw coins to your wallet

Upon completion of the transaction, your cryptocurrency will be deposited in the Exchange's wallet. If you do not intend to trade for a long time, it is recommended to withdraw your cryptocurrency to your personal wallet. This will prevent you from losing your funds if the exchange is attacked. There are many different types of wallets on the market, including hardware wallets (e.g. Ledger, Trezor) and software wallets (e.g. Metamask, Trust Wallet), and choosing the right wallet to store your digital currency in is an important step in securing your assets.

Frequently Asked Questions Q&A

Q1: How much is the handling fee for buying coins?
A1: Handling fees usually depend on the exchange and how you trade. Most platforms charge a transaction fee (usually between 0.1%~0.2%), and there may also be additional fees for depositing and withdrawing coins. Choosing an exchange that suits your needs and paying attention to the fee structure of each transaction can help reduce trading costs.

Q2: How to choose a suitable wallet to store cryptocurrency?
A2: For long-term holding, it is recommended to choose a hardware wallet, such as Ledger or Trezor, which can provide higher security. For short-term transactions or daily use, software wallets such as Metamask or Trust Wallet are also good choices for managing your assets at any time.

Q3: How to avoid fraud during coin buying?
A3: Avoid fraud by choosing a verified exchange and turning on the two-step verification (2FA). Don't click on unknown links or accept unknown trading invitations, and always stay alert.

Conclusion: Through the introduction of this article, I believe you have gained a clearer understanding of how to buy cryptocurrency. Whether you are new to cryptocurrencies or wish to delve into more trading techniques, these basic steps will help you trade more safely and efficiently. Remember to stay calm and cautious when trading cryptocurrencies and keep an eye on the market.