Buy Your First Bitcoin
Follow This Simple ChecklistStep-By-Step Instructions
1. Turn on a VPN
A VPN is a Virtual Private Network. It masks your IP address and encrypts your web traffic with the push of a button. I recommend https://stellarplatforms.com/vpn
What does this mean?
A Virtual Private Network does two things: 1. It anonymizes your IP address, so others cannot identify your location. 2. It encrypts all outgoing and incoming website traffic, increasing your security.
This step is optional, but recommended.
Affiliate Disclaimer: If you click links on this page and then make a purchase, I may earn a commission (at no cost to you). I am a proud affiliate for these resources because I use them in my own life and business.
2. Login to an Exchange
For US Residents – login to Coinbase https://stellarplatforms.com/coinbase
For non-US – login to Binance https://stellarplatforms.com/binance
What does this mean?
A Cryptocurrency Exchange is a marketplace where you can buy and sell cryptocurrencies, and exchange fiat currency (dollars, cash, yen, euros, etc) for crypto coins.
3. Set up an account
You will be asked to provide:
- Username
- Password
- Slide puzzle
- Phone verification
- Email verification
- 2FA
What does this mean?
– Username: sometimes your email address, sometimes a unique identifier.
– Password: secure password. You can store in your browser easily with Last Pass: https://stellarplatforms.com/lastpass
– Slide puzzle:
IMAGE
– Phone verification: You will be asked to receive an SMS verification on your mobile phone.
– Email verification: You will have. toclick on a link and/or enter a 6-digit code sent to the email address you provide.
– 2FA: Two-Factor Authentication: Using an app like Google Authenticator, your phone or tablet will generate a unique 6-digit code every 60 seconds.
4. Verify Your Account
You will be asked for:
- Name and address
- Photo ID images, front and back
- Take a selfie
- Facial recognition funny faces
What does this mean?
To comply with money laundering regulations, cryptocurrency exchanges need to verify your identity. You can buy, sell, and trade lower amounts with less stringent verification, while more secure levels of verification will increase your daily sending, purchasing, and withdrawal limits.
Name and Address: You only need to list them, but for high verification, you will be mailed a postcard with a code.
Photo ID images, front and back: You will need to upload photos of the front and back of your ID card.
1. Take photos with your phone
2. email them to yourself, and
3. download the images to your computer.
Take a selfie: You may be asked to take a selfie (with your device camera, if possible) holding your ID, and possibly a piece of paper with the day’s date written on it. The letters KYC (Know Your Customer) are sometimes required.
Facial recognition funny faces: Some exchanges require you to use a camera to make faces (big O with your mouth, turn head side to side) to take a facial recognition measurement.
5. Transfer Fiat to Crypto
Options include:
- Credit card purchase
- Bank transfer
- Watch out for Fees!
- Lots of Verification
What does this mean?
Fiat currency is in dollars, or pesos, or yen – think of it like cash. It can be deposited into a bank.
Cryptocurrency is stored on the blockchain.
Making a credit or debit card purchase can have higher fees, but depending on your country of residence, may be your only option.
Bank transfers can be slow or fast. A wire transfer takes days to verify, while a 3rd-party login service like Plaid will login to your bank accounts on behalf of the exchange (which means the exchange will not be able to login to your bank account, but Plaid will).
Watch out for fees! Attempt to purchase a few different times, and measure the mining fees, processing fees, and costs. Select the best one.
Lots of verification: SMS verification, email verification, 2FA, and maybe more. All required to validate your intent to make a transaction on the blockchain, and thereafter recorded permanently for all to see.
About The Author
Hi, I’m Caelan Huntress. I’m not an investor or a huckster. I’m a digital marketer by trade, so I’m sensitive to the ‘marketing bro’ archetype that gives a bad name to those in my profession. Same with Crypto. I’m not a cryptobro. I won’t tell you how to invest, or sell you expensive courses. I know you just want to get into the crypto market, and I’m here to help.
Learn more about cryptocurrency
Read my blog, or subscribe to my YouTube channel.
Get my help one-on-one
I’m an experienced coach, helping people grow their business and elevate their platform. You can read about my marketing coaching program here: https://caelanhuntress.com/coaching.
I’ve started providing virtual coaching sessions to people who need help and handholding in moving their assets around. You can see my rates and terms here: https://stellarplatforms.com/rates-and-terms.
Apply for a Discovery call if you’d like to talk with me about working together one-on-one: https://caelanhuntress.com/call/apply.
Share this page.
If you have friends or family members who want to get into cryptocurrency, but they don’t know how, copy and paste the URL above and send it over.