How to Buy Your First Crypto
Last updated
Last updated
There are numerous ways today to purchase cryptocurrencies, but we will introduce you to one of the most straightforward and most complete options. First, we will set up a cryptocurrency wallet for your Mobile Phone or PC. Second, we will use an extremely useful exchange to buy our first cryptocurrency, which will automatically get deposited into our wallets.
This article assumes you know the basics of blockchain & cryptocurrency. If you feel like you need a refresher, please consider reading our Blockchain in a Nutshell article.
Do you want to set up a wallet on your Mobile Phone or PC?
On mobile, we will install Trust Wallet. Trust Wallet is extremely easy to set up and has a variety of remarkable features. In this guide, we will use Android but installing Trust Wallet on IOS is the same.
1. Install Trust Wallet from the Play Store
2. Open the wallet, press "Create a New Wallet" and then agree to Trust Wallet's Terms of Service
3. Now begins the most important step when creating a wallet. Trust Wallet tells you to write down the 12-word seed phrase.
We recommend that you write down the 12 words on a piece of paper. Storing the seed phrase digitally increases the chance of losing it or getting it stolen. Remember, you must not share these 12 words with anyone or you are going to lose your funds.
4. Confirm your seed phrase. Perfect, you have successfully created your wallet.
5. Before you buy any cryptocurrency, you should first find out the address of your wallet. TrustWallet supports multiple Blockchains, but in this guide, we will learn how to buy a cryptocurrency for Binance Smart Chain (BSC) - a faster and cheaper alternative to Ethereum. Open your wallet, press "Smart Chain" and then "Copy". Now you have successfully copied your wallet address which will look similar to 0x106fbAF278a3C52B11f8a65041Df1347a3dAb610. We are going to need this for the next step.
Do you prefer PC? We got you covered: On PC we will install MetaMask as a browser extension. MetaMask is one of the most trusted wallets in crypto and is extremely easy to set up. In this guide, we will use Chrome, but Firefox, Edge, and Brave also work.
1. Visit MetaMask's official homepage and download their browser extension.
2. After installing the extension the introduction screen should automatically appear. If it doesn't show up, then press on the MetaMask icon in the right-hand corner of your browser. Now press "Get Started" and "Create a Wallet".
3. Create a secure password
4. Now begins the most important step when creating a wallet. MetaMask tells you to write down the 12-word seed phrase.
We recommend that you write down the 12 words on a piece of paper. Storing the seed phrase digitally increases the chance of losing it or getting it stolen. Remember, you must not share these 12 words with anyone, or you are going to lose your funds.
5. Confirm your seed phrase. Perfect, you have successfully created your wallet.
6. Before you buy any cryptocurrency, you should first find out the address of your wallet. MetaMask supports multiple Blockchains, but in this guide, we will learn how to buy cryptocurrency for Binance Smart Chain (BSC) - a faster and cheaper alternative to Ethereum. MetaMask is connected to Ethereum as its default blockchain, but we are going to change it to BSC:
a. Locate the "Ethereum Mainnet" button in the top-right corner and press on it. Then select "Custom RPC".
b. MetaMask is going to ask you a few details about the Blockchain you want to add. Enter the following info and press "Save":
Network Name: Smart Chain New RPC URL: https://bsc-dataseed.binance.org/ Chain ID: 56 Currency Symbol BNB Block Explorer URL: https://bscscan.com
c. Congratulations, you have successfully connected your wallet to BSC. Press the X in the top-right corner to close the window. Now you can press on "Account 1" to copy your wallet address which will look similar to 0x106fbAF278a3C52B11f8a65041Df1347a3dAb610. In the right-hand corner, you are able to switch between the different networks.
By pressing the MetaMask logo in the right-hand corner of your browser, you can always re-open MetaMask.
In the crypto space are hundreds of exchanges, but we have decided to use Transak in this guide. This exchange automatically sends the cryptocurrency to your wallet, reducing fees and making your experience more seamless. Other noteworthy exchanges are Binance, CoinBase, and Kraken.
1. Visit https://transak.com/, enter the amount you would like to buy and select BNB (BSC Network) instead of ETH. Choose your preferred currency, payment method and double-check the fees. Then press "Buy Now". BNB is the main currency of BSC and your gateway to using the BSC ecosystem. Don't select a coin with a different network since this guide focuses on BSC.
2. Paste your wallet address you have copied in the previous step. Important: If you enter the wrong address, you will lose your purchase. After you have double-checked the info, press "Buy BNB".
3. Enter your personal details, and transfer the money to Transak.
4. It might take up to 2 days until Transak has processed your transaction. After having received your BNB, the BNB amount (on MetaMask) or the Smart Chain amount (on Trust Wallet) will have increased.
Now you are a proud owner of your first cryptocurrency! Very exciting!
The Feeder Finance team always welcomes newcomers. If you experience any problems, don't hesitate to ask for help: Community Telegram: https://t.me/FeederFinance Official Discord: https://discord.gg/e3uvPRJM
