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How to Buy Your First Cryptocurrency Using Exchanges like Binance and Coinbase

By Emmanuel Akwaboah · Jul 16, 2025

If you’re thinking about buying your first cryptocurrency, congratulations — you’re taking your first step into the exciting world of digital assets! But if you’re unsure where to start or worried about doing it wrong, don’t worry. I’ve been there, and I’ll walk you through the process in the simplest way possible.

In this guide, you’ll learn how to buy your first crypto safely using popular exchanges like Binance and Coinbase — even if you’ve never bought crypto before.

Step 1: Choose the Right Crypto Exchange

First things first: you’ll need a crypto exchange, which is basically a marketplace where people buy and sell cryptocurrencies. Some of the most beginner-friendly and reputable platforms are:

  • Coinbase: Great for absolute beginners. It has an easy-to-use interface and is available in many countries.

  • Binance: Offers lower fees and a wide range of cryptocurrencies but may feel a bit complex at first.

  • Kraken or KuCoin: Also good alternatives depending on your region.

✅ Tip: Always check if the exchange is available in your country and supports your local currency.

Step 2: Sign Up and Verify Your Identity

Once you’ve picked an exchange:

  1. Create an account: This is similar to signing up for any online service — you’ll need to provide your email, set a strong password, and verify your email address.

  2. Complete KYC Verification: Most platforms require a Know Your Customer (KYC) process. You’ll submit a photo ID, a selfie, and sometimes proof of address. This might sound tedious, but it’s essential for security and to comply with financial regulations.

Step 3: Add a Payment Method

After verifying your identity, you need to connect a payment method to fund your account. Most exchanges support:

  • Bank Transfers: Usually lower fees but can take 1–3 days.

  • Credit/Debit Card: Faster but may come with higher fees.

  • PayPal: Supported by some platforms like Coinbase (availability varies by region).

  • Mobile Money: Great for those in Africa and its sub-regions as most Telcos offer this payment service. However, some exchanges do not directly accept this payment but there are agencies within Africa who accepts your MoMO and transfer cash from their bank to your exchange account.

🔒 Safety Tip: Make sure your bank or card provider supports crypto transactions to avoid unexpected blocks.

Step 4: Buy Your First Cryptocurrency

Now the fun part — buying your first crypto!

  1. Deposit Funds: Transfer money from your payment method to your exchange account.

  2. Choose Your Crypto: Most beginners start with Bitcoin (BTC) or Ethereum (ETH) because they are the most established.

  3. Make the Purchase:

    • On Coinbase: Simply search for the crypto you want and hit “Buy.” It’s that easy.

    • On Binance: Use the “Buy Crypto” section, then follow prompts to complete your purchase.

You can buy fractions of a coin, so don’t worry if Bitcoin’s price is too high — you can start with as little as $10 or even less on some platforms.

Step 5: Store Your Crypto Safely

Once you’ve purchased crypto, you can either:

  • Keep it on the exchange: Convenient for beginners, but riskier if the platform gets hacked.

  • Transfer to a Private Wallet: For better security, consider moving your crypto to a crypto wallet like Trust Wallet, MetaMask, or a hardware wallet like Ledger.

🔐 Pro Tip: If you plan to hold for a long time, a private wallet is a safer choice.

✅ Bonus Tips for First-Time Crypto Buyers

  • Start Small: Only invest what you can afford to lose — crypto markets are volatile.

  • Enable Two-Factor Authentication (2FA): Adds an extra layer of security to your exchange account.

  • Educate Yourself: Learn about the coins you’re buying — don’t just buy because of hype.

Final Thoughts

Buying your first cryptocurrency might feel intimidating at first, but once you understand the process, it’s pretty straightforward. Platforms like Coinbase make it super easy for beginners, while Binance offers more options once you’re comfortable.

Remember, it’s not just about buying — it’s about understanding what you’re investing in. Start small, stay safe, and most importantly, enjoy the learning journey in the world of crypto!