How to Buy Crypto: A Beginner's Step-by-Step Guide

Buying crypto for the first time can feel more complicated than it needs to be. The underlying process is actually short: pick a platform, verify your identity, fund your account, and place an order. Here's a straightforward walkthrough of each step, plus a few details worth understanding before you start.

Choose an Exchange

Look for three things: security practices, clear and published fee schedules, and a straightforward account setup process. Avoid exchanges that are vague about their fees or their infrastructure, since unclear pricing is often the first sign of unclear practices elsewhere.

It also helps to check what markets the exchange actually supports. Some platforms list only a handful of well-known assets, others offer both spot markets (buying and holding the asset itself) and derivatives like perpetual futures (contracts that track an asset's price without requiring you to hold it directly). Beginners typically only need spot markets to start.

Create an Account

Sign-up typically just needs an email address. On Bitval, for example, you can create an account and start browsing markets right away. Full identity verification (KYC) isn't required until you withdraw funds, so you can explore the platform, check pricing, and get familiar with the interface before submitting any documents.

This "verify at withdrawal" model is worth understanding on any platform you use: it means account creation is fast, but you should still expect a standard identity check before your first withdrawal, which is a normal and expected part of using a regulated financial service.

Fund Your Account

Deposits are usually the simplest part of the process. Most exchanges, including Bitval, don't charge a deposit fee. You'll typically fund your account one of two ways: a bank transfer in your local currency, or by depositing crypto you already hold from another wallet or exchange.

If you're depositing crypto directly, double-check that you're sending the right asset on the right network. Sending an asset to an address on the wrong blockchain network is one of the most common (and often irreversible) mistakes beginners make, so it's worth taking an extra moment to confirm before you send.

Place Your First Order

Once funded, you can place an order. There are two basic order types worth knowing:

• Market order: buys or sells immediately at the current best available price. Simple, but you don't control the exact price you get.
• Limit order: lets you set the exact price you're willing to buy or sell at. The order only fills once the market reaches that price, which could take anywhere from seconds to days, or might not happen at all.

Fee structure also matters here. Maker orders (which add liquidity to the order book, like a limit order sitting unfilled) are usually cheaper than taker orders (which fill immediately against existing orders, like a market order). On Bitval, spot trading fees are 0.12% maker and 0.145% taker.

Decide How You'll Hold It

Once purchased, you have a choice: leave your assets on the exchange for easy access to trading, or move them to a personal wallet for self-custody. Each has different tradeoffs.

Keeping assets on an exchange is convenient if you plan to trade actively, since funds are immediately available for your next order. Moving assets to a personal wallet gives you direct control over your private keys, which some people prefer for long-term holding, at the cost of taking on responsibility for keeping that wallet secure yourself. Neither approach is universally "correct." It depends on how you actually plan to use the funds.

A Note on Withdrawals

Withdrawing crypto from an exchange typically involves a network fee (set by the blockchain itself, not the exchange) plus, in some cases, a flat platform fee. These vary by asset and network, so check the specific withdrawal fee for the asset you're moving before you initiate a transfer.

As mentioned above, this is also the point where identity verification is required if you haven't completed it already. Having your documents ready ahead of time makes this a quick step rather than a surprise one.

Ready to put this into practice? You can get started on Bitval.

This article is for informational purposes only and does not constitute financial advice. Cryptocurrency markets carry risk, and this guide does not recommend buying, selling, or holding any specific asset.