The Ultimate Guide to Buying Crypto in 2024: How to Buy Bitcoin

January 12, 2024
Ultimate Guide on How to Buy Crypto in 2024

Bitcoin celebrated its 15th anniversary since the first “Genesis” block was minted by Satoshi Nakamoto in January 2009, and it has come a long way since its inception. Today, buying cryptocurrency has become more accessible and user-friendly than ever. Whether you are an individual wanting to buy cryptocurrencies or a business owner looking to explore Bitcoin’s potential, this guide will provide you with a comprehensive overview of everything you need to know about buying crypto in 2024.

1. Choosing a Crypto On-Ramp Platform

First things first, you need to select a platform to buy cryptocurrencies. Here are some considerations for various platforms:

  • Centralized exchanges (CEXs): These are user-friendly platforms that support various regions and currencies, making them great for beginners, but can come with higher fees and custodial risks. Popular options include Coinbase, Kraken, Crypto.com, and Binance.
  • Decentralized exchanges (DEXs): These provide enhanced security and privacy as they allow users to retain control of their funds. Uniswap, dYdX, and PancakeSwap are popular options.
  • Peer-to-peer (P2P) platforms: These connect buyers and sellers directly, offering a private way to buy crypto, but can expose you to risks of scams.
  • Non-custodial payment platforms: These stand out for allowing users to buy/sell crypto often with lower fees than CEXs and while retaining self-custody of your funds. They function as payment processors, like Swapin.

2. Selecting and Setting Up a Crypto Wallet

After choosing a platform, you’ll need to select a secure wallet to store your purchased crypto assets. Here’s what you need to know:

  • Types of wallets: Explore the different types of wallets, including custodial, non-custodial, cold and hot wallets, weighing their pros and cons based on your needs.
  • Security: Regardless of how you acquire cryptocurrency, security should always be a top priority. Learn the best practices for securing your wallet, such as safeguarding your private keys, storing your seed phrase offline, leveraging 2FA where possible, and more. We have a full web3 safety guide here.
  • Setting up your wallet: Follow the chosen provider’s step-by-step instructions on how to create and set up your wallet, including how to store your recovery phrases and private keys.

You can find 7 key factors for choosing a crypto wallet and a list of most popular wallets in our in-depth guide here.

3. Non-Custodial Providers: An Alternative Route

Non-custodial providers like Swapin offer a streamlined process:

  • Direct Purchase: Buy crypto directly from your bank account straight to your wallet.
  • No Need for Deposits: Eliminates the step of funding an exchange account.
  • Enhanced Security: Reduces exposure to exchange-related risks as you are in control of your own keys and funds.
  • Lower Fees: centralized exchange fees can include deposit, transaction, and withdrawal fees; non-custodial providers often have a different fee model with potentially lower fees.

4. Additional Considerations

When buying crypto, also consider the chosen platform’s:

  • Security: Look for providers with security measures, such as their licensing, their safety measures for customers, and whether they are a custodial or non-custodial solution.
  • Fees: Be aware of fees the platform has when selling, buying, or paying with cryptocurrencies. These can significantly impact your overall costs.
  • Supported Currencies: Ensure the platform supports your local fiat currency and the cryptocurrency you want to buy.
  • Supported Countries: Verify the platform supports your country and desired payment method.
  • User-Friendliness and Support: A user-friendly interface is important, especially if you’re new to crypto, as well as being able to access customer support if you need.

5. SwapinBuy: Buying Crypto Easily

As you’ve learned about different platforms and considerations for buying crypto in 2024, let us introduce you to SwapinBuy – a game-changer for individuals and businesses in the European Economic Area (EEA) and Switzerland looking to purchase cryptocurrencies with a bank account.

Here’s why SwapinBuy stands out:

  • Dedicated IBANs: When you use SwapinBuy, payments from your bank account are made to a dedicated IBAN issued in your name. This ensures that your transactions are smooth.
  • Security: Swapin ensures that your crypto purchases are deposited directly into the provided crypto wallet, enhancing control over your assets. With Swapin, you remain the sole custodian of your funds.
  • Flexibility: Whether you’re topping up your crypto wallet with a small investment or a substantial one, SwapinBuy accommodates a wide range of transaction volumes to meet your unique needs.

Try SwapinBuy today and experience the ease and security of crypto purchases.

Final Thoughts

In 2024, the crypto buying landscape offers various options to suit different needs. Whether you opt for a centralized exchange or a non-custodial provider like Swapin, the key is to choose a method that aligns with your investment goals, security needs, and regional requirements. Stay informed, prioritize security, and happy swappin’!

Remember that investing in cryptocurrencies carries risks, and it’s essential to do thorough research and understand the market before investing. This guide is for informational purposes and should not be considered financial advice. 

The cryptocurrency market is dynamic and subject to rapid changes. Stay informed by subscribing to our weekly industry updates newsletter on LinkedIn here, and joining our community on Telegram here. Follow us on social media for more updates from Swapin.