This one is pretty easy.
- Create an account on any major exchange (Make sure you read the bonuses section before you do this). You will have to go through verification checks where you submit scans of photo ID
- Then, you can buy crypto with cash. You can pay via credit card or bank transfer
Important Note: Many banks block transfers and transactions with all major crypto exchanges since many of their customers have been caught up in crypto-related scams. Try and set up an account with a bank where you can easily move money to and from crypto exchanges - Monzo works well for me.
After you buy crypto on an exchange, it is standard practice to set up your own wallet and transfer your crypto to this wallet. Why? Exchanges can get hacked, or they can get themselves into trouble through bad financial management (more on that later). If they do, that’s your investment gone. There have been cases of exchanges pausing withdrawals, which means that once you find out trouble is brewing as an investor, you cannot withdraw your funds and head for the exit.
So the first line of defence is to download a Metamask wallet (this is the most popular one but any similar one will do) and transfer your crypto from the exchange to your Metamask wallet.
To transfer to your Metamask wallet, you first have to copy the address of your wallet like so:
And then you have to go back to the exchange and send the crypto you have bought to this address.
More less commonly traded or less liquid cryptocurrencies cannot be exchanged for fiat currency. First, you have to buy a major cryptocurrency (often this is ETH) or a stablecoin and then exchange it for the cryptocurrency you want to buy, These are the steps:
- Buy ETH on a crypto exchange
- Transfer your ETH to your metamask account