Crypto Trade: How to Buy Your First Cryptocurrency

Crypto Trade: How to Buy Your First Cryptocurrency

5-minute guide on the key factors of crypto trade and investments, and how to buy crypto with fiat money.

Welcome to Bloctopia!

You’ve taken the first step of your blockchain journey and arrived at this significant moment of purchasing your first cryptocurrency. To get the hang of things, you may want to get equipped with a few tips for your first crypto trade. Here is a quick guide that captures all you need to know about crypto investment.

Three factors to consider in crypto investing

Since the technology is relatively new, there is no one standard for all to help you evaluate cryptos to invest and find out the next big thing. However, there are three indicators to consider before you decide what cryptocurrency to buy:

  • Data: Blockchain is a technology built on openness and transparency. Since the data is open to the public, it produces a significant amount of information for the analyses on the performance of crypto assets. Market capitalization, the total monetary value of all the tokens that have been released by a provider, is a definitive indicator to refer to when you do your research. You can find up-to-date data on crypto market capitalizations and trading volumes on a website like CoinMarketCap.
  • The team: A thorough investigation on the company behind a cryptocurrency is crucial for a wise investment. Finding out the team behind a cryptocurrency helps reduce the risk of falling victim to scams. Searching the developer out may be challenging when the developer team stays anonymous or uses a pseudonym, which is common in the blockchain industry that prioritizes privacy per the spirit of decentralization. Still, you could make some effort to track the record of the company’s leaders and scrutinize the roadmap released by the company for how the crypto project plans to succeed.
  • Ecosystem: Ecosystem is a term to describe everything involved in a crypto space, with developer activities involved. A developer dedicated to building a healthy ecosystem for users guarantees the project’s sustainability. A crypto with a larger ecosystem is considered more promising because it ensures that the developer team as well as the active users stabilize and optimize the crypto space.

How can you purchase cryptocurrencies via MoonPay and BloctoSwap

As a first-time crypto buyer, a crypto wallet that supports crypto-fiat trading is probably your best choice. Instead of onboarding with any other software wallets that require you to own native tokens (cryptocurrencies that run on a blockchain protocol) to proceed, you can onboard with simple methods with Blocto wallet’s fiat on-ramp. MoonPay, one of the top fiat-to-crypto payment services, enables this fiat on-ramp to allow you to easily purchase cryptos with a debit/credit card. Let’s see how it works!

Step 1: Go to “Wallet” at the bottom. Click on the shopping cart sign in the lower right corner.

Step 2: Click on “Cryptocurrency.”  Select a cryptocurrency to proceed. Click on the tab to see the Blocto points you need to enable the wallet.

Step 3: If you have insufficient balance of Blocto points, either go to the home tab to read our novice tutorials and complete the small quizzes to gain free Blocto points. Or, click on “BUY” to purchase the amount of the Blocto points you need to create a wallet. 

Step 4: Go back to the purchase page, and enter an amount. The minimum purchase amount on MoonPay is around 30 USD, and the maximum purchase amount is around 12000 USD (or the equivalent in your local fiat currency).

Step 5: You will receive an email from MoonPay to complete your registration, enter the said code to continue.

Step 6: After filling in the requested info, you can finish the purchase! 

If you hope to exchange the crypto you bought for another, our decentralized exchange BloctoSwap supports crypto swaps on Flow. BloctoSwap platform allows you to swap effortlessly between tUSDT, BLT, FUSD, FLOW, with more cryptocurrencies coming in the future. Now you could diversify your crypto portfolio for best returns with BloctoSwap!

Can I convert my crypto back to fiat?

Currently, Blocto wallet AND BloctoSwap does not support withdrawing cryptocurrency in fiat money or transferring them into bank accounts. If you hope to cash out your cryptocurrency later, we recommend you to send your tokens to any major exchanges, like Binance, Kraken, Coinbase, etc. Therefore, you can withdraw your funds from the exchange.

Conclusion

To make a wise crypto investment, always remember to DYOR (do your own research) before buying any tokens. And If you want to learn more about crypto trading, please keep close attention to our tutorials.

Make the quest for knowledge and become a master of the blockchain world!