Crypto ATMs: Crypto ATMs are real venues where you may withdraw cryptocurrency using a crypto credit card or buy it with fiat currency. However, not all of these ATMs support the sale of cryptocurrency. Instead, Crypto ATMs feature daily limitations on bitcoin purchases and connect directly to a wallet or a cryptocurrency exchange on the back end.
In-Person Meetups: Following the debut of Bitcoin in 2009, in-person meetups became the most popular method of crypto trading. Many internet portals, such as LocalCryptos, act as mediators, connecting crypto enthusiasts and traders. However, the rise of cryptocurrency exchanges and the tightening of laws on digital assets has reduced the appeal of this strategy.
Futures Exchanges: Futures are an indirect way to buy or sell cryptocurrency. Futures are bets on the price of an asset on a specified date in the future. At the end of the trading term, crypto futures result in the digital delivery of the cryptocurrency.
How to Buy and Sell Cryptocurrency
The first step is to select a platform and open a cryptocurrency trading account. Depending on the forum, you may or may not need private and public keys to conduct a trade. For example, you don’t require keys to buy and sell crypto on cryptocurrency exchanges; they abstract access by providing you with a username and password and retain your crypto (i.e., your keys) as custodians until you withdraw it to a personal wallet. At that time, they provide you with your keys. On the other hand, buying or selling cryptocurrency through a third-party wallet necessitates using both public and private keys.
The actual procedure of buying or selling cryptocurrency has become much simpler over the years and is dependent on the protocols in place at a specific platform. Most bitcoin exchanges operate like traditional trading platforms. As a result, the first step is to deposit or transfer funds into your trading account. After that, you may start a deal by specifying the type and number of assets you want to buy or sell.
A Word About Fees
The costs charged by a trading platform vary depending on the exchange. Some exchanges offer a variable fee structure based on the number of assets purchased. Other businesses impose a service fee and a fee based on the volatility of an asset’s price across US crypto exchanges. There’s also a transaction charge based on the number of transactions on the blockchain at the time of your trade. The higher the fees, the more transactions that are pending on a blockchain. For example, after bitcoin’s spectacular surge in price in 2017, transaction fees skyrocketed to hundreds of dollars before plummeting to single digits the following year.