The entire world is gradually catching the fire of cryptocurrency and its potential use cases.
It is virtually buzzing on every social media platform with people talking about cryptos from both positive and negative perspectives.
However, everyone is entitled to their own opinion.
A wise man said, “once it is on the lips of everyone and grandma Lucy starts talking about it, then it is indeed the next major thing to happen”.
There are certain factors to keep in mind before venturing into the world of crypto.
It is obvious that there would never be too much information for people to review and make their subjective conclusions before taking such steps eventually.
Some of these key factors that need to be considered include but are not limited to the following:
- Where to buy cryptocurrencies?
- How to buy cryptocurrencies?
- When to buy cryptocurrencies?
For the purpose of this article, I would be focusing on where to buy cryptocurrencies.
Where to buy cryptocurrencies?
There are various platforms, exchanges, and wallet systems created for the purpose of facilitating the trading of crypto globally today.
There are decentralized exchanges, centralized crypto exchanges, and Fiat on-ramp wallet systems. So, I will give a brief explanation of how these various platforms and exchanges work.
What are the types of crypto exchange?
Centralized crypto exchanges
They are exchanges or trading platforms that function in the same way that a traditional brokerage account or stock exchange would perform.
Centralized exchanges are owned and operated by a central third party that maintains ultimate authority over the exchange, account, wallet, and transactions.
They determine who and how the accounts of the exchanges are controlled by the use of Know Your Customer (KYC) tools to gather data about their customers in the case of fraudulent transactions.
In this type of crypto exchange, the user does not have control over their funds such that when there is a technical system or financial challenge with the exchange, the users could ultimately lose their funds to the crypto exchange.
It is becoming a cliche that “if you do not own the keys, you do not own the funds” or “not your keys, not your crypto”.
Decentralized crypto exchange
This means that the holder of the keys will be the sole person who has access to the crypto wallet that is connected to the crypto exchange.
It allows the holder to use their keys to trade their cryptocurrency anywhere on the planet without restriction in the form of ‘know your customers (KYC) which would warrant the verification of the user identity.
Some people regard a decentralized exchange to be anonymous, but it is not: it is pseudonymous (more like a fictitious identity).
Peer-to-Peer trading platforms
Even though this one seems to portray the major essentials for the creation of Bitcoin and cryptocurrencies, there are many platforms that have been created with the purpose of scamming unsuspecting users due to zero security policies attached to such platforms.
It has been difficult to transact with individuals on such platforms as most of the participants are not trustworthy and maybe potential scammers looking for gullible users seeking where to buy cryptocurrency (usually at a cheaper price).
Subsequently, this is perhaps a no-go area in my own opinion for new users and potential newbies in the crypto market.
Fiat on-ramp crypto wallet systems
This is perhaps one of the easiest ways for users to buy cryptocurrencies.
It would involve the users buying their cryptocurrencies using the fiat system like their bank cards (debit and credit) to make payments directly on crypto wallet platforms.
The Klever team has perfected this method of buying crypto for users all over the world with the release of our new K5 wallet, which has demystified the process of buying cryptocurrencies for new and existing users in the crypto market.
Klever has added to its original partner Simplex, which is a fiat payment gateway for easy access to buy crypto, with other global partners in the crypto market like Banxa, Mercuryo, Moonpay in order to facilitate more access to users in regions where Simplex could not cover at a good transaction fee.
Consequently, this has increased the level of access for most people who have never had any experience with buying and selling crypto on centralized exchanges nor the experience with using a decentralized crypto exchange to buy and sell crypto.
With the introduction of the fiat on-ramp payment system on the Klever Wallet, the challenge for newbies and non-techy users who have been inquiring about “where to buy cryptocurrency” will perhaps become a thing of the past and eventually create more opportunities for a global actualization of total financial freedom.