A step-by-step guide to buying bitcoin You can buy bitcoin

Step 1: Choose a bitcoin wallet

Before you can buy any bitcoin, you’ll need to set up a digital wallet where you can safely store your coins. Bitcoin wallets don’t actually hold any coins, but instead store the private keys you need to access your public bitcoin address and sign transactions.

There are dozens of options to choose from, including the following:

Hardware wallets, such as the Ledger Nano S and TREZOR, provide offline storage for your private keys.
Desktop wallets, such as Electrum and Exodus, can be downloaded to your computer and used to store private keys on your hard drive.
Mobile wallets, such as Jaxx and Coinomi, allow you to manage your BTC from your Android or iOS device.
Web wallets, such as Blockchain Wallet and GreenAddress, offer convenient online access to your bitcoin.
Paper wallets allow you to print out your bitcoin public and private keys and use this piece of paper as your wallet.

Step 2: Choose a cryptocurrency exchange
The next step is to decide how and where you will buy bitcoin. There are hundreds of platforms to choose from, and they can be separated into three main categories:

Bitcoin brokers
Brokers offer the quickest and easiest way to buy bitcoin, allowing you to pay for your digital coins using fiat currency (like AUD or USD). Brokers offer user-friendly platforms and allow you to buy bitcoin using familiar payment methods like a credit card or a bank transfer. Their main downside is that they often charge higher fees than other options. Coinbase and CoinSpot are two well-known cryptocurrency brokers.

Cryptocurrency trading platforms
These platforms, such as Binance and Huobi, allow you to buy bitcoin using other cryptocurrencies. They tend to offer lower fees than brokers and provide access to a more diverse range of coins. However, you’ll usually need to already own another cryptocurrency in order to use this type of exchange, so they’re not suited to beginners.

Peer-to-peer (P2P) bitcoin exchanges
Peer-to-peer exchanges cut out the middleman and allow users to trade directly with one another. The seller has the freedom to specify the price they want and their accepted payment methods, and this method allows you to trade with increased privacy. However, you may have to settle for a price higher than the market exchange rate. Examples of peer-to-peer exchanges include LocalBitcoins and Paxful.

Step 3: Buy bitcoin
The final step is to submit an order through your chosen platform. For most first-timers, the easiest and most convenient option is to use a bitcoin broker.

No matter which type of exchange you choose, you’ll usually need to sign up for an account first. Depending on the exchange you use and the regulatory requirements it is subject to, you may be able to sign up simply by providing your email address or you may need to provide your full name, contact information and proof of ID before being allowed to trade.

Once your account has been verified, you’ll need to enter the amount of BTC you want to buy, choose your payment method, review the fees and the total cost of the transaction and then finalise your purchase.

The exact steps you’ll need to follow vary depending on the payment method and type of platform you choose, so keep reading for more details on the different ways you can buy bitcoin.

I hope this help you all in starting your journey in trading with bitcoin.