Bitbuy is Canada's go-to Cryptocurrency exchange and it's high time you joined. If you're wanting to buy some Crypto but don't know where to start, then consider following along and enter the world of modern investing.
Before signing up and making your purchase there are a few things you need to do.
First, you need to understand that there are countless hackers that want to steal what you have, so don't let them. What you need to do is avoid keeping your passwords on your computer and instead write them down in a notebook. Also, make your passwords long and complicated.
The next thing to do before starting is to create a new Gmail account that you only use while buying or selling crypto.
After that you will need an encrypted email account, you should use either Proton Mail or Tutanota.
For security reasons, you will need to use your computer and smartphone together while buying or selling cryptocurrency, by the way of a 2-factor authentification app, either Authy or Google Authenticator.
The final step you should take before signing up for your Bitbuy account is to purchase a cold storage wallet.
Banks don't hold cryptocurrency and leaving it in your Bitbuy wallet on the exchange is asking to be hacked, so please don't leave money on the exchange.
What is a crypto wallet?
A crypto wallet is where you hold your cryptocurrency and there are two types of wallets, one much safer than the other. The first is the hot wallet, which is an account online you can use to deposit your crypto into.
The second is the smarter choice, which is a cold wallet, a device that stores your crypto offline. Buy either a Ledger or Trezor.
What I have heard as a rule of thumb is that if you are investing over $2,000 you should store it in a cold wallet, under $2,000 and a hot wallet is supposed to be OK. Personally, I say hogwash, as the cold wallet is clearly safer and when it comes to your money and identity safer is clearly better, but to each their own.
Alright, that's it for the boring stuff, now it's time to buy some cryptocurrency. I will list the steps as well as include a video below in case you would like to watch me buy some crypto first.
Let's head over to bitbuy.ca, please consider using my referral link to sign up (if you fund your Bitbuy account with at least $250 CAD, then we will both earn $20 from Bitbuy.)
Once you sign up, you will have to head over to your encrypted email and verify your email account.
Next, sign into Bitbuy, add your phone number when prompted then verify your number.
After that, you must verify your identification, which can go one of two ways, either you are instantly verified (takes up to 2 minutes,) or you aren't so lucky and you will need to submit documents.
I had the luck of the latter and needed to submit documents, which is straight forward as they give you a list of acceptable forms, but it takes Bitbuy a day or so to verify you. If this is the case, go ahead and bookmark this blog and revisit in a couple of days, or if you are one of those lucky instantly verified investors, congrats and keep reading.
Once your identification is verified you will need to log into Bitbuy.
Before adding funds, you should enable 2-factor authentication in "settings."
Now that your 2-factor authentication is enabled it's time to buy cryptocurrency.
Select "add funds."
You are now presented with choices of how to fund your account. Select depending on the amount you are going to fund your account with.
You can choose either "Express e-Transfer" which has a minimum transfer amount of $100 or "Bank Wire" which has a minimum transfer amount of $20,000. You can guess which option the blogger goes with.
Select "Express e-Transfer."
Next, copy the info provided by Bitbuy, and then use it for your e-Transfer.
Once you have sent the e-Transfer from your bank, go back to Bitbuy and select "I have sent an e-Transfer," confirm the amount to be deposited and select "next."
Enter the code sent to your phone and then wait for your funds to be added, which can take up to 2 hours.
Once funds have been added it's time to buy the cryptocurrency of your choice.
To buy crypto, select "Buy" next to the cryptocurrency you want.
Enter the amount you want to spend or select "use available funds," review and select "purchase." Next, enter your 2-factor authentication code and the purchase will complete.
Now it's time to withdraw your cryptocurrency from Bitbuy to your crypto wallet.
To do this select the dots next to "buy" (next to the crypto you wish to withdraw) and choose "withdraw," then enter the amount to withdraw or choose "available amount," input your wallet address, followed by your security code.
I once again highly recommend a cold wallet.
Thank you for reading and please consider using my referral code: https://bitbuy.ca/sign-up?c=H5LWK5Y9U
Take care and be well.