A decade ago, very few people believed that cryptocurrency will become a major talking point in our day-to-day life. However, through the years, platforms have been created to allow people access and buy cryptocurrencies with any smart device.
Crypto Exchanges Are Incorporating Multi-Access Features
Crypto exchanges are platforms where we can exchange cryptocurrencies for either local fiat currencies or other cryptocurrencies. Many crypto exchanges have created different versions of their platform which will allow customers to access their services from multiple devices. Now, investors can monitor and trade their digital assets with their smartphones
Why We Need To Access Crypto Using Our Phones
A lot of people got interested in bitcoin and cryptocurrencies between 2016 and 2018, therefore there was an exponential increase in the prices of these assets during this period. Although the market has struggled since the beginning of 2018, a lot of participants still believe that the market will recover and hit new highs in the nearest future. As a result of the volatile nature of bitcoin and altcoins, it is very important that investors are able to access, buy, and sell their digital assets as quick as possible. Therefore, crypto exchanges have created versions of their platforms that will support different operating systems.
Buying Cryptocurrency From Your iPhone
Before buying cryptocurrencies, you would need to create a digital wallet to store your tokens/coins. At the moment, there are different types of wallets which include the software wallets and the hardware wallets. Hardware wallets are largely regarded as the safest way of storing cryptocurrencies. Also, some exchanges offer digital asset storage services, this is referred to as custodial services. You are ready to hold cryptocurrencies once you have decided on a suitable way to store them.
Buying cryptocurrency using an iPhone involves the following steps:
- You can either download the crypto exchange app of your choice on the App Store or you can load their website via your iPhone’s browser. Note that you can only buy cryptocurrencies from exchanges that allow fiat-to-cryptocurrencies exchanges. Some of the exchanges that support fiat currencies are Coinbase, Bitfinex, Gemini, Kraken, and Bitstamp.
- Follow the SignUp procedures of the exchange by entering your email and password. Some exchanges are very thorough with users’ information. Therefore, it might take time for your identity to be verified.
- You would be asked to connect your bank account immediately your identity is verified. You can skip this stage if you are planning to make payments with your credit or debit card.
- After your account is verified, access the section where supported cryptocurrencies are listed, then select the cryptocurrency you wish to buy.
- Check the current exchange rate of the cryptocurrency to your local currency and enter the amount of cryptocurrency you wish to buy.
- As soon as you click “Buy”, a prompt will ask you to select your preferred wallet.
- Select a wallet, and enter your preferred payment method. Note that payments may incur transaction fees from both your bank and the crypto exchange.
- You will find your cryptocurrency deposited in your wallet after your payment has been verified.