Simple steps to get started trading Bitcoin

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As Bitcoin (BTC) keeps gaining momentum, the fear of missing out on investing in the world’s largest cryptocurrency is growing each day.

On Nov. 18, Bitcoin (BTC) broke a $18,000 price mark for the first time since December 2017, less than a 10% away from its all-time high price of $20,000.

As some analysts believe that an upcoming $20,000 threshold is not the end but the start of Bitcoin’s upcoming explosion to a $1 trillion asset, it may still not be too late to get into Bitcoin.

Bitcoin’s supply is capped at 21 million coins, but you don’t need to have thousands of dollars to own some. You can get started buying Bitcoin with as little as $15, getting about 0.0008 BTC in return, according to the BTC price at publishing time.

Getting started investing in Bitcoin is not as difficult as you might think. Here are some simple tips to buy Bitcoin easily.

1. Pick a reputable crypto exchange

The first step for buying Bitcoin easily is choosing the right crypto exchange.

You might have heard of the world’s largest crypto exchanges like Binance and Coinbase, but there are about 400 crypto exchanges globally, according to major crypto data website CoinMarketCap.

When choosing a digital asset exchange to buy Bitcoin, check whether the company is reputable and provides services to customers in your country. Using tools like CoinMarketCap or CoinGecko, also check trading volumes on a certain platform. Do some research, read some news and updates on a company’s website or Twitter to get more info like the platform’s transaction fees, deposit methods and security protocols.

2. Sign up on a platform and complete security checks

Once you’ve picked a crypto exchange, prepare to create an account and proceed with the required verification processes. Opening an account on most crypto exchanges like Binance is free, requiring just an email and a phone number.

Some cryptocurrency exchanges like BitMEX and Coinbase require Know Your Customer checks for certain crypto operations, so you will want to have your passport or another form of official identification ready. 

3. Don’t forget to enable 2FA

Use a strong password for your account on a crypto exchange and don’t forget to turn on two-factor authentication, or 2FA. Enabled 2FA reduces the risk of a security breach or a hack by putting an additional layer of security on your account. Google Authenticator is one of the most popular 2FA applications providing users with two-step verification on a phone.