Buying cryptocurrency with Euro

The cryptocurrency market is developing at a rapid pace, attracting more and more people. Many beginners are interested in buying cryptocurrencies with fiat money, as well as the methods of acquiring and storing assets in the future. Let's also consider which assets can be purchased with Euro.

How and where to buy

You can pay for cryptocurrency in Euro using any convenient payment system for the user. The choice depends solely on the person's wishes, convenience, and preferences. It is also worth paying attention to transaction fees and transaction processing speed. Among the most popular payment methods, the following options can be highlighted.

1. Using bank cards. This includes options from any bank in any country in the world. Here, everything depends on the popularity of a particular organization in a specific country.
2. Using electronic payment systems. Users often choose international systems with a high level of fame and popularity. This can be the QIWI system, WebMoney, Payeer, Advanced Cash, Payoneer, Neteller, Skrill, PayPal, and so on.
3. Cash. In some cases, transferring funds during a personal meeting between the buyer and the seller is practiced. As a rule, they take place on neutral territory. The seller transfers the cryptocurrency, and the buyer transfers the funds.
4. From a mobile phone. Some platforms offer users to pay using their mobile phone balance. This option is not the most in-demand since it is associated with high commissions.

The payment process cannot be carried out without registration on the corresponding platforms. Only such transactions will be official and legal. The process of selecting a platform is also carried out individually. Considerations include transaction fees, reliability, transaction processing speed, and the variety of currencies that the platform works with. The following options can be highlighted among them.

1. Using centralized cryptocurrency exchanges (CEX). The positive aspect of this platform is the presence of a wide range of coins and the lowest intra-exchange commission rates on the entire market. One of the options is the Binance or Coinbase exchange.
2. Decentralized cryptocurrency exchanges. This option also has its advantages in the form of a non-custodial service and the highest level of anonymity. Despite this, these services have their downsides. The most significant is the limited choice and problems with working with fiat currencies.
3. P2P (Peer-to-peer) platforms. These options are popular due to the lowest commission percentages. However, it is not suitable for working with large asset volumes. There is also a risk of receiving assets obtained illegally.
4. Exchange points. Platforms offer a wide variety of exchanges. Sometimes customers will not be subjected to verification. The arrival of funds, although for a short time, is delayed. Additionally, they offer average commission amounts. The best choice is to use special services since there is a risk of encountering scammers.
5. Electronic payment systems. They are convenient to use since they have a simple and understandable interface. Due to low percentages, significant savings can be made on transfers. Among the disadvantages, the lack of anonymity can be highlighted since licensed systems exchange with tax authorities.
6. Telegram bots. This option was recently launched. It is characterized by simplicity and convenience. But all this pales in comparison to the downsides. On such services, the number of scammers is simply colossal. At the same time, it is difficult to distinguish them from real ones at first, and this activity is not controlled by aggregators.
7. Cryptocurrency wallets with a built-in purchase option. This significantly saves time since everything is at hand. Among the disadvantages, high commissions can be highlighted, and sometimes wallets use custodial services.
8. Brokers, banks, and fintech. Complete security due to a high level of legality. Additionally, they are a convenient investment tool. There is also savings on transactions. The downside is direct tax control, average commission rates, and significantly limited cryptocurrency choices.
9. Crypto ATMs. These options have a high level of anonymity, but despite this, they have many downsides. Such terminals are only available at a physical level, and they are not available in all cities. The list of available options is limited, and most often, it is Bitcoin.

Aside from all these options, currency can also be purchased from individuals. It's better if these are verified individuals, as there is a high risk of fraud. Direct purchasing from miners has also become popular, but this option also carries a very high risk percentage. In addition, purchases are subject to high commissions. Coins from miners are considered clean, so people are willing to pay large sums for them.

All of these methods have their positives and negatives, as well as risks. To reduce the percentage of possible loss, investors must conduct thorough checks of any information, platforms, and sellers of digital coins. This can be done by reading reviews, testing purchases, or conducting several transactions with small amounts.

Where to Store Purchased Cryptocurrency

Anyone even remotely familiar with the world of cryptocurrency knows that in most cases, storage is done on specialized wallets. But this is just one element of all the possible options. A more in-depth look at the issue will help to understand where it is best to store purchased currency.

The first thing to understand is that all storage tools are divided into custodial and non-custodial. For ease of understanding, such varieties are also called cold and hot.

Each of the wallets differs in connection options. The first ones are always online and constantly available for transferring funds and conducting transactions. The second ones are connected to the blockchain network only for sending and receiving information.

Custodial services are similar to the banking system, but applicable to the cryptocurrency market. Essentially, the funds that the client has are transferred to the company for storage. The client can only manage the funds until the service allows it.

Non-custodial options are only an interface through which access to assets is obtained. Management is temporary and activated by the client themselves through a private key.

Positives and Negatives

Hot wallets are easy to use. In case the password is forgotten, access can be obtained through verification. These services have a wide network of different financial instruments, including the ability to purchase cryptocurrency with immediate payment from a bank card. The downside is their centralization. In other words, asset management is conducted by one organization, and the owner sends requests to allocate the required amount.

Cold wallets show the essence and purpose of creating cryptocurrency. They are independent of third parties and do not introduce censorship for transactions. Due to the exclusion of constant connection to the blockchain, wallets provide a high level of security. However, even in this case, there are downsides. If you forget the wallet password, it will be impossible to recover it, and the funds will be irretrievably lost.

Hot wallets can be actively used for paying for goods and services. They are convenient due to their fast access and constant connection to the network. If it is necessary to store digital assets, only cold options should be used. They do not have constant access to the blockchain, which protects them from hacker attacks and illegal deductions.

Where to Create a Wallet

There are several services that can not only purchase cryptocurrency for euros but also provide storage. Most of them have been discussed above.

1. Exchanges. Cryptocurrency exchanges in CEX and DEX varieties are the easiest way to create a wallet. For example, Binance provides customers with automatic access to a wallet. Storage is mostly done on centralized platforms. Coins can also only be purchased for euros on them. Decentralized varieties do not support fiat currencies. To minimize the negative side of this issue, tokenization has been conducted. For example, the WBTC token was developed to work with Ethereum, for which the creators froze several bitcoins.
2. Wallets. The division of this tool occurs considering a large number of factors. Only a small part of the factors was considered above. They can also be browser-based, online, desktop, mobile, and hardware. They are all designed for the same purpose and can replace each other. Before purchasing currency and creating a wallet, make sure that the tool supports working with the selected digital asset.
3. Payment systems. These services offer not only to conduct transactions to purchase cryptocurrency for euros but also to provide storage. These options belong to standard custodial services and work with fiat currency according to the standard principle.
4. Third-party services. Western brokers provide the ability to store digital assets. Accounts are provided in banks that work with cryptocurrency assets.

All the presented options are suitable for use. They are selected based on the owner's preferences, goals, and desires. Different types of wallets and exchange accounts are most often used. In the second option, large sums are not stored, as they are mainly intended for transactions. Exchange accounts also do not have the necessary level of security and are often targeted by hacker attacks.

What types of cryptocurrencies can be purchased

Cryptocurrencies can be purchased using euros on any platform. It is worth choosing which specific asset will be subject to purchase. There are several key options that often become the subject of trading activity using fiat currency.

Bitcoin is not only the very first digital currency but also one of the most popular at the moment. Despite the recent sharp drop in quotes, it has not reduced interest in the product, but rather made it possible to buy assets at a low price. Those who follow the course understand that history can repeat itself. Then after a sharp decline, the coin began to grow and reached a record level. No one can argue that in some cases bitcoin has become a household name. Therefore, it is worth considering buying BTC, as it will not go out of trend and will not give up leadership.

Ethereum (ETH) also leads the list. Ether or Ethereum is the second most popular and valuable coin. It is actively engaged in the development of decentralized finance (DeFi). All of this will ensure that it retains its position as a silver medalist. Additionally, the coin constantly participates in development and improvements, which helps quotes confidently rise.

Binance Coin belongs to native tokens and leads among ecosystems in the cryptocurrency market. These assets can be an excellent option for paying for goods and services.

Stablecoins are a type of cryptocurrency that is pegged to fiat currency. In essence, it is a centralized digital asset, which differs from the idea of cryptocurrency. These assets are necessary to avoid inflation and to implement trading operations more conveniently.

Stablecoins have a more stable exchange rate than decentralized cryptocurrencies. This is because their value is backed by a certain amount of tangible assets. This market attracts a large number of investors. At the same time, the choice of asset is based on its popularity and, consequently, its price growth. It is also important to note that pegs can be made not only to fiat currency, but also to gold, gas, oil, art objects, and many other elements.

What steps of purchasing need to be taken

To buy cryptocurrency for euros, the future owner needs to take a number of actions. First, you should choose the type of digital asset to be purchased. It is better to choose an option based on its popularity and market value, as this determines the amount of budget allocated and the likelihood of increasing profits. The following steps then take place:

1. Selection of a service. You need to choose a platform through which the purchase will take place. It should work with fiat assets and the chosen cryptocurrency.
2. Search for a seller. Selling prices may vary, as well as the volume offered. It is important to be as responsible as possible in the selection to get favorable conditions for cooperation.
3. Top-up of the account. To make a purchase, you need to transfer the required amount of euros to the account for payment. It is also worth considering the size of the platform's commission.
4. Transfer. After transferring the money to the seller's account, they will send the cryptocurrency. To do this, the buyer must have an active wallet. It can be registered separately or used on the exchange.

After receiving the digital asset, the transaction will be considered completed. To make everything as comfortable and high-quality as possible, it is necessary to familiarize yourself with the rules of the trading service. This will help avoid blocking, as well as protect against fraudulent actions. It is also worth using platforms with a high level of trust and popularity among clients. This can be found out from reviews, ratings, or recommendations from trusted people.

It is not worth using deliberately risky options such as ads or bots. Everything must be carefully checked and thought out. These precautions will help avoid loss of funds, achieve a positive result, and make the transaction safe.