If you are planning to invest in stablecoins for the first time, use these steps.
Stablecoins allows you to alleviate volatility when turning your cash into cryptocurrencies. You will access them pegged to different assets. For instance, you can find multiple stablecoins pegged to the United States dollar (each worth $1). They mirror the value of that particular asset.
If you enjoy lending digital coins, stablecoins might be your favorite choice. You lend out coins to earn interest amounting to 25%. The best thing is that your stablecoins will retain their values, unlike other cryptocurrencies. Transferring your money with stablecoins is also efficient.
Purchasing cryptocurrencies for the first time can be daunting. You probably want to escape scammers and access affordable deals. Here is how you can go about buying your stablecoins without unnecessary extra charges and securely.
Which Stable Coin Do You Want to buy?
Firstly, decide the stablecoin type you want to buy. Although you will find most coins attached to the United States dollar, you can access other stablecoins pegged to other cryptocurrencies or assets like gold. If you have a trading account with an exchange, confirm the available stablecoins. Most renowned crypto exchanges have their US dollar stablecoins. For example:
- Binance – Binance USD
- Gemini – Gemini dollar
- Coinbase – USD Coin
Select a Secure Cryptocurrency Exchange
In this case, you can go with two options. Firstly, you can select an exchange that has your preferred stablecoin. It is the best option if you want specific stablecoins. Another way is to find your best cryptocurrency exchange and purchase the available stablecoins.
With a secure exchange, you can proceed with your stablecoin investment. Create an account with the crypto exchange. The best thing is that most platform has a straightforward process to register your account. After verifying your crypto account, load it with funds to purchase your coins. Remember, the deposit process can take some business days to complete.
The final step is that of purchasing the stablecoin. Most platforms have a ‘buy’ page or button that you can utilize. You only need to follow the steps to complete your stable coin purchase.
After purchasing your coins, you can use them for various purposes, including lending, sending them to other users, or holding them in your crypto wallet.