Purchasing virtual currency may seem daunting at first, but it's actually as simple as online shopping. This guide will walk you through the 5-step cryptocurrency trading process, helping you buy your first digital assets in just 10 minutes!
Why Trade Cryptocurrency?
The entire process can be completed via smartphone or computer with minimal operational barriers. Transactions are available 24/7, and once familiar, each trade takes approximately 10 minutes to execute.
Step 1: Choosing a Cryptocurrency Exchange
To buy virtual currency, you'll need to use a cryptocurrency exchange platform. These digital marketplaces offer:
- Access to diverse coin selections
- Competitive pricing
- Various payment methods
Pro Tip: Beginners often combine local and global exchanges:
- Use Taiwan-based exchanges (like MAX) for TWD-to-crypto transactions
- Transfer funds to global exchanges (like Binance) for wider coin selection and better pricing
👉 Discover top-rated cryptocurrency exchanges
Step 2: Completing Identity Verification (KYC)
Most reputable exchanges require:
- Document upload (ID/passport)
- Facial recognition
- Basic financial information
This 5-minute process ensures platform security and regulatory compliance. Only proceed with exchanges that implement proper KYC procedures.
Step 3: Funding Your Exchange Account
Unlike stock trading, cryptocurrency requires pre-funding your account. For Taiwan-based exchanges like MAX:
- Obtain your unique deposit account number
- Transfer TWD via bank app
- Funds typically appear within 3 minutes
Global exchanges may require:
- USD wire transfers (1-2 day processing)
- Crypto deposits from other wallets
Step 4: Selecting Your Cryptocurrency
Navigate to the exchange's trading page to view available "trading pairs":
- TWD/USDT: Trade New Taiwan Dollars for Tether
- USDT/BTC: Trade Tether for Bitcoin
Smart Strategy: Beginners often:
- First buy USDT (stablecoin pegged to USD)
- Then trade USDT for other cryptocurrencies
👉 Learn about stablecoin advantages
Step 5: Placing Your Order
Understand these key order types:
| Order Type | Description | Best For |
|---|---|---|
| Limit | Set your desired price | Patient traders |
| Market | Immediate execution | Quick trades |
Remember:
- Fractional purchases allowed (buy 0.001 BTC)
- Minimum order: ~250 TWD
- Orders remain active until filled
FAQ: Cryptocurrency Trading Basics
Q: Is there a settlement period for crypto trades?
A: No—transactions settle immediately upon execution.
Q: What's the minimum investment?
A: You can start with as little as 250 TWD (~$8 USD).
Q: Should I store crypto on exchanges?
A: For large amounts, transfer to secure wallets for added safety.
Next Steps After Purchase
Consider these options with your new cryptocurrency:
- Hold for price appreciation
- Trade for other coins
- Earn interest via crypto savings products
- Participate in blockchain ecosystems
Key Takeaways
- The 5-step process: Select exchange → Verify identity → Deposit funds → Choose coin → Place order
- USDT serves as a stable intermediary for beginner trades
- Fractional investing makes high-value coins accessible
Always remember that cryptocurrency investments carry risk—only invest what you can afford to lose.