How to Buy Bitcoin in 5 Steps

Buying Bitcoin is easy if you use the right tools. As with any other transaction on the internet, it pays to choose the safest as well as the quickest and easiest solution. A cryptocurrency exchange like Young Platform has everything you need: in this beginner’s guide you will discover step by step how to buy and sell Bitcoin!

1. How to buy Bitcoin: the Young Platform exchange

Cryptocurrencies need a wallet, even though they are digital currencies. In fact, you will need to keep them in a crypto wallet. There are different types of wallets, but to start with, you could choose the most straightforward solution, which is the wallet included into an exchange. The latter, in a nutshell, is an online platform that allows users to buy, sell and exchange cryptocurrencies. Young Platform, for instance, is a European exchange where you can buy Bitcoin: you just need to create an account, which will also be your wallet!

On Young Platform you will have your own ‘crypto account’, which you can use both from your desktop and mobile app. Unlike traditional financial markets, here you can trade 24/7: Young Platform is always open, plus you can contact our Support if you have any questions. Understanding how to buy Bitcoin, however, is not difficult: after creating your account, it only takes a few more steps and a few more minutes.

2. Secure your credentials

To create your wallet on Young Platform, you first need an email and a password. These credentials will protect your cryptocurrencies, so it is useful to know how to manage your account securely. In general, it is important to choose a strong password and keep it secret, but you can always change it, especially if you suspect someone might have discovered it.

However, your account has a second line of defence: two-factor verification (2FA). In a nutshell, the 2FA is a code that you receive on your smartphone each time you attempt to log in; it is automatically generated by an application such as Google Authenticator, which is linked to your Young Platform account. This way, only you can use the 2FA to unlock your wallet and buy Bitcoin.

Should you lose your password and, unfortunately, also your phone, don’t worry. Our support service will help you recover your data and get back to business within minutes. This is one of the advantages of using a cryptocurrency exchange like Young Platform.

3. The KYC: verify your identity

Security is a prerogative when buying Bitcoin, that’s why Young Platform requires the Know Your Customer (KYC) procedure. In practice, the exchange asks each user to identify themselves by attaching a document and other essential information to their account. This verification is necessary, because it is legally required and, above all, useful to counter illegal activities, so as to protect the users themselves. Only in this way, in fact, can Young Platform detect dishonest actors and fight them.

KYC is performed in the app or from the desktop by going to User > Account > Account Levels > Level 1. When you first log in, however, you should already find a banner that will automatically direct you to the procedure. So, follow these steps:

Once this is done, Young Platform will verify the information as soon as possible to activate your account. If you have any doubts, please consult this KYC guide before continuing reading how to buy Bitcoin.

Later, you can enter additional information to increase the level of your account and exceed the basic deposit and withdrawal limits. Moving larger amounts of money requires additional verification, so you can always buy and sell Bitcoin safely.

4. Make a deposit starting from just €20!

Once the KYC is complete you are almost ready, all you need is the first deposit and you can buy on Young Platform. Transfer to your account the amount you intend to convert to cryptocurrency: you don’t have to buy a whole BTC, you can start from a fraction! In fact, the minimum deposit is €20, enough for a few Satoshi (0.000001 BTC).

So, choose the mode you prefer to deposit fiat currencies (Euros):

See the page on fees for more details.

5.  How to buy Bitcoin?

This is it! There is only one move left to make. Now that you have topped up your account you can buy Bitcoin and many other cryptocurrencies. It’s simple, let’s go through the steps already presented here.

From the Young Platform exchange mobile app:

On the web platform, for those who prefer to trade from their desktop, the steps are similar. Log in to your account and, directly on the homepage, use the panel on the right: choose the currencies to be exchanged (Bitcoin-Euro) enter the amount and click ‘buy’. You will then be shown the purchase preview, which summarises the details; confirm to receive your first BTC!

Furthermore, to automate this process you can set up the recurring buying, either from the app or from the web: essentially, you can schedule when and how to buy Bitcoin (and Ethereum). In this way, you can avoid having your transactions influenced by emotions, such as fear or excitement, and the stress given by charts.

Learn and monitor your wallet

Now that you know how to buy BTC, you can do the same with any other cryptocurrency on Young Platform. In fact, once you’ve recharged your Euro Wallet, the transaction is instant, just a click away! For example, did you know that our Young token (YNG) gives you access to Club benefits?

In any case, before making any purchase, you should define your goals and find out your risk profile. By following this guide, you will in fact discover that cryptocurrencies are an alternative but very risky financial instrument. In such cases, there is only one rule to follow: Do Your Own Research (DYOR), study and inform yourself. The articles shared free of charge by Young Platform (Academy and Blog) are the starting point for personal education.

Following your purchases, your account balance will be updated in real time, in accordance with changes in the value of cryptocurrencies. To this end, the exchange has integrated the Profit & Loss feature, which allows you to monitor the performance of your wallets over time.

Selling and converting Bitcoin

Through the web and app interface, you can conduct other operations besides buying: you can of course sell Bitcoins, but also convert them into other cryptocurrencies. First, the ‘sell‘ action returns fiat currencies (Euro): enter the fraction of BTC you want to liquidate to see the countervalue in Euro; the money will be credited to the ‘Euro wallet’ in your account. At any time, you can move the sum obtained from the sale to your bank account, you will have to use the ‘withdraw’ function, entering your IBAN and other required data; in 2-5 working days your bank will execute the operation.

The ‘convert’ function, however, does not turn Bitcoin into euros, but into other cryptocurrencies. For example, you could exchange BTC for Ethereum (ETH), or transfer the value into stablecoins, cryptos pegged to fiat currencies, such as Tether (USDT) or USD Coin (USDC). As in a sale, you simply indicate which crypto you want to exchange: in this case, however, the transaction does not return Euros, but another cryptocurrency of your choice. That’s it, we’ve explained how to buy Bitcoins, sell them and trade them, but if you have any questions you can consult the FAQ on the subject, or open a ticket with Support to resolve any issues.