Over the past few years, we’ve all been hearing about this unique and crazy thing called Bitcoin. We’ve heard all the good and bad things associated with Bitcoin and cryptocurrency in general.
Regardless of where you stand, Bitcoin and the overall cryptocurrency market are undoubtedly gaining more traction as each year passes by and more people are investing/using it.
Perhaps you are wondering how to get your hands on it as well.
Look no further, I am going to show you how to buy Bitcoin, the world’s most popular cryptocurrency on Crypto.com. Not only am I going to show you how to buy it, but I’m also going to show you how to send it to a wallet that is secured by a Ledger hardware device to add an additional layer of security.
Check it out: If you want to learn about crypto basics you can check out my beginner’s guide to crypto.
Preparation
1. Download Crypto.com App & Fund Account
Expect funds to take 3 days to transfer from your bank to Crypto.com. A faster but more expensive way is to use a credit/debit card to deposit funds. Right now there is a 3% fee for using a card so if you have a few days to spare I recommend transferring via bank account.
2. Purchase a Ledger Hardware Wallet
A hardware wallet isn’t required to purchase Bitcoin but it adds another layer of security that you definitely want. This is even more true if you plan on investing large amounts into crypto. Ledger makes the Nano X for $150 and the Nano S for $60. Both are fantastic and will work great for Bitcoin. Always purchase a Ledger from the official Ledger website or the official Ledger Amazon store. Never purchase them second-hand because they may have been tampered with.
3. Set up Ledger Device
The next step is to set up your Ledger device following instructions from the official Ledger website. Generally, you just download the Ledger Live application, plug in your device, and it will run you through all the steps.
4. Add Bitcoin Application in Ledger Live
Click on Accounts, then add an account and search for Bitcoin.
5. Set up Two-Factor Authentication on Crypto.com
In order to move money out of Crypto.com, you are required to use Two-factor Authentication (2FA). 2FA adds more security to Crypto.com which is a big bonus. Authy from Twilio and Google Authenticator are the best 2FA applications available.
6. Link Ledger Wallet Address to Crypto.com
In order for you to move Bitcoin out of Crypto.com to a Ledger wallet, you need to verify your Ledger address on Crypto.com. This process takes 24 hours so if you plan to move your Bitcoin out right away you will need to link your wallet address one day in advance.
Buying Bitcoin
1. Search for Bitcoin
Bitcoin (BTC) is normally the first cryptocurrency you will see when opening the Crypto.com app but if for some reason it isn’t you can easily search for it.
2. Tap the Buy Button
Tap the blue buy button on the bottom.
3. Enter the Amount of Bitcoin you want to Buy
Choose how much Bitcoin you want to buy. You can only select based on how much fiat currency is in your Crypto.com account.
4. Confirm & Enter Credentials
Confirm your purchase and enter your password to officially make the purchase.
Send to Ledger Hardware Wallet
1. Navigate to Bitcoin in your Crypto Wallet
Under your crypto wallet on Crypto.com, you should see the Bitcoin that you purchased. Select it and you should see the Transfer option on top.
2. Select Transfer
3. Select Withdraw
4. Select External Wallet
5. Select the Bitcoin Wallet you just Whitelisted
6. Check Ledger Live
Once you enter in your password and 2FA code, check your Ledger Live to ensure your Bitcoin has transferred. It may take a few minutes so be patient.
