The rise of cryptocurrencies has transformed the very perception and usage of money, offering every person an alternative form of currency that is digital in form and does not need physical assistance. To the uninitiated in monetary systems, the idea of buying cryptocurrency is both inviting and intimidating. Well under good supervision, however, it is an easy task and very rewarding. This guide will highlight the major details you need to know in order to acquire your first cryptocurrency and walk you through the new area by dividing utilization of ‘virtual currency’ into distinct stages containing:

1. Select A Cryptocurrency Exchange.

The first thing that you will need to do is to choose the respective cryptocurrency exchange or the cryptocurrency trading platform. Exchange is defined as a platform used for exchanges, sales and purchases of digital currencies that are available in the cryptocurrency market such as ‘Bitcoin’, ‘Ethereum’ and others. Since there are quite numerous exchanges available online, you have to be very careful in selecting one that you believe is genuine and still be able to fulfill your requirements. Some factors to consider while choosing the exchange or trading platform would include:

• Security - Select exchanges that utilize strict security resources, including two-factor authentication (2FA), cold storage of assets.
• User Friendly - As a new user you would benefit from an efficient platform that is easy to use. Make sure it is easy enough to use/understand.
• Supported Coins: Some exchanges sell a wider array of coins than most, while some exchanges support two or three coins - Bitcoin (BTC) and Ethereum (ETH) being the most popular. Follow your fundamental interests.

2. Create an Account and verify it

Once a suitable exchange platform is identified, the next thing is to register yourself on it. This usually includes the email provider and password combination and later goes on to complete the KYC process, which helps the company verify its user. Most exchanges require users to complete KYC in order to comply with the law and prevent cheats.

3. Ensure your Account's Security

After the creation and verification of your account, the next thing to do is to ensure the account is safe. Solo or complete cryptocurrencies are targeted quite often for several hacking activities; hence securing valuables is a necessity.

• Enable Two-Factor Authentication (2FA): Almost all the cryptocurrency platforms give you a choice of enabling 2FA on your account. With this in place, every time you want to log in or withdraw funds, you need a second authentication step (address deduction) which is done by sending you a code on your phone or producing it from an app such as Google Authenticator.
• Create a Strong Password: Steer clear of using all girl age digits (age 0-9) or basic alphabets. Writing down in turns or any copy of periods and strokes will not work. Instead a strong password should be formulated with random mixtures of alphabets, numbers, and symbols.
• Prevent Phishing: Not only click on the credentials giving the best practice would be to look out for the URL of the exchange site to make sure you have landed on the correct page, don’t click links that are included in emails or messages that you receive from any person identifying himself as the exchange.

4. Fund Your Account

After you create your account, you will need to fund your exchange account to be able to buy crypto. Most people will have the following options to fund their account:

• Bank Transfer: This is by far the most common option, but it often takes several days for the funds to reflect in your exchange account. 
• Use a Credit/Debit Card: Many exchanges accept card payments. Therefore, you can buy crypto instantly, albeit potentially subject to higher fees.
• Check the deposit fees and processing times, which vary based on what option you choose. 

5. Choose Which Cryptocurrency to Buy

Once money is in your account, you can select which cryptocurrency you want to buy. If you are a beginner or just getting started, the following are typical coins to buy:

• Bitcoin (BTC): The original and most valuable cryptocurrency.
• Litecoin (LTC): The fast cousin to Bitcoin, often referred to as "digital silver."
• Binance Coin (BNB): The native coin for the Binance exchange. 

Do your research about the items you want to buy prior to making the purchase. Especially keep in mind, values can often change dramatically as the market changes. 

6. Place Your Order: Market vs. Limit Orders

After choosing your cryptocurrency, you can place an order to buy it! The exchanges usually include two basic types of orders: 

• Market Order: This order type allows you to purchase the cryptocurrency right away at the market's trading price. A market order is simple and straightforward but remember your order will probably fill at a slightly different price than you intended due to market fluctuation. 
• Limit Order: A limit order allows you to specify the price you wish to buy the cryptocurrency; your order will fill anything at or below this limit price while the asset is trading at this limit price. Limit orders are a favorable option when you have a price in mind for purchasing the cryptocurrency. 

After your order has been filled, you will see your purchase in the exchange account's wallet section. 

7. Store Your Cryptocurrency Safely

At this point, after you’ve bought the cryptocurrency, you will want to store it safely. Though an exchange will provide you a wallet to hold the crypto, you may want to use a personal wallet for safety.

There are two main types of wallets: 

• Software Wallets: these are applications you can download on your phone or computer. While convenient and easy to use, these wallets leave you at risk of hacking simply based on the fact that they’re connected to the internet. 
• Hardware Wallets: these are physical devices similar to a thumb drive that store the cryptocurrency offline. Hardware wallets are the safest place to keep your currency (long term), as they do not suffer from the online attack factor.

Some examples of hardware wallets are Ledger and Trezor. 

8.Regulate and Maintain Your Investments 

It’s imperative to understand that the cryptocurrency space is a volatile one - the price of things can increase or decrease rapidly in any time frame. Therefore, it’s essential to consistently adjust your portfolio while keeping track of any innovations and trends that pertain to your portfolio. The following recommendations pertain to the administration of your investments.

• Monitor Your Investments: Utilize any of the apps, CoinMarketCap or Blockfolio that allow you to monitor what your holding is worth and compare real-time historical prices and market prices. 
• Broadening Your Investment Portfolio: Consider financing into a few cryptocurrencies rather than solely purchasing one cryptocurrency and holding it. Bitcoin and Ethereum remain the most well-known coins, but investment prospects still exist with altcoins.

9. Withdraw Your Investment or Reinvest the Proceeds 

If you have procured or retained the cryptocurrency of your choice, you will naturally want to sell the coin and/or withdraw your funds. You have the capabilities to withdraw the investment, as almost every exchange will accept your crypto and convert it back to your local currency for withdrawal. Again, this will most likely take a few days depending on the exchange and method withdrawal options. If withdrawing your investment is not of consideration, you could also make the choice to reinvest the proceeds from the sale of the coin or to invest further into a number of other coins, or simply funds to diversify your portfolio or be able to take position with a potential rise or fall in the markets.

Final thoughts

Though the purchase of cryptocurrency may seem confusing in the initial stage, by following the necessary steps, it is a utility activity. As with any form of investing and or producing wealth, it is necessary to do research, understand risks associated with investing, and invest money that you can afford to lose. Either way, following the steps outlined in this guide will take you a long way in safely and confidently participating in the investing world of cryptocurrencies. Happy investing!