How to buy ETH via a centralized exchange platform (Crypto.com)

A centralized exchange platform is an application that will manage your cryptocurrencies via its own cold wallets.

In other words, only the company will know the private key of the wallets that are hosting the cryptocurrencies.

Contrary to DeFi wallet applications, they will ask for personal datas such as an ID card, a selfie and other information during the registration (KYC).

This solution has 2 main advantages:

  • You can proceed by bank transfer easily
  • These types of platforms have certain insurances protection

We also find services that are not necessarily available on a DeFi Wallet like:

  • Crypto platforms offer several blockchain networks,
  • Staking/earning management,
  • Credit card with cashback,
  • Borrowing,
  • Etc..

In this article, I will show you the centralized exchange Crypto.com which I think is the most secure and easiest to master as a beginner in the world of cryptocurrencies.

Here is a referral link you can use to support the author of this article and that will also allow you to earn $25 as soon as you book a credit card: https://crypto.com/app/75n3q25t5v.

After downloading the application, sign up by filling in all the personal information requested.

A message will appear informing you that the verification of your ID card will take up to 2 business days.

However, it is very likely that by reopening the application 2 hours later, the verification will be done. You will then already have access to all the features of the app.

Once logged in, you will be on the homepage which highlights the different prices of some cryptocurrencies.

Then click on the “Accounts” button next to “Home”.

In this tab, you will have access to your general balance, as well as your different accounts:

  • Crypto Wallets,
  • Crypto Earn account which generates interests on cryptocurrency deposit,
  • “Supercharger” (if you have some CRO to stake you will earn crypto for free every 30 days),
  • Visa credit card if you ordered it.

As mentioned at the beginning of this article, the advantage of using a centralized finance application is to have an associated FIAT account (EUR, USD).

You will therefore need to create one by clicking on “Fiat wallet”.

Then click on “+Set Up New Currency” (see visual below) to open a bank account. If you are European, you will then have to select “EURO”.

Approve the Terms and Conditions and click Next.

After adding a new currency account, just click on it.

Then press “Transfer” (see visual 3 below) and then “Deposit” to retrieve your IBAN and thus be able to make your first euro deposit by adding your IBAN as a beneficiary to your traditional bank.

Security tips: Send a first transaction of 1€ to validate the receipt before making larger amounts. I also use this tip as standard to make all my cryptocurrency transfers.

You only have to wait a few days to receive your bank transfer. Generally, it takes only 3 business days the first time and 1 business day for the next ones.

Then go back to your FIAT wallet where you will see the amount of euros received.

You should have the exact amount you transferred since no transaction fees apply.

All you have to do now is click on “Buy” (see attached visual) and choose the Ethereum currency.

If you didn’t have enough money for the amount of ETH you wanted, you can always buy some with your credit card or make a new transfer and wait to receive it.

Congratulations! You now have your first ETH.

You can now repeat this step to buy any other cryptocurrency on the platform.

That’s all well and good, but if we bought ETH (ERC-20) it’s to be able to use them to buy an Alpha KONG, am I right?

To do this, go back to the “Accounts” tab and click on your crypto wallet balance (see visual 1 below). Then look for the currency “Ethereum” and click on it.

You will then have access to your “Ethereum” account where you can find: your balance, a price chart and your transaction history.

Now click on the “Transfer” button and then on “Withdraw” so you can choose where you want to send your cryptocurrency.

To buy some dope www.furiousalphagymclub.com NFT, you will need to send your ETH (ERC-20) on a DeFI wallet imported/created on the MetaMask extension.

So we will choose to withdraw our ETH (ERC-20) to an external wallet (see visual below).

As the Crypto.com application is very secure, you will first need to add the address of your external wallet in the withdrawal whitelist.

The best way to do this is to scan the QRcode/address from the external wallet to make sure you don’t make any mistake but you can also copy and paste.

Personal Tips : Name the address to remember which wallet each address corresponds to (e.g. Metamask Ether).

You can now withdraw your crypto by clicking on the “Max” button or a desired amount of ETH.

Don’t forget to double check the first 6 and last 6 characters of your address to be absolutely sure you didn’t make a mistake. ;)

You can now confirm the withdrawal!

I now invite you to read this article How to create or import a decentralized Wallet on the MetaMask.io Web Extension and you will be ready to buy your Alpha Kong NFTs on the www.furiousalphagymclub.com website.

I hope you enjoyed this article and that it was helpful! :)

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Author: Alpha Kong Beats