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How to buy crypto safely: a beginner's checklist

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Your first purchase is when you’re most likely to be targeted. Scammers know beginners are eager and unsure what’s normal. Follow these steps in order.

1. Pick a legitimate exchange

  • Choose a well-known exchange that’s licensed or registered where you live.
  • Get there by typing its address yourself or from its official app store listing. Don’t click ads. Fake exchanges buy search ads.
  • Be wary of any platform that a stranger, a new online friend, or a “mentor” introduced you to. That’s how pig-butchering scams start.

2. Secure your account before you deposit

  • Use a unique, strong password stored in a password manager.
  • Turn on two-factor authentication with an authenticator app or passkey. SMS codes can be stolen through SIM swapping. See our two-factor guide.
  • Turn on a withdrawal allowlist if the exchange offers one, so funds can only go to addresses you’ve approved.
  • Use a separate email address for crypto accounts, if you can.

3. Start small

  • Buy a small amount first and get comfortable with how buying, sending and fees work.
  • Only invest what you could afford to lose. Crypto prices can fall sharply.

4. Know the beginner scams

  • “Support” that contacts you first. Real exchanges don’t DM you on social media or ask for your password or seed phrase.
  • Guaranteed returns. Nobody can guarantee crypto profits. Promises of fixed daily or weekly returns are a scam.
  • Pressure to move fast. Urgency is the scammer’s main tool.
  • Requests to pay in crypto. Government agencies, utilities and real businesses don’t demand payment in crypto or gift cards.
Red flag: if a platform shows big profits but asks you to pay a "tax" or "fee" before you can withdraw, it's a scam. Stop sending money.

5. Decide where to keep it

Leaving a small amount on the exchange is fine while you learn. For anything you plan to hold, read exchange vs. self-custody and consider a hardware wallet.

6. Keep records

Save your purchase history. In many countries, selling or trading crypto creates a tax obligation, and exchanges don’t always keep records forever.