It is a must for every crypto casino player to learn how to buy and securely store cryptocurrencies for apparent reasons.
If you’ve never bought crypto, you’re not alone. However, the good news is that purchasing digital currencies is very straightforward, so don’t be intimidated by the thoughts of doing it for the first time.
Usually, some crypto-betting platforms integrate payment gateways to directly purchase the top crypto assets with your credit or debit card. However, this feature is not available in every casino.
If that’s the case, you’ll need to buy the supported cryptocurrency, whether it’s Bitcoin or Ethereum, from a crypto exchange such as Binance or P2P platforms such as LocalBitcoins. After the purchase, you will then transfer the amount you want to bet with to your casino account’s dedicated wallet.
Also, because buying Bitcoin means you’re your own bank - you’re fully responsible for the safety of your crypto assets, so knowing how to store them is paramount!
In this guide, you’ll learn how to buy and store cryptocurrencies in a few simple steps.
How to Buy Cryptocurrencies
There are many ways to buy cryptocurrencies, but since this is probably your first time, we recommend working with the world’s most popular exchange - Binance.
Binance is the largest exchange by trading volume, and it’s a favorite among many crypto users.
The exchange is beginner-friendly, making it convenient for people to buy crypto for the first time. With Binance, users can purchase top coins like Bitcoin, Ethereum, Dogecoin, and the USD-pegged stablecoin USDT using their credit or debit cards. Other supported payment methods include bank transfers, ATMs, and third-party e-wallets.
How to buy Crypto on Binance
- Go to www.binance.com and sign up for a new account.
- Verify your email or phone number.
- Complete the Know-Your-Customer (KYC) verification process.
- Click “Buy Now”
- Select the type of FIAT currency you want to purchase the cryptocurrency with, from the dropdown arrow in the “Spend” box.
- Select the crypto you want to purchase in the “Receive” box.
- Input the amount of crypto you want to purchase in the Spend section and click continue.
- Choose your preferred payment method (Visa/Mastercard).
- Click continue and enter your card details to authorize the transaction.
- Once approved, the purchased coins will be added to your Binance account.
Note: You can view your balance by navigating to “Wallet” at the top menu and clicking Fiat and Spot.
KuCoin is another popular crypto exchange. The platform was launched in 2017 and supports over 500 different cryptocurrencies.
Buying Crypto on KuCoin.
- Visit www.kucoin.com. Create an account with your email or phone number.
- Complete the verification process and login to your account.
- At the top of the home page, navigate to the “Buy Crypto” option and click Fast Buy.
- Select the cryptocurrency you want to purchase in the “Buy” section.
- Choose your preferred fiat and input the amount you want to buy in the box below.
- Proceed by clicking the buy button.
- Input your credit/debit card details and accept the terms and conditions.
- Click Go Verify Identity and complete the verification exercise.
- Your crypto purchase will be deposited to your account, and you can view your balance by clicking Assets > Main Account (Deposit and Withdrawal).
Unlike the other crypto exchanges mentioned above, LocalBitcoins is a peer-to-peer platform that allows you to buy bitcoin from traders within your location.
With LocalBitcoins, you can pay the seller directly from your bank account or payment platforms like PayPal. This is like sending money to your buddy. But don’t worry, the bitcoins will be in escrow until the seller receives your payment.
Once the seller confirms your payment, you will then receive the bitcoin instantly to your LocalBitcoins wallet, which you can then transfer to an external wallet for storage or deposit directly to your favorite crypto casino account’s wallet.
How to Buy Bitcoin on LocalBitcoins:
- Visit www.localbitcoins.com and create an account.
- Complete the verification requirements.
- Click “Buy Bitcoin.”
- Select your preferred cryptocurrency and region from the top menu.
- Choose an offer that matches your payment method and the amount of bitcoin you intend to purchase.
- Once you find the seller, click the buy button.
- Enter the exact amount of bitcoin you want to buy on the offer page and proceed to the payment page.
- Send the funds to the seller, and click on “I have paid.”
- You’ll receive the bitcoin instantly once the seller confirms your payment.
How to Securely Store Your Cryptocurrencies
Now that you know how to buy bitcoin and other cryptocurrencies for your betting adventure, it’s time to learn how to store them safely. As mentioned, security is crucial if you plan to use crypto, and you may end up losing your crypto assets to hackers and scammers if you don’t spend time learning how to store your crypto using our recommended wallets.
There are many known brands of cryptocurrency wallets that you can use to store your coins. Each of the following wallets are categorized into different types such as hot wallets, cold wallets, mobile wallets, desktop wallets, etc. You can learn more about crypto wallets in this detailed article.
Wallets we recommend:
- Trust Wallet (mobile wallet)
- Metamask wallet (mobile and desktop wallet)
- Trezor wallet (hardware wallet)
- Ledger Nano S and Nano X (hardware wallet).
However, for this guide, we will instruct how to install Trust Wallet :
How to Store Your Crypto With Trust Wallet
Trust Wallet is one of the most popular mobile and non-custodial crypto wallets you can use to store your digital assets. The wallet supports a wide range of cryptocurrencies, and it is only available for download on Android and iOS.
Trust Wallet was developed by US-based software developer Viktor Radchenko and was later acquired by leading crypto exchange Binance and became its official wallet.
With that said, here’s how you can safeguard your assets using Trust Wallet.
- Visit https://trustwallet.com/ and download the latest Trust Wallet app on your smartphone.
- Open the app and click on “Create a New Wallet”
- You will see a 12-word recovery phrase (also called a mnemonic or secret phrase). Please write it down, off your PC, and click on continue. This phrase acts as a backup for recovering your funds if you lose access to your wallet or device. It’s crucial that you write the words on paper and store it in a safe place, preferably two different copies and never store all the words together. Remember: Anyone who gains access to your secret phrase will have complete control over your funds.
- Verify the recovery phrase by clicking on each word according to the order they appeared on the previous page.
- Once done, click continue, and you will have a newly created wallet. But you’ll need extra security.
- Click on settings and navigate to security to set up a passcode, biometrics, or a combination of both. This way, opening your Trust Wallet app or sending funds from it will require you to enter your passcode or biometrics.
- Your wallet is now ready to receive funds. You can transfer your purchased coins from the crypto exchange or the casino platform where your winnings are held.
- Upon creating a new wallet, Trust Wallet, by default, lists only a few popular coins like BTC, ETH, and BNB.
- If you can’t find your favorite cryptocurrency on the home page, you can add it using the button in the top-right corner. The coins will appear on the homepage once they have been activated.
- Once you’re ready to add funds to your wallet, select the cryptocurrency and click receive.
- Copy the address and send your funds from the crypto exchange or casino. The coins will be deposited almost immediately, depending on the network speed.
Security Tips to Safeguard Your Crypto
Aside from storing your cryptocurrency using an HD crypto wallet such as Trezor and Ledger, there are other measures you can use to enhance the safety of your digital assets.
- Ensure your device is malware-free before and after downloading the crypto wallet app.
- Ensure to download the official version of the crypto wallet directly from the developer’s website and/or the official app on iOS and Android (check the number of downloads and reviews).
- Carefully write down your recovery phrase and securely store a copy offline (never store it in your PC), away from the reach of prying individuals or bad actors.
- If you have a significant amount of funds, divide your cryptocurrencies into a few wallets. Store the majority of your funds on HD wallets.
- Ensure you exhaustively utilize all additional security measures like enabling two-factor authentication (2FA), passcode, and touch/face ID.
- Your casino account is not your personal wallet, so never store large amounts of funds on the platform and withdraw amounts you don’t play with.
- Unlike banks, crypto transfers are finite. So, Always double-check wallet addresses before sending funds. There are copy-paste malware and phishing that target crypto users. Once your device is affected, the malware changes any copied crypto address to the attacker’s wallet address.