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Beginner’s guideStep 5 / 5~5 min

Buying crypto: what to check first

THE SHORT ANSWER

Buying cryptocurrency is optional for learning. Before a purchase, check total fees, withdrawal conditions, availability in your country and who controls the keys. Prices can fall sharply and a platform can experience financial or technical difficulties.

A purchase can result in a substantial or total loss. Learning here needs no purchase, deposit or wallet connection.

1. Compare the service and custody

Compare total cost: the gap between buy and sell prices (spread), commission, card payment, conversion and withdrawal charges. Identify the contracting entity, the actual asset purchased and custody terms. The links below are affiliated; they are not a ranking.

France and the EU: check the provider

In France, the transitional period for the former PSAN regime ended on 1 July 2026. An old PSAN registration is no longer enough to demonstrate current authorization. Check the exact legal entity and the services covered, rather than relying on a brand name.

Consult the ESMA MiCA register and the relevant national authority. Check the entry date and any withdrawal of authorization: a name can remain in a register after authorization is withdrawn. Authorization does not guarantee returns or cover every product sold by a brand.

ESMA — MiCA register (English)AMF — end of the transition (French)

Affiliate links. If you use these affiliate or referral links, WhyTheBlockchain may receive a commission or reward, subject to the programme’s terms. Reading our guides is free and requires no purchase.

Coinbase

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Binance

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eToro

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Check each platform’s fees, availability in your country and offer terms before signing up. These links are not a ranking of platforms.

2. Understand account terms

  1. Verify the provider’s domain and legal name before supplying identity documents.
  2. Use a unique password and strong authentication offered by the service, such as a passkey or security key.
  3. Read identity verification, data processing and account recovery terms.
  4. Check supported payment methods, charges and any withdrawal delays or restrictions.

3. Read the details before confirming

If you choose to make a transaction, check the summary screen. Terms may differ by country, account and product.

  1. Distinguish a spot purchase from a derivative, leveraged product or yield service.
  2. Compare the actual amount received with the total charged, including fees.
  3. Identify who controls the keys and how withdrawal to a personal wallet works for that asset and network.
  4. Keep transaction records. Tax and reporting obligations depend on your country and circumstances; check the applicable official rules.

Sources and further reading

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