Purchasing cryptocurrency through an Android phone consists of three steps which are setting up a wallet, making the transaction and finally verifying if your coins have been received. It is also important to know the destination of the crypto and its costs.
This beginner guide will show you how to set up your wallet, and make your first transfer.
1. Configure a wallet that suits your needs
You have to start by selecting a wallet that is compatible with your bitcoin and network. Do not assume that your wallet will accept any digital coin. Different cryptocurrencies like Bitcoin, Ethereum and tokens will have different reception methods.
You have to download the application from the official website of the wallet developer and verify the publisher before proceeding to download the app. After downloading the app, follow the steps provided to set up the wallet.
In case your wallet has a recovery phrase, make sure you write it somewhere safe and store it offline as anybody can access your funds using that phrase. Never provide it on any websites claiming to be your wallet provider.
2. Obtain your receiver’s address
Log in to your wallet and select the cryptocurrency you are looking to receive. Click on the Receive function to see the public address of your wallet.
Check the calculator provided along with the address. For instance, a token might also exist in other networks, so in the payment process the network chosen at checkout must match with the one accepted by your wallet.
It is advisable to use the copy button when repeating the address to avoid typing errors.
3. Choose a purchase service
Using Chrome or an alternative Android browser, go to a payment processor that allows card transactions for cryptocurrency. One way to do this is through Switchere, which describes how to complete a checkout by choosing a cryptocurrency, adding a wallet, and making a card payment.
You need to make sure that the service you choose supports your country of residence, the crypto asset you will use, and your card. It is important to check whether it works with your country, crypto asset, and card. Just because a service accepts card payments, it doesn’t mean that the transaction will be approved by your bank.
For your first purchase, make sure to buy a small amount of crypto so that you can familiarize yourself with the process without losing too much money.
4. Check the prices and proceed to checkout
Pick your crypto, payment currency, and the amount you want to buy. Verify the exchange rate, transaction fees, and the actual amount of crypto you will get. Pay attention to the network fees that may be included as part of the quote.
Also verify your bank’s policy regarding payments, as some banks may consider crypto transactions to be cash advances and start charging interest from the time of the transaction. Such costs will not be included in the service’s checkout quotation.
Proceed with identity verification and add your wallet address and card details. Follow the bank’s instructions, which may involve using the banking app or receiving a one-time code through text message. Ensure that you keep the checkout window open until you know the result of the transaction.
5. Make sure that your crypto has arrived
Payment approval and the actual transfer on the blockchain are separate processes. Your card may receive authorization even before your money reaches your wallet.
Be sure to have your order confirmation and transaction ID. Use the ID in the corresponding blockchain explorer to track your transaction. Depending on processing times and network performance, it may take some time to see your funds in your wallet.
Refresh your wallet and double-check the asset and network. If the balance is still not there, verify the order status before making another purchase. Get in touch with customer support and provide your order details, but never the recovery phrase.
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