Updated on January 11, 2025 | Reading Time: Approximately 3 minutes
If you're new to cryptocurrency investing, understanding blockchain basics is just the first step. You'll need to register accounts with two types of platforms: fiat-to-crypto exchanges and centralized cryptocurrency exchanges.
1. Fiat-to-Crypto Exchanges
To trade cryptocurrencies, you first need to acquire them.
A fiat-to-crypto exchange allows you to convert traditional money (like New Taiwan Dollars, NTD) into cryptocurrencies (depositing, or "on-ramping"). When you want to cash out profits back into NTD (withdrawing, or "off-ramping"), you’ll typically use the same platform.
Think of cryptocurrencies as shares in companies within a virtual economy—just like needing USD to buy US stocks.
In Taiwan, the most trusted fiat-to-crypto exchanges are:
- Maicoin (Regulated, supports bank transfers & convenience store deposits)
- BitoPro (Also government-regulated, competitive rates)
👉 Compare exchanges for the best rates
2. Centralized Cryptocurrency Exchanges
A centralized exchange (CEX) acts like a bank and brokerage in the crypto world—holding assets and enabling trades. Security and liquidity are critical when choosing one.
Binance is the largest globally, with strong regulation (similar to Interactive Brokers in traditional finance).
3. How to Buy Your Desired Cryptocurrency
Avoid these common mistakes:
- 🚫 Don’t buy altcoins directly with NTD on fiat exchanges (high withdrawal fees).
- 🚫 Never purchase crypto peer-to-peer in NTD (risk of scams).
- 🚫 Avoid credit card purchases (excessive fees).
Best Low-Cost Method:
- Buy Tether (USDT) on Maicoin (1:1 USD-pegged stablecoin).
- Transfer USDT to Binance via TRC-20 network (fast, ~1 USDT fee).
- Trade USDT for other coins on Binance.
FAQs
Q: Is cryptocurrency investing safe?
A: While markets are volatile, using regulated platforms minimizes risks like fraud. Always research before trading.
Q: What’s the minimum investment amount?
A: Start small—even ~500 NTD can begin your portfolio.
Q: How long do transfers take?
A: TRC-20 transfers usually complete in 5–15 minutes.
Remember: This is personal experience, not financial advice. Invest responsibly.