Entering the world of cryptocurrency can feel overwhelming at first, but with the right guidance, buying your first digital asset is simpler than you might think. This guide walks you through the essential steps—from choosing a reliable exchange and depositing funds to executing your first trade with confidence. Whether you're interested in Bitcoin (BTC), Ethereum (ETH), or exploring future applications like NFTs, this step-by-step walkthrough ensures a smooth onboarding experience.
Choosing the Right Cryptocurrency Exchange
The most common and efficient way to buy cryptocurrency is through a cryptocurrency exchange. These platforms allow users to trade fiat currency (like USD or TWD) for digital assets such as Bitcoin and Ethereum.
Popular global exchanges include Binance, Coinbase, and formerly FTX (note: FTX is no longer operational). For users in Taiwan, local platforms like MAX Exchange offer seamless integration with domestic banking systems, making deposits and withdrawals fast and low-cost.
It's generally recommended to open accounts on both international and local exchanges. International platforms often support more trading pairs and advanced features, while local exchanges provide unmatched convenience when it comes to fiat on-ramping—depositing traditional currency into your account.
👉 Discover how easy it is to start trading on a secure, global exchange platform.
Why Use a Local Exchange? Fast and Easy TWD Deposits
One of the biggest advantages of using a Taiwanese exchange like MAX is easy TWD deposit functionality. Since most people already have a Taiwanese bank account, transferring funds to a local exchange feels just like any regular bank transfer.
Here’s how it works:
- After registering and verifying your identity on MAX, you’ll gain access to a dedicated virtual bank account hosted by Far Eastern International Bank.
- This account is uniquely linked to your MAX profile.
- Simply initiate a bank transfer from your personal account to this designated number.
- Within minutes, your TWD balance will reflect in your MAX wallet—ready for trading.
Note: MAX only allows deposits from the bank account registered during sign-up. If you wish to change your linked account, submit a request in advance—updates typically take 24 hours to process, during which trading is suspended.
Understanding Account Verification Levels
Before you can deposit or trade, ensure your account has reached Level 2 verification. On MAX, you can check this by tapping the “Profile” icon in the bottom-right corner. Without Level 2 status, key functions like fund transfers and trades are restricted.
Verification usually requires submitting government-issued ID and sometimes proof of address. Once approved, you're fully equipped to enter the crypto market.
Defining Your Investment Purpose
Before placing your first order, pause and ask: Why am I buying cryptocurrency? Your answer shapes the best strategy moving forward. Here are three common scenarios:
1. Long-Term Holding on an Exchange
If you’re simply buying Bitcoin or Ethereum to hold long-term and trust the security of reputable exchanges, storing your assets directly on MAX or another trusted platform is perfectly viable. This approach offers simplicity and quick access.
However, remember: Not your keys, not your coins. While established exchanges implement strong security measures, they remain targets for hackers. The risk is low—but not zero.
2. Self-Custody in a Personal Wallet
For larger investments, consider transferring your crypto to a hardware or software wallet under your control. This gives you full ownership of private keys—the digital "passwords" that secure your funds.
While safer, this method introduces higher transaction fees when moving funds from an exchange. For example, withdrawing BTC from MAX may incur fees around 0.0004 BTC (~$15 USD), depending on network congestion.
3. Preparing for NFT Transactions
If you plan to participate in NFT marketplaces, you’ll need crypto in a connected wallet, as most NFT platforms don’t support direct purchases from exchanges. Transferring tokens from exchange to wallet incurs gas fees—and skipping proper planning could lead to unnecessary costs.
👉 Learn how to efficiently move funds between exchanges and wallets while minimizing fees.
Executing Your First Trade on MAX
Assuming you’re ready to buy Bitcoin and intend to keep it on MAX for now, follow these steps:
- Open the MAX app and tap Trade.
- Select TWD/BTC trading pair.
- Choose Buy/Sell and select “Buy.”
- Enter the amount of BTC you want (or use percentage options like 50% or 100% of available balance).
- Decide between market order (instant purchase at current price) or limit order (set your desired price).
MAX charges:
- 0.05% fee for placing limit orders (maker fee)
- 0.15% fee for market orders that execute immediately (taker fee)
To save on fees during low-liquidity periods, consider using limit orders instead of market buys.
After confirming your order, tap the back button and navigate to Wallet to view your updated cryptocurrency balance.
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These terms reflect real user queries and help ensure the content ranks well for both informational and transactional searches.
Frequently Asked Questions
Q: Is it safe to keep crypto on an exchange like MAX?
A: Reputable exchanges use advanced security protocols including cold storage and two-factor authentication. While generally safe for small-to-medium holdings, long-term investors should consider self-custody via hardware wallets for maximum control.
Q: Can I deposit TWD from any bank into MAX?
A: Yes—but only from the bank account registered during sign-up. Changing this requires submitting a formal request, which takes about one business day to process.
Q: Why are withdrawal fees so high sometimes?
A: Blockchain network fees (like Bitcoin or Ethereum gas fees) fluctuate based on congestion. High demand leads to higher fees. Timing transfers during off-peak hours can reduce costs.
Q: Should I use a local or international exchange?
A: Use both. Local exchanges simplify fiat deposits; international ones offer broader trading options. Diversifying across platforms enhances flexibility.
Q: What’s the difference between maker and taker fees?
A: Maker fees apply when you place a new order that doesn’t immediately match (adding liquidity). Taker fees apply when you fill an existing order (removing liquidity). Limit orders often qualify as maker trades.
Q: Do I need a referral code to sign up?
A: No. Referral codes may offer minor benefits like reduced fees, but they’re optional and not required for account creation or trading.
Final Thoughts
Starting your crypto journey doesn’t have to be complicated. By selecting trusted platforms, understanding your goals, and learning basic trading mechanics, you can confidently make your first purchase. As you grow more experienced, explore advanced strategies like cross-exchange transfers, decentralized finance (DeFi), and NFT participation.
👉 Get started today with a trusted global platform designed for beginners and pros alike.
Remember: Always prioritize security, stay informed about market conditions, and never invest more than you can afford to lose. With careful planning, cryptocurrency can become a powerful part of your financial future.