A beginner's guide to cryptocurrency for the first
time...
1. Set up a digital / crypto wallet:
The first step is to organise a digital
wallet. Don't be put off by the name - a digital
wallet works in much the same way as an online bank
account you'd use to trade shares. However, it goes
further, giving you complete control of your digital
currency. By way of background, cryptocurrencies do
not have a physical form like coins or notes. All that
exists are records of transactions stored on the
blockchain.
When you buy cryptocurrency, the
seller signs off ownership of their coins to your
wallet's address. Even better, the details are kept
secure by your wallet's key - or password. Digital
wallets range from small hardware devices to software
programs or online platforms. A quick Google search
can help you decide which is right for you.
Note:
For US Citizens, it is recommended to purchase your
coins via Crypto.com or
Kraken
2. Select a cryptocurrency exchange:
Next, you'll need to select a
Cryptocurrency Exchange. These act as the middleman
between fiat currencies - government-issued money like
the US dollar, and cryptocurrencies such as Bitcoin,
Ethereum Ripple, or even Tether (USDT) also known as
Stable Coin.
All exchanges charge a trading fee,
and this is something to look for. Some also levy
additional charges for deposits and withdrawals. The
key is to understand when fees apply and how much
you'll pay. It's also worth looking for an exchange
with a wide choice of Cryptos.
Note: Use Tether
(USDT) as your based-currency as it is a stable
coin.Recommended Stocks / Cryptocurrency / Crypto Exchange
Platforms are MT4 and MT5, As it has
lowest trading fees and no other hidden charges.
3. Get some personal ID together:
Once you've selected a crypto exchange, take a
happy snap of personal ID like a drivers licence or
passport. As part of the account opening process
you'll be asked to upload the image to the exchange to
verify you're the account holder. From there, it takes
just minutes to have your account up and running.
4. Consider how you'll pay for your crypto
purchase:
Paying for trades is simple, and the available
options include bank deposits, POLiPay and your debit
or credit card. Most traders just use regular bank
deposits as no fee is incurred on the trade,
maximising returns.
5. Decide how much to invest:
As with any investment you're new to, it's a
good idea to start small, and this is an area where
crypto is handy for beginners. "Part of the appeal of
cryptocurrencies is that it doesn't take a lot to get
started. Once you've logged into your crypto exchange
account, select how much you want to spend in
dollars.Then choose the digital currency you want to
buy. Within minutes, your order is processed and
you're officially a cryptocurrency investor! It really
is that easy."Getting started investing in digital
currencies is far simpler than trading others. And the
results can be very rewarding."
Note:
MT4 and MT5 are part of those few
platforms that offer great deals and flexible deposit
amount. It also provide personal account manager for
its members.