Looking to get into crypto but don't know how? This guide is for you. See, the journey into crypto doesn't begin when you purchase your first crypto(s). It begins when you decide to act on the idea of getting into crypto. A lot of people looking to join crypto often fail at this stage.
Contrary to how it has been painted by the entertainment & media industry, crypto trading isn't a reserved activity for high profile individuals.
You don't need to be like Jordan Belfort from The Wolf of Wall Street to get it right. Here is a simple guide of what you need to do when getting into crypto.
Guide to investing in crypto
Carry out research
The research step helps you familiarize yourself with all the facts, concepts, ideas, and other crypto tips that you may not be aware of. It is crucial to conduct detailed research as it will lay the foundation of your crypto journey.
Some of the questions that will steer you in the right direction are: Why am I buying crypto? Which crypto coin(s) do I want to purchase? Where will I store my crypto coins? How will I leverage my crypto? By answering these questions, you will equip yourself with the fundamentals of crypto.
Choose a reputable crypto exchange
The next step after familiarizing yourself with the theory part is to act on your plan. Start by choosing a platform where you will buy crypto from. While there are many alternatives here, the most convenient is through a regulated crypto exchange or broker.
It is advisable to choose a licensed & trusted exchange to avoid losing your funds or falling victim to crypto scams. Don't go for the exchange offering the 'best deal' unless you have confirmed that it is indeed a trusted brand. A reputable exchange will likely cost more but trust us on this; it is worth it.
After choosing your exchange, proceed to create an account using your credentials on the exchange's website. Now, if you're looking to buy Ether, start by checking the Ethereum price and studying its price action.
Here is where you'll need the knowledge of crypto price movement. Once you are certain that it is the right investment for you, proceed with the purchase. When carrying out research, you will likely come across many trading strategies. Don't fall for the strategies promising you that you'll be a millionaire overnight.
Carefully consider your options and come up with a simple strategy that will allow you to grow. There's hardly a strategy that guarantees you return, but there are those that can help you avoid incurring losses. The most feasible and realistic strategy for beginners is portfolio rebalancing.
Storing your crypto
The exchange you choose will determine what coins you can purchase, how you trade, the experience you get, the community you interact with but it won't guarantee the security of your cryptos..This is why you'll need to choose a reliable method of storing your crypto safely.
Most crypto exchanges aren't ideal for holding crypto as funds can be lost to a hack easily. We recommend using a wallet instead, preferably a hard wallet such as Ledger Nano X. Weigh your options and choose one that offers the best security and maximum convenience.
The beginning of your crypto journey will be confusing but don't worry, things will fall into place with time. It is very easy to get entangled in the crypto frenzy and forget to stick to your plan. Take some time to watch crypto-related YouTube videos & read blogs from the internet. You can also ask your colleagues who have already mastered the art but make an effort of verifying the information.
Always remind yourself that this is a journey, and it takes time to get to the destination. Don't rush in with unrealistic expectations or complex plays. The volatility of crypto doesn't necessarily mean that your assets will soar in the space of a day. Take things slowly one step at a time until you've mastered everything.