How to buy your first cryptocurrency
Furthermore, following these steps will make the cash-out process simpler if you do hope to deposit funds back into your bank account further down the line. You can go about funding your account in a number of ways. The most common way to get money into your account is to connect it with your bank account. Linking your bank account will allow for the most hassle-free deposit and withdrawal processes. Make no mistake, initially verifying your bank account can be a lengthy process, but it will make purchasing crypto much easier in the end.
The process to add your bank account will vary, depending on which platform you choose. Make sure to double-check how your bank handles credit-card crypto purchases though, as many major card providers consider it to be a cash advance rather than an actual purchase. This can result in additional interest charges and fees. You can now place your first crypto order.
An order is exactly what it sounds like — creating a ticket with your desired purchase amount and sending it off to be fulfilled. Once you place an order to purchase, say, 0. For most exchanges, fees will vary anywhere from 0. Make sure to double-check the fee schedule of whatever platform you may use — purchasing could be easy, but cashing out might cost an arm and a leg. Now that you have an up-and-running exchange account, you have a wide variety of ways to buy, swap, and store crypto.
Sure, keeping your funds in your exchange account is fine if you intend to trade often. However, for added security, you should consider the two most common ways to store crypto: in a software hot or hardware cold wallet. A hot wallet is a crypto wallet that stores its information online and can be run by and connected to devices such as tablets, computers, or phones. If you intend to use your crypto for NFT purposes, a software hot wallet like MetaMask might be your best choice.
To get started with MetaMask, read our how-to guide. Read everything you can find on the topic. Lurk on community forums and developer mailing lists. Listen to podcasts. Borrow books from the library, not only about digital currency but related fields like cryptography, game theory and economics.
Read CoinDesk and even some of our competitors. Ask lots of questions. Fear of missing out FOMO is a sure way to destroy whatever wealth you may have accumulated over the years. Trading based on your gut will quickly lead to an upset stomach. Really know it. Every coin has pumpers shameless promoters , even bitcoin. Think for yourself and evaluate the case for an investment on the merits. Then research again. If it sounds too good to be true, it probably is Much like Wall Street, the U.
Congress or the American Bar Association, crypto is rife with charlatans. There are more than enough people promising their project will be the one to overtake bitcoin. But is it? Buyer beware, but also borrower beware. This will juice your profits if a coin goes up in value, but if it goes the other way you could quickly be wiped out. If they did so they would get 10 times the amount back. That too-good-to-be-true proposition was a red flag.
Read this , this and this for more telltale signs. Not all coins are created equal. There are literally thousands of cryptocurrencies, some of which seek to emulate bitcoin and some of which try to solve other issues. They all have varying levels of developer support and decentralization.
Determining the value of a coin means asking how and why was the coin created. What is its supposed utility? Who is working on it? How big is the developer community? How active is the repository on GitHub, where updates to the open-source software are usually logged? Like a building, a codebase requires maintenance, and neglect can leave a structure unsound.
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