Making-money from money is always wise. You must be wondering where to invest and how to do that? Enter the world of cryptocurrency. You can trade cryptocurrency using your money initially and later from crypto-to-crypto on larger platforms. For entering, you will need to use the portal, called ‘Exchanges’. These exchanges connect the world of cash to the world of crypto.
A number of exchanges are working for this sake. You may select anyone out of those. But it is advisable to choose the fiat-to-crypto currency. These exchanges will let you learn first and settle too. Once you achieve a safe position where profit-making is easy and frequent, you can then opt for a popular exchange. However, if you are confident enough and have excellent previous knowledge and experience of stock exchanges, you can enter into more significant firms and choose crypto-to-crypto trade.
There are five simple steps to learn about entering the crypto world, being a remotely interested investor. So to get your slice of the pie from the exciting crypto market, here are certain guidelines and points for your ease.
1. Choose an Appropriate Exchange
For investing in cryptomarket, check this list to keep some basic things exchanges should possess:
- First and foremost, in trading, is to choose appropriate exchanges that can provide you the services within your area. For instance, the exchange we are choosing in this guide is Coinbase, and it is unavailable for the investors from Indonesia and India.
- The next thing that you need to confirm is the reputation of the exchange. Make sure that users are satisfied and it has not been hacked in recent times. Check the reviews and use social media platforms as your sources.
- The security a crypto-exchange possesses must also be a big concern of yours. It might appear a task to prove your identification, but it is for your own safety. It also takes some more minutes from your precious time, and this actually is safer than anonymous and ordinary exchanges. Take a few extra sets to avoid stress later.
- Last but the most important point is the exchange rate. Exchanges have their own different rates. The exchange rate offered by crypto-exchange must be cross-checked and compared by a few other exchanges available in your area because the rates in other areas/countries may also vary. However, exchange rates generally vary among the exchanges. Do your homework in this regard to grab a bigger portion of the benefit.
2. Sign up and Create your account
The very next step after choosing the exchange is to create your account. Without any complications, it is a very smooth process. After opening the exchange’s website, which is Coinbase.com, you need to click on ‘ Sign Up’. Within a second or so, a window will appear that will require your basic information. As you are creating a personal account, click “individual” to make it clear on your account.
Then simply fill the fields with your first and last names, your Email and a Password. Then you just need to agree to the Terms and Conditions written there and finally prove yourself a human by checking the sign of “ I’m not a robot”.
So now you have an account. What’s next?
3. Security Concerns
Next in the list is securing the account. You will have to add some details to your account. For that, follow the steps given below:
- Verification by phone:
Phone verification is essential to stay connected and get the alert whenever the account is being logged in. It also becomes a 2-step verification process to restrict any anonymous access through a password.
As soon as you enter your phone number, you will receive a text message containing a verification code (a one time password). All you need to do is add that number to the given field and move forward.
- Payment method:
Payment methods usually vary in different exchanges. However, Coinbase accepts payment via debit cards, bank accounts, and wire transfer. Coinbase has stopped accepting credit cards now. The advantages associated with these three payment methods accepted by Coinbase are briefly described in the table.
|Method Type||Buying of Crypto||Selling of Crypto||Depositing Amount||Withdrawing Amount||Investment Type||Speed (working days)|
|✓||✓||✓||✓||Both small and large||In 4 to 5 days|
|Wire transfer||☓||☓||✓||✓||Large only||In 1 to 3 days|
|Debit Cards||✓||☓||☓||☓||Small only||Instant|
- Verification of Your Identity:
On this stage, you only need to verify your identity as Coinbase is regulated. Usually, this is why compliance with KYC/AML is necessary. A straightforward process is present to verify before you make any purchases through your debit card, you may click here to follow further instructions.
4. Start trading
You are now ready to start your trade of cryptocurrency. After signing up and setting up the account on your chosen exchange, you now have to start trading the available cryptocurrency coins. It mostly includes Bitcoin, ethereum and many other most used coins around the globe.
There are several websites or guidelines available on the internet to tutor the steps of trading cryptocurrency in general or with respect to a particular exchange. However, you can visit this website for knowing everything you should know comparebrokers.co. It is a comprehensive platform to learn and experience aspects of cryptocurrency investments in the Financial market.
5. Protection of cryptocurrency
Money is always kept in a safe place, or you keep some of it in your wallet to make transactions. With your digital money, you also have a wallet. Your wallet security depends on the private key and public address. Your digital money is always safe in your wallet. You can send and receive more money in your wallet. The most important thing to bear in mind here is the use of the private key and public address. Just do not confuse their purposes.
Private Key: It gives you the right to access your own account
Public Address: This is the address, which will be used by others in order to send money to you.
Note: Do not share your private key ever, even mistakenly, you may have to suffer a great loss. Never ever! Mind it!
The Private key is for your use. Only you should know it!