In the last several weeks, I’ve helped many newcomers buy cryptocurrency. Many of us involved in the crypto-space have forgotten how complicated it is when making that first buy or sell. What now comes easily was in the beginning very confusing – and you realize this when explaining to a newcomer the steps required. There are so many options – how do they know which exchange to use? What to do with their cryptocurrency once it is purchased? Which wallet to use for safe storage? What many of us consider to be “basic knowledge” is Greek to newcoiners and so I’ve created some “how-to” docs with guidelines using what I feel are the easiest and most reliable options for newbies!
While there are many options, and some may ultimately be better choices – this is for beginners in the USA. It is highly recommended before you buy cryptocurrency to research other available information and documents on this website to gain an overall understanding. However, even after doing this – there are steps to take prior to making that first buy and these documents provide a quick guide.
Preparing to Buy Cryptocurrency
One thing I’ve noticed is that newcomers usually want to take advantage of a drop in price – and fail to realize that it takes time to establish an exchange account, transfer fiat funds, and verify identity before you can buy cryptocurrency. Often the time it takes results in missing a “buy the dip” option, so even if you’re not ready to buy cryptocurrency just yet – at least get set up to do so. It costs you nothing to be prepared if or when the time comes.
Before you buy cryptocurrency understand that you MUST READ EVERYTHING when setting up accounts, making buys or sells, transferring funds, etc. Please do not just click through without reading, especially if you are not tech-savvy – to do so can be very costly. Double-check every wallet address, and make certain you’ve not copy/pasted additional spaces at the beginning or end of a wallet address. Pay attention to the BUY or SELL options – I’ve seen newbies actually buy when they mean to sell (and vice-versa) simply because they did not pay attention to the tabs!
After you Buy Cryptocurrency
Another important consideration when you buy cryptocurrency is what to do with it – and leaving it on an exchange is not a good idea. When you buy cryptocurrency, if you do not hold the “private keys” then you do not control your funds. Leaving it on an exchange such as Coinbase means the exchange holds the private keys. Should an exchange become compromised, hacked, or decide to freeze your account for any reason – you lose your coins. Be sure to read and understand the different wallet options to make informed decisions.
Be very careful before investing your cryptocurrency in the various platforms popping up – most are complete scams, and I am speaking from experience. The ONLY platform I have found to reliably perform as expected is the Titan Trade Club. Titan is a “club” in which members deposit funds that are traded by experts on their behalf. While there is an affiliate plan for those who invite others to join – it is 100% optional and my spouse’s account has successfully traded as a passive investor since Aug 2017 launch of the club. There is no “scamcoin” or bogus-token associated with Titan, no hidden fees, and returns are reasonable yet sustainable. It is not a “get rich quick” scheme, but rather a plan that delivers a decent profit over a one-year membership term via daily returns on mining and trading, plus commissions if you’re inclined to invite others. I find it to be an excellent way to increase my bitcoin and/or ethereum acquisition without spending more money.
I hope these how-to docs will be helpful to those looking to buy cryptocurrency 🙂
How-To-Buy Cryptocurrency Docs
Just click the image right to open and review the how-to docs. There are links to download, share or email the PDF file to keep for reference!
Buy Cryptocurrency for Trading
Trading is quite different than just buying and holding as an investment. When you trade cryptocurrency it means that you are actively trying to buy at a low price and sell back at a higher price in a relatively short period of time. Trading successfully requires knowledge and practice – and still, there will be losses as well as gains. The crypto-market is occupied by very large players (Whales) just waiting for newbies to come in and throw their money away by trading without a shred of expertise. Trading is not for everyone!
A few trading tips learned…
- Start a trade only when you know why you’re trading and have a clear strategy.
- There are days when you’ll only profit by not trading at all.
- Set a clear target level for profit, and a clear stop-loss level for cutting loss.
- Do not fall “in love” with a coin or a trade! Take profit or cut a loss based on your targets set in #2.
- Do not trade due to FOMO (fear of missing out)!
- If a coin is rising quickly, you’ve missed the entry point – let it go unless you already hold it, and can sell high.
- Manage risk wisely by never investing more than a small percentage of your portfolio.
- Never look to sell at the all-time-high – better to look for small profits along the way.
- Realize that when Bitcoin price drops it is likely to be a consolidation period and do not panic sell.
- Remember that every trade action comes with a fee – so take that into consideration.
- “Buy the rumor, sell the news.” – meaning when major news sites publish why this or that coin increased, it’s time to get out of the trade.
- Be satisfied with “profit” and don’t re-enter a trade under pressure because the price keeps going up.
This post represents my own personal experiences and practices. It is not to intended to be financial advice on any level. I am not a financial advisor, only a bitcoin hodler sharing my own strategy so others might learn from my mistakes or successes. Do your own research, and understand that cryptocurrency is an investment that comes with risk. Never invest more than you can afford to lose, or money you’re going to need in the near future – as there are no guarantees in this space where one is 100% accountable for their own actions.