#CryptoEssentials: Simple steps to start investing in cryptocurrencies
To help get you started on your crypto journey, we’ve developed the #CryptoEssentials. A series of blogs designed to give you all the information you need to start trading cryptocurrency. If you have any questions about the #CryptoEssentials, the Coinage Exchange or anything else Crypto related, feel free to get in touch with us.
Cryptocurrency is evolving and maturing into its own asset class and investors are interested in learning more in order to start investing. Cryptocurrency can be a daunting subject to learn but let’s focus on basics for this article.
The first question you’re likely to have is ‘Where do I start?’ Well, luckily, we can help:
Choosing what token you want to invest in isn’t an easy first step, especially as there are over 1600 to choose from. However, sites like coinmarketcap.com helpfully list them so you can compare a number of tokens at a glance. When you find a token that looks good to you, there are a number of factors you should carefully consider before making any decisions. Each token will have a different team, utility, industry, level of funding, traction, success potential and community. You need to decide the factors that you will use to evaluate your investment. Research and patience are key here.
Next, you’ll need to create yourself a crypto wallet to receive the tokens that you buy. There’s a wide range of wallets to choose from so if you’re not too sure, our blog about crypto wallets might help you choose the one that is right for you. Each wallet is very specific to which types of tokens it will accept so make sure the wallet supports the token you will be purchasing.
Once you’ve got an idea of what token you’re going to invest in and you’ve got your wallet set up, you’ll need to decide how much you’re going to invest. To actually purchase the tokens you’ll need to join an exchange that supports the exchange of your local country currency (USD, CAD, GBP etc.) to cryptocurrency.
Exchange your fiat currency for cryptocurrency on the exchange. Usually most exchanges will exchange your money for cryptocurrency tokens like Bitcoin or Ethereum. Now you can use the Bitcoin or Ethereum tokens on the exchange to buy the tokens that you decided to invest in.
So there we have it, you now know the basic steps you need to take start trading cryptocurrencies. All that’s left to do is manage your investments. As always, if you have any questions feel free to drop us a message via our social media and support channels below.
If you found this article useful why not take a look at the other articles in our #CryptoEssentials series below. If you have any questions about anything crypto related, drop us a message via our social channels.
Coinage is here to make cryptocurrency investing easier, safer, stable and more transparent for seasoned traders and newcomers alike.
For more information about Coinage or the Coinage Exchange go to GetCoinage.com
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