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How to Start Crypto Trading


Learning something new, especially something as technically difficult as cryptocurrencies, can be overwhelming. Where to start ? The task has become easier over the years thanks to the Internet.

A search on Google or YouTube will bring up a lot of information. Although understanding the technical aspects of cryptocurrencies can be difficult, investing in cryptocurrencies is not much different from investing in stocks.

One of the most difficult aspects of crypto trading is transferring crypto from an exchange to a wallet. When you buy shares, the security is owned by your broker, who records you as the owner on their books.

Crypto should not stay on an exchange. It is too risky to store large amounts of coins on crypto exchanges, so you should use crypto wallets to hold your assets. Crypto wallets are necessary to store your crypto assets securely, so learning how to transfer your cryptocurrencies off exchanges safely is essential.

To win in crypto trading, educate yourself before you risk your hard-earned cash. Crypto education is ongoing, and the more educated you are at the start, the better your overall experience will be.

The Best Crypto Education Sites

Crypto Educational Websites

YouTube educational videos

The temptation to jump into crypto blindly can be strong, but this decision usually leads to failure and disappointment. Additionally, the crypto space is monitored by scammers looking for unsuspecting traders. Often victims are new to the crypto space and haven’t educated themselves on how to spot and avoid scams, although even the most savvy traders can fall prey to scams.

The genesis of bitcoin

Many people probably think that the idea of ​​crypto e-money started with Bitcoin. In fact, the idea had been around for about 26 years before Bitcoin existed. The failures and evolution of these early projects laid the foundation for Bitcoin’s success.

On August 18, 2008, the Bitcoin.org domain name was registered. On October 31, a link to an article by Satoshi Nakamoto appeared on a crypto mailing list. The paper was titled Bitcoin: A Peer-to-Peer Electronic Payment System.

About two months later, on January 3, 2009, the Bitcoin network came into existence with Satoshi Nakamoto mining the very first block – the genesis block. As a result, the first 50 Bitcoins were issued as a reward.

Bitcoin ushered in a new era that changed the global financial landscape.

Why do people use crypto?

The reasons for using cryptography vary. For some, cryptocurrencies are speculative assets purchased for the purpose of making life-changing gains. For others, they are a way to diversify their investment portfolio. Some like to have an option on government-issued fiat currencies. But for others, cryptocurrencies could be life changing.

If you were born in a developed country with a mature and sophisticated economy, you should consider yourself lucky. Whether you are financially well off or less, you are living at a far better standard than billions of other people on the planet.

Residents of developed countries even have advantages when it comes to identity. Everyone is supposed to have a birth certificate, social security number, driver’s license, or photo ID to prove who they are. Being able to verify your identity has huge benefits; it allows you to open bank and investment accounts, travel abroad, get credit, get a job, and receive unemployment benefits.

If you live in an underdeveloped or underdeveloped country, many of these things are not available to you. You may have no way to prove your identity, which means you have no access to credit markets, investment opportunities or bank accounts.

You would be relegated to using only cash and forced to live and work in an informal local economy, isolated from the global economy. A 2017 World Bank report stated that 1.7 billion adults worldwide are unbanked.

This is where Bitcoin and other cryptocurrencies can change lives. A $20 cell phone, cheap tablet, or laptop to download one of the many cryptocurrency apps is all it takes to become your own bank.

Access to a global, decentralized and borderless peer-to-peer payment network will unlock incredible opportunities. Business owners and entrepreneurs with this access can operate globally.

Where to buy crypto

  • This advertisement promotes investing in virtual cryptocurrency within the EU (by eToro Europe Ltd. and eToro UK Ltd.) and the United States (by eToro USA LLC); which is highly volatile, unregulated in most EU countries, without EU protection and unsupervised by the EU regulatory framework. Investments are subject to market risk, including loss of principal.

You can access hundreds of crypto exchanges worldwide, so it should be easy to find one that suits your needs. If you are a US citizen, the list of available exchanges is a bit shorter due to the regulatory landscape. The following list is just a few of the most popular major exchanges with excellent trading platforms.

Global Crypto Exchanges US Crypto Exchanges Crypto Stocks & Brokers

  • Binance Binance.US eToro
  • Bitfinex Coinbase Robinhood
  • Crypto.com Webull Tradestation
  • Gemini SoFi Interactive Brokers
  • KuCoin FTX.US

How to transfer crypto

Events like the failure of the Cryptopia exchange show the importance of learning how to transfer your crypto assets into a secure wallet. Transferring crypto can be nerve-wracking the first few times you do it. However, it can become second nature if you take your time and pay attention to detail.

Double and triple-check everything. Things to check include.

  • Transfer to the appropriate wallet as in ETH to an ETH wallet.
  • Transact on the right network. Is it an ERC20 token? For ERC20 tokens, you will use the Ethereum network. Some exchanges allow you to switch networks, some do not. If you can choose the network, make sure you have selected the correct one.
  • By using the correct mailing address, make sure there are no errors in the address. At a minimum, check the first and last four characters.
  • Most cryptocurrencies cost little to transfer, but pay close attention to fees. This is especially important when transferring ETH. Sometimes transfer fees for the Ethereum network can be high.

The most important thing to remember is that there is no rush. Slow down and check everything before hitting the transfer button. Once you click transfer, if there is a mistake, there is no stopping the transfer and most likely you will lose everything.

How to Store Crypto and NFTs Safely

With the huge selection of wallets available, there’s no excuse not to use one.

If you’re venturing into the world of non-fungible tokens (NFTs), you need a wallet to store your NFTs. If you want to use a decentralized financial exchange (DeFi), you need a software wallet to connect to the exchange. At a minimum, a software wallet (hot storage) is a step in the right direction.

However, if you want the ultimate security for your crypto assets, you will want to use a hardware wallet (cold storage). Ledger makes two different models and is one of the best on the market. A few features make Ledger wallets very secure.

The first uses a Secure Elements chip designed to resist advanced cyberattacks. This is the same chip used in credit cards and passports. The other is that the wallet is only connected to the internet when you are managing your crypto. Isolation from the internet makes hardware wallets difficult, if not impossible, to hack.

Wrap

Find out as much as you can before investing in cryptocurrencies. Take advantage of the free content available online. Learn how to read and analyze price charts. Can you invest without analyzing price charts? Sure, but this ability can be a powerful tool that you can use to your advantage.

Be aware that cryptocurrencies are volatile and, as an investment, are risky. Get it right and a huge amount of money can be made, but go blind and you’ll most likely get a rekt. Only invest an amount that you are prepared to lose.


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