Beginner's Guide: Tips for Newbie Cryptocurrency Investors 2022
Advice for beginners in cryptocurrency investing is everywhere these days. But when Bitcoin came out in 2009, it was just an interesting phenomenon in the financial world. Due to the high volatility of cryptocurrencies, if a novice investor starts investing without understanding the situation, it can lead to substantial property losses.
How Beginners Can Invest in Cryptocurrencies
Beginners can choose a cryptocurrency exchange or broker, create and verify an account, deposit fiat money for investment, place an order to buy cryptocurrency and choose a storage method, such as a wallet.
Choose a cryptocurrency exchange or broker
When choosing a cryptocurrency exchange, you need to make sure that the exchange allows you to buy cryptocurrencies with fiat currencies such as USD. Some exchanges only accept cryptocurrencies, i.e. you need to hold cryptocurrencies first. But newbies may not have any cryptocurrency. As such, you need to buy cryptocurrencies on exchanges that accept fiat.
Trading through a cryptocurrency broker is simple and more straightforward than an exchange. The interface is easy to navigate, although it sometimes costs more. Two mainstream cryptocurrency brokers are SoFi and Robinhood. As you read this article, the importance of cryptocurrency wallets becomes apparent. Some advanced cryptocurrency players also prefer to store their cryptocurrency holdings in hardware wallets.
After choosing an exchange or broker, the next step is to register on the platform. The platform requires you to verify your identity through different methods. This is essential to prevent fraudulent activity.
Top up cash
You must have fiat on your account to buy cryptocurrency from an exchange or broker, which you can top up via wire transfer or debit/credit card.
After the top-up is complete, it takes a few days to use the deposit to buy cryptocurrencies. The waiting time depends on the platform processing time.
Choose a currency to buy
Once the deposit is complete and ready to use, you can choose from hundreds of cryptocurrencies. Mainstream cryptocurrencies are Ethereum and Bitcoin. Below are the codes of several mainstream cryptocurrencies.
Bitcoin (BTC), Tether (USDT), Ether (ETH), Binance Coin (BNB), Cardano (ADA)
What do I need to do when investing in cryptocurrencies?
Read the white paper
Stick to your trading plan
Target price and stop loss
Avoid timing in and out of the market
Only invest in products you can afford to lose
Research and due diligence
Keep your keys safe
Avoid impulse trading
This guide explores the basics of investing in cryptocurrency for beginners. All in all, do your research carefully, stick to your trading plan, don’t be influenced by emotions or so-called cryptocurrency experts, and get information from reliable sources. For more crypto investment info, please log on to www.gxgcoin.io(J^x2TSMvRj1COh0^)
Hopefully, these tips will help crypto newbies get ready to take on the DeFi trading market head-on.
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