By now you have a good understanding of the basics of cryptocurrency and you already have at least one wallet and maybe even already some currency in your wallet.
But the real opportunity with cryptos comes from buying, selling, and trading correctly, and that is what this lesson will go more into detail with so you can easily get started with this aspect of your crypto journey as well.
How to Buy, Sell, and Trade Cryptocurrencies?
Over the years, there have been different ways to buy and sell cryptocurrencies online. The most popular way of doing so is using a cryptocurrency exchange.
Binance, Crypto.com, and Coinbase that we have already talked about previously in this course are some very commonly used exchanges in the world and some of the most trusted platforms. The easiest way to get started is to just sign up for an exchange that has the particular crypto coin that you want to buy.
All of the options I mentioned above are free to join and sign up for and if you have followed the course and done the tasks, you will already be a member of at least one of these (if you have not signed up for any of them yet, then just click the links above to get started as you need a wallet to start trading).
Most exchanges allow for fiat (regular currency) to cryptocurrency purchases. Usually, you just have to get your identity verified and bank account verified first after you join a platform. Some allow purchase with debit/credit cards as well. Exchanges are good and easy ways to buy crypto, and as a beginner, this is definitely the recommended method.
You just need to make sure to set up proper security once you join an exchange/trading platform.
The most commonly used form of security when using any exchange is setting up two-factor authentication with each platform used. If you have not already set this up, I would definitely recommend you do that to secure your account as much as possible.
Once you have an account with the particular exchange that you want to buy cryptocurrency from, you simply verify your banking information and identity in order to put in a buy order. All the platforms I mentioned above make this very easy. You will be able to easily see an option to buy the specific cryptos and then you just choose the one you want and follow the steps they take you through. It will usually only take a few minutes.
It is best to wait until the cryptocurrency has a red day to purchase. That means that the crypto is down in value from where it once was earlier. This way, you have a higher chance of the crypto going up in value in the future and netting you some profit.
After you have held your crypto for some time and it is of a greater value, it may be time to sell it to get some cash from the profits that have accumulated. To figure out when the right time is, it is a good idea to keep an eye on the market and check in on the rates regularly to see how the market develops.
Also, most exchange platforms regularly send out newsletters and these can be great to read as they will let you know about the newest trends and what to keep an eye on.
Once you are ready to sell, it is very easy to do. If you are still holding the coins in the wallet of the exchange where you bought them, you can easily just click the sell button there to sell. Usually, you can then sell it for USD (or other currencies) or other cryptos. And if you want to, you can then withdraw your earnings in cash.
Exchanges always take a fee somewhere along the process. That is how they make money – but especially Binance and Crypto.com have quite low fees compared to many other platforms (if you have joined through my invitation links I have shared earlier, you will get a 10% discount on all fees for Binance for life and a $25 bonus on Crypto.com if you get their metal debit card after joining).
Trading cryptocurrencies is usually done on exchanges as well. Exchanges take a fee when buying one crypto using another crypto as well. But by exploiting the volatility of the crypto market, you can easily use one crypto to buy another and make a good profit trading them back and forth as the markets fluctuate. This takes a bit more practice but can also be extremely profitable as you get more experience.
Today's tasks!
Now it is time to get started with getting your first cryptocurrency if you have not already done so.
Here I just first want to make a disclaimer: There are no guarantees when it comes to cryptocurrency and I cannot guarantee you will make a profit. When investing in cryptos or anything else, you do this at your own risk and you should always do your own research before making any investment.
For this reason, I would also suggest you start small and do not invest all your savings or anything like that. You do not have to invest hundreds or thousands of dollars to get started. Of course, the more you invest the bigger the reward you might get, but the bigger the risks also are.
So just start small and start with an amount you feel comfortable about investing. Whether that is $50 or $1,000 is completely fine and no amount is too small to get started with. The most important is that you feel comfortable about your investment.
The tasks for today are:
- Go to your chosen exchange/platform:
Here choose the crypto you want to invest in and just follow the steps to buy for the amount you want to invest. It usually only takes a few minutes if you already verified your account as we went over in a previous lesson. You can also check out this video that shows how to buy cryptos step-by-step. - Set up two-factor security:
Now when you have money in your wallet, the security is even more important. All the exchanges I have previously mentioned makes it possible for you to set up two-factor security where you, for example, get a text message on your phone with a code every time you want to log in to make sure no one else can log in.
It is easy to set up and is something I strongly encourage you to do right away. - Keep an eye on the market:
As mentioned in the lesson above, keep an eye on the market so you know when it will be time to buy more, sell, or trade. This can take some practice but just keep learning and keep an eye on the market and it will all start coming more and more together.
A little bonus info is also that there are actually ways to grow your cryptos further without investing more or get additional cryptos for free, but that is something we will go more into detail about in lesson 7.
For now, the focus is on getting started with your crypto journey properly and get your first cryptos. That is a great first step and something that took me way too long to get started with as I did not know where to start. That is why I made this course to help you get started a lot faster and easier.
And if you just follow the lesson above and have gone through the previous lessons, you will easily be able to get your first cryptos today which is a great achievement and more than what 90% of people that look into cryptos get done. So well done on taking action and getting started!
Next Lesson!
The next lesson will teach you about a one-of-a-kind cryptocurrency that is quite new and something that is definitely worth learning more about and keep an eye on.
You will receive an email with the next lesson tomorrow. If you are eager to continue right away, you can find the next lesson here.