Let's Get Started: Cryptocurrency (Abriged)
*For a detailed Intro to Crypto read here.
Step 1 - Exchange Cash for Bitcoin
- There are options but the most popular method is through Coinbase
- Make a profile put in some bank info. You can buy directly with debit card(quicker/lower limits/service fee) or wait a few days and have it transferred from bank(wait time/higher limits/cheaper).
Step 2 - Sign up For Crypto Trading Platforms
- There are many to choose from. I currently use: Binance and Kucoin
- The deciding factors for me are how user friendly is it, trading volume, and coin selection.
- Binance is currently good for usability and volume.
- Kucoin has great coin selection at the moment.
Step 3 - Send BTC to Trading Platform
- You want to make sure you are sending the correct coin to its corresponding wallet on the other exchange.
- Triple check the wallet address and make sure you aren't missing a letter when you copy and paste.
- If you are sending BTC from Coinbase make sure it is going to the BTC wallet on Binance and not any of the other various coins on Binance.
Step 4 - Go to the Markets
- Pretty self explanatory. Now that you have BTC you can use it to buy altcoins available on their BTC Markets.
- Click on the one you want and go from there. If you need help understanding this page I explain it well here in the How Do I Use This Exchange section.
Step 5 - Secure Your Crypto
- Buy a Hardware wallet either Ledger or Trezor are the popular choices of the day.
- Set up an ETH wallet for your ERC20 tokens a BTC wallet and a NEON wallet for your NEP-5 tokens or whatever alts be your taste.
- Store it somewhere safe and wait!
