In the early days of cryptocurrency, only weird people were investing money into this new digital asset. But today, if you aren’t investing in crypto, you’re the weird one.
Crypto has established itself as a multi-trillion dollar market in just over a decade. Clearly, something big is happening, and it’s attracting the attention of retail investors and corporations around the globe.
Are you ready to finally start investing in crypto? There are a few crypto tips you’re going to need to know before jumping in.
Keep reading below for the basic crypto tips and tricks that every beginner needs to understand.
1. Choose an Exchange
Before you can buy any cryptocurrency, you’re going to need to open an account with a cryptocurrency exchange. These function much like stockbrokers, where you likely already have a brokerage account.
To sign up, you’ll need to verify your identity. Once you submit your information, including your Social Security number, it can take hours, or sometimes days, for verification to complete.
Once it does, you can start buying crypto using a debit card or by transferring funds from a bank account.
2. Get a Hardware Wallet
Most new crypto investors keep their cryptocurrency on the crypto exchange they bought it from. This isn’t the worst thing you can do, but it isn’t the best, either.
Here are some crypto advanced tips, once you’re ready to move past the beginner stage. Buy a hardware wallet. You can get a good one for around $60.
You can then transfer all of your cryptos to the hardware wallet, and it becomes as safe as possible. No one can access it, and no one can siphon funds out of it without confirming a transaction on the physical hardware wallet.
3. Start With the Basics
Bitcoin is the original cryptocurrency. As a result, it’s also the most valuable.
The supply of bitcoin is capped at 21 million coins, and it has become a store of value for investors, fund managers, and even nations worldwide. It’s a safe bet for your first crypto purchase.
Ethereum is the second most valuable cryptocurrency. And it has become the foundational building block of many other crypto tokens and decentralized applications. This is another long-term bet that will pay off.
4. Look Into Altcoins
You can also invest in some altcoins. Anything on the list of the top 100 coins by market capitalization is a good play.
EOS is another cryptocurrency whose blockchain serves as the foundation for other Defi apps. You can check the current EOS price CAD here.
Polygon, Polkadot, Avalanche, Algorand, and many others should also be considered.
5. Hold Long Term
Looking for some crypto trading tips? The best strategy isn’t the most advanced strategy. It’s actually the simplest.
Buy and hold. Hold as long as you can. It’s the people who can be patient that ultimately make the most money. Short-term traders end up losing much more often than they win.
These aren’t the trading tips crypto gurus like to promote. But if you can just hold for months or years, you can see impressive gains.
Crypto Tips to Diversify Your Portfolio
Cryptocurrency has gone mainstream. While it is a volatile asset class, it deserves a spot in every portfolio.
With the right crypto tips, you can make smart investing decisions from day one.
Looking for more investing ideas? Head over to our blog now to keep reading.
