Okay this may seem like you’re entering a labyrinth but it need not be.
Here’s a quick guide how to navigate through it all. Treat this as an overview. There will be details in certain areas which I will cover elsewhere. This is meant to give you an idea of how you approach buying crypto, and to drill it in that “It’s not so difficult”.
Firstly, and most obviously, you need money.
Don’t worry nothing like you seen in the picture. Even a $50 to $100 is enough. You can go smaller too, but there maybe some fees incurred which may make, for example, a $10 invested a little too less.
But Bitcoin is at $48000. I can’t afford that. You don’t need to. You can buy parts of Bitcoin. You can buy parts of any cryptocurrency. So if Ethereum is currently at $1800, you can choose to buy 0.1 Ethereum, which will cost you $1800. Or you can even buy $0.01 of Ethereum which will be $18.
Remember no amount is small in investing. Just because you see someone on Twitter screaming “I’m going all in. Buying 100 Ethereum”, you need not follow. Decide what’s best for your economy and your pocket.
Figure out where you can buy cryptocurrencies in your country
A simple Google search of “Where do I buy crypto in ___________ (name of your country) will help you out here.
But, typically, you can buy cryptocurrencies on
- Exchanges like Binance, Coinbase or eToro. There are just three. There are many. So you begin by creating an account. Exchanges will need some KYC requirements (we’ll discuss that some other time) which typically involves an address proof, identity proof and the likes.
- Smaller trading platforms. These may not be full-fledged exchanges and typically will let you buy coins like Bitcoin and Ethereum. I’m based in Sweden and use a platform called Safello. It’s easy and quick.
- Apps such as Revolut
Whatever you chose, please remember your login details (username, password and the likes). Also, personally, I think Coinbase is a great and easy start here.
Next, you need to connect a payment option to the platform you choose
It’s difficult to write here what’s needed but this would depend on what payment option you choose. You can choose to connect your bank account, or debit card, or credit card. Try it out and if you’ve got some issues drop in a message below or an email and I’ll see how I can help you.
Subsequently, transfer the funds and buy your choice of currency. I’ll write a post soon on what to buy if you’re new to cryptocurrencies.
Then you need a place to store your coin
At this stage, let’s just hold our coins on the exchange we purchased it. I’ve used Coinbase, Binance, CEX, Kucoin as exchanges and let cryptocurrencies lie there. There are risks to this (like if the exchange is hacked and stuff) but I still think it’s a safe option.
A safe option is holding it in a wallet. Definitely not the wallet in your pants or jeans. If that’s what you’re thinking, I recommend you do two things:
- Look carefully in this owl’s eyes below
2. Now, go immediately to this article and get some basics in place
Other places you can store cryptocurrencies are
- Online wallets like MetaMask (I like this. It’s easy to use. Will explain that soon). Of course, this is online, so there are risks to it. It’s a software.
- Cold wallets. These are hardware. So you need to buy a product like this – Ledger – and transfer your coins onto that.
That’s it. You’re not a proud owner of crypto.
