Cryptocurrency Investment — Beginners Guide
Thank you all for the great feedback this past week, it has been a pleasure to hear the sorts of material you want me to produce. Today’s article is one which has been heavily requested for some time now, Investing in Cryptocurrencies and Blockchain Technologies, specifically how to get
started for beginners who are looking to start profiting for this incredible market.
For all my regular readers you will know we always start with an update on the markets. Monday morning is mainly a green one as markets, off the back of BTC, are climbing steadily. The cryptocurrency market cap is sitting at the $211 billion range.
PRICE OF CRYPTOCURRENCIES
Bitcoin for the past four days has been holding around the $6,300 range, however, we have seen a nice little surge coming into Monday morning, the price of Bitcoin is currently at the $6,330 mark. We are still in a bear market.
Etherum has been fighting the last couple of days to break the $200 mark again and has finally succeeded, fortunately, we can see that it’s sitting above and will potentially hold just over the $210 mark.
Cryptocurrencies for all you newbies is equivalent what the internet used to be in the 1990’s, Brand new and infantile, but with lots of potentials. I have written detailed articles on the major industries Cryptocurrencies can have a significant impact on, and I urge you all to take a look at them, just click here!
The first steps when investing in Cryptocurrencies is to ensure you have the right setup and investment strategy to accommodate either buying Bitcoin or an Ethereum purchase, for this you will need a wallet [hot wallet] so you can store the funds securely.
TOP WALLET SITES INCLUDE:-
Coinbase is the godfather of all wallets, dominating the market with 20+ million users and over $150 billion in trades. Coinbase is the go-to location for any new traders as it’s easy to set up and use and accepts USD, GBP, and EUR when purchasing the major coins in the industry. One limitation is the limited variety of Cryptos on offer, Coinbase has made several press releases about adding additional Cryptocurrencies, but at this stage, they have yet to be seen.
Jaxx Wallet was first developed in 2014 and provides a very smart and easy to use multi-cryptocurrency wallet. It can store over 30 different types of cryptocurrency on its platform which is incredibly helpful. Jaxx also has a mobile App which is very user-friendly, I often find myself checking the status of my cryptos using this app.
There are many other options available like the Exodus wallet, or possibly a cold storage device which keeps your cryptos offline once purchased. A device like the Nano S would be perfect as this reduces the risk of phishing or a hacking attack, and once you are more familiar with Cryptocurrencies I would highly recommend this option.
So once you have your Bitcoin or Ethereum on a site like Coinbase what do you do? Well, you will need to set up accounts on Exchanges.
Exchanges are sites where you unlock the entire cryptocurrency industry, a place where you are able to trade/exchange your BTC or ETH for the many Altcoins which are available in the market.
As with any financial markets, your ability to access the sites and trade your assets is 24/7, one of the most magical things about the crypto space is that the markets run 24 hours a day, 7 days a week, unlike other major markets. So, you can truly trade around your day job at weekends, or in the evenings, anytime you feel.
There are many exchanges available and too many to list, so I have picked a couple that offers a range of coins, and are known to be the main exchanges in the industry. You need to complete an identity verification process for all of these sites in order to start exchanging/trading, and obviously fund the account using the BTC or ETH you purchased on the previously mentioned wallets sites.
Binance is one of the largest exchanges by trade volume and offers great liquidity to exchange and trade on. Beginners are able to use the basic set up for ease of use and can progress to the advanced section when they feel more comfortable. Binance has a very strong customer support team and offers industry low exchange/trading fees for when you make transactions. So a great starting point for those who are starting crypto trading.
Another popular choice is the USA based Bittrex exchange
This exchange offers a similar function to Binance, having both Basic and Advanced account options. This makes it ideal for newcomers to the industry looking to get started.
Another great facility they offer is unregistered accounts, so those who want to try out its services first are able to without committing their information. I know this article is for beginners, but I have to mention the superb array of advanced features Bittrex has, so it’s a great exchange to build experience on, and will not let you down on the features available for more experienced crypto traders.
There are many other Exchanges which I can mention with confidence like Poloniex, Bitfinex, Coinbase Pro, Huobi and OKEx.
One key factor to remember is that not all coins are available on all exchanges, so if there is a cryptocurrency you are interested in investing in, check which exchanges they are listed on first. I personally have several exchange accounts so I can move through the industry without having to stop and start when I want to make critical purchases or sales. Remember to only invest in projects you have completed full research on, and don’t get caught up by FOMO [Fear Of Missing Out] when you invest in Bitcoin or other Altcoins for the long term or short term.
For all you newcomers to the industry, I hope this article helps you get started, there are many strategies and other areas of the market that the Platinum Crypto Academy can help with, for example: Knowing which Cryptocurrencies to buy; Knowing when to sell; Which Initial Coin Offerings should you be buying in BTC or ETH; The difference between a High Risk and a Low Risk trade. All of these questions and more are answered as a Platinum member. To get the right start in this cryptocurrency space, speak with one of our Cryptocurrency mentors today, and learn to invest and trade in projects with real-world applications and experience the markets with the experts.
If you are a more seasoned trader in the crypto space, but are struggling in the current bear market to come out with any significant profits each month, then I would suggest getting in touch with one of our Portfolio Specialists who will do a free analysis and appraisal of your portfolio, and help you turn the corner into profits!
If you’ve booked your session above, we look forward to speaking to you soon!
Hopefully, you have enjoyed today’s article.
Thanks for reading! Have a fantastic day!
Live from the Platinum Crypto Trading Floor.