Crypto world is attracting more investment than ever. Due to hundreds of success stories, people want to invest in cryptocurrency more than ever. With the right investment, you can get unbelievable returns. However, you need to understand the crypto world before you invest. In this article, we will guide you step-by-step regarding how to make your first purchase. Moreover, you will learn how to keep your investment secure.
If you want to enter into the crypto world and protect your investment, find a reliable VPN. Using a VPN bitcoin, your investment is safe and secure. Why should you invest in a quality VPN? Let’s talk in detail.
Find a Reliable VPN
As you probably heard a few cryptocurrency theft stories, you should never compromise your identity. Once hackers know your email and other details, it is just a matter of time before they attempt to steal it.
With a reputable VPN, you can hide your IP address and location. Moreover, you can stay anonymous while buying or selling cryptocurrencies. It ensures that you don’t become a victim of a crypto hack.
With VPN bitcoin payments, you add a layer of security. Instead of paying with a credit card or conventional methods, choose to pay with VPN bitcoin. It ensures that you don’t reveal your bank account, credit card number, or anything.
In short, you must have a reliable VPN before entering the crypto world.
Decide Crypto Exchange or Broker
Before you invest in crypto, you have to choose a crypto exchange or a broker. Both allow you to purchase crypto, but there is some distinction. You have to remember these differences while making your mind. Let’s talk about each in detail.
A broker offers you easy solutions to buy crypto. On your behalf, they interact with exchanges. As compared to an exchange, a broker offers easy-to-use interfaces. However, you have to pay extra fees to brokers.
Some brokers claim that they charge no fees. However, they sell information about what you are buying or selling. Moreover, they often do not conduct your trade at the right time.
Without any argument, brokers are extremely convenient. However, you have to read the terms and conditions in detail. They often have restrictions on moving your crypto.
For a beginner, it may not sound like a big deal. But crypto investors usually like to store their holdings in crypto wallets. We will talk about storage methods at a later stage.
A crypto exchange is a place where sellers and buyers trade cryptocurrencies. A cryptocurrency exchange charges far less than brokers. Usually, they have a difficult interface with advanced options. Beginners will find it difficult to understand the platform.
Apart from standard interfaces, some exchanges also have user-friendly options for new buyers. However, you have to pay extra fees to get access to these platforms. If you want to save your funds, you need to understand the standard interface.
Open an Account
Now, you have a clear picture of cryptocurrency exchange and brokers. Research about available options and find the best option for you.
Some platforms require you to verify your identity. It is important to legally trade cryptocurrencies. However, you may not need to verify on some platforms.
You can submit your driver’s license or passport to verify your identity. Moreover, you may need to upload a selfie.
Add Funds and Invest
Once you are done with account verification, it is time to invest and make money. Using your debit or credit card, you can make a payment. Otherwise, you can link your bank account as well. Choose a payment method that suits you.
While using a credit card, you must be cautious. Some credit card companies consider cryptocurrency purchases as cash advances. Apart from extra fees, you may need to pay high-interest rates.
Now, you should have enough funds to place your first order. With hundreds of cryptocurrencies, you may find it difficult to choose the right option. However, you can spend some time researching currencies.
Once you decide on the cryptocurrency, you can go for it. Most brokers or exchanges allow you to buy a fraction of some currencies. For instance, Bitcoin is extremely valuable and you may not want to buy a complete coin. In that case, you can purchase a sliver of it.
Choose a Storage Method
Protecting your investment is extremely important. This is the reason why we started the article with instructions to use a VPN. Moreover, you should use VPN bitcoin payments to add an extra layer.
Apart from that, you have to choose a storage method. Unfortunately, cryptocurrencies are not protected by the Federal Deposit Insurance Corp. These currencies are vulnerable. Just like other Bitcoin owners, you can lose millions of dollars. Hence, it is extremely important to store your cryptocurrencies perfectly.
If you are using a broker, you may not have options to store your currencies anywhere else. However, if you are using an exchange, you can have few options to store your cryptocurrencies. Let’s talk about these options.
Store at the Exchange
Firstly, you have the option to leave the currency on the exchange. Every exchange has a crypto wallet. However, if you don’t feel safe with your investment in the exchange, you can look at other options. Talking about safety, you should get a VPN bitcoin to stay anonymous.
Additionally, some exchanges charge a small amount of fee to complete the transfer.
Crypto wallets that run on internet-connected devices are called hot wallets. These wallets are convenient and you can use your cryptocurrencies easily. However, there is a risk of cyber attacks because they are connected to the internet.
Cold wallets are the most secure option as they are not stored online. You store your cryptocurrency on external devices like a memory card, USB device, etc.
Keep in mind that if you lose your device or forgot the password to access it, you lose your money.
Overall, getting into crypto is a rather easy thing to do, the problem is being smart about it. If you’re not ready, all your investments can go down the drain in an instant. So, always keep in mind to never invest more than you’re willing to lose.
Crypto is a really exciting new industry, and as such, is not as established yet. So, tread lightly and be on the lookout for scams and problematic trading platforms.