The ongoing mainstreaming of crypto means that more and more people are investing in it, but if you have yet to dip your toe in, the whole world of it can seem a little intimidating. However, its growing popularity means that it’s easier than ever to get started. Here are a few tips to help you get on your way.
Find An Exchange With A Good Reputation
Before you buy any cryptocurrency, you need to pick the right exchange to buy from. Now, as we mentioned, this is a market that is getting more and more popular and there are no end of exchanges making big promises. But if you’re just getting started, then the most important thing is your security and your peace of mind. Do your research and pick one with good reviews and a good reputation. It may set you back more cash, but it’s worth it.
Also see: Thirty per cent of UK investors feel they have “missed the boat” for Bitcoin
Be Patient With Your Planning
Of course, your research shouldn’t begin and end with the exchange. Cryptocurrencies have a tendency towards to volatility, and things can be pretty damn hectic out there. As a result, you won’t be short on options flying at you and spur of the moment decisions can give you a huge boost or can sink you fast. So, do your legwork, don’t rush any big decisions, but be prepared to stay agile. A diverse portfolio is a good way to offset any sudden downturns, but you should also be prepared to ride out any stormy weather.
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Look For Opportunities
It should really go without saying, but given how hectic this market is, you should always keep an eye out for any low-risk ways to make a bit of extra coin. No one is going to hand you a big virtual bag of Bitcoin, but there are ways to get Bitcoin for free. There are competitions and games you can play, sign-up and referral bonuses are a handy way to garner some coins, or you can always exchange your skills for some freelance Bitcoin. Traders of Crypto have put together guides for beginners as well as seasoned traders to help them give their wallet a boost.
Think About Crypto Storage
If you’re going to be trading cryptocurrency then you are going to need a virtual wallet. There are plenty of options available that help you keep track of your coins as well as giving you easy access for any trading or purchases. However, it will also be worth setting up what’s known as a cold wallet for added security, something like a USB or external device which you can unplug and store offline to protect against any security issues on your main device.
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Image by Ricardo Goncalves from Pixabay
