How To Invest In Cryptocurrency: Simple Steps For A Beginner

Cryptocurrency investment is an efficient way to make a profit since the crypto assets prices are highly volatile which opens a lot of opportunities to earn on the price difference. Successful investment requires a serious approach, knowledge, and a lot of practice. To succeed, you need to learn the market thoroughly, investigate trading strategies, and understand why and how the asset’s rates change and what affects their fluctuations.

Invest Cryptocurrency: Which Steps To Make

Here are the steps to start cryptocurrency trading

  • Pick a crypto exchange. We recommend using a centralized platform (for example, Binance, WhiteBIT, Coinbase, etc.). These are the most common exchanges with a comprehensive list of tools and instruments for trading and investment. Beginners will also find a lot of educational materials. 
  • Create your account. Centralized platforms require client verification. It is called “know-you-customer” verification, or KYC. The process aims to increase the security of the exchange and its users.
  • Deposit funds. You can add your bank card and deposit your fiat money on centralized exchanges. Consider the bank’s fees. 
  • Go to the sector “Trade”. There you will see the space where you should pick an asset you wish to buy and the currency you sell. Enter the number of coins to buy, check out the amount of commission, and proceed with the transaction.

Investing in cryptocurrency also implies choosing the way to store your assets. You can keep your investments on the exchange. For example, the White BIT platform stores 96% of users’ funds offline, making them unreachable to hackers. Or, if you don’t tend to trade but wish to invest for the long term, you maybe find it more suitable to buy a cold storage device (it’s like a hard drive or USB) that is not connected to the internet.