Buying Cryptocurrency
Dedicated cryptocurrency exchanges allow individuals to trade and invest in thousands of digital assets. Cryptocurrency is not currently traded through traditional brokerages or stock exchanges, allowing for the rise of dedicated crypto trading platforms to have emerged over the last decade.
1. Sign up for a trusted exchange
o Enter email address and create a password
o Verify your email address
o In order to deposit and withdrawal funds, trusted exchanged will often require Identify Verification
o This will include name, age, location, and an uploaded copy of a government issued ID
2. Protect Your Account
o Enable Two Factor Authentication (2FA)
o 2FA is a process where exchanges require you to enter a code delivered to your device through a third party app (Google Authenticator) or via a text message.
o This requires any individual logging into your exchange account to be in possession of your phone
3. Depositing Funds
o Link your bank account - deposit funds into your exchanges fiat wallet; OR
o Transfer cryptocurrency directly to your accounts corresponding wallet for that specific cryptocurrency.
§ If transfer Bitcoin from one exchange to another, it MUST be sent to a Bitcoin wallet, or else it could be lost forever.
§ Always double check that the specific cryptocurrency deposit address is correct
§ Scanning QR codes helps ensure this accuracy
4. Buying & Selling Cryptocurrency
o Once your funds clear you are free to trade from any number of cryptocurrencies
o Open the trading tab of the exchange
o Utilize our Coin Reviews as well as other resources on the web to make educated investing decisions
o Always trade with an exit strategy.
§ Know what part of the cycle (bull market or bear market) you are trading in.
§ Read our research on the History of Cryptocurrency Market Cycles to learn more
§ Utilize limit orders and stop loses to maximize profits while trading.
