Answer Updated on : 2 January 2021
This will be a long answer, i might divide it in various answers
How to Start with Cryptocurrency
To start with crypto, see these basic rules and always follow them
These are the basic rules and you can ask if you do not understand something .
How to Create a Wallet / Account for CryptoCurrency
Your crypto wallet is just like your real wallet, it has an address where you can send your cryptocurrency and a private key which is like a key and that key is to be protected and kept safe (better if its offline)
Selecting a wallet for your crypto asset is very important, if you have a massive investment in crypto it is best to make use of a hardware wallet as they give the ultimate protection.
You can use Mobile Wallets if you want to store your cryptocurrency for long term, but if you want to do "day trading" or want to frequently change your cryptocurrency you can always store them on an cryptocurrency Exchange
Recommended Cryptocurrency Wallets
- Exodus - Exodus is a beautifully-designed wallet that supports multi-coin exchanges, including Bitcoin, Ethereum, Litecoin, Dogecoin, and Dash. It allows you to manage your keys, presents your investment in easy-to-understand charts and is totally customizable. Allows you to sync betweeen your devices and is good for beginners, doesn't allow you to change Network fee and always uses a high transaction fee so your transactions are not stuck
- Blockchain.com Wallet - A very famous crypto wallet which allows you to use regular and priority network fee while sending cryptocurrency. Used by many individuals
Electrum - Electrum is available to download for Windows, Mac OS, and Linux operating systems. It's a popular desktop software wallet, but it is also the most technical. If you are new to Bitcoin and crypto, this software might not be the right choice for you. he biggest advantage of software wallets — like Electrum — is the fee adjustment setting.
Trust Wallet - Fast, lightweight, recently purchased by Binance, ERC20 enabled, customizable fee, full control and access to private keys. Non-custodial, open source software. DApp friendly.
MyEtherWallet - is a good wallet which you can use to store your Ethers and all Ethereum based coins / tokens.
Recommended Cryptocurrency Exchanges + Online Wallets
As explained earlier, for day traders and if you want to frequently change your crypto assets you may wanna keep your crypto on online exchanges, let me list down the best one
- Binance - A robust and very old crypto exchange, offers upcoming coins which at times other exchanges lack, IOTA / ADA and such promising coins can be traded on Binance alongwith all the famous ones. If you want to trade this is the go to place. Using this referral will give you 5% commission. Also added p2p trading platform to all buying and selling where credit cards etc are otherwise denied.
- Poloniex - Another good exchange which I use for Day trading. You will get 10% refunded on your trades by using this referral link .
- Coinbase through which you can buy BTC/ETH/LTC - a very famous and secure site which allows you to buy crypto through credit card
- CoinMama - CoinMama allows you to directly by Bitcoin and Ethereum through Credit card or Cash.
- KuCoin - KuCoin got the hits recently after Binnance/Bitfinex/Bitstamp all closed down new user registrations while cryptopia stopped working due to high traffic. A reasonable exchange with almost all the new coins to make your profits from.
- Cex.io - CEX.io is a crypto exchange while it also supports buying/selling of cryptocurrency through debit or visa cards
- Bisq - Bisq is an open source program which allows buying and selling of cryptocurrency as well as trading of coins
- Luno - Another Exchange which also supports instant buy , has a limited set of countries where it is supported
- Bitfinex - Bitfinex is another popular cryptocurrency exchange which supports buying with Euro and USD
Always read fee structure of all exchanges so you are not surprised after making various trades. Procedure for creating wallets or account is simple, if you open the links shared above it self explanatory. Online Exchanges have made it mandatory to carry out KYC(Know Your Customer) so it's always good to get your account verified.
Bank or Card purchasing may be restricted in your country due to legalization or other local laws , always confirm prior to buying through credit card.
Two-Factor Authentication
Always have 2FA (Two Factor Authentication) its one of the most secure method ensuring your crypto on online exchanges stays safe , I have answered the details about Google Authenticator and Enabling 2FA which you may read
P2P Platforms - Peer to Peer Exchanges
Peer to peer platforms allow you to buy directly from another seller or buyer on the website, while the website acts an escrow thus giving you the ease of mind while making a deal, some platforms which I have used personally and have a good standing are listed
- Binance - Binance has introduced a $0 Fee p2p platform which is already very popular.
- LocalBitcoin - LBC is a good site for buying BTC through local bank transfers as well as Online and Direct Meets while provides escrow , this site can be used to buy BTC and after buying it is advised to shift them to your own Wallet etc
- PaxFul – A global peer to peer payment logistics platform. Paxful is PayPal + Uber and the peoples Wall Street. Paxful provides escrow and has a strong userbase.
- Remitano - Another peer to peer cryptocurrency buying/selling platform. which is slowly launching in more countries.
How to Get information about Cryptocurrency
Check out these coin listing websites if you want to explore the details of how the coin is performing and see past performance aswell.
- CryptoCompare - My favourite site to analyse crypto price and compare different coins
Crypto News Sites
- Hackology Blog also covers crypto while CoinDesk and CoinTelegraph are News sites which cover all sorts of crypto news and emerging coin with their own analysis (do not always fall for that - they are at times biased / inclined)
How to do Day Trading
Why don't you read out my Golden Rules of Trading ?
The simple rule of day trading is that you sell when your held crypto is at a higher place and the currency you want to buy in exchange is not at an all time high (ATH), but always keep in mind different fee so trade when the profits are great but I would not recommend any sort of day trading for you now, buy some crypto and understand the concept
Best Forums / Exchanges related to Crypto Currency
I have shared those above already
Common Cryptocurrency Frauds and Safety
The most common crypto frauds involve
- stealing your private key through phishing
- offering illegitimate services
- offering illegitimate investment schemes
Any service you see which you find too good to be true , It ain't - do not fall for such services. you can always consult others or even ask us for a coin review . Very legitimate names have siphoned of millions from crypto frenzy where people have been investing and losing all their money. Few practices which might keep you safe :
- Do not act without thinking
- Bookmark or navigate to your exchanges etc - Google results at time show fake sites above the original ones.
- Do not overuse your private key - You can bookmark your wallet on block explorer if you feel like seeing your funds no need to all the time access your wallet with your private key
- Advertisements are no go - Self explanatory
Hope these answers get you started , for more clarity you may ask
