Answer Updated on : 8 January 2018
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)
- For Bitcoin you can create a wallet by installing Exodus and for an online Wallet you can make an account on Coinbase through which you can buy BTC/ETH/LTC - a very famous and secure site which allows you to buy crypto through credit card
- MyEtherWallet is a good wallet which you can use to store your Ethers and all Ethereum based coins
- Procedure for creating wallets is simple, if you open the links shared above its very easy and self explanatory
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
Trusted Verified Websites and Exchanges
If I do not list a certain site it does not mean its not trusted,I will just list few which I have used and can personally vouch for
- 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
- CoinMama - CoinMama allows you to directly by Bitcoin and Ethereum through Credit card or Cash.
- Cryptopia - Cryptopia is an online Exchange - if you are getting into crypto you will get familiar with exchanges
- Binance - A robust and old crypto exchange, offers upcoming coins which at times other exchanges lack, IOTA / ADA and such promising coins can be traded on Binance
- Poloniex - Another good exchange which I use for Day trading. You can use referral code UX7FSM46 which will get you 10% refunded on your trades
- BTC-E - Online Exchange with easy interface
- 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
- Remitano - Another peer to peer cryptocurrency buying/selling platform. Currently, it has service in United States, Australia, Malaysia, Nigeria, Vietnam, Cambodia and China.
- GDAX - Online Exchange owned by Coinbase , if you transfer your coinbase crypto to GDAX there are no transfer fee
- CryptoCompare - My favourite site to analyse crypto price and compare different coins
- CoinDesk and CoinTelegraph - 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)
Cryptocurrency Exchanges which support Buying
Most of the exchange support trade of crypto coins but some exchanges also allow you to buy cryptocurrency through various options, while Credit Card / Debit Card being the most used.
- 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
- OTHERS - I have listed the ones which are famous and credible if you know of any please let me know so I may share that aswell
How to do Day 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 a 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 aint - 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
