+1 vote
2,004 views
asked in CryptoCurrency by
1. How to start with crypto currency,  how to create an account and wallet etc ? trusted or verified websites?

2. How to do day trading and trusted exchanges for it?

3. Best forums to read articles or blogs about latest trends in crypto currency?

2 Answers

0 votes
answered by
edited by
 
Best answer

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
  • 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
  • LunoAnother 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

commented by
I have created account on coinbase on Localbitcoins. Now, what is the best place to buy ethereum or i should buy bitcoins from local bitcoin and then convert them to ethereum at any exchange?
Secondly what is nanno ledger ?
commented by
generally you have to buy Bitcoin and later convert to other crypto coins through exchange, although on coinbase you can directly buy ETH as well .

Nanno Ledger is a hardware Wallet which stores alot of Coins in a usb type hardware wallet , it is THE MOST SECURE WAY OF KEEPING CRYPTOCURRENCY (if used the way intended)
nanno ledgers are used by people who have heavy investments to keep their longterm coins safe and secure
commented by
Coinbase is not supporting buys/sell in pakistan ?
commented by
nopes, list of supported countries by Coinbase :
Austria
​​Belgium
Bulgaria
Croatia
Cyprus
Czech Republic
Denmark
Finland
Greece
Hungary
Ireland
Italy
Latvia
Liechtenstein
Malta
Monaco
Netherlands
Norway
Poland
Portugal
San Marino
Slovakia
Slovenia
Spain
Sweden
Switzerland
commented by
If we have btc on coinbase still we cant exchange to eth from Pakistan?
commented by
you can in that case...
–1 vote
answered by
I have 2 accounts Coinbase and Blockchain wallets.

I have 5 exchanges Localbitcoin, Binance, Cryptopia, Coinexchange and Bittrex, can't trading .

Bankera i read and i invest that it.
Welcome to Ask Techie
Ask questions and receive answers from other members of the community. Hacking,Technology,Gaming,Programming,Blockchain / CryptoCurrency and everything to get you going with your Cyber World.

155 questions

164 answers

334 comments

857 users

...