How to get started with crypto

Congratulations!

So you have decided to buy some crypto, great! How and where do you start?

The best way to get started with cryptocurrencies

Step 1 – Decide which cryptocurrency to invest in

Decide which cryptocurrency you are interested in ‘investing’ in. There are plenty more than Bitcoin and Ethereum, so it’s important to research and decide which one you want to buy as step 1.

Step 2 – Find the exchange that trades the crypto you want

When you have decided to buy Example cryptocurrency, you need to figure out where you can buy it. The absolute most common way to buy crypto is through an exchange. Some exchanges lets their users trade Fiat (what is Fiat) to crypto straight away, but definitely not all. So sometimes you need to use a service/exchange like Coinbase, Localbitcoin, etc to buy Bitcoin, Ethereum, Litecoin, etc and then send them to the exchange that trades Example crypto.
Use our exchange review and comparison tool to find the right exchange for you!

Step 3 – Store the cryptocurrency you bought somewhere safe

Great start with buying yourself some Example crypto. But now you need to store it somewhere safe so no one can steal it from you. Remember in the world of cryptocurrencies you are your own bank. And therefore you need to make sure that you keep your crypto somewhere safe. A good hardware wallet is the way to go. Find out which hardware wallet that might suit your needs and crypto using our wallet reviewal and comparison tool.

Step 4 – Don’t forget taxes

In most countries around the world we have to pay taxes on our crypto trades and purchases.  What is common is that you need to pay taxes on any capital gains made from a trade. For example if you bought 1 Bitcoin for $4000 dollars and later on sold it for $6000, then you need to pay taxes on that $2000 gains.

So if you’ve made a lot of trades it gets difficult to compile them at correct prices and dates, we know. So thats’ why we put together this review of different Tools to help you do your taxes.

Step 5 – Spend your crypto or hodl it to see its value (hopefully) increase

Great work getting your crypto stored somewhere safely with a hardware wallet. If you’re not planning to spend your crypto at some merchant, then you can safely keep it at said wallet and wait to see if the price of your Example crypto will increased in value over coming months/years. Good luck! 🙂

Other popular guides:

  1. Best ways of earning passive income from crypto in 2019
  2. The best tools for your crypto taxes
  3. Best ways of converting Bitcoin to cash
  4. How to invest in Bitcoin the beginner guide

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