It is time for every crypto beginner and investor to sit his butt down and consider the basic early investment steps, else, failure is much guaranteed.
If you doubt that, this is the truth. You can only function properly based on the crypto concepts you know, else, you might fail, get scammed and demoralized – from experience.
If you must succeed, then you’ve got to be a curious cryptocurrency trader and investor, else, you might fall into the same cryptocurrency investments mistakes others have.
“Curiosity is the mother of great wisdom, and replication the mother of great results” – Isuamfon Offiong
However, you’ve got nothing to fear after all that is what I want to guide you from.
WHAT IT TAKES TO SUCCEED INVESTING IN CRYPTOCURRENCY
Now, what does it take to succeed as a cryptocurrency trader and investor? Simple. You’ve to know the good and the ugly side of what you are going in for.
Why? Because what you see on the outside may not really hold on the inside – a true life lesson.
It is no more news that I was successfully scammed on a cryptocurrency exchange while researching, right? If you don’t know, I was, and as a beginner, this is one of the things that can scare you to death.
But what can you do when the other crypto enthusiasts are making the best out of cryptocurrency trading and investments?
One thing you have to address is excitement. Yes excitement. Why? Because it can go wild.
The excitement you get as a beginner based on investment strategies/promises of some bitcoin websites can blindfold you. Just know that they are not as great as you see.
A typical example is the free $10 Coinbase will give you on your first $100 transaction there.
So, in this post, I will seek to address the common 5 core options every Cryptocurrency Trading Beginner ignores that can play a part in an emotional breakdown.
You ask me. What connects emotions with cryptocurrency? Check this out and you will see those that therapy was their solution to right health mental balance.
Since Coinbase offers a free $10 as a reward for coming in as a new user, are they good enough to handle the emotional & mental health balance of a Cryptocurrency Trading Beginner? See below to get the right answer.
With the great insights you will see below. Just know that some might be tasking and crooked. But the good news is that the Good Lord has blessed you because I have done so much dirty work that would have taken you maybe 50 hours to start with.
So, are you ready to build your crypto muscle?
Let’s do this.
WHAT A CRYPTO BEGINNER MUST KNOW BEFORE TRADING AND INVESTING IN CRYPTOCURRENCIES
1. Know How Cryptocurrency Works
First things first. To be a successful crypto beginner, trader, and enthusiast, you must know the side by side analysis of cryptocurrency – how it works, the volatility concept, and how you can benefit the more. Why?
Going for insights will help you avoid mental breakdown because you will know how to guide it.
Ready to know how cryptocurrency works? This is the complete guide – 2018 version.
2. Understand The Go-To Qualities Of the Best Crypto Exchanges
Before you get scammed, disappointed and brutalized by a certain vague cryptocurrency broker/website, you need to know the in-and-out of such an exchange site.
Some of the things to note are the security options, verification processing, reputation by the Bitcoin/Cryptocurrency community, queries & solutions, local bank linking and more you have to know.
With these insights, I can attest that you will succeed in crypto trading and investments.
3. The Cost of Each Payment Method
To go further in your trading journey, the next thing a cryptocurrency investor wants to understand is how each of the payment option offered by chosen Bitcoin exchange works.
Most importantly, you have to go down and check if coin/fiat option is allowed, and lastly if your country of residence will be allowed to trade with the adopted Payment options.
With this, you would have been guided whether to shoot or back off.
4. Know The Verification Process
How many verification steps does a chosen cryptocurrency has, do they require a billing or residential address, is the verification from your country allowed, and if yes, what are the other verification documents you are excepted to present?
These and more are the fundamental questions a cryptocurrency beginner investor and trader must ask and get answered.
Who wants it?
5. Security Hack: Know How To Get Started
This is probably one of the MUST DO things every crypto actor must know and do else, failure is pretty much guaranteed.
This is it.
To get started in this dynasty, you have to get a new crypto email account, set up 2fa on it, and know how to integrate 2fa on all your chosen online investment sites.
Wait a minute, what if your chosen online investment site does not have a 2FA integration? Please, run for dear life or find out how to use Bitgo on it.
That being the case, I knew that this can be a daunting task for you. So, I took out over 7 hours to show how to do it (not just what to do).
But before that, you need to see the 7 security concerns with Bitcoin and other cryptocurrencies that might eat you up.
Are you ready to take the security option into your hands?
If yes, then, I present to you the Ultimate guide on how to know & set up 2FA on Binance, Localbitcoins & 500 top crypto exchanges – 5 minutes
6. Predefine Your Wallet(s) Type
It is so important to define beforehand the type of wallet you want to use. Why? You may have to ask yourself. Am I in for a long-term Bitcoin/Crypto HODLer or just a day-to-day trader?
If a long-term, you want to ask, do I really need an online wallet whose key is managed by a third-party (the online wallet company like Coinbase), or am I going in for a here-and-there trading (frequently buying and selling)?
The truth is, while other users may want to go for an online wallet (for easy funds access), yours must be predefined if you will be going for a paper wallet, mobile, online or even hardware. These are the considerations you have to get laid out.
Just a guess. As a crypto beginner trader, you want every tool that is free, right?
If you care about a mobile wallet, one you can start with is Mycelium. In case you need other options, Copay and GreenBits are the other greats.
Again, if you’re a crypto beginner investor, top 2 friendly wallets I would recommend are Luno and Coinbase online wallets.
Luno is just a two beginner crypto wallet– Bitcoin and Ethereum. And Coinbase crypto wallet offers 4 –Bitcoin, Ethereum, Litecoin, and BitcoinCash altcoin management.
The above are the crypto wallets for starters. And when you grow cryptorically, you can go over to Binance or CoinPayment to help yourself the more.
And lastly, I would have talked more about a hardware wallet, but as a beginner, you may not need those for now. But why not? If you can afford any of them, a recommended is Ledger Nano S (<$80), or Trezor T (< $200).
Check out Ledger Wallet
Check out Trezor 1 or T
At the end of the day, if you chose to go for an online, paper, or even a mobile wallet, do well not to keep up to $10,000.
Wait a minute. A Bitcoin beginner cannot have such an amount. Why not? If you do, keep at MOST $5,000 or better still – an amount such that if you lose your password or breach you won’t suffer an emotional breakdown.
Ready to protect your Hardware Wallets? See below.
7. Know The Best & Safe Sites To Buy Bitcoin
By all means, you want to know the best cryptocurrency trading and investment sites before giving them the attention.
With that said, get to do some DYOR on the chosen altcoin exchanges. From there, you can see their true comfort zones, weak points, and elastic limits.
With this, you can escape the challenges most beginners get stuck at.
8. Know The Best & Safe Sites To Day Trade
Just like the above. For the fact that a particular crypto exchange is good for beginners and small number trading does not mean it is so great for pro traders.
I know you might need this in the future.
With due respect…
I like and use Coinbase often, but I won’t by any means day trade there. Not when I have CEX.io or Binance, Kucoin and even Bittrex.
So, do your diligence search to determine the best & a safe site for day trading.
9. The Pro Crypto Trading Tools To Use
The science of crypto trading might not be all about replication steps. But yet, if you use the relevant tools, you can get to the winning ways.
And to get closer, you need some of the best cryptocurrency trading apps and investments tools. Just to mention a few of them, we have TabTrader, CryptoNaut, Delta, Blockfolio, CoinTracking and a lot more. Get the top 50 crypto tools checklist.
10. Join The Relevant Crypto Trading & Investment Communities
We might believe that at a certain point, two heads will be better than one.
If you are on my side, you want to get the extra head needed if only that will guarantee a win at the end of the day.
To do this, it might probably take you some time and research. So, the good news is that I did all the dirty work for you. See below and get started with your head high as a potential successful crypto investor – yes that is who you are.
See the relevant communities you need to join below.
11. Know The Basics Using a 2P2 Crypto Investment & Trading Site
This is something a lot of people may ignore by a guess-work or exaggeration. The thing is, knowing how it feels, I don’t need to ignore or exaggerate telling you the need to be curious about it.
Now, if you need to buy a coin on a peer-to-peer site like Paxful, please and please, don’t buy any cryptocurrency from unverified sellers. Only the verified ones!
Again, if the verified sellers are not online, back off. Go out and head over to LocalBitcoins or Remitano. Else, if you are bent to trading there (because they offer more coins), go back and check if the verified sellers are online, else, you want to head to centralized exchange like Changelly – 66 coins.
So, that is the first law of using a peer-to-peer cryptocurrency exchange as a beginner.
Again, while I would have said, do not pay any seller until the crypto enters your dashboard wallet, but heh, the best recommendation is to read the instruction and how to trade guide from the exchange you have chosen. (Each of them has a different transaction steps/strategies).
12. Motivate Yourself Momentarily
As a beginner investor, may it not be that after you bought some bitcoin to hold, you got a shocking news that Bitcoin Is A Scam! If it happens as said, this is what you have to do. Relax, motivate yourself with the post below. 😎
That post will take you from a depressed state to where you want to be – just like the Bitcoin millionaires below; at one time, they were just like you.
The Motivation oil:
Starting out as a Cryptocurrency Trading Beginner & Investor is a sweet spot to be because a lot of cryptocurrency investment sites will welcome you with open hands. And some of them will even give you free $$ just to get you started.
But along the line, they may use the sword and pierce through you. 🙄
You might start receiving sword piercing emails such as beware of scams. Beware of phishing attacks. We shall be going on a maintenance break, so, do bear with us.
These and more you will get along the way.
Should any of these happen, know that you are not alone – I am here if you need help.
Again, just know that you have graduated to a higher class. You are no more the Cryptocurrency trader & Investor BEGINNER you once were. You are now a stakeholder, and so, they expect you to be a man. How do you be a man?
I have shown you all you need to be a man. If you didn’t get it, let’s wrap it up with that.
Be a man dude, be a man. 😉
Get a new crypto email account – mainly for Cryptocurrency Trading and investments, integrate 2FA to it, learn how to integrate 2FA on all your online crypto trading accounts, and the complete steps to verify your account.
Use the relevant crypto trading tools, join the selected crypto community for more insights, and know how to play the cards on P2P exchanges. And lastly, go ahead and read the steps again.
With all these. I would say welcome perfectly as I know you will blacklist all the ugly mistakes cryptocurrency investors make while starting out.
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Have any observation or contribution? I care, so, let me know what you think about the best beginners investment steps on most crypto exchanges.