With Bitcoin hitting the ceilings this year again, more and more people come to the crypto world, experiencing FOMO (fear of missing out). If you’re one of the people who suffer from FOMO and want to find the best-rated option or trading, then you’re in the right place. Here, you’ll understand how to find the perfect crypto for your purposes and where to purchase it.
Getting started with crypto investment
You have several options for your first crypto purchase. The first option is to use a broker who can buy the required coin easily for you. In this case, you even do not need your own wallet. There is a possibility to store funds at the broker itself. As you probably understand this option is not the cheapest one as the broker plans to get his commissions. The typical commission starts from 0.25% of trading costs. On the contrary, if you’re looking for a cheap alternative plus control – the cryptocurrency exchange is a perfect option.
The cryptocurrency exchange is basically the trading platform for selling and buying bitcoins and any other cryptos you’d like. In the most reputable exchanges like Binance, you’d have to provide personal data to withdraw funds, but there are also anonymous alternatives, where you can trade without disclosure of any personal information. You can start off with Godex, where you’ll get quick and secure access to various coins.
Once you’ve purchased the first Bitcoin, you can use a cryptocurrency converter to exchange it for other coins. The other possibility is to store it in your wallet or keep your coins at the exchange before you open your own wallet.
How to research cryptocurrencies and find the best one?
Nearly everyone heard of Bitcoin, Etherium, and Ripple, but there are hundreds of other cryptos worth exploration. If you’re a beginner in the crypto world, it seems complicated, but in reality, there is a simple strategy you can apply just now to develop your first portfolio.
Step 1. Research the cryptocurrency website.
Learn the philosophy of this project, try to understand who are the investors. Explore the plans for development. Pay attention to the technology and explore it in more detail to understand the perspectives of the project. Look through the development roadmap in detail: understand the milestones of the project and how long it will take to achieve this.
Step 2. Get insights from the white-paper.
This step is crucial for understanding the project. Except for the product’s philosophy, ICO plans, and/or results and roadmap, the white-paper can provide you with information on some other important points:
- The total number of coins available
- Mining information
- Bounties rounds – completion of tasks for a certain amount of coins
- AirDrop info – distribution of coins for free to people who own another cryptocurrency
This data will help you to get acquainted with the crypto project and to start earning from it immediately.
Step 3. Monitor Bitcoin talk
Bitcoin talk is a forum, where industry experts discuss the perspectives of certain cryptocurrencies. To learn about some specific coin you can just type “ANN” to the search bar plus the name of it. You’ll come to the thread, where all the information about the particular coin is presented. You can learn about the recent ICO, get acquainted with the news on this crypto, and explore the experts’ forecasts concerning its price.
It’s not too difficult to become a cryptocurrency investor. If you’re a beginner start with investment in Bitcoin, then add several “blue chips” cryptos like Etherium and Ripple. Once you start earning with this relatively safe portfolio, there’s room for more risky projects. It’s possible to start even with a $100 investment and broaden your portfolio once you start earning.