Click me

Digital Assets

Home Market Movers Knowledge Base Traders Edge MAINS. BETS How To Buy Cryptocurrency: A Step By Step Guide Tweets by @MainSt_Betb by Steven Nickolas | Jan 4, 2021 | Knowledge Base | 0 comments s Main StBets @MainSt_Bets $CCIV new option strikes added this morning, $22.5, $25 and $30 51m Main StBets @MainSt_Bets 3406 MOMO Feb21 19.0 calls getting hit above the ask 18h Main StBets @MainSt_Bets 1000 SAKRA lan21 35 calls 21h Main StBets @MainSt_Bets SOAC , SVSPR, SKARS, SVVPR, and STIC options begin trading today After major central banks flooded the market with capital injections, we witnessed one of the most remarkable runs in Jan 13, 2021 cryptocurrency history. That being said, the masses are trying to figure out how to buy cryptocurrency. Main StBets Billionaires, Wall Street whales, and retail traders have been buying cryptocurrencies, and that's pushed the total crypto @MainSt_Bets market cap to reach new all-time highs. It's no wonder why there's a lot of FOMO in the space. After all, this could revolutionize the financial system as we know it. $CCIV options begin trading today, highest strike on the board $20 Before you go out, randomly find a cryptocurrency broker, and smash the buy button, we wanted to provide Main St. Bets players with a step by step guide to learn how to invest in cryptocurrency. Jan 13, 2021 Before you ever decide to put your hard-earned money into any cryptocurrency, make sure you understand the risks Main StBets involved. Additionally, you need to conduct your own due diligence. @MainSt_Bets 9549 $BHF Feb21 45.0 calls That being said, lets take a look at some of the necessary steps needed in order to invest in cryptocurrency. barrel in Embed View on Twitter Contents [ hide ] The Necessary Steps On How To Buy Cryptocurrency Recent Posts Step 1: Find The Right Cryptocurrency Brokerage That Suits Your Needs What Is Earnings Per Share Coinbase (EPS)? Gemini The Best Cannabis Stocks For Step 2: Enable Two-Factor Authentication To Boost Security 2021 Step 3: Don't Use A Debit Or Credit Card To Purchase Cryptocurrency The 3 Best EV Battery Stocks Step 4: How To Buy Cryptocurrency Step 5: Consider Using A Cold Wallet How To Buy Cryptocurrency: Final Thoughts On How To Buy Cryptocurrency A Step By Step Guide The Best Cybersecurity Stocks For 2021 The Necessary Steps On How To Buy Cryptocurrency Categories The first step that's necessary to take when it comes to learning how to buy cryptocurrency is to find the right broker. There are a number of cryptocurrency brokerages out there. That said, it's important to conduct due diligence and find Knowledge Base the most reputable ones. Market Movers Luckily for you, we've done some of the heavy-lifting and narrowed it down to just a few. Step 1: Find The Right Cryptocurrency Brokerage That Suits Your Needs Two of the most popular and reputable cryptocurrency brokerages are Coinbase and Gemini. They're very similar brokerages, and it all depends on your preference. For more advanced traders, Coinbase offers its Coinbase Pro platform, which is web-based and also on mobile. On the flip side, Gemini offers its ActiveTrader platform that provides customers with a professional experience. Coinbase If you're looking at Coinbase as a potential broker, there are some key facts you'll need to understand. Coinbase is what I like to refer to as the Robinhood of the cryptocurrency industry. However, unlike Robinhood, Coinbase does not offer commission-free trading, and there are fees associated when you enter an order to purchase. Order preview 0.03122079 BTC Pay with Chase Price $31,559.74 / BTC Purchase $985.32 Coinbase fee e $14.68 Total $1,000.00 Want to send your BTC? You can send $500.00 in BTC instantly. The rest of your purchase will be available to send in 5 days, after your funds arrive. Buy now The beauty of Coinbase is you can hook it up to your bank account, debit card, or credit card. Keep in mind, it's wise to only invest or buy cryptocurrency with money you can afford to lose. When it comes to Coinbase, it's considered secure and the cryptocurrency community trusts this brokerage. The reason why many crypto traders have adopted Coinbase as their brokerage is because it offers some key advantages. As mentioned, Coinbase traders and investors can buy cryptocurrencies instantly. Not only that, but they can do this from their web browser or mobile phone. Pro Tip: If you select Coinbase as your cryptocurrency brokerage, make sure to enable two-factor authentication. Consequently, that can better help safeguard your cryptocurrencies from hackers. Honorable Mention: You can also buy and sell cryptocurrencies on Robinhood. Moreover, on Coinbase, you're able to lock in the purchase price when purchasing cryptocurrencies, if you utilize the bank transfer. On the flip side, it can be easier to deposit money into the account, if you do decide to choose Coinbase as your cryptocurrency broker. If you want to purchase a specific cryptocurrency available to trade on Coinbase, you can download the Coinbase Pro app on your mobile device, or access it on your browser. With Coinbase Pro, you can enter limit orders, as well as stop-limit orders, E LTO-USD S 181.8 U Wulet Bul Ord Fam 151.670 Vid Mutut Open Ord Before you decide to choose Coinbase, it's important to conduct due diligence and understand the risks involved. Moreover, it's important to see what other brokerages are out there. This brings us to Gemini, another cryptocurrency brokerage. Gemini Gemini is another brokerage that allows traders and investors to buy cryptocurrency. Now, as mentioned earlier, Gemini is very similar to Coinbase. In an effort to compete with other brokerages, Gemini has allowed its customers to buy Bitcoin and crypto in just a few minutes. AL weL LELEEEANE IFRANYS Co MONEY HAS A FUTURE GEMINI CRYPTO nDEMCY EKCHANGE Just because it's easy to enter your information and starting buying cryptos, it doesn't mean you should. You see, you need to understand the lay of the land, as well as figure out which cryptocurrency brokerage works for you. For example, not all states offer Gemini and Coinbase. So make sure to find out if they're offered where your current home is. If not, there are other ways to buy cryptocurrencies, such as through Uphold or PayPal. Again, make sure to conduct due diligence and understand the risks involved if you're serious about learning how to invest in cryptocurrency. Remember, since these are brokerages, they follow Know Your Customer (KYC) and Anti-Money Laundering (AML) laws. That means no matter which brokerage you go with, they'll ask for personal information. As always, know who you're sharing your important credentials with. Step 2: Enable Two-Factor Authentication To Boost Security This is one step we believe no cryptocurrency trader should miss. It's to enable two-factor authentication. You can make your cryptocurrency trading accounts secure by downloading either Duo Mobile or Authy from the app store. This helps to ensure your cryptocurrencies are stored safely and securely. The last thing you want to happen is for someone to get into your account and send your cryptos to an address. It may seem like a hassle at first, but it's the right thing to do in our opinion. Step 3: Don't Use A Debit Or Credit Card To Purchase Cryptocurrency Another step when it comes to learning how to invest in cryptocurrency is to not utilize debit or credit cards to purchase these digital assets. You see, whether it's the stock market, or cryptocurrency market, it's never wise to borrow money to trade (credit card) or trade with money you cannot afford to lose (debit card). You see, there can be a time when cryptos sell-off and you want to dollar cost average. In turn, you may want to take out your credit card and add it to your account to buy more. I think you can see how much of a problem that can be if cryptos move significantly against you. Not only can it be dangerous to use a debit or credit card to trade, but you may also have to pay transaction fees to those companies in order to purchase digital assets. Moreover, if you use your credit card, your credit card could be impacted depending on the percentage of your available credit line used to purchase cryptos. What's better to do is figure out how much you can afford and are willing to lose when it comes to investing in cryptos. I mean, after all, it is the market and who knows what can happen to cryptos. We saw how the SEC charged Ripple and two executives, causing XRP to plummet. Once you've deposited money and started to learn about digital assets, it's time to move onto step 4 of how to buy cryptocurrency. Step 4: How To Buy Cryptocurrency Once you've funded your account with risk capital, you can invest money into a cryptocurrency of your choosing. Of course, there's Bitcoin and Ethereum, as well as Bitcoin Cash, Litecoin, and Elon Musk's "favorite" altcoin, Dogecoin. How do you know which one to choose? Well, since you're just now learning about how to invest in cryptocurrency, you may want to stick with Bitcoin and Ethereum, since they are two of the largest digital assets. Remember to read up on these investments before you put a single dollar behind them. It's important to know what you own. Once you've decided which cryptocurrencies you want to invest in, you'll want to identify which price you want to own it at, or invest it over time if you plan on using them to store value. Whatever the case may be, make sure you're comfortable with the investment. Now, most cryptocurrency investors and traders trust their brokers and exchanges to secure their digital assets. While the risk of an entire brokerage or exchange failing may be low, there is no guarantee you won't lose your investment. There's another step to further secure your investments after you've purchased them. Step 5: Consider Using A Cold Wallet There are physical devices known as cold wallets that allow you to store your cryptocurrency. The benefit here is the security. Basically, this cold wallet will store your investments have a b key consisting ses, just in case you actually lose the device. You would just need to have those key phrases ready when you're ready to access them, after purchasing another cold wallet. Some popular cold wallets include Ledger and Trezor. That's A Ledger Nano S, a safer way to store digital assets. The downside of a cold wallet potentially losing money over time due to inflation, and not being able to sell your cryptos fast enough if you want to take profits or sell for a loss. Pro Tip: If you buy and sell digital assets for a profit or loss, you must report it. It's important to follow the tax laws and speak to an accountant regarding cryptocurrency. Final Thoughts On How To Buy Cryptocurrency Now, this is just the tip of the iceberg when it comes to investing in cryptocurrency. It's not a be-all and end-all, and you shouldn't think just because you hit the buy button, you'll magically make money. This is just one of the many steps needed to learn how to invest in cryptocurrency, and here at Main St. Bets, we want to help you along the way. Submit a Comment Your email address will not be published. Required fields are marked * Comment Name * Email * Website O Save my name, email, and website in this browser for the next time I comment. Submit Comment

Digital Assets

shared by jeffereyrnasir592 on Jan 24
Main St. Bets is one of the hottest stock trading education websites geared at helping everyday traders put themselves in a position to generate higher returns. We're all about bringing Wall Street's ...




Did you work on this visual? Claim credit!

Get a Quote

Embed Code

For hosted site:

Click the code to copy


Click the code to copy
Customize size