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Looking to start investing in cryptos? You’re in the right place. Cryptocurrency investment can have astronomically high returns, but there are also risks involved. Given the innate volatility of crypto assets, many have a high degree of risk. Some cryptos require domain knowledge or expertise.
It’s important to analyze risk tolerance and liquidity requirements before investing in crypto. 1 in 10 people currently invest in cryptocurrencies, so you’re in good company if you decide to go for it. Here’s what you should do.
Choose an Exchange
When investing, the first thing you should do is choose a reputable exchange. The platform allows you to buy, sell, and store your crypto. The biggest crypto exchanges are quite robust and user-friendly. These are four of the best exchanges for beginners:
- Coinbase: This is where most crypto investors start. It’s a publicly-traded company with over 73 million users. You’ll love the intuitive user interface and can earn free crypto through Coinbase Learn. But fees are higher-than-average and you can’t extract your private key to a cold wallet.
- Crypto.com: This is a globally-popular crypto exchange with an excellent staking program. It supports hundreds of cryptos.
- Binance.US: Lower fees, a better crypto selection and advanced features make this one of the best exchanges globally. The platform is also under intense regulatory scrutiny.
- eToro: You can invest in ETFs, stocks, and many popular cryptos with a 1% fee structure for buying or selling. The exchange makes it very easy to add cryptos to your portfolio.
Pick Your Cryptos
There are over 10,000 cryptos in existence, so don’t focus only on bitcoin. The good news is most exchanges offer several cryptos—usually the most legitimate and viable coins with a respectable market cap.
The top-traded cryptos currently include Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), and Binance Coin (BNB).
So, which coins should you invest in? Well, cryptocurrency is volatile, so choosing the right cryptos for your portfolio should depend on which ones you believe in. If you think Dogecoin has more worldly applications and technical merit than Bitcoin, invest in it.
Most cryptos have a predetermined maximum supply. When that limit is reached (through mining efforts), there’ll be no new tokens. For instance, only 20% of Bitcoins remain to be mined. If there’s no more supply and interest is still high, the price will go up. At that time, the money you have may not be enough. You may have to apply for title loans online so you can have more money to invest. Do lots of research to determine which cryptos are worth investing in.
Maintain Your Investment
Crypto trading is still the Wild West, so read crypto news regularly to monitor regulatory scrutiny of your chosen exchange. Also, join crypto communities. The crypto subreddit is one of the most popular communities and allows you to sort topics.
Social media platforms also have crypto communities you can join. You can also consider in-person crypto conferences or meetups. Educate yourself on blockchain implementation and new cryptos–platforms like Coinbase Learn actually pay you crypto to learn.
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