In 2022, there’s a new type of millionaire that’s making the headlines. Countless people have built their wealth not by building a business, but by investing in crypto.
Cryptocurrency has become a $1 trillion dollar industry in just a few short years. There has been unprecedented growth, and countless people are seeing astronomical gains.
The only question is when will you get in the game?
Are you wondering how to get started investing in cryptocurrency? The biggest obstacle to crypto isn’t the risk associated with it. It’s the learning curve that comes with buying it.
Crypto can be complicated. But we’ve put this investing for beginners guide together to help you buy your first coin today.
Keep reading below to learn how to invest in cryptocurrency the right way.
Choose an Exchange
There are many different types of cryptocurrency available. But in order to start buying them, you’ll need a way to turn your dollars into crypto.
That’s what online crypto exchanges are for. They function similarly to stockbrokers.
To get started, you’ll select an exchange and create an account. You’ll need to verify your identity using your ID and social security number. Once approved, you can fund your account.
Fund Your Account
With an account at a crypto exchange ready to go, you can choose how’d you like to buy. You can send cash from your bank account directly to your crypto exchange account. This option is usually free.
Or you can use a debit card to purchase crypto, but this can incur some decent fees.
Consider Alternative Buying Options
You don’t just have to place market orders on crypto exchanges in order to get crypto. Some people would prefer to trade cash for crypto.
In this case, you can seek out a bitcoin or cryptocurrency ATM. They’re easy to use. Just insert cash, scan your wallet address, and receive crypto.
Or, if you want to place a very large order without shaking up the markets, you can place crypto OTC orders. Over-the-counter orders are what large institutions use to buy and sell big positions at one time without wreaking havoc on the retail market by causing big swings in the price.
How to Get Started Investing in Cryptocurrency; Coin Storage
You can keep your crypto investments on the exchange you bought them from. But you probably shouldn’t.
Experienced investors know that storing their crypto in their own wallets is the key to true crypto freedom and wealth.
Consider buying a hardware wallet to secure your crypto funds and prevent any possible hack or attack that would compromise your funds.
Hold for the Long Haul
You can spend days researching crypto investing strategies. But the one that makes more people more money is holding for the long term.
Buy crypto that is likely to appreciate over time. Then hold for months or years. The people that bought Bitcoin in 2010 and 2011 were tempted to sell every year. But because they held until 2021, they get seriously rich.
Make Crypto Easy Again
Now that you know how to get started investing in cryptocurrency, it’s your turn. Set up that exchange account and make your first purchase.
It’s not as hard as you think. And once you’re all set up, making subsequent investments is much easier, taking only a few clicks.
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