When I first started to understand cryptocurrency, there was too much information and it seemed complicated. Where to trade? What to buy? How not to fall for scams? If you have the same questions - this text is for you. I'll try to explain in simple terms how to start and avoid making a lot of mistakes.
1. Choosing an exchange for trading
The first thing you should start with is choosing a reliable cryptocurrency exchange. An exchange is a platform where you can buy and sell cryptocurrency.
What criteria are important when choosing an exchange:
- Reliability and reputation. It's better to choose large and proven platforms. For example, Binance, Bybit, OKX. These exchanges have been in the market for many years and are trusted.
I use all three, but my favorites are Binance and OKX
- Ease of use. The interface should be intuitive. When I started, I found it easiest to navigate Binance: there are many prompts and educational materials.
OKX is convenient for withdrawing drops from airdrops, although there were certain issues when I transferred between wallets, the assets got stuck in the exchange's system. After months of active negotiations with support, I got everything back in full. Thanks for that. The exchange was not at fault; it was initially my mistake when transferring, I did not indicate a comment (memo). Lesson learned.
- Fees. Pay attention to transaction fees. They usually range from 0.1% to 0.5%. It may seem small, but if you trade often - it's important.
- Withdrawal of funds. Be sure to check how to withdraw funds and what the withdrawal fees are.
- Support. It's important that the exchange has adequate technical support to help in case of problems.
2. How to choose assets for trading?
On the exchange, you can find hundreds of coins and tokens, but not all of them are worth buying.
The most popular and reliable assets:
- Bitcoin (BTC) - the "gold" of the cryptocurrency world. It is the first and most stable cryptocurrency.
- Ethereum (ETH) - the "silver" of the crypto market. Ether supports many projects and is always in demand.
- Stablecoins (USDT, BUSD, USDC) - these are cryptocurrencies tied to the dollar. They help preserve money when the market falls.
If you want to take a risk, you can try altcoins - these are all coins except Bitcoin. For example:
- SOL (Solana) - a promising coin with a fast network.
- ADA (Cardano) - a project with a strong community and a good idea.
- MATIC (Polygon) - a popular token for scaling Ethereum.
Tip: if you are a beginner, don't invest money in "junk" coins that have risen by 500% in a day. A big rise is often a sign of a Pump and Dump scheme. I wrote an article on this topic earlier, for those interested, scroll through the feed. It's better to choose assets with real value.
3. How to trade: my mistakes and advice
When I made my first trades, I often rushed and made decisions based on emotions. I mention this every time.
Here's what helped me get better:
- Start with a small amount. Invest what you can afford to lose. For example, $50 or $100. This will save you from unnecessary stress.
- Don't chase quick profits. Forget about "getting rich overnight". The crypto market is a marathon, not a sprint.
- Set goals. Before buying a coin, decide: do you want to earn in a day, a week, or hold it for years? This will help you not to panic during downturns.
- Use stop-loss. This is a tool that will automatically sell your coin if the price drops below a certain level. It will save you from significant losses.
- Keep an eye on the news. For example, news about a project launch or network upgrade can affect price growth.
My mistake: at the very beginning of my journey, I bought a coin at the peak of growth, and it crashed two hours later. Learn from my experience: don't buy on emotions when "everyone is rushing".
4. How to avoid scammers?
There are many people in the crypto world who want to profit from your inexperience. Here's how not to fall for their tricks:
1. Don't believe in promises of easy money (I'll give an example at the end that happened just yesterday)
If someone offers "investments with a guaranteed 200% profit" - they are scammers.
2. Beware of fake websites.
Always check the website address of the exchange. Scammers often create fake pages that look like the original.
3. Don't fall for personal messages.
You may receive messages on Telegram or social media with offers of "magical strategies" and "secret coins". It's better to block such people right away.
4. Keep funds on an exchange with two-factor authentication (2FA).
This is an additional protection for your account. I use the Google Authenticator app - it's simple and reliable.
5. Trust only verified sources of information.
News channels, blogs, or YouTube - all of this needs to be filtered. Verify information twice.
So, yesterday I met with a friend, and she says that she was offered to earn money, all you have to do is deposit $100 and log in 5 times a day to claim $20, basically do some manipulations and you'll get +$100 a day... sounds great, right? But... (Screenshot of the site)👇
Of course, without experience and knowledge... you can get deceived and lose your funds.
💡💡💡Let's summarize: how to start safely and wisely💡💡💡
1. Choose a reliable exchange.
2. Start with popular assets: BTC, ETH or stablecoins.
3. Don't invest everything at once and don't chase quick profits.
4. Trade only with a cool head, without emotions.
5. Be careful and don't fall for "easy money".
Cryptocurrency is interesting and promising, but it is not a casino. If you approach trading calmly and wisely, you can not only preserve your money but also multiply it. The main thing is to learn from mistakes (your own and others'), and over time, everything will work out.