How to crypto for beginners?

kabeeraaaaa · May 1, 2021

Hi. I am 17 and want to invest some of my pocket money in cryptocurrency, but have zero idea of where to start. where to buy crypto and store it and everything a begineer needs to know? could anyone help me.

tikker · May 1, 2021

You can buy crypto on exchanges or through services offered through some wallets like Ledger. Exchanges are often the cheaper than those services as they don't charge additional fees for providing said services. The big exchanges are Coinbase (Pro), Binance (if you're in the US they have a separate version you need to use that doesn't seem to be as nice), Kraken or Gemini to name a few.

You transfer some fiat (USD, EUR, i.e. your local currency) to the exchange and then you can set buy orders for crypto. If you want to get it off the exchange you'll need to create a personal wallet and transfer it there. Keep in mind that for BTC and ETH transfer costs can be quite a bit at the moment. As an example Binance currently charges 0.005 ETH (€12) or 0.0005 BTC (€24) to have me withdraw those to my own wallet. In principle you'll want to keep stuff on your own wallet since you have full control over it, but personally I'm fine with keeping relatively small amounts on the exchange until I think it's worth the withdrawal fees.

Finally regarding wallets, that all depends on what coin you buy. I use MetaMask and Exodus, but you should read up on the coins and their recommended wallets and decide for yourself on those.