If you’re new to crypto and want to get started with the best cryptocurrency exchanges, this guide is for you. Along with helping you choose a business that fits your needs, we’ll also give tips on keeping your coins secure. From there, we’ll show you how to easily buy and categorize Bitcoin or another coin so that your funds are ready for storing in a wallet. We’ll even review other security measures that can help protect your investments!
Start with the top cryptocurrency exchanges.
Knowing how to find the best cryptocurrency exchange for your needs is essential. For example, you should look at crypto exchanges:
- Volume and liquidity: A good crypto exchange should have a high volume of trade and liquidity to support the latest cryptocurrencies available on its platform.
- Fees: This depends on what type of fee you are looking for, but many different fees are associated with exchanges. The most common is commission, which can vary from 0% to 0.25%. In addition, some exchanges also charge a deposit fee usually less than $10, while others may also charge withdrawal fees. It’s important to consider all these factors when deciding where your money will go.
- Regulation by government body: Crypto regulation has become increasingly important over the past few years because it affects how safe clients feel using their service or software. Therefore, if an exchange isn’t appropriately regulated, users might need more protection than usual when trading currencies online with them later down in time ahead.
Buy Bitcoin with the most secure methods.
The best way to buy Bitcoin is to use a trusted exchange. You can buy and sell bitcoin at the most reliable and ideal trading platforms. It is entirely secure.
Transfer the funds to your wallet.
Once the funds have been transferred to your wallet, it’s time to work. Many people keep their cryptocurrency in an exchange wallet, but this is not recommended because it leaves your assets vulnerable. If the exchange gets hacked or suffers downtime, your money could be gone forever. For example, Mt. Gox was once one of the largest bitcoin exchanges in the world and handled 70% of all trading volume at its peak (in 2013). However, after reports surfaced that hackers had stolen up to 650,000 bitcoins from Mt. Gox’s servers (worth more than $6 billion today), users lost confidence in their security systems. They abandoned ship, taking down much of bitcoin’s price with them.
Get an additional layer of security for your coins.
Check out a hardware wallet if you trust yourself enough not to lose your phone. These physical devices store your private keys and protect them from digital intruders. They can be as simple as a USB drive or as complicated as an encrypted microchip in a plastic card that looks like a credit card. Regardless of the form factor, they’re all pretty easy to use once you get the hang of them, although some come with more bells and whistles than others.
If this sounds overkill, consider using a multi-sig wallet instead. This means having multiple keys on one device: one is yours, and another belongs to someone who knows how to access your funds if something happens to you, like if someone gains access through social engineering or extortion. And then there may be additional backups stored somewhere else, like on paper or in someone else’s brain.
How to store your cryptocurrencies.
To store your crypto, you’ll need a wallet. Offline wallets are stored on a physical device (like a USB drive) or printed out on paper as a QR code image file that you can keep in your wallet or give to someone else who will hold onto it for you. If someone steals an offline wallet with all of your coins, they won’t have access to them unless they physically take possession of that device, so these tend to be safer than keeping them online.
Start with some of the best cryptocurrency exchanges, strengthen security on all levels, buy bitcoin and other currencies, and then store it in one of our recommended wallets.
Now that you’ve got your cryptocurrencies, it’s time to start trading. There are hundreds of exchanges out there, but only a few are worth considering due to their security measures, customer service, and liquidity levels.