How To Buy Crypto Coins As A Beginner
It’s common knowledge that a lot of newbies get into the Crypto space for the money and always want to buy crypto coins.. A popular question most newbies ask is “Which coin/token should I buy?”. However, due to inexperience, newbies become victims of the exchange platform they use, losing their money in the process.
In this article, I’ll try to be as clear and detailed as possible in explaining how to buy cryptocurrency as a beginner.
Before You Buy Crypto Coins
First, dear newbie, don’t FOMO!!! If this was all I said here, it would be a lot. Beginners fall prey to buying the top and selling the bottom. FOMO means the Fear Of Missing Out and it is used to describe a situation where someone buys a coin/token because it’s doing so well (e.g 1000x) or because of the hype and buzz about it.
One important principle to stick by is to never buy a coin/token when the market is green. Instead, always buy the dip. Resist the allure to buy coins/tokens because everyone is talking about it or because it’s pumping. No matter how good it gets, what goes up must surely come down. Ensure it’s not coming down on you though.
Another favor you might want to do yourself is to DYOR (Do Your Own Research). It could be a lot of work but it prevents you from buying and holding or investing in the wrong crypto assets. When you do your research before buying a coin, you buy with knowledge and you’ll know when to take strategic trade actions because you know the projects’ roadmap.
When You Buy Crypto Coins
This is the big one. A lot of people do their research right and then miss the process when it’s time to buy. While doing your research, you are likely to come across how to buy or store the crypto assets you’re interested in.
A quick example is when you’re trying to buy $Des tokens and you’re directed to Pancakeswap or Uniswap. Every project is unique and has tradable marketplaces. If you miss the instructions, you could end up losing your money.
As an example, buying $Des tokens on Tinyman will not work since they can’t be traded on Algorand. It’s only tradable on the Ethereum, Binance Smartchain and Polygon blockchain.
If you’re buying crypto to trade, ensure to use a secure exchange. Do your two-factor authentication to improve security measures. Use your device security system to lock your trading app for additional security measures.
Every exchange has a security standard and you’ll be guided on how to meet it. Do well to follow suit. Also, take advantage of options available on your exchange e.g Stop loss, limit order, OCO options, it will help you to minimize losses and make bigger profits.
If you’re buying to invest, you need to have a secure wallet. Keep your private keys safe. Losing them will prevent you from accessing your accounts. Save your recovery phrase. Use your device security system to lock your wallet app for additional security measures.
Follow the right process to buy the coin, don’t try to rush, to avoid making irreversible mistakes. Pay attention to the instructions that are given by the exchange or pop-ups on Dexes. Crypto communities are a great place to ask questions if something confuses you.
P.S: This is the right process projects should follow when issuing crypto coins/tokens.
After Buying Crypto Coins
Congratulations, you’re officially part of the 1% of persons who have adopted cryptocurrency as a store of wealth and value.
If you bought crypto to trade, remember to close trades at the appropriate time or give instruction to the exchange to execute buy/sell orders on your behalf. Learn to also accumulate profits by using them to re-enter trades.
If you bought crypto to invest, you’re in for something big. I like to say that HODLers are the real winners in the crypto space. Your ability to hold your crypto for a long time will pay off in the long run, especially if you did the proper research and the project’s roadmap is good.
CONCLUSION
As you make profits from following the steps laid out here, remember to connect with me and share your stories. Here’s to many more days of wins than losses!
LinkedIn: Onyeka Ekwemozor
Twitter: OnyekaEkwemozor
