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Lesson 5:

How to Buy or Sell Your First Cryptocurrency

Before you buy a cryptocurrency, you have to do some research about it and how it works.
A lot of people rush into buying a coin because it’s trending like Dogecoin did in early 2021. This is the Fear of Missing Out (FOMO), and even though it has worked for some people, it’s risky.

So, avoid FOMO and buy coins that have value and help you to preserve your money. Ask questions like:

  • What is the use or point of the coin and its creators?
  • Are its developers legit?
  • How secure is the coin?
  • What are people saying about this coin on Reddit and other social platforms?
  • How easy is it to buy and sell the coin?

You could also decide to get your coins from an exchange. These platforms are great because they bring you in contact with sellers immediately.

The most important thing you need is an exchange that supports your desired coin. Like wallets, not all exchanges have all coins available. So, you want to research to see where your chosen coin is available and how you can find it.

To make things easier, you can search your coin on CoinMarketCap like this:

  • Go to https://coinmarketcap.com/
  • Search your chosen coin and go to its page
  • Click on “Market,” and you’ll see a list of exchanges where it is available

Quidax is one of the most popular cryptocurrency exchanges. We offer a simple and straightforward way to buy your favourite coins, and you can be done within minutes!

To buy cryptocurrencies, follow these steps:

  • Download the app and sign up
  • Complete your two-factor authentication
  • Deposit money in your wallet with Qdirect
  • On your app screen, click on “Buy/Sell”
  • Choose your desired coin from the available options
  • Enter the amount of money you’ll like to spend
  • Click on “Buy Instantly” and the coins will be deposited into your wallet

You’re probably feeling excited about buying your first cryptocurrency right now. However, you should also keep a few things in mind before you begin:

Invest Carefully

It is important to take it easy when you invest in crypto. Cryptocurrencies are volatile, and you don’t want to lose your money. So, keep these tips in mind:

  • Don’t invest your life savings or important money in crypto
  • Invest in different coins.
  • Don’t put your eggs in one basket
  • Always do your research and be confident before investing
  • Set a target for your investment. Don’t get greedy
Keep Your Coins Safe

Many people will try to steal your coins from you. It’s important to be vigilant. Keep the following in mind:

  • Make sure your exchange and wallet have top-notch security features
  • Store your wallet address and private keys carefully
  • Don’t fall for any giveaway. They’re usually scams
  • When sending coins, double-check the wallet address
  • Keep your exchange password and PIN to yourself
  • Don’t brag about your crypto on social media.

Dollar Cost averaging is the best strategy for people who don’t have a lot of money to buy crypto with. It’s when you buy small amounts of crypto regularly. After a while, you’ll have built up your portfolio.