In the past, surveys have suggested Canadians are less likely to invest in crypto than Americans. People living in Canada haven’t been investing in cryptocurrency like those in the U.S. just yet.
But as buying crypto and holding onto it for investment purposes has started to become easier to do, many Canadians have started to give it a shot. They’ve come to appreciate how simple it is to purchase crypto without much effort on their part.
Would you like to join them? We’ve created a crypto for beginners guide that should help you out. It’ll provide you with the steps you’ll need to take when investing in cryptocurrency.
Check out these steps below and make sure you follow along with them to make the most of your initial crypto investments.
Start by Researching Crypto
Unless you’ve been living under a rock for the last few years, you’re probably at least slightly familiar with what crypto is. But even still, you should always do the necessary research on crypto so that you know what you’re getting yourself into when buying it.
Cryptocurrency is a decentralized form of currency that has become popular among those who want to make investments in things that aren’t connected to the world’s banks. If this sounds appealing to you, you’re going to enjoy buying crypto and selling it without having to worry about dealing with too much oversight from banks or the government.
Decide Which Type of Crypto to Buy
One thing you’ll quickly discover while researching crypto is that there are many different types of it. Bitcoin has transformed into the kind of crypto that almost everyone knows about. But there are others you might want to consider buying.
For example, Ethereum is starting to surge in popularity in the aftermath of a few Bitcoin-related crashes. For this reason, you might want to buy Ethereum as opposed to Bitcoin or another type of crypto.
You’re free to choose whichever form of crypto you want to invest in at the start. But you shouldn’t just randomly select a crypto and run with it. Do your homework on the different types of crypto prior to picking the one that looks best to you.
Create an Account on a Crypto Trading Platform
To buy and sell crypto, you’ll need to establish an account on a crypto trading platform. A platform like VirgoCX will make it very easy to invest in crypto whenever you want. You can learn how to buy Ethereum in no time on it.
Whether you’re interested in buying Bitcoin, Ethereum, or another type of crypto, this platform will let you do it. All you need to do is set up an account on their website, fund it, and start buying crypto and selling it as you please.
Figure Out How Much Crypto to Purchase
Of all the tips in this crypto for beginners guide, this one might be the most important. So make sure you listen up!
The last thing you want to do when you’re first buying crypto is invest in too much of it. The crypto market can be volatile, so you should shy away from sinking your entire life savings into it at any point.
Instead, you should devote a small portion of your net worth to crypto and leave it at that. It’ll minimize the risk you’ll encounter when investing in cryptocurrency.
Go Through the Process of Buying Crypto
Once you know how much you’d like to invest in crypto, you can go ahead and do it. Your crypto trading platform will allow you to buy crypto and store it in a safe cryptowallet until you decide what you want to do with it next.
In some cases, you might want to use crypto to buy things. It’s a great option you’ll have when you’re got a cryptowallet full of it.
But you can also hang onto crypto for as long as you want to see if you’re able to make money on it. If the value of crypto increases, you could end up making a pretty penny on your initial investment.
Keep an Eye on the Latest Crypto Trends
The crypto industry tends to move very quickly. There are always new crypto trends coming and going.
Because of this, you’ll need to keep a close eye on the latest crypto trends and adjust your approach to buying and selling crypto accordingly. That doesn’t mean you need to freak out every time the value of your preferred crypto goes up or down. But you should be on top of the newer crypto trends and prepared to buy or sell crypto based on what you see happening.
Continue to Buy and Sell Crypto Moving Forward
After you make your initial investment in crypto, you’ll get the hang of buying and selling crypto. You’ll feel more comfortable overall doing it and will be able to buy and sell it fast.
Use this to your advantage by continuing to add and subtract from your crypto portfolio in the future. With a little luck, you should be able to turn a profit on crypto before everything is all said and done.
Refer Back to This Crypto for Beginners Guide
It may take you some time to get a feel for how to buy and sell crypto. But after a little while, you’ll be a pro when it comes to investing in cryptocurrency.
Until then, don’t be afraid to refer back to this handy crypto for beginners guide. It’ll equip you with the information you’ll need to make smart crypto investments.
Take a look at the other articles on our blog to get more advice on how to invest in crypto.
