There are thousands of Cryptocurrencies out there and some of them are highly volatile. So for buying your first Crypto, we tell our friends & family to be very careful with regards to this investment and this is the same advice we offer anyone we come into contact with that wants to explore some investment in the Crypto Space.
Google or Bing bombarded for newbie of Cryptocurrency investors with thousands of opportunities – some of these will offer massive returns and are often highly risky. We shell view with caution if any site offering thousands of percent returns.. If it all sounds a little too good to be true then in many cases it is.
If you have never bought a bitcoin or any other coin before and are wondering how to get started then you are in the right place. The article is written for the novice who wants to get started.
As a starting point, we suggest you open accounts with the following:
- Coinbase – For buying your first Crypto Coinbase is best choise. Coinbase will let you buy and sell Bitcoin, LiteCoin and Ethereum – these are 3 of the most popular digital currencies on the market. Coinbase have a large chunk of the Crypto market and are highly trusted within the Crypto community. As an added benefit, If you sign up here you get 10$(£7) of Bitcoin when you make your first 100$ trade on Coinbase.
- LocalBitcoins – Local Bitcoins lets you buy and sell bitcoins very quickly (most trades take 15 – 20 mins. Max an hour). One of they key advantages of LocalBitcoins is that you can trade really small amounts of coins. E.g., You can trade 10 dollars at a time. There is a common misperception that you need £10k or £20k to get you started with Crypto investments. This is simply not true. Many people will invest £20 or £50 a month of their savings through LocalBitcoins. It is a platform we have used extensively and highly recommend. You can sign up for a new account here. Out of all the platforms Local Bitcoins is by bar the easiest to get up and running on – even easier than Coinbase.
- Etoro – We get have been getting a lot of requests over the last few months with regards to where you can buy Ripple.(XRP) We suggest that you try Etoro if you want to invest in this currency. Please note that for etoro trading you need to make a minimum investment of 1000 dollars.. This minimum deposit level does not apply to Coinbase and LocalBitcoins. Signup for for a new Etoro account here
When you are comfortable with the above we suggest that you also open a Binance account.
You can open a new Binance account here.
We do not recommend Binance as an entry level CryptoCurrency trading account – mainly because you cannot buy coins in sterling or dollars using your debit card like you can do on platforms such as Coinbase or Local Bitcoins. For example, If you are buying ripple you have to be required to buy ripple initially with Bitcoin.
A Risk Adverse Approach to investing
For buying your first crypto please remember that any investment you make your money is at risk and you should do your research first. We take a very risk adverse approach to investing. The all-in approach is not something that interests the team at The TimeCryptoNews. If someone is saving 30% of their month income we suggest putting 20% in savings or an ISA and putting the remaining 10% into a vehicle that can earn a return – for many of use Crypto Currencies are that vehichle and our investments here have worked out really well over the past 4 months.
Why can TimeCryptoNews advice?
Some of the members in the TimeCryptoNews team have had returns of 6 and 7 figures over the last few years in Crypto investments. We know we got lucky with regards to being specialists in a space when their were great opportunities. Timing and experience came together for us. The grass is not just as green as it was in 2012 or 2013 but we still believe there are opportunities for those that are looking to invest in Crypto.