Buying Your First Crypto

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By Janine Grainger

Cryptocurrencies have gradually gained traction in recent years. Despite the volatility, crypto assets are becoming a popular alternative option for portfolio diversification, passive income through staking, a store of value, a hedge against inflation, and more.
Buying cryptocurrencies can be an exciting venture, and opens up the gateways for Web3, NFTs, and beyond. It’s also more accessible than you might think. 
We’ll walk you through the steps of buying cryptocurrencies on a non-custodial exchange.

How to Choose a Platform

The first step in buying cryptocurrencies is knowing how to choose the platform you wish to buy from. When selecting a crypto exchange take into consideration the following factors:

  • Security and reputation: browse through the website, social channels, and other media to get an understanding of their reputation and security record. 
  • Supported cryptocurrencies: This goes without saying, check the list of crypto assets that the exchange supports and see if they have the crypto you want to buy. Popular cryptocurrencies include Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and other large market-cap coins. 
  • Fees and user experience: Take some time to evaluate the user interface (UI), navigation, and overall experience of using the platform. Additionally, examine the fee structure and policies to minimize any hidden fees that are added to your crypto purchase.

Buying Crypto

If this is your first time – welcome to the crypto space! As mentioned above, choosing a platform involves doing some research and getting to know their platforms.
That being said, Easy Crypto is a reputable exchange that provides over 160+ crypto assets, ranging from popular coins such as Bitcoin (BTC), Ethereum (ETH), Tether (USDT), and Solana (SOL), to other types of crypto including NFT tokens, stablecoins, DeFi tokens, and more.

Follow the steps below to get started:

  1. Create an account: Visit the official Easy Crypto website and click on the Signup button on the top right to create an account.

You’ll have the option to sign-up with your email address, your Google account, and other methods shown.

  1. Verify your account: Once you’ve created your account, proceed to the (KYC) verification process to comply with regulatory standards.
  2. Place order: After you’ve been verified, visit the homepage and choose from the list of crypto assets you’d like to purchase, along with the amount then click Buy Now. 
  3. Enter your wallet address: Enter your crypto wallet address, and make sure to double-check the address before proceeding. Afterward, you’ll choose the preferred payment method and proceed with the purchase.
  4. Receive crypto: And that’s it! Your crypto will be delivered directly to your crypto wallet in no time. Be sure to check your email inbox for confirmation.

Buying crypto is quick and easy – arguably easier than getting an account set up at a traditional bank. All you need is a crypto wallet setup, which we’ll go over below.

Setting up a Crypto Wallet

Just like your fiat-issued government currencies, cryptocurrencies are stored in a crypto wallet. Crypto wallets serve as the keys to access and manage your cryptocurrencies, which contain a public and private key. 
While there are many different kinds of crypto wallets out there, most wallets can be classified into:

  • Hot Wallets: These are arguably the most popular options for crypto wallets due to their ease of use and accessibility. These wallets take the form of software, or apps that run on your mobile device or computer, and require an active internet connection to access and manage your assets – hence the term hot wallet. 
  • Cold Wallets: When it comes to crypto wallets, cold storage means that the wallet secures your credentials and private keys in an offline environment, away from any potential hacks. These wallets are also known as hardware wallets and take the form of small token devices that will require authentication from the user for any transactions. 

In addition to hot and cold wallets, another important distinction between crypto wallets is custodial and non-custodial storage. This simply refers to the custodian of your wallet’s private keys – and by extension, your assets. 

  • Custodial wallets will have your private keys managed by the exchange acting as the custodian of your crypto assets.
  • Non-custodial wallets mean you are the sole owner of your private keys, and only you have full ownership and access to your assets.

When it comes to choosing the right wallet, it all comes down to your personal preference. If you want full control over your assets, however, a non-custodial hot wallet is a good place to start. You get the benefits of the accessibility of a hot wallet, as well as the autonomy and flexibility of a non-custodial wallet. 
Some examples of non-custodial hot wallets include Trust Wallet, MetaMask, and Exodus Wallet.
For the sake of simplicity, we’ll be setting up one of the crypto-hot wallets above. Follow these simple steps to quickly set up and get started:

  1. Download: Visit the official website of your chosen wallet and download the app on your mobile device. All 3 wallets (Trust Wallet, MetaMask, and Exodus are compatible with both iOS and Android-powered devices). Again, ensure you are downloading from official sources to avoid scams or compromised versions.
  2. Create a new wallet: Follow the wallet’s instructions to create a new wallet. This typically involves generating a new private key and setting a secure password or passphrase. Be sure to store your private key and password securely.
  3. Backup your wallet: Most wallets provide a backup phrase or seed words. Write down these words and store them securely offline. These backup phrases are your only method for recovering your wallet.
  4. Secure your wallet: Enable any additional security features provided by the wallet, such as two-factor authentication (2FA) or biometric authentication. Additionally, regularly update your wallet software to benefit from the latest security patches and improvements.
  5. Receive and send cryptocurrencies: And that’s it – you’re ready to send and/or receive cryptocurrencies to your wallet. Your wallet will provide you with a unique address for each supported cryptocurrency. You can share this address with others to receive funds. To send cryptocurrencies, enter the recipient’s address carefully and specify the amount you want to send.

Getting started with crypto is quick and easy. As briefly prefaced above, cryptocurrencies have many use cases ranging from diversification of your investment portfolio to passive income through staking, and much more. 
Cryptocurrencies are just the tip of the iceberg. Blockchain technology and Web3 are set to take center stage to be the future of global finance – and you’ll be ready for it when that time comes.

About the author: Janine Grainger is the Co-Founder and CEO, of Easy Crypto. Disclaimer: Crypto is volatile, carries risk and the value can go up and down. Past performance is not an indicator of future returns. Please do your own research.

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