{"id":6940,"date":"2018-10-10T01:11:28","date_gmt":"2018-10-10T01:11:28","guid":{"rendered":"https:\/\/stockchase.com\/discover\/?p=6940"},"modified":"2019-04-08T17:13:00","modified_gmt":"2019-04-08T17:13:00","slug":"top-7-cryptocurrency-investing-tips-a-beginners-guide","status":"publish","type":"post","link":"https:\/\/stockchase.com\/discover\/top-7-cryptocurrency-investing-tips-a-beginners-guide\/","title":{"rendered":"Top 7 Cryptocurrency Investing Tips: A Beginner\u2019s Guide"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Discover What&#039;s Inside<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/stockchase.com\/discover\/top-7-cryptocurrency-investing-tips-a-beginners-guide\/#A_Beginners_Guide_to_Get_Started_with_Cryptocurrencies\" >A Beginner\u2019s Guide to Get Started with Cryptocurrencies<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/stockchase.com\/discover\/top-7-cryptocurrency-investing-tips-a-beginners-guide\/#Pick_the_Right_Cryptocurrency_Platform\" >Pick the Right Cryptocurrency Platform<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/stockchase.com\/discover\/top-7-cryptocurrency-investing-tips-a-beginners-guide\/#Choose_the_Currency_Youre_Comfortable_With\" >Choose the Currency You\u2019re Comfortable With<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/stockchase.com\/discover\/top-7-cryptocurrency-investing-tips-a-beginners-guide\/#Figure_Out_the_Nitty-Gritty_of_the_Entire_Process\" >Figure Out the Nitty-Gritty of the Entire Process<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/stockchase.com\/discover\/top-7-cryptocurrency-investing-tips-a-beginners-guide\/#Know_Your_Budget\" >Know Your Budget<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/stockchase.com\/discover\/top-7-cryptocurrency-investing-tips-a-beginners-guide\/#Set_Up_%E2%80%9CTake_Profit%E2%80%9D_Orders\" >Set Up \u201cTake Profit\u201d Orders<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/stockchase.com\/discover\/top-7-cryptocurrency-investing-tips-a-beginners-guide\/#Leverage_is_Never_a_Good_Idea\" >Leverage is Never a Good Idea<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/stockchase.com\/discover\/top-7-cryptocurrency-investing-tips-a-beginners-guide\/#Dont_Be_Greedy_Always_Know_When_to_Cash_Out\" >Don\u2019t Be Greedy, Always Know When to Cash Out<\/a><\/li><\/ul><\/nav><\/div>\n<h3><span class=\"ez-toc-section\" id=\"A_Beginners_Guide_to_Get_Started_with_Cryptocurrencies\"><\/span>A Beginner\u2019s Guide to Get Started with Cryptocurrencies<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><em>This is a guest post by Annah Brooks. She is currently working for <a href=\"https:\/\/www.firstfidelityreserve.com\/\" target=\"_blank\" rel=\"noopener\">First Fidelity Reserve<\/a>, which specialises in rare United States coins and precious metals.<\/em><\/p>\n<p>[adinserter block=&#8221;4&#8243;]<\/p>\n<p>With the numerous cryptocurrency options available to all eager investors, sometimes it\u2019s becoming more difficult to choose the right one that suits one\u2019s preference and knowledge.<\/p>\n<p>And with a lot of people diving into this digital investment phenomenon, some are left in jubilation because of profit gains but some are also left crestfallen because of inadequate know-how on the subject.<\/p>\n<p>Investing in cryptocurrency does have its upper hand and one of them is paying cheap fees compared to investing in fiat currencies.<\/p>\n<p>The platform of your choice only takes a pea-sized fee as a commission for the service rendered. Another advantage is the availability of transactions and a quick exchange as well because you can trade all week at any hour of the day; cryptocurrencies are making it easy for the busiest person to invest in just a few clicks of the mouse.<\/p>\n<p>And the most evident one that can also be seen as a risk is its enormous volatility. We all know how currency activities are very fickle, and with a small investment, people can really gain a lot\u2026if they\u2019re being smart.<\/p>\n<p>If you\u2019re currently looking into the first cryptocurrency investment, it\u2019s vital to look before you leap, do your due diligence, and read these top 7 tips to make sure investing and gaining profits in cryptocurrencies will go like clockwork.<\/p>\n<p>[adinserter block=&#8221;2&#8243;]<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Pick_the_Right_Cryptocurrency_Platform\"><\/span>Pick the Right Cryptocurrency Platform<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Because cryptocurrency investments are making waves in every corner of the world, there are a lot of options to choose from online. Find the one that best suits your budget and trading capacity. <\/p>\n<p>Since this article is for the beginners, choosing a platform which isn\u2019t complicated and has a great usability might work to your advantage.<\/p>\n<div class=\"stockchase-editor\">\n<p><center><strong>Contribution from the Stockchase Editor Team<\/strong><\/center><\/p>\n<p>Buying your first Bitcoins (BTC) is easy if you go with the right platform.<\/p>\n<p>But picking the right platform isn&#8217;t easy, especially for Canadians.  We tried multiple exchanges and we had to try 3 before being successful in activating an account, getting verified and transferring funds.  In the end, the best way to buy Bitcoins in Canada is to use <a href=\"https:\/\/stockchase.com\/discover\/go\/coinsquare\/\" rel=\"nofollow\">Coinsquare<\/a>.<\/p>\n<p><a href=\"https:\/\/stockchase.com\/discover\/go\/coinsquare\/\" rel=\"nofollow\"><img decoding=\"async\" src=\"https:\/\/stockchase.com\/discover\/wp-content\/uploads\/2018\/10\/coinsquare_owler_20171204_160037_original-760x126.png\" alt=\"Coinsquare\" width=\"152\" height=\"25\" class=\"aligncenter size-medium wp-image-7984\" \/><\/a><br \/>\n<a href=\"https:\/\/coinsquare.com\/register?r=7D52A9A74\" target=\"_blank\" rel=\"noopener\">Coinsquare<\/a> calls itself Canada&#8217;s home for digital currency.  It supports trading of 8 cryptocurrencies (Bitcoin, Bitcoin Cash, Dash, Dodgecoin, Ethereum, Litecoin, Ripple and Squarecoin) and 4 fiat currencies (Canadian Dollar, US Dollar, Euro and British Pound).   Fiat money is a currency issued by a government like the Canadian or US dollar.  <\/p>\n<p>Why use <a href=\"https:\/\/stockchase.com\/discover\/go\/coinsquare\/\" rel=\"nofollow\">Coinsquare?<\/a><br \/>\n\u00b7Transfer funds easily using Interac eTransfers<br \/>\n\u00b7Easy and quick account verification process<br \/>\n\u00b7Great and reactive support team<\/p>\n<p><center><\/p>\n<hr class=\"hr-style-2\"><strong>Get $10 when you signup for Coinsquare using our <a href=\"https:\/\/stockchase.com\/discover\/go\/coinsquare\/\" rel=\"nofollow\">link<\/a><\/strong>.<br \/>\n(awarded after verification and funding)<\/p>\n<hr class=\"hr-style-2\"><\/center><\/p>\n<p>Keep reading to learn how you can get access to more cryptocurrencies using a popular cryptocurrency exchange and platform.\n<\/p><\/div>\n<h3><span class=\"ez-toc-section\" id=\"Choose_the_Currency_Youre_Comfortable_With\"><\/span>Choose the Currency You\u2019re Comfortable With<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><img decoding=\"async\" class=\"aligncenter size-full wp-image-7555\" src=\"https:\/\/stockchase.com\/discover\/wp-content\/uploads\/2018\/10\/pickright.png\" alt=\"Pick Right\" width=\"205\" height=\"120\" align=\"right\" style=\"margin-left:25px;\"\/>While Bitcoin is a popular choice for everyone, beginners and veterans alike, there are those special few who prefer to trade using other currencies. I\u2019m sure there&#8217;s something for everybody, regardless of where you are in the world.<\/p>\n<p>After all, this trend is surging as we speak and I don\u2019t think there\u2019s no stopping it (as of now, at least).<\/p>\n<div class=\"stockchase-editor\">\n<p><center><strong>Contribution from the Stockchase Editor Team<\/strong><\/center><\/p>\n<p>If you are serious into trading crypto currencies you will need to sign up with a Crypto Asset Exchange.  The exchange will allow you to trade almost all of the existing cryptocurrencies.<\/p>\n<p><center><a href=\"https:\/\/stockchase.com\/discover\/go\/binance\/\" rel=\"nofollow\"><img decoding=\"async\" src=\"https:\/\/stockchase.com\/discover\/wp-content\/uploads\/2018\/10\/binance-logo-760x179.png\" alt=\"Binance\" width=\"152\" height=\"36\" class=\"aligncenter size-medium wp-image-7995\" \/><\/a><\/center><\/p>\n<p>We recommend <a href=\"https:\/\/stockchase.com\/discover\/go\/binance\/\" rel=\"nofollow\">Binance<\/a>.<br \/>\nBut before you can trade on <a href=\"https:\/\/stockchase.com\/discover\/go\/binance\/\" rel=\"nofollow\">Binance<\/a>, you need to :<\/p>\n<p>\u00b7Convert Canadian Dollars to Bitcoin using <a href=\"https:\/\/stockchase.com\/discover\/go\/coinsquare\/\" rel=\"nofollow\">Coinsquare<\/a><br \/>\n\u00b7Transfer some Bitcoin to <a href=\"https:\/\/stockchase.com\/discover\/go\/binance\/\" rel=\"nofollow\">Binance<\/a><br \/>\n\u00b7Buy other cryptocurrencies on <a href=\"https:\/\/stockchase.com\/discover\/go\/binance\/\" rel=\"nofollow\">Binance<\/a> using your Bitcoins<\/p>\n<p><center><\/p>\n<hr class=\"hr-style-2\"><strong>Support Stockchase and Signup for Binance using our <a href=\"https:\/\/stockchase.com\/discover\/go\/binance\/\" rel=\"nofollow\">link<\/a><\/strong>.<\/p>\n<hr class=\"hr-style-2\"><\/center><\/p>\n<p>You can\u2019t transfer your Canadian Dollars to your <a href=\"https:\/\/stockchase.com\/discover\/go\/binance\/\" rel=\"nofollow\">Binance<\/a> account \u2013 you need to transfer Bitcoins into your <a href=\"https:\/\/stockchase.com\/discover\/go\/binance\/\" rel=\"nofollow\">Binance<\/a> exchange account so that&#8217;s why you need both <a href=\"https:\/\/stockchase.com\/discover\/go\/coinsquare\/\" rel=\"nofollow\">Coinsquare<\/a> and <a href=\"https:\/\/stockchase.com\/discover\/go\/binance\/\" rel=\"nofollow\">Binance<\/a> to start trading multiple cryptocurrencies.<\/p>\n<\/div>\n<h3><span class=\"ez-toc-section\" id=\"Figure_Out_the_Nitty-Gritty_of_the_Entire_Process\"><\/span>Figure Out the Nitty-Gritty of the Entire Process<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Tinkering with something half-heartedly is definitely a no-no. It\u2019s always a good idea to go beyond the shallow definitions and really delve into it holistically.<\/p>\n<p>Although it doesn\u2019t take a rocket scientist to figure out how cryptocurrencies work, it\u2019s still a brilliant move to know the differences between cryptocurrencies, fiat currencies, forex market trading, long-term, and short-term trading, or even familiarizing the cryptocurrency jargon is a good way to prepare you for the big leap (or eeerrrr\u2026deposit).<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Know_Your_Budget\"><\/span>Know Your Budget<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/stockchase.com\/discover\/wp-content\/uploads\/2018\/10\/know-your-budget.png\" alt=\"Know your Budget\" width=\"226\" height=\"172\" class=\"aligncenter size-full wp-image-7553\" align=\"right\" \/>Trading is not something to be taken lightly. Because there is money involved, there will also be money lost in the process \u2013 if you\u2019re not smart and careful. A pro tip before fiddling with a crypto platform is to know what the minimum and maximum amount you can invest, and how willing you are to stretch your budget in case you want to up your game.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Set_Up_%E2%80%9CTake_Profit%E2%80%9D_Orders\"><\/span>Set Up \u201cTake Profit\u201d Orders<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>There are a lot of platforms that offer a profit withdrawal order to stop your losses. You can set up limits so the platform can automatically cash out your gains and avoid increasing your damages further.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Leverage_is_Never_a_Good_Idea\"><\/span>Leverage is Never a Good Idea<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>When a broker loans you money, it\u2019s considered leverage. Although there are a lot of upsides in leveraging money from a broker like amplifying your gains, this can also be detrimental in the long run when trading takes a downturn.  So unless you\u2019re a seasoned investor, it\u2019s good to stay away from leverages for now.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Dont_Be_Greedy_Always_Know_When_to_Cash_Out\"><\/span>Don\u2019t Be Greedy, Always Know When to Cash Out<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/stockchase.com\/discover\/wp-content\/uploads\/2018\/10\/dontbegreedy.png\" alt=\"Don&#039;t be Greedy\" width=\"255\" height=\"88\" class=\"aligncenter size-full wp-image-7554\"  align=\"right\" style=\"margin-left:25px;\"\/>While starting a cryptocurrency investment is as easy as pie, knowing when it\u2019s time to draw it to a close is the most difficult part. In addition, cryptocurrency movements almost always move downward than upward, if you\u2019re not keeping an eye on the trading activities, you might be cashing out your money late, ending in a far more loss than the anticipated gains.<\/p>\n<p>Just know when to wave the white flag and cash out, if the need arises.<\/p>\n<p><em>Annah Brooks, a frequent traveller and numismatist, loves to write about little-known facts and fun stuff about coins, travel, health and food. She is currently working for First Fidelity Reserve, which specialises in rare United States coins and precious metals, including gold, silver, and platinum bullion and provides superlative service, insightful analysis and comprehensive consultation for rare coin investors and collectors.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A Beginner\u2019s Guide to Get Started with Cryptocurrencies This is a guest post by Annah Brooks. She is currently working for First Fidelity Reserve, which specialises in rare United States coins and precious metals. [adinserter block=&#8221;4&#8243;] With the numerous cryptocurrency [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":22894,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"cwp_meta_box_check":"","cwp_rev_product_name":"","cwp_rev_product_image":"","wppr_links":[],"cwp_rev_price":"","wppr_options":[],"wppr_pros":[],"wppr_cons":[],"footnotes":""},"categories":[34,59],"tags":[],"class_list":["post-6940","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investing-tips","category-crypto"],"wppr_data":[],"_links":{"self":[{"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/posts\/6940","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/comments?post=6940"}],"version-history":[{"count":0,"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/posts\/6940\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/media\/22894"}],"wp:attachment":[{"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/media?parent=6940"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/categories?post=6940"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/tags?post=6940"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}