Some chapters also have virtual meetups. This is a great opportunity to gain insight about how crypto works from actual humans instead of Google. Step 4: Practice using a crypto trading simulator Ready to make your first crypto purchase? Not so fast. First, try your hand at investing in digital currencies without putting real money on the line. You can do so by downloading a free crypto trading simulator app, like Bitcoin Flip or Crypto Parrot. They let you invest imaginary money in real time.
Some apps let you compete against other traders, often for rewards. Many also feature an online community, which is another good resource for connecting with experienced crypto investors. You could make gobs of imaginary money using a simulator if crypto prices surge one week. But you can easily lose real money if you invest the next week and prices plunge. The easiest way to get started is to use a crypto exchange. Some of the major options include Coinbase , Binance , Gemini and Kraken.
Before you open an account, look closely at the fees. Many platforms charge trading fees, both when you trade regular currency for crypto and when you trade between cryptos, plus deposit and withdrawal fees. The simplest option is to use a custodial wallet, which is the default for many exchanges and apps. Other options include a non-custodial wallet, like MetaMask or Mycelium , to store your crypto via an app or software.
As with a custodial wallet, a non-custodial wallet could be vulnerable to hackers. Lose it, and you could lose access to your crypto. The most secure option for storage is a hardware wallet, which lets you store your crypto offline on a physical device. However, this option can be complicated and inconvenient.
You know the basics of crypto and the risks and rewards of investing. Article Sources Google Finance. Google Finance. Federal Trade Commission. Bitwise Investments. Finance and more. The cookies is used to store the user consent for the cookies in the category "Necessary". The cookie is used to store the user consent for the cookies in the category "Other. The cookie is used to store the user consent for the cookies in the category "Performance".
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