DISCLAIMER: THIS IS NOT FINANCIAL ADVICE, WE ARE NOT FINANCIAL ADVISORS, DO YOUR OWN RESEARCH AND CONTACT YOUR QUALIFIED FINANCIAL ADVISOR BEFORE ACTING ON ANYTHING STATED IN THIS ARTICLE.
Starting Point
With the endless supply of information available, it can be confusing where to start, this guide will point to a few resources that we feel are the best resources to get you up to speed. Understanding crypto will not happen overnight, you need to take your time.
First, we will start with the coin mastery website https://www.coinmastery.com/. This website many free resources to assist in your journey, make sure you subscribe to the free pdfs and video tutorials.
The Bad Crypto Pod Cast is awesome, these guys speak our newbie language making it easy to follow and they make it fun, start from episode one and listen to them all, you will not regret it. http://badcryptopodcast.com/
You need to build a foundation, watch listen and learn everything from these two resources. You will not regret it. Finding good quality resources is paramount. The Coin Mastery website and the Bad Crypto Pod Cast are good starting points, you don’t want to spread yourself too thin from the start.
Security
When you use Crypto, you are basically acting as the bank for your hard-earned digital assets. The only person responsible for security is YOU. If you do not manage your security correctly there is a very big chance you will lose all of your assets. The Crypto space is currently a breeding ground for scams and fraudulent activity, always verify all your information. Even the information you read on the Crypto Talk Australia website.
2FA ( 2 Factor authentication ) –
Always set up two-factor authentication on any exchanges or websites where you store your crypto. No 2FA? Do not store any assets there.
Hardware Wallets –
A hardware wallet is a physical device in which you use to store your Crypto safely. We use the Ledger Nano S.
Virus & Malware Management –
Always make sure you regularly scan your computer for virus and malware, you do not want to make yourself vulnerable. Bitdefender is a highly recommended virus scanner with a free version that works well.
Exchange APIs –
Most exchanges allow you to setup APIs to talk to third-party apps such as portfolio tracking apps. Make sure to use APIs with care and only when needed, always set to READ-ONLY.
Mobile Devices –
If you must trade using a mobile device, it is suggested that device is dedicated to trading. Always use additional security on this device such as VPN and Antivirus Software. Keep unnecessary applications to a minimum.
Always stay up to date with security within the crypto space, if not one guarantee is that you will lose everything.
Buying Crypto Currency
The best way to buy crypto is to get your fiat (Australian dollars) into a local exchange, there are a few local exchanges that offer various ways to deposit, the most common way is BPay.
CoinSpot –
CoinSpot is an Australian owned service. It is a good way to get fiat (such as Australian Dollars) into an exchange. CoinSpot is a good starting point as it is easy to use! Although CoinSpot is very limited when trading as the interface is lacking, you can easily deposit your fiat and buy from their large range of cryptocurrencies.
BTC markets –
BTC markets is another Australian based exchange, this one is a bit more for the advanced user as the interface can be confusing. Although it does allow easy deposit of your fiat and allows you to buy a choice of 5 Cryptocurrencies via their site.
CoinJar –
CoinJar is also an easy to use exchange, very clean interface, this exchange allows cash deposits via a local news agency making it easy to buy crypto without the delays of Bpay. CoinJar until recently only allowed the purchase of Bitcoin, but lately have added Ethereum, LiteCoin, and Ripple!
Always do your research when making your purchases, check prices between exchanges and look at coinmarketcap.com to compare with current global prices. Australian exchanges tend to be a bit more expensive, an average of around 5% inflation is the usual rate, at times this can be much higher. Be careful not to buy if it’s too expensive in comparison to global prices.
Transferring or Sending Crypto
There are a few reasons why you would transfer crypto. Such as a purchase, sending to another exchange or sending to someone else.
Sending crypto is easy, you just need to enter the receiving address that you want the assets to be sent to. Although there are a few basic tips to help ensure it goes smoothly.
– Always cut and paste the address and check and double check the receiving address.
– Send a small fraction of what you plan to send first to ensure that the address is right.
– Only send crypto to an address of the same type of asset. For example, only send Litecoin to a Litecoin address and Bitcoin to a Bitcoin address, not doing so will end up in lost funds.
How Much Do I Invest?
No one knows but you, seek professional financial advice. Keep the following in mind – Only invest what you are comfortable loosing, always start out small, if you cannot sleep at night you are investing too much, only you know what is the right amount for your financial situation, and once again always start small and take it slow.
International Exchanges
Eventually, as you get more confident you will want to trade on the larger exchange. There are many exchanges you can join. Each exchange is different, they support different coins, have different prices and fee structures. Some are good some are bad, some might even steal your coins so always do your research.
The following international exchanges are the ones the Crypto Talk Australia admins use, although once again do your research.
Bittrex:
Built and operated in the United States, Bittrex is the next generation crypto trading platform created by security professionals. Bittrex is one of the largest and most trusted exchanges in the world. Bittrex primary trades with Bitcoin.
Binance:
Binance is also one of the largest exchanges, Binance is known for its low trading fees (0.1%) as well as its fast transaction processing. It is a popular and trusted exchange.
What Do I Buy first?
You need to do your research. 99% of people will tell you what to buy and are only doing so because they want others to buy the coin to push up the price, these people are known to be “shilling” their coin. Do not take advice from anyone always do your research, then do some more before buying a coin.