How to Set Yourself Up for Your First Crypto Trade

So you want to give it a try and trade Crypto? If you’re new to the topic, then you’ll likely not have the tools you’ll need for it, nor will you likely have any Bitcoin or Litecoin, Ether, or other coins yet. Setting yourself up for your first Crypto trade is, in fact, an easy one. In this article, you’ll learn why it’s easy and how it’s done.

Most people who are not into Crypto yet do not hold any Crypto coins or are not trading Bitcoin, Litecoin, Ether, Dash, Dogecoin, or any other of the thousands of available Crypto coins because they may think it is difficult or maybe unsafe, or maybe simply inconvenient to do.

This is not so. In fact, these steps are a lot easier than setting up an online-trading account for stocks, forex, commodities or anything else with an online brokerage (let alone conventional brick-and-mortar brokers or banks).

In this day and age, it should be safe to assume that you have some, or a lot of,  internet user experience already. If you’re like most people, you will likely have used Facebook at some point in time, or you may be using — and have earlier set  up — a Yahoo Mail or Gmail account. Now, what would you say if someone told you that setting up some first Crypto trading tools is pretty similar to signing up for a Gmail account?

However, there is two ways of doing it: Joe Sixpack’s way (that is often unsafe, is not adequate, and may result in losses that ultimately will re-enforce that ignorant belief out there that it’s unsafe or risky or full of criminals and similar) and the more educated approach. Be aware the latter is better. There isn’t much use to do it the stupid way.

So, here’s how you can do it the right way — quickly and easily, and without learning the hard way first but taking advice that’s tested and proven. This way, you’ll be able to take the shortcut to doing it correctly.

  1. Instead of just going online, breaking out your credit card, and buying some coins on Coinbase or Binance in order to also store them there, here’s what you want to do instead:
  2. go to the appropriate website(s) of the open-source project maintaining the coin(s) you want
  3. download the wallet(s) for the coin(s) you want, e g Bitcoin, Litecoin, Dash, Dogecoin or other coins (if you have worked out already which ones are your favorites)
  4. install your wallet (or each coin’s right wallet)
  5. open your wallet program and click the receive button
  6. click and copy the “receiving address” or public key or scan the accompanying QR code; this is how you can later get your coins into your OWN computer at home or perhaps mobile device you use (desktop is best)

This, in rough strokes and simple steps, is how you can do it. We will look into the individual steps along with more links you can simply click and all directions you need in more detail next. So stay tuned for the next module of this introduction!