The first thing you need to ask yourself is "Why do I want to invest in the cryptocurrency market?" Whatever your reason may be, you will need to understand the volatility of Cryptocurrency and what position you are in (financially) before entering. Rule of Thumb: Do not invest more than you are willing to lose. There are plenty of individuals who are basically gambling in hopes to flip there money for a profit. But, the market can go either way and the market correction of January 2018 made this very clear. The second piece of advice I would give is to Research information on exchanges. Each each exchange requires different things (such as personal information, bank account information, photo identification) and that is not all. Check the transfer/withdrawal fees because they will have an affect on your portfolio (I will provide a piece on how to set up a portfolio in my next blog) when you decide to withdraw. Tip #3: Do not get greedy. It will come back to get you if you are blinded by "Moons" and "Lambos". Know when to take profits and apply them to your already existing positions or invest them in other projects. Tip #4: Do NOT buy at All-Time Highs. It is a very easy way to lose money. Trust me on this. I am not here to mislead you.
Tip #5. Storage is a big topic. There are plenty of storage options available. You could leave your coins on an exchange (which I do NOT recommend due to the fact that exchanges are the #1 target of hackers), Online wallets offered by the project itself (being a desktop or mobile wallet), and cold storage (the type of storage I would recommend for long term HODL). You can either create a paper walllet or purchase a usb (Nano Ledger S) that is specifically designed to store cryptocurrency.
Now, let's recap.
1. Do NOT invest more money than you are willing to lose.
2. Research exchanges. I personally use Coinbase for my BTC, ETH, and LTC purchases. Then I transfer to the Exchanges *Binance* and *Kucoin*. (links below)
3. Do NOT get greedy. Study and research investing strategies and set goals for profit.
4. Do NOT buy at ATH (All-Time Highs)
5.Research types of storage for your investment. There is plenty of online material to walk you through the process of setting up each type.
In my next blog, I will discuss investment strategies . Hope this information was helpful. Please feel free to comment and I am always open to feedback. Thank you for your time and happy trading.
Coinbase Referral Link: http://goo.gl/cb5NZe
Binance Referral Link: http://www.binance.com/?ref=12890060
Follow me on Twitter @ AltLedger