How to get started in Crypto - Absolute beginner's guide - Path of least resistance
So everyday I am pounded with questions regarding cryptocurrency trading, ethier from work or my online groups. And since I don’t have time to answer & guide everyone individual (especially with absolute beginners) I thought I would write this guide in anticipation for the future.
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3 ways to get started in cryptocurrency trading. Easy, Moderate & Hard
First of all there are many types of strategies and ways of investing, the difficulty can increase dramatically depending on the strategy. Each strategy has it advantages and disadvantages and has different “risk to reward” ratio.
The strategy people should be using is the one that reflects their individual experience in finance, markets & technical ability. In this guide I hope to provide to you the easiest possible strategy as a primary focus and the secondary focus is providing a good risk/reward ratio.
This guide is intended for people who have little to none finance, market or technical ability. And would like to just “get in to the market.” I will also touch on progression to better trading strategies once you have learnt some basics and have some market experience. (These will be referenced as an optional strategy.)
Getting Started & Buying BTC or ETH
The easiest way to buy/sell Bitcoin (BTC) or Ethereum (ETH) from AUD is through https://www.coinjar.com.au/ you and download the app on your phone or use the website. For this strategy we will be buying ETH and later on we will transferring it to our investment platform “Iconomi.”
Progression Option (cheaper rates & fees but more difficult to use) Login and create an account with https://btcmarkets.net/ or https://www.coinbase.com/
Investment Platform - Iconomi (https://www.iconomi.net)
Iconomi is essential an investment platform for cryptocurrency funds managed by professional investors. There are about 20 funds to choose from and each fund has a different selection of coins and investment goals/strategies.
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Each fund will have a management fee which ranges from 2-5% per annum depending on what fund you choose but these fees are quite insignificant compared buying all these coins individually on exchanges and paying fees for each coin purchase.
What fund do I pick? (see dashboard list - https://www.iconomi.net/dashboard/#/ )
Well this part is up to you, but after going through them all there is 3 that stood out to me. (click the link to read more about the investment fund)
Global Blockchain Arrays – Top 15 (GBA15) Matjaz Rakovec https://www.iconomi.net/dashboard/#/daa/GBA15
- Comprised of 15 Coins with great profit potential
- Only fund with both EOS & ICX (my favs for 2018)
- Even percentage holding between each coin - 6.67%
- Coins are rebalanced at least twice per month
Blockchain Index (BLX) Columbus Capital
https://www.iconomi.net/dashboard/#/daa/BLX
- Icomoni’s first and original fund
- Total holding of 27 different coins
- Strong weight in BTC, ETH, DASH & XMR
- Ability to transfer BLX tokens to a hardware wallet for increased security
Future Crypto Economy (FCE) Francis Lee
https://www.iconomi.net/dashboard/#/daa/FCE
- Strong weight in BTC & ETH
- Low management fee than most fund, only 2%
- 18 different coins with a great diversity profile
- Holdings in EOS, BAT, RDN, OMG & more.
Progression Options - Another Idea is to “mirror/copy” investment portfolios/funds that are available on Iconomi onto your own personal Coinspot or Binance exchange account. This should give you some indication of what coins you should be holding.
Coinspot Exchange - https://www.coinspot.com.au?affiliate=LMJ6F
PRO: Easy to use, Direct transfers from AUD, Decent Range of Coins
CON: Expensive transaction/purchase fees, cant send coins directly from wallet, tax implications
Binance Exchange - https://www.binance.com/?ref=10155623
PRO: Large variety of coins, Cheaper fees, Can send coins directly to other wallets/exchanges
CON: Difficult to use for beginners, requires understanding of markets, no direct trading from AUD
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Wow I’ve been investing in crypto for some time now and didn’t release there’s actually a site that’s turned it into a mural fund style. That seems like a major waste of money to give someone 2% to do something a person can do on their own throw an exchange like #binance
Thanks for sharing some additional options though. I will definitely look into buying through your source instead of #Coinbase.
An average person will probably spend more than 2% a year on trading fees, the idea of it is the "ease of use" for a beginner not so much the most cost efficient strategy. BTCmarkets.net is Australian service. Thanks for the comment