Because I keep repeating the same stuff over and over, and because the topic is interesting but requires an end-to-end approach, I tried to be as complete as possible. I hope it will deliver great value to you, and I wish you in advance a lot of fun and to behave responsibly. I will however not point out to specific cryptocurrencies, but tackle more the research process and the steps involved overall. Happy trading!
In terms of the beginning investor, the mutual fund fees are actually an advantage relative to the commissions on stocks. The reason for this is that the fees are the same, regardless of the amount you invest. Therefore, as long as you meet the minimum requirement to open an account, you can invest as little as $50 or $100 per month in a mutual fund. The term for this is called dollar cost averaging (DCA), and it can be a great way to start investing.
To buy cryptocurrency using what is called « fiat currency » (i.e. Euros, Dollars, Yen, whatever is your local currency), you will need to sign up to an exchange. There are two kinds of exchanges: fiat to cryptocurrency exchanges and cryptocurrency only exchanges. Obviously to get started you will need to go into an exchange that allows the purchase (and selling) of cryptocurrency against fiat currency, such as Coinbase, Kraken, GDAX etc. (note that some instant access exchanges – see below- also allow instant purchase with cash).
Balances and confirmations – this is where you fund your exchange accounts, and also where the money you trade will be deposited. Bear in mind that when you send cryptocurrency to an exchange, or you withdraw cryptocurrency to your personal wallet, there will be a delay that varies per exchange. Each exchange will wait for a certain number of confirmations before effectively releasing your funds, this happens on the blockchain.
You’ll come across an overwhelming amount of information as you screen potential business partners. But it’s easier to home in on the right stuff when wearing a “business buyer” hat. You want to know how this company operates, its place in the overall industry, its competitors, its long-term prospects and whether it brings something new to the portfolio of businesses you already own.
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