Are You A Crypto Noob? Binance Might Be The Best Exchange For You And Here Is Why

Are You A Crypto Noob? Binance Might Be The Best Exchange For You And Here Is Why

Welcome to the crypto world, noob! Don’t worry, we’re not going to haze you, this place is very welcoming and there are a ton of resources available to you. You probably have many questions. How do I get started? How do I buy cryptocurrency? Which crypto should I buy, and how much? How do I sell or exchange my crypto? What else do I need to know to confidently start trading my cash for crypto?

To get started, you need to get a crypto wallet. What is that you ask? It is simply a two-sided account with a private key (like your checking account’s number and routing number that you NEVER share with anybody) and a public key (it is a unique set of letters and numbers that you DO share when accepting crypto into that wallet). I will emphasize, you should never share your private key. That would compromise your account just like giving someone your bank account info. Share your public key when you are accepting crypto, or send crypto to someone’s public key if you are paying for stuff or gifting crypto. I know this sounds confusing, but once you see how easy it is to identify the two key types, you will realize how simple the process can be to transact in crypto.

 

To get a crypto wallet set up, you can go on a crypto exchange like Binance which will create a wallet (containing a private and public key) for you when you sign up and purchase your first bit of crypto (note: each cryptocurrency will have their own set of keys, never send crypto to the wrong kind of crypto wallet, or the crypto will be lost forever!). Why Binance, you ask? For starters, it is relatively safe, secure, and they have access to hundreds of cryptocurrencies. You don’t have to start big either, you can make micro purchases of several dollars or more, and you can buy fractions of the bigger coins when you want, or buy boatloads of the extremely cheap coins before they rocket to the moon. Additionally, there are a ton of educational resources on Binance to help you get familiar with cryptocurrency and increase your confidence. Did I mention how secure the exchange is? You can set up all sorts of security on your account to keep hackers at bay.

You can buy cryptocurrency on Binance by linking a debit or credit card. Once you do so, you will be able to purchase as much crypto as your account limit allows, typically several thousand dollars per day. There might be a short period of time to clear your account for purchase, and verifying your identity will enable additional funding to your account. Another bonus to buying on Binance is that you often will get opportunities to get free cryptocurrencies when you buy or trade a certain amount. This is advertised at the top of the site.

To figure out which crypto to buy, do your own homework. There are a lot of coins out there, and a lot of agendas to get you to buy specific coins. Which coins do you believe have great technology and development behind them? Which coins seem worthwhile to throw a little bit of cash at and see where they go? There are a ton of resources on the web for each coin, make sure to go with the ones you think are good purchases, and most importantly, only put in as much as you’re willing to lose. Many coin marketers will give you 1000 reasons why their coin is “going to the moon.”

When you’re ready to Deposit, Withdraw or Trade your cryptos for either another cryptocurrency or back into fiat currency, you can hit the button for the option you wish to use. There are several different pairs (methods of exchange) to trade your coins into. Trades are fairly immediate, and you should see your coin converted into another coin within minutes. Further, you can check any pending transactions you have in the orders tab on the top of the page.

There is a lot more to learn about crypto, young grasshopper, but this info will get you off to a good start. Reddit’s Cryptocurrencies sub is a fantastic resource for community information and getting guidance to the right resources. CryptoDaily is too, of course! Oh, and if you’re looking for ways to score crypto freebies or almost freebies, be sure to check out my previous article that walks through a few great opportunities. It is always good to get a little bit of extra coin for minimal time and energy. And if you wish to use another exchange in addition to BInance, there are a few others out there that are good too like Voyager which gives you $25 to sign up, and Coinbase which gives you $10 to sign up, just to name a few.  Be sure to follow me on twitter @MarcusHenryHODL and let me know how your crypto journey is going. HODL for the moon!

Marcus Henry is an American Journalist with over 11 years working in tech. He has been actively involved in the crypto community for the past three years and currently works out of Austin, Texas. He covers breaking news, writes perspective pieces and reflections, and conducts interviews with industry professionals and community members. Follow Marcus Henry on Twitter- @MarcusHenryHODL

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