10 Aug 2020

5 things to do before you buy and sell cryptocurrency

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Many crypto newcomers aren’t sure where to begin when it comes to getting started in the world of buying and selling. That’s why we’ve created this easy step-by-step guide.

Step 1: Understand the basics

The first stop for anyone new to crypto is learning about the fundamentals of cryptocurrency. Check out this article for a helpful introduction. 

Once you’re clear on how it works and what cryptocurrencies are available, you can move onto the next step: opening a wallet that lets you buy, hold and sell crypto.

Step 2: Set up a Skrill wallet

Next: set yourself up with a crypto wallet so you can make your first purchase when the time is right.

Skrill lets you instantly convert 40 currencies including Euros, US Dollars and British Pounds  into crypto. With more than 10 cryptocurrencies available including Bitcoin, it’s a great way to build your portfolio quickly, easily and securely.

Step 3: Learn more about crypto

Develop a solid knowledge of the wider crypto market. There are various online resources you can visit to learn more about key approaches and we have several articles to help. 

For example, you can learn more about dollar-cost averaging (buying the same value of crypto on the same day every month, regardless of its value) or look into the histories of some of the major cryptocurrencies to understand more about them. You can also check out how crypto relates to the broader stock market.

Step 4: Decide which cryptocurrencies you will buy

You should feel confident enough to pick a final digital currency or currencies that you’d like to focus on. Now is a great time to do some specific research on those cryptocurrencies, making sure to look at price graphs, news, key events (such as Bitcoin’s halvening) and key metrics.

Step 5: Get started

Now you’re ready to make your first crypto purchase. When you’re starting out, remember to take one step at a time and you’ll be confident with how to buy and sell.

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