10 Sep 2020

Crypto for beginners: Getting set up

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With the total crypto market cap now hovering around 300 billion dollars across more than 2,000 coins, it’s no wonder that more and more people are buying cryptocurrencies.

For a beginner, getting into crypto can seem challenging. But with the right tools, it doesn’t have to be.

Here’s what you need to get set up to buy and sell crypto.

Choose the right technology

Choose a device that suits you: a desktop, laptop or mobile. 

To guide your choice, think about the tools you’ll need when deciding whether to buy or sell. If you’ll be doing a lot of technical analysis, a large screen can be helpful as it allows you to analyze graphs easily. That might mean a PC or laptop is best.

On the other hand, if you’re always on-the-go and want to buy and sell at short notice, mobile will work better. 

Skrill works across all devices. Even on the mobile app you can see live cryptocurrency rates to help you quickly take advantage of price movements. 

Choose a cryptocurrency wallet

A good cryptocurrency wallet will let you:

  • Instantly convert regular (fiat) money into crypto – and vice versa
  • Automate your trades by setting buy and sell trigger prices 
  • Easily view the performance of your portfolio and live prices 

Skrill lets you do all of the above. Supporting all major cryptocurrencies plus 40 different fiat currencies, it offers an easy way for crypto beginners to start out.

Open a free account

Get your wallet set up

Take some time to get your wallet set up.

If you choose the Skrill wallet, it takes just a few minutes to set up your account and bring all your payment details together in one place.

Do your crypto homework

Unlike regular currencies, cryptocurrencies are highly volatile – their prices can go up and down significantly in the space of a few hours.

So, it’s a good idea to do some research. There are lots of great websites where you can compare information such as market cap and cryptocurrency live rates.

Stay up to date with developments

Make it easy to get all the latest news by following major websites, blogs and reputable social media accounts so you can stay up to date on news, events and trends.

You can also set up price alerts in your Skrill account so you know when a price is reached at which you’d like to buy or sell.

And while you might follow a few major currencies, it’s worth keeping an eye out for new opportunities in other altcoins. With more than 10 different cryptocurrencies offered by Skrill, you won’t find yourself limited to the better-known ones. 

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