Cryptocurrencies are still in their infancy stage, which is also the perfect time to hop in and enjoy the benefits while everyone is still hesitant and skeptical about it. Because by the time the crypto space explodes, it’ll be too late to earn a significant amount.
Unfortunately, buying your first crypto is not as easy as it sounds. It can be pretty intimidating, especially if you’re not adept with all the jargon and mechanics around it. I remember the first time I bought mine. It felt weird and risky, like stepping out of your comfort zone and into the wilderness. But we have to start somewhere at some point.
So today, we’ll provide you with a complete guide on buying your first crypto. And for the demo, we’ll be using SpectroCoin, a one-stop crypto exchange platform built for everyone.
Brief introduction to SpectroCoin
SpectroCoin is a cryptocurrency platform based in Estonia and was founded in 2013. This platform provides a wide range of options with a well-designed interface for ease of use. It also offers a digital wallet for your cryptos, debit cards, crypto-based loans, fiat currencies like USD, CAD, TRY, AUD, etc.
SpectroCoin can do it all for you, making it perfect for beginners while providing the necessary resources and tools for any advanced trader or investor.
A lookinto SpectroCoin’s features
SpectroCoin also took a step further by allowing its users to have a personal IBAN (International Bank Account Number), which will enable users to make transactions under their unique name and account. And since IBAN is acknowledged globally, this grants its users to send and receive funds with everyone around the world, bypassing national bounds.
It is also worth mentioning that SpectroCoin has a platform that may be more suitable for experienced traders – SpectroCoin Pro.
The difference between the two is that SpectroCoin aims to provide the most convenient way to buy and sell cryptocurrencies instantly at the best possible price of a current moment, while SpectroCoin Pro allows you to create orders and trade your crypto with market makers.
Market makers can get up to 0.1% market maker rebate for specific trading pairs. That being said, SpectroCoin is beginner-friendly, while SpectroCoin Pro is focused on more experienced traders.
Now let’s talk about the fees and other features. SpectroCoin currently supports over 40 cryptocurrencies, including all the major coins like Bitcoin, Ethereum, Cardano, Tether, and Ripple, to name a few
SpectroCoin is available as a mobile app for Android and iOS. The platform also has active live customer support that can be reached through email, phone, and social networks.
As for the transaction and withdrawal fees, it would depend on the payment method. The cheapest and quickest way to make a deposit or a withdrawal is in EUR currency, using the SEPA Bank Transfer payment method, which is free. For most of the other payment methods fees are usually around 2-3%.
How to sign up & get verified to start trading
Signing up is pretty straightforward. Their web provides you options to register using your google or other social media accounts, or you can just do it the old-fashioned way and fill in all the needed information. Then the system will ask you to verify your email.
You can do so by visiting the website first. Then on the upper right corner you will see a “Sign Up” button. Click on it and it will redirect you to this page:
Register like usual and you will receive a verification email. Just click on it and login.
After that, follow the steps below to complete the verification process to access all their features.
- Click on the account logo to view the dropdown located in the upper right corner of your screen. And then click on “Verification” to start the process.
- On the next screen, choose “Account,” and then click on “Verify Your Account.“
- The next screen will be a form or questionnaire that will require your personal information. Read thoroughly and fill in all the needed info.
- Once done, click on the “Next” button, and click on “Next” once again to confirm that your credentials are correct.
- You’ll then be prompted to take a clear photo of your passport or valid ID while holding it in front of the camera. After that, click “Confirm.”
- You’re almost done! The system will then ask you to take a clear picture of yourself while still holding your ID card. Once done, click “Confirm” once more.
- Click “Done” to go back to the main screen, where you’ll be notified of the result.
You’ll be prompted to agree to the biometric requirements to complete the KYC (Know Your Customer) process. Mark the box with a check if you’ve read and understood. And then click “Next” to proceed.
Make sure that your photo is clear and readable to complete the process without a hitch.
And that should be it! Note that it could take a few hours to 2 business days to complete the verification process. Once done, you’ll be able to buy and trade cryptos and make use of all the tools and features SpectroCoin has to offer.
What drives Crypto prices?
Before you buy your first crypto, you’ll have to go down and dirty to get to know each coin and every vital aspect that affects its value on the market. Your end goal is to purchase and hope that they will go up in value.
So knowing what drives their prices up would serve as the blueprint for your success.
Scalability
Scalability might be the most crucial aspect of a cryptocurrency. It refers to the number of transactions that can be processed simultaneously. This is important because as more people use their platform, the more transactions are done. Therefore, gas fees will go up, and transactions will take longer to complete.
This is an ongoing issue for some cryptos today like Bitcoin and Ethereum because their blockchain can only handle 7 to 45 transactions per second. But this is proven to be insufficient because their popularity far exceeds that. So users would have to spend more so that the system would prioritize their transactions.
Security
Investing in a cryptocurrency is pretty much betting on it to succeed long-term, as we hope that its value would appreciate. Since it’s all digital, it’s more prone to cyber-attacks which pose more risk to our investments.
We can take drastic measures to protect our digital assets from hackers, but our efforts would be futile if the platform itself is poorly built. So a good foundation and robust security are a must as we transition into the digital space.
Utility
A crypto’s utility is also one aspect that you should not forget. You need to figure out and ask questions like, what problem does it solve? Does it bring any value to the economy? And What is its long-term goal?
Knowing these will help you determine if a project is here to stay for the future or just fade away to nothing.
Demand
One must look past all hype for crypto to see its true potential. But the demand and popularity of a cryptocurrency alone can trigger its price to skyrocket, making people millionaires overnight. So this is one thing that you should look out for as well.
The same principle applies to any other goods or services. No matter how excellent or superior your product is, if its public exposure is poor, it won’t perform as well as its competitors. And you’re better off putting your money somewhere else that receives a healthy dose of exposure and advertisement.
Just a fair warning, know that the risk of buying crypto that’s only driven by hype and demand is even more dangerous and could result in losing your funds.
Legitimate Developers
Thousands of cryptos already exist, and some would prefer to hype up their project and run away with all the funds rather than competing on the market. You’re not only putting your faith in a crypto project, but you’re also putting your faith and trust in the team behind it. So get to know them and see if they can be trusted with your investment.
Some of the top Cryptos out there a.t.m
Putting your faith and money on well-established cryptos is much better than putting it on an unknown project. That’s a no-brainer unless you know what you’re doing and have done extensive research on a project to place your bet on it.
Just keep in mind that there are over 18,000 cryptos that exist today, and 99% of them won’t make the cut and are destined to fail. So it would be best if you also got to know the biggest cryptos that exist today.
So here are the top 10 cryptos based on their market cap:
- Bitcoin (BTC)
- Ethereum (ETH)
- Tether (USDT)
- Binance Coin (BNB)
- U.S Dollar Coin (USDC)
- XRP (XRP)
- Terra (LUNA)
- Cardano (ADA)
- Solana (SOL)
- Avalanche (AVAX)
How to buying your first Crypto?
Now we’re going step-by-step on buying crypto using SpectroCoin. After your account has been set up, approved, and verified, proceed with the following steps below:
- Click on the “Deposit” tab located at the top middle of your screen.
- Choose the most convenient option for you to deposit your funds. Deposit options include E-wallets, Bank, Cards, and Voucher.
- Once you’ve topped up or deposited funds to your SpectroCoin account, choose the currency you’d like to trade and the crypto you’d like to receive.
- Check the final suggested price and click “Confirm” to complete the transaction. It’s as easy as that!
Click here to see all fees and limits for fiat methods.
Start small, experiment, and know your risk appetite. And if you’re just getting started, it’s better to start with the most prominent ones and hold them long-term. It’s been proven a far better strategy than competing against huge organizations and businesses doing trades.
Summary
To start your journey as an investor in the crypto space, you must first acquire sufficient knowledge about the project you’re about to invest in and a reliable crypto exchange such as SpectroCoin to keep your funds safe while giving you the freedom to move it around the blockchain.
And, of course, a quick disclaimer that this should not be taken as financial advice. Invest at your own risk and always consider the worst possible scenario. So you better not spend your whole life’s savings on some project and should only invest what you can afford to lose. Best of luck!
The post A Guide to Buying Your First Crypto With SpectroCoin appeared first on Hongkiat.
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