Getting Started: Fiat on boarding and exchanges
Fiat on boarding and signing up with exchanges
OK so you are ready to begin your journey, you want to invest but what do we do next? We will need to first sign up to a cryptocurrency exchange, and then we will need to convert Fiat currency into digital currency. This has always been a challenge with cryptocurrency projects.
Know Your Client - you will need ID to sign up to popular exchanges, this is for anti money laundering protocols.
You will incur fee's when you transfer from Fiat into crypto and for each subsequent cryptocurrency trade on the exchange. Fee's vary from exchange to exchange, but is something to be aware of.
Cryptocurrencies are volatile assets so carry more risk than other asset classes. There is also inherently more rewards as the space is young and adoption is in the early stages. Make sure that you do as much research into projects as you can. Do you believe in their product, is the team reputable and what are the risks in play.
The digital asset markets often pull back a lot more than other asset classes so do not risk more than you are willing to lose.
So you now have an account with an exchange, now it's time to go find projects that you believe in and start investing. You will build up a portfolio of assets, and will get to watch them grow. The space is renowned for being very exciting, and also very volatile, so don't invest more than you can afford to lose. The rewards are suitable for the risk level, as the ecosystems being built and the technology being developed have the potential to totally transform many aspects of our modern economy.
Exciting area's of cryptocurrency include:
- Decentralised banking (Defi)
- Payments and transfers
- NFT and tokenisation
Each area is growing, and offers exciting opportunities. We cover a few on this platform. First lets go over some of the basics...