Getting into Crypto: A Beginner’s Guide
In this article, I’d like to back track a bit and go over how a complete beginner who’s never bought any Strong nodes, or invested into a DAO can actually get started from beginning to end in fairly detailed steps. This would be a good starting point for gaining knowledge before going over the “getting started” sections in my other crypto articles. Without further ado, let’s begin.
So you’ve decided that you want to get into crypto but don’t know where to start and how to obtain these digital assets. Let’s go through the steps below.
Cryptocurrency Exchange Setup
The first thing you need to do is setup an account on a crypto exchange. This can be on crypto.com, kucoin, or binance. As as beginner, I would recommend crypto.com as it is the easiest one to get started with in my humble opinion. Here are the steps for crypto.com, similar steps apply for other exchanges:
- Go to your smart phones App Store/Play Store, and find the crypto.com app, and install it. You can only use the phone app to perform crypto operations on their platform.
- Once installed, sign up for a new account. You can use my referral url, https://crypto.com/app/8k8krbhfwa and you will get some money to start with, as will I. Follow the on-screen instructions.
- Once you’ve signed up, make sure you create your one-time password (OTP). You will use this for all your transactions on the app, so please be sure to remember it or write it down.
- The last thing as part of your new account creation is to verify your identity, do this before doing any trading. This will be in the settings of your profile.
Creating a wallet using MetaMask
In the crypto world, we use what is called a wallet (just like in the non digital world) to hold our various currencies. There are many different wallets you can use, but for the purposes of compatibility with many decentralized apps (dApps) and simplicity’s sake we will setup a MetaMask wallet. We will also do this on mobile.
- Go to your app App Store/Play Store and find an app called “MetaMask”, it should have like an orange fox head as its logo, please ensure it is the most downloaded app and that its seller/publisher is ConsenSys. We want to watch out for fake apps.
- Once you have installed the app open MetaMask.
- MetaMask will have you create an account with a password and a “secret recovery phrase”. It is VERY important that you write down this recovery phrase, preferably on a sheet of paper and lock it up somewhere where only you have access. You will use this phrase to gain access to your wallet as well as import it between devices such as your laptop or PC.
- Once you have that setup, it’ll probably put you on the Ethereum Mainnet. That’s fine for now. Let’s add the Binance Smart Chain network to use for later so that you can interact with dApps on the binance smart chain.
Adding a blockchain network on MetaMask wallet
In the crypto world, there are various different networks for interacting with dApps and buying/selling crypto such as Ethereum, Binance Smart Chain, Polygon, Fantom, Avalanche, etc. On each of these networks, they have their own unique token used for various transactions. Binance has BNB and BUSD, Ethereum has Ethereum of course, Polygon has Matic, Fantom has FTM, and Avalanche has AVAX. We will walk through adding the Binance Smart Chain on your MetaMask wallet so we can get some BNB in there later.
- Open up your MetaMask Wallet.
- Go to the little hamburger menu in MetaMask where you will see Settings, and tap that.
- Go to Networks
- Add Network
- Fill in the New RPC Network form with these values:
Network Name: Binance Smart Chain
New RPC URL: https://bsc-dataseed.binance.org/
Block Explorer URL: https://bscscan.com
- Tap Add.
- Once added, go back to your main screen on MetaMask. Tap the very top and scroll down to the network you just added and select it.
- Verify you can see BNB in the Tokens list. Done!
Buying Cryptocurrency on the Exchange
Now that you’ve got your account setup on crypto.com and MetaMask. Let’s start by buying some cryptocurrency and transferring it to our wallet. To start we’ll just purchase some BNB (Binance Coin).
- Ensure you have verified your identity on the crypto.com app.
- While in the app, go to Trade
- Tap Buy
- Select “Binance Coin” BNB
- Enter either the amount of BNB you want OR a dollar value. This is entirely up to you. You have the option of adding your credit or debit card here for quick buys. I would suggest adding it now for convenience and walk through the on app instructions.
- After you have selected the amount of BNB you want, click Buy again.
- Check off the box acknowledging the fee for every card purchase, with your 1st month on crypto.com there will be no credit card fees, how convenient for you.
- Continue and confirm the rest of the prompts for your purchase.
- After you have made your purchase, refresh your crypto.com app and you should see a balance if your purchase was successful.
Transferring from the Exchange to MetaMask Wallet
In the next few steps here we will transfer the BNB we have in crypto.com to our MetaMask wallet. This will be the last step and from here you can do whatever you want with your wallet.
- Open up the crypto.com app and go to Transfer.
- Select Withdraw > Crypto
- Select External Wallet (You want to withdraw from crypto.com into your MetaMask wallet).
- The first time doing this for BNB or any crypto, it will ask you to select which crypto you want to withdraw and ask to add your wallet address.
- Select BNB from the list of cryptos to withdraw and it will ask for your MetaMask wallet address. You can copy your MetaMask wallet address from inside the app. If you look at the screenshot above from earlier, you will see your wallet address if below your wallet name in the app, you can simply tap it to copy it.
- Paste the wallet address inside crypto.com, please ensure it matches EXACTLY. If you miss anything on your wallet address you could accidentally send to the wrong address and lose your funds. Your wallet address should start with “0x” when you paste it in crypto.com.
- Add your wallet, and after doing this there is a 24hr wait period for new wallets on crypto.com. Just wait it out and go do something else.
- Once that 24hrs wait is done, you can go back inside the app following steps 1–3 and selecting your BNB wallet and “Withdraw BNB”
- I recommend transferring the minimum amount first before doing the full amount just to make sure it all works. Once you know it works the first time, do the full amount. The first transfer from crypto.com to your wallet may take a bit, usually when I see the Withdrawal request confirmed email, that means they sent it to your wallet.
- Done. Repeat the steps in the previous steps of the article for interacting with other cryptocurrencies on other networks.
I hope this article was helpful to you for getting started in crypto. Please let me know if anything should be cleared up. I am always looking to improve my articles.
If you found this guide helpful, as it did take some time to create. I’m always accepting donations. Never required, but thank you in advance!!
Also see my article on DRIP as a good first crypto project to get started in making some passive income.
Please remember this article does not contain financial advice. Anything you do you are doing at your own risk, do your own research.