How To Start Trading Crypto As A Complete Beginner

Summary

The video guides viewers through the process of buying and securing cryptocurrency, emphasizing the current crypto bull run and how early investments in altcoins could yield massive returns. The host highlights the benefits of using Bybit and Kraken exchanges for purchasing crypto, offering low fees and a wide coin selection. After buying, the video stresses the importance of transferring crypto to a personal Ledger hardware wallet for safety, avoiding risks associated with exchange collapses like FTX. Additionally, viewers are encouraged to subscribe to the host's free newsletter for coin recommendations and market analysis.

Takeaways

• 😀 The crypto market is experiencing a major bull run, and many coins could potentially 10x, 100x, or even 1000x in value soon.
• 😀 If you invest $1,000 and find a coin that 1000x’s, that could turn into $1,000,000.
• 😀 To buy crypto, it’s important to choose the right exchange. Popular exchanges like Coinbase have limited coin selections.
• 😀 Bybit is recommended for its wide coin selection, low fees, and potential for high gains. It also offers bonuses up to $30,000 for new users.
• 😀 Kraken is a good alternative exchange, though it has a smaller coin selection compared to Bybit.
• 😀 Buying crypto is simple: link your bank card or account, deposit funds, and select the coin you want to buy.
• 😀 After buying crypto, it’s crucial to transfer it off the exchange to ensure security and prevent loss in case of exchange failure.
• 😀 The best way to secure your crypto is by using a hardware wallet like the Ledger Nano S, which only you can access with your personal PIN.
• 😀 Always transfer your crypto to your personal wallet to avoid risks associated with exchange failures, like the FTX collapse.
• 😀 To transfer crypto to your Ledger, copy the wallet address from your Ledger, and paste it into the exchange’s withdrawal section.
• 😀 A free newsletter is available for those looking to discover coins with high potential, featuring analysis and buy/sell recommendations.

Q & A

What is the main topic of the video?

The video discusses the ongoing crypto bull run and how to take advantage of it by purchasing and storing cryptocurrency securely.

Why does the speaker mention Bybit and Kraken exchanges?

The speaker recommends Bybit and Kraken because they offer a good selection of coins and competitive fees, which are better alternatives to Coinbase, especially for those looking to invest in altcoins that could 1000x in value.

What are the risks associated with using an exchange like Coinbase?

Coinbase has a limited selection of cryptocurrencies, which makes it difficult to find altcoins that have the potential to significantly increase in value, such as those that could 1000x.

What is a common issue people face when buying cryptocurrency on exchanges?

A common issue is not moving the cryptocurrency off the exchange and into a secure personal wallet, which can lead to losing funds in case the exchange collapses or is hacked.

What happened to the FTX exchange, and why is it relevant to this discussion?

FTX collapsed due to scandals and illegal activities, causing many users to lose all their funds. This serves as a cautionary tale about the importance of transferring crypto off exchanges to personal wallets.

What is a Ledger wallet, and why should crypto investors use it?

A Ledger wallet is a hardware wallet that allows users to securely store their cryptocurrency offline, reducing the risk of theft or loss if an exchange is compromised. The user controls access through a personal PIN.

How do you transfer cryptocurrency from an exchange to a Ledger wallet?

To transfer crypto, you generate a receiving address from your Ledger wallet, copy it, and then paste it into the withdrawal section of the exchange where you bought the crypto. After confirming the transaction, the crypto will be safely transferred to your wallet.

What does the speaker recommend about storing your Ledger wallet and its PIN?

The speaker advises storing the Ledger wallet and its PIN in a safe place to prevent loss or theft, ensuring that your funds remain secure.

What is the purpose of the free newsletter mentioned in the video?

The newsletter provides the speaker’s analysis on cryptocurrencies that they are currently watching, including buy/sell recommendations, which is offered to subscribers free of charge.

How can you maximize your crypto investments according to the speaker?

By finding altcoins that have the potential to grow rapidly (such as 10x, 100x, or 1000x), investing through exchanges like Bybit or Kraken, securely storing your crypto in a hardware wallet, and staying informed through the speaker’s newsletter.