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Getting started with cryptocurrency is as simple as researching the coins you want to buy, purchasing them, and storing them somewhere safe. Here is the step-by-step guide based on the responses provided during the quiz.
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THINGS YOU'LL NEED:
Cryptocurrency regulations are evolving so companies like to play it safe. You will need to pass KYC (know-your-customer) verifications to use most features. These may include:
- Uploading a license, ID, or passport
- Providing full legal name and sometimes social security number
- Verifying address
- Completing KYC questionnaire
My First Crypto just exists to help you get started with cryptocurrencies. Make sure to thoroughly research any cryptocurrencies before purchasing.
1) Exchanges will always offer 2-Factor Authentication. This is a way to secure your exchange account by requiring a second step to logging in. It is very important to enable this right away. It is best to use an app like Google Authenticator or Authy rather than SMS. Don't worry, if you still don't understand this part, the exchange will walk you through it when you select the option.
2) Don't trust anyone. Cryptocurrency scams are everyone. Always verify the authenticity of animals and never send crypto to someone else unless you know who they are.
You may have heard that PayPal and Robinhood offer the buying and selling of Bitcoin. While these sites are user friendly, they do not offer the ability to withdraw your Bitcoin. Even if you plan on holding long-term, it is important to know you can move your money if you wanted to. As a result, we never recommend these services. We may change this in the future if they start offering withdrawals.
A seed phrase is only needed if you are storing your bitcoin in your own wallet (off of an exchange). This is a more advanced technique, but definitely worth learning about. It will be necessary to learn if you are interested in the hardware wallet mentioned above. You can learn the details here.
No Investment Advice: The information provided on this website does not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the website's content as such. My First Crypto does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions. Accuracy of Information: My First Crypto will strive to ensure accuracy of information listed on this website although it will not hold any responsibility for any missing or wrong information. My First Crypto provides all information as is. You understand that you are using any and all information available here at your own risk. Non Endorsement
The appearance of third party advertisements and hyperlinks on My First Crypto does not constitute an endorsement, guarantee, warranty, or recommendation by My First Crypto. Do conduct your own due diligence before deciding to use any third party services. Affiliate Disclosure My First Crypto may receive compensation for affiliate links. This compensation may be in the form of money or services and could exist without any action from a site visitor. Should you perform activities in relation to an affiliate link, it is understood that some form of compensation might be made to My First Crypto. For example, if you click on an affiliate link, and sign up and trade on an exchange, My First Crypto may receive compensation.