This is my quick setup for those who don’t have the time to compare wallets/exchanges, etc…
Click the links, follow the steps, check your emails and phones for verification, and you’ll be crypto-ready ASAP.
- Get a wallet to store your crypto. A free and easy to use wallet is: Exodus
- Buy Bitcoin at any of these places:
AUS: Binance (all-round platform), Crypto.com (copy & paste referral code: 2khk55kmsg and we both get $50 worth of tokens, has a visa card available), Coinbase (quick, easy, and has free crypto you can play with by doing tutorials, but fees are high), CoinJar (high fees but has a free Visa card), CoinSpot (easy to use with a wide range of coins, but expensive), Independent Reserve (Cheapest in Oz, but long verification process), BTC Markets (does the job at median pricing).
Global: Binance, Coinbase, CoinTree, Coinmama (can use credit card and multiple currencies), LocalBitcoins (like eBay or Craigslist: can snag a deal privately, but do your due diligence), Xcoins, Paxful.
- Get a free account on Binance or Bitmex.
Get a free account on TradingView for charting and analysis.
- Start generating income or learn how at MBA Trading, HodlBot (an indexed portfolio manager for crypto), use the Earn products on Binance, or automate your trading using 3commas.
TYPES OF WALLETS
A Bitcoin wallet is like your bank account. It lets you send, receive and store bitcoins. There are several types of wallets to choose from, and they vary in features and compatible devices. It is advisable to know these categories so that you always choose one that suits you.
Cold wallets and Hot wallets
Wallets can be classified as either ‘hot’ or ‘cold’.
COLD = a wallet offline or disconnected from the internet.
eg. desktop wallet, hardware wallet, paper wallet.
+ The most secure, recommended for storing large amounts of bitcoins.
– If you lose your cold storage, or passwords, you lose your coins.
HOT = a wallet connected to the internet.
eg. mobile wallet, web wallet.
+ Suitable for frequently accessed funds.
– Any connection to the internet makes you susceptible to hacking.
The best strategy is to use cold storage for long term holdings and a hot wallet for regular use.
WHAT I USE
What: An app on your phone to store your coins.
Why: So you can pay or trade on the go.
How: Trade coins and buy items at stores by scanning the QR code or using the “tap to pay”.
Where: Search the App Store or Google Play to download wallets such as:
– Bread+ Accessible and practical
– Exodus (also a desktop wallet).
– Only keep a small number of coins in your mobile wallet.
What: An app on your computer or device.
Why: For storing your Bitcoins off websites and mobile wallets.
How: Download software on your computer and perform transactions on it.
– Exodus (easiest to use) + Secure because your coins can be stored offline.
– Armory (more security protocols)
What: A hardware device.
Why: For storing your Bitcoins securely offline.
How: Buy a device and keep it safe.
BUY BITCOIN ON THESE EXCHANGES, then send them to your wallet.
Use the links below to register with any of these wallets to make sure we both get bonuses.
What: An app online or on your phone.
Why: So you can buy coins, sell or trade.
How: Buy or sell coins by transferring from your regular bank accounts.
Crypto.com – https://platinum.crypto.com/r/2khk55kmsg (copy & paste referral code: 2khk55kmsg and we both get $50!)
+ Buy, sell & pay with crypto.
+ Earn high interest on staking
+ 50% off Syndicate purchases
– new app / system is a bit clunky
Coinbase – https://www.coinbase.com/join/593a9462f7cf5b2f3a2e1e5f
+ Buy Bitcoin, Ethereum & Litecoin
+ Buy using your credit or debit card.
+ Deposits are instant.
+ Exchange rate is cheaper than the Aussie options below.
– High buying fee (3.99%).
– Initial weekly deposit limit of only $200 to $2,000.
CoinSpot – https://www.coinspot.com.au/?affiliate=X4CFM
+ Can currently buy and sell a range of coins.
+ Daily deposit limit of $10,000.
+ POLi deposits are instant and free.
+ Can accept cash deposits (for a 3% fee), or Bpay (3% fee).
– Buying price is more expensive than Coinbase.
– Bpay and Cash deposits take 1-3 business days.
CoinJar – https://www.coinjar.com/_ref/@pkmendoza
+ Daily deposit limit of $10,000. (via Bpay).
+ POLi deposits are instant and free (limit of $2,500).
+ Can accept cash deposits (for a 2.5% fee).
+ Has a swipe card for regular ATM use.
– Can only buy Bitcoin.
– Buying price is more expensive than Coinbase.
– Bpay and Cash deposits take 1-3 business days.
Independent Reserve – https://www.independentreserve.com?invite=DDBNEA
+ Low trading fees (starting from 0.1%)
+ High security, more advanced features
– User interface can be confusing for beginners
Here are some more links to other places I buy Bitcoin:
BTC Markets: http://bit.ly/2BehF2v
Local Bitcoins: http://bit.ly/2qZYrJc
Exchanges are where you can trade Bitcoin and other cryptocurrencies.
TLDR; these are what I use:
Some factors to consider when choosing an exchange platform
An exchange that is backed by an experienced team is more likely to provide superior trading conditions, a variety of product offerings, and the right guidance and support to traders. It would also leverage the most advanced technology and tools to make trading smoother. Such a team would have an in-depth knowledge of the issues inherent to crypto trading and will be better equipped to overcome them.
Choose a crypto exchange that ensures compliance with regulatory requirements. A regulated exchange meets all the criteria set forth by various regulatory agencies to protect trader funds. So, when you choose a regulated exchange, you can be assured of its credibility, reputation, and trustworthiness.
3. Awards and recognition
An exchange that has received acclaim fosters greater confidence and trust. Check that the exchange you are researching is backed by a team that combines decades of award-winning performance in value creation, operational excellence, and customer success. Has the exchange been recognized by several international award bodies and earned prestigious titles? Are there a lot of good customer reviews?
4. Global Offices
A global presence is a sign of credibility. If an exchange has expanded to have a global reach, it means it has the support of a strong team, a stable platform, and robust technology. Moreover, you can be assured of support from a local team, with the knowledge and skill of regional trading.
High liquidity ensures that traders can move in and out of positions whenever they wish to. To judge liquidity of an exchange, check the number of retail clients it has. A number north of a million retail clients suggests that the exchange is very active and can offer high liquidity. You may also check whether the exchange has key global partnerships to boost volumes and liquidity. Higher liquidity can ensure faster execution of your positions.
6. Technology and Security
The exchange you choose should provide an easy-to-navigate interface, with high-end security features. Check that the online trading platform offers a highly user-friendly interface and stringent security measures, including two-factor authentication via Google Authenticator, rate-limiting, concurrent connection limits, and encrypted Transport Layer Security (TLS) connections.
Choosing an exchange that facilitates funding via fiat currencies and cryptocurrencies. The exchange should provide an operationally efficient platform to support both crypto-to-crypto and fiat-to-crypto exchanges. It should seamlessly blend blockchain-based crypto trading with traditional online trading.
Trading is the most direct way to take control of your finances and as such, you can gain or lose a lot depending on your mindset, fortitude, education, and skill. With the correct education, practice, and application, anyone can be successful in trading.
My main source of education and mentorship is via MBA Trading. I also follow other courses and channels, however, this is the most comprehensive program I’ve found with strong community support. Aside from trading education, they focus on psychology and tools for improving your mindset, physical fitness, and even have cookbooks for nutrition and optimal performance! Best of all, they have a program that pays you to learn!
Click here to join MBA Trading Academy
HODL’ing is my base-level foundation. I don’t necessarily consider it a strategy as there’s nothing more to it that buying a coin and holding onto it in the hopes that it will appreciate in value over time. (Hope isn’t a strategy obviously). In the history of cryptocurrencies and stock in general, there have been plenty of assets that have risen exponentially in value over time, so HODL’ing (Hold On for Dear Life) is a valid method in my opinion.
Aside from HODL’ing coins in my various wallets (offline!), I also use Hodlbot to balance some of my portfolios. It’s an automated bot that rebalances your coins according to customized settings and targets that you set. This adds an element of risk and reward that is a small step up from simply sitting on eggs waiting for them to hatch.
HodlBot is free for the first 7 days, and $3 a month afterwards for accounts under $500.
Click here to open your HodlBot account
Crypto.com (CDC) is a multi-featured cryptocurrency platform that has an established and fast-growing financial services ecosystem. Their range of products include:
- Exchange 55+ cryptocurrencies
- Mobile Wallet app to buy, sell, and pay with crypto
- Metal Visa card with up to 5% back on spending
- Earn 2-18% p.a. interest paid weekly on crypto and stablecoin deposits
- Get instant credit loans with no late fees or deadlines
I like them because you can earn passive income while learning and they pay interest in crypto.
So if you’re just HODL’ing and not trading, you can park your crypto with CDC and get decent returns — way better than any bank!
Use my referral link: https://platinum.crypto.com/r/2khk55kmsg with the code: 2khk55kmsg and we both get US$50!
I use 3commas for placing SmartTrades and running automated bots. SmartTrades place trades across multiple exchanges so I don’t have to log into each one every time I trade. The automated bots place trades based on the settings that I input, or that I copy from other bots available from other traders. This allows me to simply turn bots on and off whenever I want, so I don’t have to stare at charts all day.
You can get a free 3commas trial account using this link.
D4U (Done For You)
There are a plethora of people out there willing to take your money in exchange for a service, though most times in my experience with crypto, the services haven’t delivered what they’ve preached, or they’ve run away with my money entirely. Still, there are a few platforms where I’ve created income by recovering my capital first before playing with profits. DYOR (Do Your Own Research) when it comes to these types of platforms. They can be beneficial if you’re aware of the system and how to maximise their usefulness.
e-Toro is one such platform, where I search and filter semi and professional traders whom I can back with my capital, and in exchange earn a percentage ROI. Remember, D4U goes both ways: you can have someone do a lot of good by placing winning trades and high returns, or do a lot of damage by using your capital unwisely. Don’t use this in your toolbox if you’re highly risk-averse.
Open an account with e-Toro here.
TradingView: Charting and analysis tools for tracking trades.
Koinly: If you trade on lots of exchanges and have coins spread across multiple wallets, Koinly can import your transactions directly from the ledger, sync all your exchange trading history in one-click and get a ready-to-file tax report – all in a matter of minutes!
CoinTracking: CoinTracking analyzes your trades and generates real-time reports on profit and loss, the value of your coins, realized and unrealized gains, reports for taxes and much more. With the prices for 8,000+ coins and assets, you’ll always have a complete overview.
Nexo: Let your crypto work for you. The only insured account that lets you borrow instantly in 45+ fiat currencies and earn daily interest on your idle assets.
Livingroom of Satoshi: Pay your bills with crypto and earn rewards.
Get your own .crypto domain: Unstoppable domains have created .crypto domain names that you can buy once and own forever. You can link your domain to an ETH wallet (eg. I can accept crypto payments using kevinmendoza.crypto), run a website, use it as a portal, etc. It’s like having a domain + NFT on the internet.