So you have read my recent blog post on investing in cryptocurrency and you want to start investing but don’t know how. Well fear no more, I have you covered. If you did not get a chance to read my last blog on cryptocurrency click here and read now!

Welcome to the How to Guide on Investing in Cryptocurrency

Step 1:

Open a Coinbase account, if you are in the US or Canada this is a must, because you will need Coinbase to buy cryptocurrency and send to other exchanges. You will also need it to put money back into your ban account. With Coinbase you have to verify your account before you can do anything with it. It could take a couple business days for you to attach your bank account to your Coinbase account (depending on the bank) so I would do that as soon as possible. To verify they usually need you to send a picture of your drivers license and a picture of yourself. It is easier to verify yourself using a PC or Mac rather than the app (I found the app gave alot of problems for people). You can also attach a debt or credit card to your Coinbase account of which you can start using the funds immediately to buy certain coins rather than a linked bank account, however you have a weekly limit of $750 using a card compared to $15,000 with a bank account.

Step 2:

Once you are verified on Coinbase, you can start purchasing coins, again using a card is instantaneous compared to using a linked bank account which could take a couple business days to process. Currently I would purchase either Ethereum (ETH) or Litecoin (LTC) because they both have fast transactions and their transaction fees are much lower than Bitcoin.

Step 3:

Open a Binance account, you can sign up for a Binance account by clicking here and then clicking “Register” at the top right hand side. Binance is a cryptocurrency exchange which hosts a lot of different currencies you buy. You can get coins such as Ripple, TRON, Verge, Cardano and more on there. Binance is where I do most of my trading and where I have almost all my coins. What is cool about Binance is that you don’t have to go through a verification process unless you plan on withdrawing over $20,000 each day.

Step 4:

Another exchange I recommend opening an account with is Kucoin they have a lot of interesting coins there, for instance I got Raiblocks on there which will soon be on Binance.

Step 5:

Now that you have purchased a coin on your Coinbase account and you opened accounts at certain exchanges, the next thing you want to do is send your coin over to one of the exchanges. So lets do an example using Binance.

Lets say I bought Litecoin on Coinbase and wanted to transfer it to Binance to buy Ripple

Go to “Funds” at the top of the page and click “Balances”

Then search for LTC in the search bar and Litecoin will pop up with buttons that say “Deposit” or “Withdrawal”

Click on “Deposit” and you will see a Litecoin deposit address code, COPY that code and paste that code into Coinbase when you want to send the money. It is important you properly copy the address code into Coinbase when you want to send. 

Then after maybe 15 min max, Litecoin will pop up on your Binance account under balances and now you must change it to Ripple.

Currently the only trading pairs on Binance with Litecoin are LTC/BNB, LTC/BTC, LTC/ETH and LTC/USDT.

And the only trading pairs on Binance with Ripple (XRP) are XRP/BTC and XRP/ETH. (p.s. if you want ripple its best to get ETH on coinbase, saves you less fees) 

So this means we have to exchange to BTC first then we can exchange to Ripple on Binance.

So in Binance go to “Exchange” and click on “Basic”. After that on the right hand side click on the “BTC tab” and search next to it “LTC”

Once you do this you will see the LTC/BTC pair, then you click on that pair and you will see an option in the middle to sell your Litecoin. Then sell 100% of your Litecoin and you will get Bitcoin.

Once you get Bitcoin you now need Ripple, so under the “BTC” tab again search XRP and click on the XRP/BTC pair.

Then you will see an option in the middle to buy Ripple (XRP) so click 100% and buy Ripple.

Make sure when you are buying and selling you click the market price tab not limit or else you may be wondering where your coins are.

And that is it!

Step 6:

Happy Trading! I tried my best to simplify everything in a nutshell, however if you ever get confused, definitely checkout some YouTube videos on operating Binance and Kucoin. Here is an example of a video below, good luck!