How To Start Trading and Investing in Cryptocurrencies
Crypto Exchange Fast track
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Transcription from Full Video by Descript
All right. Welcome to this quick training on how to jump straight into trading or investing in cryptocurrencies. Even if you don’t have a wallet, even if you’ve never done it before this video is going to be very quick, short, sweet, and to the point, we’re going to give you a basic overview of one of the most popular platforms for trading and investing.
In cryptocurrencies, that’s going to be Coinbase. Now there are alternatives. We’re just going to be focusing on Coinbase in this case. Most of the things we’re going to talk about are also going to exist and be similar on all those other platforms. Maybe the naming conventions will be a little bit different, but the most, most of the things, most of the, the, the aspects of it, the functionality are going to be the same.
Okay. But we’re focusing on Coinbase cause that, that is arguably the most popular one, uh, in the space today. So first off, this is the public facing. Coinbase website here. Um, you can actually browse and look at the, uh, current pricing and history and all of your stats and charts without having to be logged in or without having to have an account yet, which is great.
You can do that just by coming over here, clicking on prices. And that’ll bring you to this page here. And as you can see, there’s a ton of other things to navigate through as well, including a lot of academic stuff. So, if you’re one of those folks, who’s sort of been on the edge. Of the crypto space. Now is the time to start investing in cryptocurrencies today.
You’ve sort of been on the fence about it. You know, it’s a big deal, but you haven’t jumped in because it seems kind of overwhelming plenty of great academic material right here from Coinbase, uh, that you can sit through and start learning about crypto, right? And then they also have a few different options for, uh, actions you can take as an individual versus as a business.
And then we’ve also got developer related stuff having to do with, uh, their SDK for the Coinbase wallet, as well as, uh, blockchain related stuff. Uh, this is going to be obviously more advanced stuff and then some standard stuff about, uh, Coinbase itself, where you can learn about the, uh, company.
Trading And Investing In Cryptocurrencies (Income Stream)
And, uh, it mentions affiliates here. We’re going to circle back and talk about some very cool programs that they have, but if you haven’t yet, what you’re going to want to do is click sign up. When you sign up, it’s no kidding. It’s as simple and easy as this. You just fill out this form, create your account and boom you’re in your inside of Coinbase and you’re able to trade well after you connect a payment method, you’ll be able to trade cryptocurrency, as well as start investing in cryptocurrencies to make a lucrative living.
Like no kidding right off the bat. Um, and right here, as you can see, you get a little $5 in Bitcoin for setting up your account, which obviously is not a huge deal, but it’s, it’s kind of, kind of neat to have your first, uh, Bitcoin and question is where does that go after you’ve set up your account because you don’t have a wallet yet, or so many of, many of you don’t have a wallet yet.
So, let’s say if you don’t have a wallet. Where does this go? And that’s the very cool thing about Coinbase is Coinbase will actually keep and store your, uh, your cryptocurrency for you. Okay. So, when you purchase cryptocurrency via Coinbase, it’ll be inside of your Coinbase account. You don’t even have to have your own private wallet for that cryptocurrency.
Um, so let’s go ahead and move over to the internal side of Coinbase. So, this is when you’re inside of coin. And you’re actually able to go inside and then start trading. Um, the first thing that you’re going to want to do after you sort of, you know, looked around and familiarized yourself with things is set up a payment method and you can do that from the settings section, which will be right over here.
If you click on your, uh, profile icon, which actually might be right off screen, it’s just to the right of this bell. There’s a little picture of a profile icon. You click on that and that’ll bring up a bunch of options and you will want to come over to this one. Here payment methods and yes, the birds are very lively, uh, out here right now.
Uh, if you can hear them in the background now, um, as you can see here, I’ve got a few different payment methods, uh, connected, depending on what kinds of payment methods you connect. There’s going to be some limitations. Okay. Um, for example, if you’re using a debit card or a PayPal account, there’s going to be a certain maximum amount of us dollars that you can spend, for example, per day, in, in a single 24-hour period on trading cryptocurrency.
So just be aware of that, the limits aren’t super low. Okay. So, uh, for those of you who are just trying to, you know, dip your toes in, get your feet wet and, and. You know, try trading in cryptocurrency for the first time, the limits are probably going to be more than enough, plenty of, of, of, uh, wiggle room for you to sort of dabble in it a little bit and, uh, and get your feet wet investing in cryptocurrencies.
So, um, so that’s payment methods. That’s probably the first thing that you’re going to want to do if you want to actually start trading and investing. Um, and then there’s a bunch of other options here as well. There’s device management for managing the different devices that have access to your account. Um, you can look at your, uh, activity.
Um, past, you know, uh, purchases and so on and so forth. Um, then you’ve got API, uh, related stuff, account limits, speaking of account limits, like we were just a second ago. Uh, we’ve got, uh, crypto addresses, which has to do with, uh, wallets. And we’ve got, um, your profile information here and also. There are a couple other things here.
So direct deposit is an interesting one where you can actually have your paycheck direct deposited. Into Coinbase. And, uh, you’re basically, it’s kind of like getting paid in crypto, so to speak. So, um, so that, that, that’s, that’s kind of cool. If that’s something that applies, uh, to your situation, definitely check that out.
You can change your notifications in your, uh, security, uh, settings and all that good stuff here as well. And of course, uh, Coinbase one is a big program that they’ve been pushing lately where, uh, you pay about 30 bucks a month and obviously. At the time of this recording, you’re going to want to check and see what prices are at the time of that you’re watching, but, uh, pretty low monthly fee.
And in return you get zero trading fees and a whole bunch of other cool little perks, including, uh, account takeover protection and so on and so forth. So, definitely check that out. If that’s something that interests, you and if you expect to be trading and have a high frequency of trade. Then, Coinbase one might be something that you’re actually interested in.
When investing in cryptocurrencies, here are the main functions.
Let’s move on to the main functions and we’ll start from the bottom here. So, um, there’s a couple of, if you’ll recall, I, I talked about the idea of, uh, their, uh, referral and affiliate program a little bit earlier. They actually have some pretty cool ones. Um, so you can actually bring other people to the platform so they can begin their own journey to investing in cryptocurrencies.
And when you do. You and they will both receive $10 in Bitcoin when they buy or sell a hundred or more on Coinbase. Now it, a person could argue and I, I don’t have, you know, the data to back this up. So, this is just conjecture, but one could argue that most, or, or at least very many people who come onto Coinbase.
To try their hand at trading. Some crypto probably are going to be going above $100. Right. So that’s actually pretty cool that you can grab 10 bucks in Bitcoin for you and for, uh, a friend who you refer to them. Um, and, uh, and there does not seem to be a limit to that. So, let’s actually check on that real quick.
Yeah. There doesn’t seem to be a limit, obviously you’ll want to, uh, read in a little bit closer and, and more thoroughly, um, But, uh, if you are into the affiliate marketing kind of thing already, and now you’re kind of stepping into the crypto space, eh, you know what, why not add the coin base, um, affiliate program or the referral program, uh, to your list of things to, uh, promote and then maybe earn some passive income from now.
We’ve also got the learn and earn dashboard here. This is where you can literally earn little bits and pieces of cryptocurrency here and there just by watching lessons. Just quick little lessons. Um, let’s, let’s just sit through this one really quick, just for, for fun. So, you guys can see what it’s like, and you can do this on, uh, the phone app as well, if you want to.
Um, so you’re sitting through these cool little, uh, lessons and they’re very tiny little bite size chunks of information, and then you take little quiz to make sure you were paying attention and so on and so forth. And then, um, if you successfully pass and you complete the lesson, well, then you get a. You know, chunk of, of investing in cryptocurrencies, um, for example, this one here, $3 of Mino.
So that, that’s kind of the, and there’s a whole bunch. These aren’t the only three, there’s actually a ton of these, um, that are, uh, available at any given time. And you can literally just at your leisure swipe through these, on your phone, learn a little bit about crypto and earn some, some little, you know, small size, but still kind of cool, uh, rewards as you’re doing that.
Now another interesting thing that they have, uh, is the ability to earn interest passively just by holding certain types of, uh, cryptocurrency in your Coinbase account here. Uh, which is pretty cool. So, um, depending on what the currency is, what, what the cryptocurrency is, obviously the, the. Potential, uh, yield is going to be different.
So, for some of these ones, cosmos Taos, algo ran, obviously those are, those are pretty big, pretty big rates. Um, so if, if that’s something that interests you, you might want to look into that. Uh, that’s one of the, you know, kind of neat and fun things about the crypto and the defi world. Is even in an environment where, you know, the best interest rate that you’re going to get the best yield you’ll get on.
Let’s say a CD, you know, a certificate of deposit with a, a traditional bank is like, what, 1%, maybe even lower, depending on, on what rates are at any given time. Um, you can come over here into the crypto world, which admittedly is a little bit riskier, a little bit more volatile. Um, but you just, by holding and investing in cryptocurrencies, certain currencies in, in a Coinbase account, you can actually be earning some pretty significant rates.
You know, so, so it is pretty neat. Obviously read up, uh, very thoroughly. So, you understand, you know, what, what, what the, the pros and cons of all this, uh, is. But, um, it, it’s still pretty neat though. And then, uh, right here, for example, you’ve got to get $50 to earn on your E earn up to 3, 6, 8. Uh, APR plus up to 50 for the first stake and the staking here I believe, uh, refers to.
And right here, if you can’t see it, there’s a stake now button I believe, has to do with the transition that’s happening to E 2.0. Um, and so they want people to stake, right. And for the folks who do because this technically it’s, it’s actually kind of risky to stake, um, your, uh, your E here, um, in return for that, because it does help them with their transition to, to, you know, 2.0, um, they’re going to reward you with, you know, a certain level of, of interest here.
So, it’s, again, there’s risks involved. Don’t just dive into this, because it sounds cool. You want to read up on a little bit, but just so you know, those options are here and then you can explore those and, and they are frankly kind of exciting. Now another cool thing is you can use you. A Coinbase account to send then receive crypto.
So even if you don’t have a wallet, yet you can actually engage in this, um, just using your Coinbase account. Right. Which is pretty neat. Um, however, since we’re, we’re talking about wallets, uh, Coinbase does offer a wallet and there’s some benefits and advantages to having your own private, uh, crypto wallet.
Right. And you would mostly interact with that in most cases on your phone. Uh, but you can actually, uh, find a button here on Coinbase somewhere. I already have one. So, the, the button’s not visible right now, but you can get Coinbase wallet and then you can easily transfer your, uh, holdings, your assets from your Coinbase account to you.
And vice versa back and forth. Right. Um, and so, just, just be aware of, of, of the difference there between having your assets inside of your Coinbase account versus inside of your wallet. It’s kind of like, um, some people will trade on the stock market with maybe a, a Scott trade or a TD Ameritrade account right now that is technically a bank account, but it’s, it’s not your bank account, you know, it’s, I mean, it is your bank account, but it’s.
You know, your main account that you use to pay for, you know, your, your, your day-to-day life in most cases. So usually you have your own personal, you know, separate bank account, um, for normal life stuff. And so, you remove money from your trading account. Transfer it over to your regular account for it to be your regular money, right?
Your spending money or your savings account. So on and so forth, you’re checking in your savings. Um, and then when you want money to be available for the purpose of trading, well, then you have funds kept moved over to or kept in your TD [00:13:00] Ameritrade or your Scott trade account. That’s not the perfect analogy obviously, but you guys’ kind of get the idea.
You can move assets between your Coinbase account. If it’s in your Coinbase account, you can quickly and easily trade using those, right. Um, or you can move them to your Coinbase wallet and keep it there in your wallet. Um, but anyway, you do have this functionality here from right inside your, your account.
And then the final thing that we’re going to look at, uh, to bring this to a conclusion is going to be the trading tab. This is where you actually do your trading. This is where you actually, you know, buy and, and sell cryptocurrencies. Um, And, uh, as you can see, you’ve got sort of your top coins here ranked by what are they ranking by here market cap, right?
So, these are going to be your top crypto currencies by market cap while you are learning to investing in cryptocurrencies. Um, but you know, depending on what you’re, uh, what you’re wanting to trade, you’re going to use the search bar here. So, let’s say for example, that we’re trying to track down, um, I don’t know, [00:14:00] Sheba, you know? Right. So, we type in oops. Sheeb and we see what the results are and there’s the actual one, right, right there.
You know, the, the main one that you got a bunch of other, you know, sort of, uh, uh, knockoffs, these would be the, well, actually even this one, some would argue what would be the equivalent of penny stocks in the stock market. So, to speak one, one could say anyway, um, and, uh, you’ll notice a lot of these don’t have a buy button next to them.
Right. And in fact, we can type in something as, as simple as, uh, Bitcoin. Watch what happens here. So, you’ve got the actual, you know, accepted and established cryptocurrencies, uh, that Coinbase trades in. And then you’ve got a few that, yeah. You know, maybe they are established and accepted in some places, but right now they’re not available for trade on Coinbase.
Right. Um, and you can see some of these are, are pretty tiny in terms of their market cap. Uh, but they have Bitcoin in the name. Right. So just be, be aware of that, make sure that the currency that you’re trying to trade is in fact, the exact one that you’re trying to trade. So, look at the name, but also the, uh, you know, the, the, this would be the equivalent of a, a ticker symbol here.
And just be aware of what, what your trading, right. So, Bitcoin, you know, uh, B E P two. Is, uh, you know, something maybe similar to, or associated with, I don’t know, uh, Bitcoin itself, but obviously these are two different things, right? Um, Bitcoin cash is not the same thing as Bitcoin. Right. And, uh, what, what are these other things we’ve got?
Micro Bitcoin obviously is not the same thing as, as Bitcoin, as you can tell here. So anyway, you, you get the idea and, and many of these are not going to be available for trade on Coinbase. Anyway, a lot of these smaller ones, it’s mostly the bigger, more established ones that are available for trading on Coinbase.
If you want to trade other cryptocurrencies beyond this, you have to go and, and look at other. Crypto exchanges. Right. Um, and, uh, there’s also things out there called, you know, swaps there’s, there’s one popular one called pancake swap where you can actually, uh, you know, you can, you can utilize those other avenues to get your hands on some of the more speculative, you know, lower level, if that’s the right term to use for investing in cryptocurrencies.
Right. so a lot of that stuff, as exciting as it may be, um, it, it’s not, uh, available for. For interaction with here on, uh, Coinbase or at least not for, you know, buying. Um, and so you would’ve to, you know, learn a little bit more. About those and, and the different avenues for chasing those down. Um, but proceed with caution because again, those, those, I mean, every, all of this is very volatile.
Those, you know, sort of smaller level ones that people are saying, oh, it’s going to explode. You know, it’s, it’s fractions of a penny, that kind of stuff. Um, obviously that’s even more volatile than these in, in many cases. So just be aware of that, uh, proceed with caution, uh, nothing in this, uh, video has been investment.
Or crypto trading advice, obviously, uh, you’re going the one to, uh, consult with an actual qualified, uh, financial expert or cryptocurrency expert or investment advisor, uh, before you make any significant decisions. But hopefully, uh, this quick tour of Coinbase, uh, was useful to you, especially if you’re in that category of folks who have been wanting to get into the crypto space a little bit but have been a little bit overwhelmed as you can see, it’s actually pretty.
With something like a coin base account to, uh, get your feet wet, get in there and, and, and start getting involved, um, without, uh, you know, without too much drama or, or, or complexity. Okay. So, hope you guys, uh, put this information to, uh, good use and, uh, yeah. Good luck in your cryptocurrency journey.