Your first investment: Where should you invest it?

When you’re first starting out with investing, the sheer number of options can be overwhelming. 

The stock market? Stocks? Bonds? Mutual funds? Real estate? There are so many choices and no one right answer—it depends on your goals, risk tolerance, time horizon, and more. 

It’s tough to know where to invest your first investment. This guide will help you make that decision. Click here to read this helpful guide now!

What is cryptocurrency?

Cryptocurrency is a digital currency with an underlying blockchain technology that records every transaction. 

The most famous of these cryptocurrencies is Bitcoin, but there are many others as well. 

Cryptocurrencies are not tied to any government or central bank, which means they can be traded anywhere in the world without incurring high exchange rates or other fees. 

Unlike other types of currencies, cryptocurrencies are not backed by any physical assets and exist solely as strings of computer code. This makes them a volatile form of currency.

Buy Your First Cryptocurrency Now

The cryptocurrency market is a lucrative, yet volatile space that can offer tremendous returns on investments. 

Cryptocurrencies are digital assets that have the same value as any other currency. They have the added benefits of being decentralized and not controlled by any institution or government. 

This means that they're immune to inflation, which can be an issue with currencies such as the US Dollar or Canadian Dollar. 

In order to make your first investment, you need to find a cryptocurrency that interests you and has a stable value over time.

Create Cryptocurrency Portfolios

Investing in cryptocurrency can seem daunting, but with the right strategy, you can make it a profitable venture. 

Cryptocurrency markets are volatile and prices change frequently, so diversifying your portfolio is important to ensure that you don't lose out on potential gains. 

There are many different strategies to diversify your portfolio, but one of the most common is investing in multiple cryptocurrencies. Here are some examples of how this might work.

Get an Exchange Wallet

When creating an Exchange Wallet, be sure to take the following steps.
 

1. Open a free account with Coinbase or BitPay. 

2. Link your bank account by providing personal information (name, email address, and date of birth). 

3. Connect your debit card or credit card to your wallet by giving personal information and the security number on back of card (be sure not to reveal the three-digit CVV code). 

4. Verify your account via text message or phone call before purchasing any cryptocurrency; this is called two-factor authentication and will help protect against unauthorized access to your wallet. 

5. Don't buy any cryptocurrency yet! Wait until we cover how to purchase it securely in next week's post. 

6. Now that you have a secure place for storing cryptocurrency, click Add Account and then BTC Wallet in order to create your Bitcoin exchange wallet where we'll store BTC purchased later on.

Learn How to Use an Exchange Wallet

If you want to trade cryptocurrency, an exchange wallet is where you store your funds until they're ready to be used. 

An exchange wallet can be stored online or on a hardware device called a hardware wallet. 

The advantages of using a hardware wallet are that they are not connected to the internet and if they’re stolen or lost, the user’s money will still be safe. 

A disadvantage of using one is that you have to buy the device before being able to use it.

Transfer Assets into Exchange Wallets

Transferring your assets into an exchange wallet is a necessary step for trading on the platform. 

When transferring assets, make sure to withdraw everything from the wallet (even if there are just a few hundred dollars worth of coins). 

Next, select a cryptocurrency on the right side of the screen and click deposit. Enter your public address and send your funds to that address. This will happen quickly.