I’ve been publishing words for a while about crypto coins / tokens, but I really haven’t taken the time to give any guidance on how to dip your feet into the pool.
That changes now
First on the list is converting Fiat into crypto. There are a few sites that let you do this and I’ve only got basic experience on this front. I’m in the USA and conversion from USD to any crypto is a HUGE PITA. They don’t make it easy or painless unless you want to pay some steep fees.
Having said that, the three sites below I know WILL let you convert USD/EUR/others into crypto tokens with varying levels of fees.
- Coinbase (link): Recommended by pretty much everyone as a first step into Fiat conversion
- Kraken (link): NomRocket recommended for Fiat, wire only for US residents with high verification levels needed for US residents
- Changelly (link): This will NOT work if you’re in the US in my experience, good for EU users from what I’ve heard
Each of these sites will let you buy a number of different crypto coins with Fiat. I’ve got the most experience with Coinbase and it’s quite painless despite the fees. I’ve setup Kraken for USD funding but haven’t had a chance to use their service yet.
One big thing to keep in mind: some of these sites require verification (personal details, first born child) to allow Fiat conversions. They also have limits on the amount of Fiat you can move in a given day/week/month. Take a look at these limits and what is involved in increasing them before spending much time on the sites.
Coinbase is the easiest on all fronts but have high fees all considered.
Trading crypto is simply a matter of: Finding an exchange, transferring coins/Fiat to the exchange, executing trades. In practice it’s a bit more involved. The exchanges are buy/sell/exchange platforms with their own interfaces, rules, regulations and limits.
I use the following 3 exchanges depending on what I’m trying to accomplish
Each has different coins listed, different markets and a lot of different options. Currently I use Bittrex and HitBTC the most given they have comprehensive ETH markets. I don’t deal in BTC and prefer ETH so I need to be on both for good market buys and to be able to trade in top 30 coins.
If I’m trying to build a long position I’ll usually just head over to Changelly (link) and use their service for direct conversions. They support a bunch of currencies and it’s pretty straight forward to send ETH (or another coin) from an exchange to their service which then converts to a different coin and deposits them into a wallet I have setup (exchange or cold).
This is the service I’ve used the most since I’ve been working on my long positions more than anything else.
Just be MINDFUL of their instructions for conversions. If you miss a message or payment ID you’re going to lose coins. I’ve lost 0.1XMR to date because I was in a rush and not paying close enough attention.
One other option is mining. I bought a few GPUs months back and have been slowly mining ZEC and XMR. I get a nice trickle of currency directly to cold wallets. I use Flypool (link) and Minergate (link) respectively.
Keep in mind XMR can be mined on just about any CPU/GPU out there. It’s setup to democratize mining and you can easily start mining XMR on Minergate with whatever computing equipment or phones you have on hand.
What Did KemoNine Do?
My mining + Changelly conversions is how I built my first real positions in crypto. After I started seeing practical gains and had some experience I started doing Fiat conversions via Coinbase (soon Kraken) to help shore up my overall investments. I’ve also been skimming a small amount from each of my paychecks to build positions in a variety of different coins.
I started with long positions and am currently working on diversification. Along the way I’ll be doing some trading but for now I’m in this for the medium and long-term. I don’t have quite enough invested for trading to make sense. Hopefully soon I’ll be doing more in the way of trading.