Your Guide to Buying Crypto in 2023

Day by day, humanity moves towards cryptocurrency mass adoption. This is mainly due to their decentralized nature, which offers greater security, anonymity and potential for high returns. However, as more and more people are looking to invest in digital assets, it is crucial to understand how to buy and trade cryptocurrencies safely and securely. This article aims to guide readers on how to buy crypto currency in 2023, providing an overview of the process and critical considerations for choosing a reputable exchange, funding your account and storing your cryptocurrency securely.

Step 1: How to choose crypto?

While choosing good crypto to buy, you need to research several crucial factors to ensure your investment is successful.

Among them are the following:

Development team’s experience
Choose a reputable team with relevant experience. They must be transparent about their identities and qualifications and engage with the crypto community.

Project’s roadmap
Learn the roadmap outlining the project’s goals, milestones and plans for the future. It should set realistic goals and be regularly updated to reflect progress and changes.

The technology behind the project
Ensure secure and fast technology, including strong encryption, smart contracts and transaction times.

Regulation issues
Understand the legal status, restrictions and government support in different countries to determine the potential for growth and adoption.

Market trends
Discover market volatility and sentiment to determine the potential for price changes and the risk involved.

Remember that investing in cryptocurrency involves inherent risk and requires lots of research before taking any steps. To ensure a safe trade, use trusted crypto exchanges to buy crypto.

Step 2: How to choose a crypto exchange?

The choice of a crypto exchange should be grounded on the following factors:

Security

Assets selection

Fiat option

Fees

Passive earning

Let’s review them in more detail.

Security

It’s crucial, as it directly reflects on the safety of your assets. As a result, specific measures are implemented on the platform to protect against hacking attacks. These include:

Two-factor authentication

Security measures against phishing scams, attacks, etc.

Biometric login support

Amount of assets in a cold wallet

KYC standards (the need to provide a government-issued identification document before opening a new account on a cryptocurrency exchange).

Assets selection

If you’re interested in buying exotic assets, the variety of trading pairs on the exchange to choose from is essential. While coins with higher market capitalization like Bitcoin (BTC), Ether (ETH), XRP (XRP) or Litecoin (LTC) are available on most exchanges, choosing a platform with many pairs increases the chances of the best new crypto to buy.

Fiat option

Decentralized exchanges are not an option if you want to buy crypto for fiat. In this case, choosing a CEX or P2P platform that supports the required fiat currency is your way.

Fees

Transaction fees are an essential consideration when selecting a crypto exchange. The leading platforms typically charge 0.2% or lower for a transaction. But remember that fees may differ based on the transaction type or coin, even on the same platform.

Passive earning

Many exchanges offer reward programs or the option to open crypto deposits to increase your wealth. Terms and bonuses vary by platform and assets.

Step 3: Which crypto to buy now?

Long-term investment should include crypto that will exist in the future. But many of the best cheap crypto to buy today can fail to survive the bear market.

Below there are several cryptocurrencies that have shown potential for sustained growth in the future:

Bitcoin (BTC)

Ethereum (ETH)

Cardano (ADA)

WhiteBIT Token (WBT)

Solana (SOL)

Let’s look at them closer:

Bitcoin (BTC)

Bitcoin is often considered a favorable cryptocurrency to invest in during a bear market due to its solid fundamentals and proven reputation as a store of value. Moreover, with over a decade of existence, Bitcoin has demonstrated a significant level of stability compared to other cryptocurrencies.

One of the reasons for its stability is the limited supply, with only 21 million coins set to ever exist. This can help maintain its value over the long term, as it is not subject to inflation like traditional currencies.

One more advantage of Bitcoin is that it is the most popular digital asset and can be traded on any crypto exchange.

Ethereum (ETH)

Renowned as one of the most popular altcoins, Ethereum boasts cutting-edge technology, a thriving community and impressive growth potential. Its decentralized, open source blockchain platform allows for the creation of decentralized applications (dApps) and smart contracts supported by a strong foundation of developers and users.

Ethereum shifted significantly in September 2022, moving away from proof-of-work (PoW) and transitioning to proof-of-stake (PoS). This change aimed to make the platform more environmentally sustainable by eliminating the need for energy-intensive mining. In addition to being more eco-friendly, the transition to PoS also increased the efficiency of the blockchain and enhanced its scalability.

Cardano (ADA)

Cardano has been identified as a promising asset with robust technology, the potential for widespread adoption and sustained growth prospects, especially during bearish market conditions.

One of the main factors contributing to this potential is the platform’s powerful technology, which enables the creation and execution of smart contracts and decentralized applications (dApps) in a secure and decentralized manner. In addition, Cardano’s innovative Proof-of-Stake consensus mechanism and sustainability-focused design make it a highly scalable and secure blockchain platform that could drive its long-term growth potential and widespread adoption.

WhiteBIT Token (WBT)

The WhiteBIT cryptocurrency exchange has its own utility token called WBT, which offers a range of advantages to users, including reduced trading fees and increased withdrawal limits. In addition, WBT has a deflationary model that suggests promising results for this asset over the long run.

Investing in WBT provides a long-term investment opportunity closely tied to the success of the WhiteBIT exchange. This exchange is one of the largest in Europe and has a strong community, indicating a prosperous future. Additionally, WhiteBIT has partnered with FC Barcelona, the Ukrainian national football team and Diia, a mobile app for e-governance in Ukraine. These partnerships and a solid community make WhiteBIT and the WBT token an excellent choice for a long-term investment.

Solana (SOL)

Solana (SOL) is a blockchain network designed to achieve faster transaction processing and lower fees than Ethereum. With the ability to execute more transactions per second than Ethereum, Solana is highly sought after by traders and investors.

Moreover, Solana’s capability to support smart contracts makes it ideal for dApps and non-fungible tokens (NFTs), adding to its appeal in the rapidly growing blockchain industry.

Plus, Solana is the only blockchain that employs the Proof-of-History algorithm. As a result, it enables faster transaction confirmation time.

Step 4: Which cryptocurrency strategy to choose?

Once you have invested in cryptocurrency, figuring out how to make it profitable is essential. There are several strategies that even a beginner can use:

Day trading
Buying and selling assets within the same trading day.

Copy trading
Replicating the trades of another trader or investor.

Scalping        
Making quick trades to profit from small price movements.

HODLing       
Holding onto assets for an extended period, regardless of price changes.

Swing trading           
Holding onto assets for a few days or weeks to take advantage of price swings.

Crypto range trading           
Buying assets when the price is low and selling when it’s high within a specific range.

Crypto arbitrage       
Profiting from the price differences between different exchanges or platforms.

Step 5: How to protect your crypto?

Once you’ve decided on the best crypto to buy today and how to make money, you must determine how to store your assets.

A cryptocurrency wallet is a program that allows you to send and receive digital currency and control your balance. There are two main groups of wallets: hot (online) and cold (offline).

Online (hot) crypto wallets are connected to the internet. They can be accessed through a web browser or a mobile/desktop app. They’re used by cryptocurrency exchanges or third-party providers. The most trusted and popular “hot” wallets are MetaMask, MEW (MyEtherWallet), Electrum, Exodus and Trust Wallet.

Offline (cold) crypto wallets do not need an Internet connection. Thus, they’re considered to be less vulnerable to hacking attacks. Ledger Nano S Plus, Ledger Nano X, Trezor Model T, SecuX and KeepKey are believed to be the most reliable cold wallets.

Using private keys, control wallets can also be divided into custodial and non-custodial. Custodial wallets are managed by the wallet provider, while with non-custodial wallets, you have complete control over your funds.

Investing in cryptocurrency has become easy, even for beginners, with platforms that provide user-friendly interfaces. However, it is crucial to emphasize that you should still research before buying any assets. So, take this guide as a starting point and conduct your own research.