How to buy cryptocurrencies and what to look out for (+ expert opinions)

The popularity of digital currencies is reaching record numbers every week, and thousands of new investors are flocking to the market. Of course, cryptocurrencies are not just a fad in recent months, but they have been here with us for many years, and really everyone can trade them today. We have therefore decided to summarize the basics of cryptomen trading, which every beginning investor should know.

Let’s start with the basics – what cryptocurrencies are. Cryptocurrency is a type of virtual money that is secured by cryptography, ie encryption, which also gives it the status of a decentralized currency and prevents its counterfeiting.

It’s not just a hold and a sale. Cryptomen trade in the Slovak Republic should be taxed – how much do you have to pay? (large overview)

The basic difference compared to the classic fiat names, or the so-called Forced circulation currencies, such as the dollar or the euro, is the fact that cryptocurrencies are not issued by any central body such as the central bank and are therefore not easy to “print”.

You Might Want To Read This:   NYDFS will launch a special cryptocurrency unit

Cryptomens are obtained by extraction, which is currently a source of various problems, such as redemption of graphics cards by miners or high energy consumption. However, in the extraction of cryptocurrencies, payment transactions in the network of the given digital currency are also checked and confirmed, and therefore it is a key part of their functioning.

The basis is to choose from the available brokers

In the field of cryptomen trading, there are many ways to buy, sell, exchange or “farm” digital currencies and tokens, but today we will look at the simplest option, and that is to buy and later sell cryptomen at the expected rise in price.

Today, investing in cryptocurrencies in this way is really possible for everyone. All you need to do is have an account with your own broker, ie an intermediary for the purchase of a certain cryptocurrency. Here, a few simple options for Slovaks come into consideration, while with the gradual rise of cryptocurrencies, more and more of them are increasing.

You Might Want To Read This:   The MATIC token suffered a price drop of 70% in a few minutes

When choosing them from the point of view of the possibility of choosing cryptocurrencies with which you can trade, we focused mainly on the first ten cryptocurrencies on the basis of market capitalization according to CoinMarketCap.

We compared the most important aspects such as the offer of cryptocurrencies, fees, deposit and withdrawal options, as well as the assumption that the buyer will keep the cryptocurrencies directly with the broker and not transfer them to their own software or hardware wallet.

Of course, the well-known Binance exchange with a huge offer of cryptocurrencies and low fees is also possible, but we did not include it in the selection, because it is intended more for more advanced ones. Of course, each broker mentioned has its advantages and disadvantages, and there is no single alternative that offers the best options for everyone.

Best time to shop?