Guidance on handling crypto
Educator in Crypto-Currencies
buying · selling · storing · trading
Get prepared to invest in Crypto-currencies
When considering investing / speculating in crypto you must only use money that you can afford to lose. It is a very high risk method of investing. If you accept this then please read on.
I recommend the following to safely start investing in Crypto.
- New bank account that's unrelated to your every day account
- New email address for every exchange you register with
- 15 character strong password for email, record on paper.
- Register on the www.uphold.com exchange using new email
- 15 character strong password for uphold, record on paper.
- 2FA associated with the UpHold account to secure access
- Transfer funds from your current account to your new bank account
- Create payee requests on your new internet bank to send funds to UpHold, using the unique reference code, you can have the purchase of crypto on speed dial, and quickly react to news.
- Order Trezor or Ledger hardware wallet to store your crypto
- Write seed phase on card, keep in a safe place
- Buy a cheap laptop, remove all installed software leaving google chrome. Buy a virus checker and a VPN solution. Only use the laptop for crypto, don't let anyone else use it or install software.
- Don't brag about any gains you make, quietly enjoy your profits. Report any gains or losses to your accountant and pay any taxes due.
- Only invest what you can afford to loose. This is the wild west, no one can help recover funds if things go wrong. Stay safe.
Outgrid’s Flawless Security
End-to-end encryption
My services are to support your journey until you have the confidence to work on your own. See how far you get with the list. If you need some help, please get in touch. I am based in Milton Keynes, happy to support on the phone or face to face.
Getting Started
Buying
You can buy from a friend who has crypto, LocalBitcoins.com, Bitcoin ATM or an exchange. You will need a hardware wallet, such as a Trezor or Ledger depending on which coin your buying. Or use your mobile phone using the trust wallet.
I find buying on the UpHold exchange is the fastest method, funds arrive in seconds and your ready to react to the fast paced news.
Selling
You can sell to a friend who is interested in crypto or through localbitcoins.com, a bitcoin ATM or an exchange. You need to watch out for the fees, typically the easier / convenient it is the more expensive the fees.
The cheapest option is through an Exchange. I recommend the Uphold exchange, selling direct to your bank the money arrives in seconds.
Storing
If your trading then you need to store your coins on an exchange. Otherwise they should be stored on a hardware wallet.
The main players are Trezor and Ledger. Storing them in your own wallet gives you the private keys and your in full control. Just don’t lose your secret set of words that unlock the wallet.
Trading
To trade you store your crypto on an exchange, I use Uphold to transfer funds quickly from my bank to buy USDT and then transfer to Poloniex exchange to trade. You have a few options when trading, Limit, Market, Stop Loss, Trailing Stop.
Limit: You set the buy / sell price and wait for the market Market: The buy / sell order will execute immediately based on the order book. You should check the price and value of orders before using this method. Stop Loss: You set a range your happy to trade, when the range is met, the trade will buy or sell.
Trailing Stop: This is like having a piece of string drag your stop loss up the chart when a price is pumping so it trails along. When the price stops and moves in the other direction and reaches your stop, the trade will execute
Services
I help people who are new to crypto, not sure how or where to start or just have a general question. There is a lot of information on the internet, you can start with coinmarketcap.com and coindesk.com or just use google. I am more focused on the practical side of how to actually do something, spending time to teach you so you can do things on your own with confidence. I can be available at very short notice to help with any aspect of crypto, answer questions and offer training and support.
