Want to buy your first cryptocurrencies but don't know where to start? You're in the right place, as in this article we're going to show you how to buy your first cryptocurrencies the easy way.
What is a cryptocurrency
Cryptocurrencies are virtual currencies that exist outside the traditional financial system. These currencies are secured by different encryption algorithms, and have a wide variety of uses within their respective ecosystems. As they are not accessible through traditional banks, it's important to find a platform that allows you to buy your first cryptocurrencies in a secure and transparent way.
How to choose the right platform to buy your first crypto
With so many platforms offering different services for buying and selling cryptocurrencies, it can be difficult as a beginner to know which platform is best. There are, however, a few key points to consider:
- Ease of use of the platform
- Platform security and regulation
- Transparency regarding cryptocurrency buying and selling fees
Many of the existing platforms, while offering plenty of features for experienced traders, are not very intuitive and lack transparency. SwissBorg was therefore created with the mission of making cryptocurrencies and wealth management accessible to everyone. With SwissBorg, you can buy your first cryptos in a simple, intuitive and secure way, directly from your smartphone.
Here are some essential tips to help you choose your first crypto and build a solid portfolio
- Big, small and micro caps: Capitalisation, which represents the total value of all units in circulation of a cryptocurrency, is often an indicator of stability. Many investors concentrate the majority of their portfolio on big-cap cryptocurrencies such as Bitcoin, Ethereum and Solana. As the capitalisation decreases, the risk and potential gains increase. Allocating a small share to these riskier cryptos can sometimes pay off!
- Don't try to time the market: For most investors, anticipating the market is very difficult. Instead, use the Dollar Cost Averaging (DCA) strategy: invest a small amount each week or month to avoid big price swings.
- Set targets and stick to them: When you buy a cryptocurrency, such as Bitcoin, set a price or profit percentage to reach before selling. If you plan on hodling for the long term, you can also define how much of the crypto you would like to accumulate within a given amount of time. By setting this target, you avoid last-minute emotional decisions and remember to take profits or reinvest your assets.
How to buy your first cryptocurrencies with SwissBorg
Create an account
To buy your first cryptocurrencies, simply download the app onto your smartphone and follow the instructions on the screen. In order to complete the instructions you'll need an e-mail address, a phone number, and an identity document (ID card, driving license). Once your account is created, you can fund your SwissBorg account via bank transfer. There is no minimum amount to transfer to your account, but we recommend that you send an amount greater than EUR/CHF 20, due to the minimum wire transfer amounts accepted by some banks.
Buying your first cryptocurrency
Now that you have funded your account, you can buy your first crypto by navigating to the Invest tab in the app, and then Buy Cryptos. You can then simply choose the crypto and amount you would like to buy, and confirm your purchase.
Congratulations, you've just bought your first crypto ! Now that you've taken your first step, enjoy the journey and explore the various tools in the SwissBorg app to discover the exciting world of cryptocurrencies. Happy investing !
