Learn how to choose your exchange, create your account, secure it, fund it and buy your first digital assets.

A beginner's guide to cryptocurrencies

<img src="https://static.wixstatic.com/media/31b694_a0df1b21094c4af4a767a23759038afd~mv2.png/v1/fill/w_672,h_336,al_c,q_95/31b694_a0df1b21094c4af4a767a23759038afd~mv2.webp" alt="Buy cryptocurrencies in 3 simple steps 2021 guide" width="672" height="336">If one were to sum up the last two years, it could be done in two words: COVID-19 and cryptocurrencies. Cryptocurrencies have taken on an incredible magnitude when we barely heard about them a few years ago (in a good or bad way). Since the global pandemic, many have begun to question their sole source of income and realized the need to have several ones. That's where cryptocurrencies came in. The ease of purchase and the media hype have caused these digital assets to literally explode in recent years. But one thing is for sure, this is nothing but the beginning !So in this guide, you're going to learn how to buy cryptocurrencies in just 3 steps and join the many other investors in a rocket "to the moon" as we hear so much.Without further ado, let's get started !Fund your accountBuy cryptocurrencies<h2>1.	Choose your exchange</h2><img src="https://static.wixstatic.com/media/31b694_90fd880e0faa46fc865cf751ef16d798~mv2.png/v1/fill/w_672,h_336,al_c,q_95/31b694_90fd880e0faa46fc865cf751ef16d798~mv2.webp" alt="Choose your exchange between Binance, Coinbase and Kraken" width="672" height="336"><h3>What is an exchange ?</h3>An exchange is simply a simplified buy and sell platform, it puts buyers in contact with sellers as well as with the different assets. In our case it is a cryptocurrency exchange platform.<h3>Important criteria</h3>Reputation and reliability: check the users' reviews of the exchange in question before signing up.Security and stability: your account must be secure and accessible at all times.Fees: one of the most important criteria, as fees have a big impact on your profits.Payment methods: credit card, bank transfer, PayPal, etc. (for deposits and/or withdrawals)The price of bitcoin on the exchange: there can be significant price variations.Identity verification speed (KYC): a mandatory verification step at each registration.The customer service: an unresponsive customer service can put in doubt the reliability of the website.These are super important criteria for choosing your exchange and should not be overlooked, they will guarantee you a better and safer experience. You can easily find reviews on the different exchanges available. We will also be releasing an article shortly on our selection of exchanges that we believe are the best for individuals.Discover our recommended exchanges on our dedicated page <a href="https://en.sc-economy.com/buy-cryptocurrencies-safely" rel="noopener noreferrer" dir="ltr">here</a><h2>2.	Create and secure your account</h2><img src="https://static.wixstatic.com/media/31b694_f9b7cd30a75f486c9d3c05d0a7b96634~mv2.png/v1/fill/w_672,h_336,al_c,q_95/31b694_f9b7cd30a75f486c9d3c05d0a7b96634~mv2.webp" alt="Create and secure your account on exchange Futurama Fry" width="672" height="336">Once you have checked all the criteria and you think you have found the right exchange for you, you will need to create your account and have it verified by the platform in order to comply with the rules and make purchases/sales without problems. Below you will find all the necessary steps to create your account.<h3>Register on the exchange of your choice</h3>(To illustrate the following part we will choose the standard <a href="https://www.binance.com/en" rel="noopener noreferrer" dir="ltr">Binance</a> exchange, please note that the process will remain almost the same for any other exchange like the US version of Binance, Coinbase and so on, only the interface will change).<img src="https://static.wixstatic.com/media/31b694_0214c9512b774ec980d1eeab561b647e~mv2.png/v1/fill/w_672,h_336,al_c,q_95/31b694_0214c9512b774ec980d1eeab561b647e~mv2.webp" alt="Register on Binance" width="672" height="336">Click on the yellow "Register" button at the top right.<img src="https://static.wixstatic.com/media/31b694_580121f41aba4126ae56b764b3312dce~mv2.png/v1/fill/w_672,h_336,al_c,q_95/31b694_580121f41aba4126ae56b764b3312dce~mv2.webp" alt="Create your Binance account" width="672" height="336">Enter your login details and check the box if you are at least 18 years old and agree with Binance's terms and conditions. Then click on the yellow "Create Account" button.Tip: It is recommended to use a different email address than the one you use for most of your online accounts. So, use a secondary email address or create a new one if possible with a different password, for a little more security.<img src="https://static.wixstatic.com/media/31b694_fd0004ad9f694a45818ed5c22fcb3d80~mv2.png/v1/fill/w_672,h_336,al_c,q_95/31b694_fd0004ad9f694a45818ed5c22fcb3d80~mv2.webp" alt="Captcha security verification on Binance" width="672" height="336">Complete the captcha puzzle by sliding your cursor or finger (mobile) to the right to match the puzzle piece with the empty space and thus prove that you are not a robot (if this check appears).<img src="https://static.wixstatic.com/media/31b694_863f5565a539477eac59231c74fbd0c5~mv2.png/v1/fill/w_672,h_336,al_c,q_95/31b694_863f5565a539477eac59231c74fbd0c5~mv2.webp" alt="Account verification on Binance" width="672" height="336">Finally, you will receive a verification email with a six digit code (from Binance in our case). Go to your inbox, open the email and enter the code you received in the boxes.Congratulations, you are now registered on your exchange !You can access your new account on all your devices using your login details.<h3>Do the KYC verification</h3><img src="https://static.wixstatic.com/media/31b694_59a7c983002e404da74b5e6f367e708a~mv2.png/v1/fill/w_672,h_336,al_c,q_95/31b694_59a7c983002e404da74b5e6f367e708a~mv2.webp" alt="KYC or Know Your Customer verification on exchange" width="672" height="336">First of all, what is KYC?KYC or Know Your Customer is a verification step that helps protect financial institutions from fraud, corruption or money laundering by securely collecting personal data from their users after registration (identity, activity or source of funds).This verification step is mandatory on all exchanges and doesn't take too long to complete. Here is how the verification is done on Binance for example:<OL><LI>Click on the profile icon at the top right of the Binance platform and click on "Identification"</LI><LI>Click on the yellow "Get verified" button</LI><LI>Indicate your country of residence in the drop down menu on the right side of the page</LI><LI>There should be 3 levels of verification available to you: Basic, Intermediate and Advanced</LI><LI>Do the basic verification by clicking on the yellow "Verify now" button</LI><LI>Enter all the information they will ask you for, and voila your account will be verified !</LI></OL>You can always do the other verification steps to upgarde to higher limits.Find more information from Binance on this subject <a href="https://www.binance.com/en/support/faq/360027287111" rel="noopener noreferrer" dir="ltr">here</a><h3>Secure your account</h3><img src="https://static.wixstatic.com/media/31b694_bfd71c58d5c24475b3598f7628c5fda0~mv2.png/v1/fill/w_672,h_336,al_c,q_95/31b694_bfd71c58d5c24475b3598f7628c5fda0~mv2.webp" alt="2FA or double authentication factor protection" width="672" height="336">When accessing your account for the first time, your exchange will usually ask you to secure your account with a "double authentication". You can ignore this step, but it is highly recommended to configure it to better secure your account.Email authentication is enabled by default, but it's best to have at least a second authentication option for added security. So here's how to configure the different authentication options available :<UL><LI>SMS</LI></UL>SMS authentication is the most popular and easiest option to configure, but even though it is quite secure, it is still the most "vulnerable" of the list.All you have to do is enter your phone number and confirm the configuration by entering the code received by SMS in the boxes. After verification, your phone number will serve as an additional protection.<UL><LI>2FA</LI></UL>2FA or two-factor authentication is a more secure way to protect your account. To do this you will need to download a 2FA application. In most cases this is the "Google Authenticator" app available on <a href="https://play.google.com/store/apps/details?id=com.google.android.apps.authenticator2&amp;hl=en&amp;gl=US" rel="noopener noreferrer" dir="ltr">Android</a> and <a href="https://apps.apple.com/app/google-authenticator/id388497605" rel="noopener noreferrer" dir="ltr">IOS</a>. Once done go to your profile and select the 2FA method, it will show you how to link the "Google Authenticator" application to your account.Please note that the above authentication methods will be requested each time you :-	Login from a new device-	Withdraw money or do a transactionOnce you have activated these authentication methods, it is also recommended to activate the :<UL><LI>Anti-phishing code</LI></UL>This code is a string of letters that you can define and that will be displayed on every email you receive from your exchange. This will minimize the risk of phishing* and prove the authenticity of each email you receive and thus avoid getting scammed.*Phishing: an online scamming technique that steals the victim's personal data.The anti-phishing code is unfortunately not yet implemented on all exchanges. So if you don't find this option in your account security settings, it is probably not yet available on the exchange you have chosen. <a href="https://www.binance.com/en" rel="noopener noreferrer" dir="ltr">Binance</a> or <a href="https://crypto.com/eea/" rel="noopener noreferrer" dir="ltr">Crypto</a> support this option for example.<h2>3.	Invest in cryptocurrencies</h2><img src="https://static.wixstatic.com/media/31b694_b268cc775de94bec80e0448126f313c6~mv2.png/v1/fill/w_672,h_336,al_c,q_95/31b694_b268cc775de94bec80e0448126f313c6~mv2.webp" alt="Buy cryptocurrencies on exchange Futurama Fry" width="672" height="336">Have you chosen your exchange and successfully created your profile ?Then you are ready to fund your account and buy cryptocurrencies !<h3>Little disclaimer</h3>This guide is published for educational purposes only and should not be considered as investment advice. Second Chance reminds you that buying cryptocurrencies involves significant risks due to the high volatility (very frequent price changes) of these digital assets. It is therefore strongly advised to contact your financial advisor and do your own research on the different assets before investing in cryptocurrencies, always remembering to invest with money you can afford to lose.<h3>Fund your account</h3><img src="https://static.wixstatic.com/media/31b694_c05a5fa817df42f992b54bc315d2eab0~mv2.png/v1/fill/w_672,h_336,al_c,q_95/31b694_c05a5fa817df42f992b54bc315d2eab0~mv2.webp" alt="Fiat and Spot page on Binance" width="672" height="336">First, go to the assets overview. And click on the yellow "Deposit" button at the top right of the page.<img src="https://static.wixstatic.com/media/31b694_460520264aa64d35814136f4df300899~mv2.png/v1/fill/w_672,h_336,al_c,q_95/31b694_460520264aa64d35814136f4df300899~mv2.webp" alt="Deposit fiat money on Binance account" width="672" height="336">Next, you will be taken to the Deposit Fiat* page. Select your currency and payment method and press the yellow "Continue" button.*Fiat: Fiat or fiat currency is a state-decreed currency, meaning that its value is controlled and imposed by the government of the territory where the currency circulates. Examples are the US dollar (USD $), euro (EUR €), or the British pound (GBP £).Please note that at the time of writing this guide, Binance has temporarily suspended bank transfers and iDEAL payments in Europe (see image above). Under normal circumstances these payment methods are available. Finally, your exchange will tell you where to send your bank transfer by giving you the bank details and the reference to note in the transfer or will simply redirect you to a secure payment platform to deposit your money with your credit card. That's it, you have deposited your first fiat currencies !However, please pay attention to the fees, the fees vary depending on the payment method !<h3>Buy cryptocurrencies</h3><img src="https://static.wixstatic.com/media/31b694_72741403164b41ca96e31aed928b84f4~mv2.png/v1/fill/w_672,h_336,al_c,q_95/31b694_72741403164b41ca96e31aed928b84f4~mv2.webp" alt="Buy cryptocurrencies easily" width="672" height="336">Now we come to the last and most satisfying step of this guide, buying your first digital assets. This step is the simplest of all the previous steps, so you'll get there without too much trouble.To buy cryptocurrencies you will need to :1.	Search for your cryptocurrency/token in the search bar of your exchangeYou can do this in two different ways, by typing the full name of the asset or by typing its ticker*.*Ticker : A ticker is simply a symbol made up of a unique combination of letters that define a stock or cryptocurrency on exchanges. It is used to shorten the names of assets and thus simplify the search for users. Example: BTC is the ticker for Bitcoin.2.	Enter the amount that you want to buy in cryptocurrencies/tokensThey will tell you the amount you will receive based on the current price of that same coin. Example: you buy 100$ worth of Bitcoin which is worth about 0.0030 Bitcoins (BTC) at the time of writing this guide. These 0.0030 Bitcoins are worth 100$ at the time of purchase and are therefore likely to lose or gain in value over time.3.	Buy and HODLOnce you have chosen the amount, you just have to press the "Buy" button and your account will usually be credited with your crypto assets within 5 minutes.All you have to do is HODL* !*HODL : HODL is the misspelled term for HOLD. It can also be an acronym for "Hold On for Dear Life". This term is widely used among crypto enthusiasts, it is the principle of keeping your crypto assets as long as possible and not selling them at the slightest fluctuation.<h2>Useful information (Binance)</h2>Download Binance on your devices :

If one were to sum up the last two years, it could be done in two words: COVID-19 and cryptocurrencies. The ease of purchase and the media hype have caused these digital assets to literally explode. In this guide you will learn how to create your account on a exchange, secure your account and buy cryptocurrencies easily. Read more.

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Cryptocurrency

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Technology & The Future

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Cybersecurity

If one were to sum up the last two years, it could be done in two words: COVID-19 and cryptocurrencies. Cryptocurrencies have taken on an incredible magnitude when we barely heard about them a few years ago (in a good or bad way). Since the global pandemic, many have begun to question their sole source of income and realized the need to have several ones. That's where cryptocurrencies came in.

The ease of purchase and the media hype have caused these digital assets to literally explode in recent years. But one thing is for sure, this is nothing but the beginning !

So in this guide, you're going to learn how to buy cryptocurrencies in just 3 steps and join the many other investors in a rocket "to the moon" as we hear so much.

Without further ado, let's get started !

An exchange is simply a simplified buy and sell platform, it puts buyers in contact with sellers as well as with the different assets. In our case it is a cryptocurrency exchange platform.

Reputation and reliability: check the users' reviews of the exchange in question before signing up.

Security and stability: your account must be secure and accessible at all times.

Fees: one of the most important criteria, as fees have a big impact on your profits.

Payment methods: credit card, bank transfer, PayPal, etc. (for deposits and/or withdrawals)

The price of bitcoin on the exchange: there can be significant price variations.

Identity verification speed (KYC): a mandatory verification step at each registration.

The customer service: an unresponsive customer service can put in doubt the reliability of the website.

These are super important criteria for choosing your exchange and should not be overlooked, they will guarantee you a better and safer experience. You can easily find reviews on the different exchanges available. We will also be releasing an article shortly on our selection of exchanges that we believe are the best for individuals.

Discover our recommended exchanges on our dedicated page <a dir="ltr" href="https://en.sc-economy.com/buy-cryptocurrencies-safely" rel="noopener noreferrer">here </a>

Once you have checked all the criteria and you think you have found the right exchange for you, you will need to create your account and have it verified by the platform in order to comply with the rules and make purchases/sales without problems. Below you will find all the necessary steps to create your account.

(To illustrate the following part we will choose the standard <a dir="ltr" href="https://www.binance.com/en" rel="noopener noreferrer">Binance </a>exchange, please note that the process will remain almost the same for any other exchange like the US version of Binance, Coinbase and so on, only the interface will change).

Click on the yellow "Register " button at the top right.

Enter your login details and check the box if you are at least 18 years old and agree with Binance's terms and conditions . Then click on the yellow "Create Account " button.

Tip: It is recommended to use a different email address than the one you use for most of your online accounts. So, use a secondary email address or create a new one if possible with a different password, for a little more security.

Complete the captcha puzzle by sliding your cursor or finger (mobile) to the right to match the puzzle piece with the empty space and thus prove that you are not a robot (if this check appears).

Finally, you will receive a verification email with a six digit code (from Binance in our case). Go to your inbox, open the email and enter the code you received in the boxes.

Congratulations, you are now registered on your exchange !

You can access your new account on all your devices using your login details.

First of all, what is KYC?

KYC or Know Your Customer is a verification step that helps protect financial institutions from fraud, corruption or money laundering by securely collecting personal data from their users after registration (identity, activity or source of funds).

This verification step is mandatory on all exchanges and doesn't take too long to complete. Here is how the verification is done on Binance for example:

<ol><li>Click on the profile icon at the top right of the Binance platform and click on "Identification " </li><li>Click on the yellow "Get verified " button </li><li>Indicate your country of residence in the drop down menu on the right side of the page </li><li>There should be 3 levels of verification available to you: Basic , Intermediate and Advanced </li><li>Do the basic verification by clicking on the yellow "Verify now " button </li><li>Enter all the information they will ask you for, and voila your account will be verified ! </li> </ol>

You can always do the other verification steps to upgarde to higher limits .

Find more information from Binance on this subject <a dir="ltr" href="https://www.binance.com/en/support/faq/360027287111" rel="noopener noreferrer">here </a>

When accessing your account for the first time, your exchange will usually ask you to secure your account with a "double authentication". You can ignore this step, but it is highly recommended to configure it to better secure your account.

Email authentication is enabled by default, but it's best to have at least a second authentication option for added security. So here's how to configure the different authentication options available :

SMS authentication is the most popular and easiest option to configure, but even though it is quite secure, it is still the most "vulnerable" of the list.

All you have to do is enter your phone number and confirm the configuration by entering the code received by SMS in the boxes. After verification, your phone number will serve as an additional protection.

2FA or two-factor authentication is a more secure way to protect your account. To do this you will need to download a 2FA application. In most cases this is the "Google Authenticator " app available on <a dir="ltr" href="https://play.google.com/store/apps/details?id=com.google.android.apps.authenticator2&amp;hl=en&amp;gl=US" rel="noopener noreferrer">Android </a>and <a dir="ltr" href="https://apps.apple.com/app/google-authenticator/id388497605" rel="noopener noreferrer">IOS </a>. Once done go to your profile and select the 2FA method, it will show you how to link the "Google Authenticator" application to your account.

Please note that the above authentication methods will be requested each time you :

- Login from a new device

- Withdraw money or do a transaction

Once you have activated these authentication methods, it is also recommended to activate the :

<ul><li>Anti-phishing code </li> </ul>

This code is a string of letters that you can define and that will be displayed on every email you receive from your exchange. This will minimize the risk of phishing* and prove the authenticity of each email you receive and thus avoid getting scammed.

*Phishing: an online scamming technique that steals the victim's personal data.

The anti-phishing code is unfortunately not yet implemented on all exchanges. So if you don't find this option in your account security settings, it is probably not yet available on the exchange you have chosen. <a dir="ltr" href="https://www.binance.com/en" rel="noopener noreferrer">Binance </a>or <a dir="ltr" href="https://crypto.com/eea/" rel="noopener noreferrer">Crypto </a>support this option for example.

Have you chosen your exchange and successfully created your profile ?

Then you are ready to fund your account and buy cryptocurrencies !

This guide is published for educational purposes only and should not be considered as investment advice. Second Chance reminds you that buying cryptocurrencies involves significant risks due to the high volatility (very frequent price changes) of these digital assets. It is therefore strongly advised to contact your financial advisor and do your own research on the different assets before investing in cryptocurrencies, always remembering to invest with money you can afford to lose .

First, go to the assets overview . And click on the yellow "Deposit " button at the top right of the page.

Next, you will be taken to the Deposit Fiat* page. Select your currency and payment method and press the yellow "Continue " button.

*Fiat: Fiat or fiat currency is a state-decreed currency, meaning that its value is controlled and imposed by the government of the territory where the currency circulates. Examples are the US dollar (USD $) , euro (EUR €) , or the British pound (GBP £) .

Please note that at the time of writing this guide, Binance has temporarily suspended bank transfers and iDEAL payments in Europe (see image above). Under normal circumstances these payment methods are available.

Finally, your exchange will tell you where to send your bank transfer by giving you the bank details and the reference to note in the transfer or will simply redirect you to a secure payment platform to deposit your money with your credit card . That's it, you have deposited your first fiat currencies !

However, please pay attention to the fees, the fees vary depending on the payment method !

Now we come to the last and most satisfying step of this guide, buying your first digital assets. This step is the simplest of all the previous steps, so you'll get there without too much trouble.

To buy cryptocurrencies you will need to :

1. Search for your cryptocurrency/token in the search bar of your exchange

You can do this in two different ways, by typing the full name of the asset or by typing its ticker* .

*Ticker : A ticker is simply a symbol made up of a unique combination of letters that define a stock or cryptocurrency on exchanges. It is used to shorten the names of assets and thus simplify the search for users. Example: BTC is the ticker for Bitcoin.

2. Enter the amount that you want to buy in cryptocurrencies/tokens

They will tell you the amount you will receive based on the current price of that same coin . Example: you buy 100$ worth of Bitcoin which is worth about 0.0030 Bitcoins (BTC) at the time of writing this guide. These 0.0030 Bitcoins are worth 100$ at the time of purchase and are therefore likely to lose or gain in value over time.

3. Buy and HODL

Once you have chosen the amount, you just have to press the "Buy " button and your account will usually be credited with your crypto assets within 5 minutes.

All you have to do is HODL* !

*HODL : HODL is the misspelled term for HOLD . It can also be an acronym for "Hold On for Dear Life" . This term is widely used among crypto enthusiasts, it is the principle of keeping your crypto assets as long as possible and not selling them at the slightest fluctuation.

Download Binance on your devices :

Buy Cryptocurrencies in 3 Simple Steps (2021 Guide)

A beginner's guide to cryptocurrencies

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