How To Invest In Crypto in 2021 | Full Beginners Crash Course

How To Invest In Crypto in 2021 | Full Beginners Crash Course

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So the first and most obvious step is to choose a platform that you want to purchase your crypto's on. Now there are literally a million to choose from and you'll definitely want to do your own research and base your decision off of what your crypto investing strategy is which we'll talk about more in a second. But personally some of my favorites are Coinbase, Blockfi, and Crypto.com and if you're just getting started and you're not really too concerned about having the most advanced platform then you can also use something like Robin Hood and even SoFi crypto which I have made an entire video on. Now obviously those more simple platforms are limited in a number of ways but if you're just looking to dip your toe into the crypto world and don't want to have your head spinning with all kinds of crazy graphs and charts then a simple platform like Robinhood or SoFi might be the best place to get started.

Regardless of which platform you decide to go with, my suggestion to you is actually to choose two different platforms at the very least and maintain both of those accounts because in a worst case scenario the last thing you want to happen is for your one and only crypto platform to be down and suddenly something extremely volatile happens with the cryptocurrency market and you aren't able to access your coins. I don't want to dwell on the topic of security too much because it's not really the scope of today’s video but I will mention that it's not a bad idea to get a physical key for your crypto's which is available from most of the major crypto trading platforms. And basically what this is is a physical button that you must press when logging into your crypto account. That way if anyone gets your information or hacks into your Coinbase or BlockFi accounts, it doesn't matter because without that physical key they cannot access your cryptocurrencies. So that's just an added level of security if you're worried about that sort of thing and you can also take this a step further and get what's called a Ledger which is basically a tool that allows you to put your crypto currencies in cold storage and have that added layer of security to make sure that no one can steal your cryptocurrencies.

Personally I keep my total crypto investments below 5% which might sound really low to a lot of you but that's just my personal decision and I'm not quite ready to put a significant portion of my net worth into such a volatile asset. Now depending on your level of comfortability you absolutely can go higher than 5% and it's your decision to do what you want with your money but if you have a majority of your net worth in cryptocurrencies then you are braver than me because you are exposing yourself to a ton of risk so just remember how volatile cryptos can be and keep that in mind when making your investments. I also personally dollar cost average when it comes to cryptocurrencies just like I do with my stock investments because this is a proven way to help even out some of that volatility because if you're constantly waiting for a new low before buying then you could be waiting for a long time or you could end up buying at what you feel is a low price and then it continues to go down so by purchasing regularly regardless of where the price is at you're going to even out some of that volatility and in the long term that will help legitimize this investment as part of your overall portfolio.

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I am not a Certified Financial Planner®. The topics presented in this video are for entertainment purposes only. You, and you alone, are responsible for the financial decisions that you make.