Entering the world of cryptocurrency is a big step – a leap, perhaps. And this step of digitalization that you have taken can be quite intimidating and challenging. This is why we are here to help you with your first few phases of your crypto journey. Follow our step-by-step guide on what should be the first and foremost thing you should start with.
- To begin your crypto journey, start by opening an account on the LYOPAY app, where you can buy and swap crypto with Euros.
- You can store your digital assets in LYOTRADE as well – a centralized cryptocurrency exchange, where you can do cryptocurrency trading.
- Holding and staking your digital assets serves extremely beneficial for newbies, and you can do it on LYOTRADE.
- Digital wallets make crypto trading easier, but it’s crucial to keep it secure.
- LYOWALLET is a non-custodial cryptocurrency wallet that allows you to access decentralized services and have complete ownership of your digital assets, but it is best suited for people already confident with using crypto.
What is Crypto Trading?
Cryptocurrency trading, in simple terms, is the act of buying and selling the underlying coins and digital assets through an exchange, with an aim to make a profit from the changing value of those digital assets.
But before you get started with your cryptocurrency trading journey, there are basic steps and essentials involved. Let’s take a look at what these are:
Step 1: Open an account on LYOPAY App
Basics come first – to start with your crypto journey, open an account with us and easily register yourself on LYOPAY App. You can download the app from both App Store and Play Store easily.
For the security of your digital assets, signing up on the LYOPAY app will require you to go through the KYC process, after which all your information will be stored securely with us. Applying KYC for a crypto account is a standard and safe process.
Step 2: Fund Your Account to Buy Your First Crypto
Once you have your account all set up, it is now time to start funding it. If you use EUR, deposit EUR in your LYOPAY account and then swap with cryptocurrencies such as BTC, ETH, USDT.
For all traditional currencies such as USD, BRL, AUD, EUR and others, you can buy crypto using your card or bank transfer on LYOTRADE – a centralized cryptocurrency exchange powered by LYOPAY: https://buy-sell.lyotrade.com/
Wire transfers are usually the most cost-effective way to fill your account.
Step 3: Hold and Stake
- Holding – This has remained one of the best strategies, especially for those who are new in the crypto industry. Investors who buy and hold their digital assets for an extended period of time tend to gain profit from the rising value. This also serves as a practical solution to the volatility of cryptocurrencies.
Some of the benefits that you receive when you hold on to your cryptocurrencies include taking advantage of market volatility, gaining long-term profits, greater control over your wallet (digital space where you store all your digital assets), greater flexibility, lower commissions, and much more.
You can choose where to store your crypto; it can either be in the main LYOPAY App or LYOTRADE – the centralized exchange itself.
- Staking – For more rewards, you can go for the option of staking. Staking is when you decide to lock up your crypto assets for a set period of time to help support the operation of a blockchain. And in return for staking your crypto, you earn more cryptocurrency as a reward.
In case you go for the staking option, make sure to stake your cryptocurrencies on LYOTRADE using USDT and LYO – https://www.lyotrade.com/en_US/freeStaking
LYOTRADE Staking service has been named LYO Earn, where users can access more staking pools and have the option to choose various locking periods for yearly rewards. One of the main benefits of staking on LYO Earn is that you receive generous token rewards. Staking USDT and LYO allow users to earn as much as 36% to 50% per year.
Additionally, staking helps in validating the transactions that take place and helps boost the network’s security and efficiency.
If you feel you are too new for the process of staking, you could simply hold your digital assets securely in your wallet itself.
Step 4: Secure Your Wallet
A cryptocurrency wallet is an application that functions as a wallet for your cryptocurrency. It’s called a wallet because it serves the same purpose as that of your physical wallet – only difference is that in your physical wallet you store your traditional fiat cash, whereas a crypto wallet is digital and helps you store all your digital assets in one place safely.
Crypto wallets make sending and receiving cryptocurrency easy and convenient through various methods. A crucial point here is that it must be your top priority to secure your wallet as strongly as possible for the safety of your digital assets. On the LYOPAY app and LYOTRADE, you can easily do that by activating the 2FA.
In case you are looking for a decentralized service, choose LYOWALLET – a non-custodial cryptocurrency wallet that allows you to access decentralized services and have complete ownership of your digital assets. This means that there will be absolutely no interference of any third-party intermediary in your business.
However, it is important to note here that going for LYOWALLET requires your utmost attention and care all the time as you will be the sole owner of your seed phrase (digital password of your wallet), and in case you lose it we will not be able to recover it for you.
Hence, we recommend that if you are new to the world of cryptocurrency, you might want to wait for sometime and get a bit of an experience before opting for LYOWALLET. You can find out more about it here: https://lyowallet.com/
Step 5: Start Trading with Your First Market Order
At LYOTRADE, you get to choose between various trading strategy options. For you as a beginner, we recommend you to go for Margin Trading. Opening a margin account on the LYOTRADE platform allows for the trading of assets using crypto funds. Margin trading gives you access to larger amounts of crypto as capital for investments for a borrowing fee.
Additionally, we also recommend crypto Day Trading through the classic view on LYOTRADE. Day trading is a strategy that involves entering and exiting a position in the market within the same reading day.
For more information, visit https://www.lyotrade.com/en_US/market
Important note: It is essential for you to choose your trading pairs. LYOTRADE exchange currently supports trading pairs in the table of the coins USDT, BTC, and ETH. More coins will be added over time. We generally will only add coins that have strong credibility, user base, and liquidity. Check the trading pairs on the market page: https://www.lyotrade.com/en_US/market
Step 6: Research, Learn, and Never Stop
Now that you’ve got all your basics in hand, make sure to do lots of research, and we mean lots of it. Financial risks are involved in cryptocurrencies and it is crucial for you to do your own research before investing in any crypto project or starting a trade.
In addition, always look out for the market price of cryptocurrencies before your trading. When trading cryptocurrencies, you should always consider factors such as the amount of available liquidity in the underlying market, as many other important factors such as spreads and entry points depend on it.