What is the process - in my last article I discussed terms like wallets and exchanges.  If you dont understand these terms, you might like to read my previous article.

First thing I did when I entered the crypto market was to set up a number of wallets based on the crypto I wanted to buy.  I installed the exodus wallet on my phone first based on advice from a friend.  It wasn't bad advice, but I've never used it except to look at prices.

Then I installed the PundiX XWallet because I wanted to buy some PundiX coins (NPXS).  (Full disclosure, I am setting up a Trading business in Vietnam and we are, in part, using the Pundi XPOS unit).

Most wallets require KYC information (Know Your Customer).  Depending on the site you'll need at least 1 form of photo ID, a selfie (sometimes requiring you to be holding the ID) and proof of residence.  Depending on the site, you may have limits on the volume of trade you can do depending on how far you go in the KYC process.  In most cases I've seen even the lower limits are more than enough.  Where it becomes really important is when you want to withdraw funds.  If you haven't provided adequate KYC information you may not be able to withdraw fiat currency when you want to.

Then I chose an exchange or 2.  I went with Upbit (Singapore).  Upbit has over 200 coins listed, so I can do most of my trading on 1 exchange.  I also have Binance Exchange and VBTC a Vietnamese exchange which allows me to purchase Bitcoin (only, at the moment) with Vietnamese Đông (VND). 

• Step 1 You need to put some FIAT currency (Ca$h) onto the exchange.  You can do this by bank transfer or cash deposit if your exchange supports this.  
• Step 2 Once the cash has appeared in your exchange, place a bid for the crypto currency you wish to purchase
• Step 3 once you have your chosen crypto in your wallet, hang on for the ride! 

For convenience you can leave your coins on the exchange (hot) wallets but for security you're better off putting at least the coins you want to hodl (Hold Onto for Dear Life) onto a  cold (offline) wallet.  

Other considerations when entering the crypto market:

• Does the exchange have a decent reputation/history?
• Who is behind the exchange?
• Does the exchange suit your style? You won't really know this until you've tried a couple.
• Does the exchange have sufficient volume so that you have a good chance of buying/selling when you want to?
• What crypto currencies do you want to trade?  Choosing the right currencies for you is a serious issue and requires some serious research on your part.
• What is your style?  Are you a HODLER, a day trader, a leverage trader?  Choose an exchange that suits your style.

For me, my two main exchanges are Upbit and Binance.  For my style I find Upbit (Singapore) really good - but it doesn't yet have the volume of some larger exchanges.  Binance has some nice features but my main reason for using Binance is the higher volume.  Binance also offer leverage (from 5x to 100x I believe).  I don't use leverage (with 5x leverage, if you have $100 to invest, they allow you to buy $500 worth of coins, 100x $10,000) because the downside can be worse than the upside!  Yes, maybe you can make $1,000s but you can also lose $1,000s !  

Remember risk and reward - when the rewards are potentially huge, so is the risk!   My philosophy is that I am prepared (but obviously don't want to) lose everything I've invested.  If you find yourself stressing because the price is going in the wrong direction, you've probably either got too much invested or you have the wrong personality type for crypto!