FAQ

3. Where to start if you have never used cryptocurrency?

To get started, you will need a cryptocurrency wallet. There are two main types:

3.1 Exchange wallet.
– You can store cryptocurrency directly in a crypto exchange account (e.g. Binance, Bybit, Kraken, Coinbase, Binance.US, etc.).
– An exchange wallet is considered less secure because control over the assets largely remains with the exchange (you don’t directly manage the private keys).
– The advantage is that if direct cryptocurrency purchases are allowed in your region, you can buy the assets you need with a bank card or transfer linked to your account.
– However, in some countries, registering and buying directly on an exchange is complicated by legal restrictions. If you cannot buy directly, you can use a P2P exchange within the platform itself (e.g. Binance P2P or Bybit P2P).

3.2 Own (software) wallet
– If you don’t want to or can’t use the exchange (for example, you didn’t pass verification or encountered other difficulties), you can install a wallet app (Exodus, TronLink, Trust Wallet, etc.) on your computer or phone.
– In this case, you will have 12 words (seed phrase) that allow you to have full control over your assets. It’s important to keep this phrase in a safe place so you don’t lose access to the wallet.
– Most cold wallets do not have a built-in direct option to purchase cryptocurrency from a bank card. You will need to get (get ≈ ‘get’) coins there from another wallet or through an exchange service.