How do I buy Crypto currency like Dogecoin and Bitcoin? Is it safe?

How do I buy Crypto currency like Dogecoin and Bitcoin? Is it safe?

WARNING: As with all investing and currency, the value of your money can increase and decrease. If you’re planning to use Crypto to invest then consider only using money you’re willing to lose.

Where are the best places to buy cryptocurrency

  • Coinbase – generally considered as the best consumer-facing system, and one of the longest-running (Founded in 2012) but be cautious of high fees when not using Coinbase Pro. Expect to pay between $0.99 and $2.99 depending on the dollar value of the purchase, for instance on a £500 purchase of Bitcoin we paid £7.34 in fees. Access to ~33 Cryptocurrencies including Bitcoin.
  • Binance – More complex than Coinbase but a larger selection of alternative crypto including Doge and over 150 others, better for those more experienced with investing/crypto. Founded in 2017
  • Coinmama – User-friendly system, quite popular, a limited selection of crypto but most of the popular ones. Founded in 2013

How to properly secure your wallets?

Bare minimum steps that you should do:

  • Use a secure password
  • Use a password that ISN’T shared with any other accounts
  • Ensure you have Two Factor Authentication
  • Keep your phone/computers secure
  • Write down your password and secure it somewhere safe (e.g. in a hidden place in your house/safe etc)
  • Keep your email account extra secure (it’s your last line of defence)

Coinbase user? Follow these extra steps
Binance user? Follow these extra steps

Is buying Crypto safe?

If you follow the recommendations from the platforms on how to keep your account secure your money should be safe, however, as with all currencies and especially Cryptocurrencies remember the amount of money you have ‘invested’ can easily go up and down sometimes with large fluctuations, for instance, it’s not uncommon to see prices fluctuate by 10-40% in one single day, which is great news if you buy at the low price but not if you buy at the high point in the day!

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Important things to remember with everything we post:

  • If you earn over your personal allowance (currently £12,570 a year) HMRC need to get their % cut (even if the money is in cash or from another country)
  • If you’re working for yourself / earning an income on the side you need to let HMRC know – There are numerous benefits but also some drawbacks
  • You need to always ensure whatever you’re doing is legal and not hurting anyone else – be careful and always think twice
  • Some income streams may require you to have DBS check, licence, insurance or qualifications before you can start to profit from it, do your research.
  • Be careful that any additional income doesn’t compromise your studies or main income/job
  • If you work for a company check your contract, if you don’t inform them you’re working on other side projects outside of work they may have grounds to ownership on this work

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