Getting started with crypto currency 2022

A lot of people are interested in crypto, but they might not know what to look for when they are getting started with cryptocurrency in 2022.

But before jumping on the nearest crypto exchange or buying the fan token your club has just launched, it is important to understand what you are investing in, the opportunities and the pitfalls.

This guide aims to give you the information that you need to get started, with plenty of links through to more information, videos and crypto learning.

1. Get yourself a Crypto Wallet
2. Buying and trading on a Crypto Exchange
3. Be conscious about security and avoid pitfalls

Starting with a crypto wallet

With cryptocurrencies you have two options to decide how to look after them, very much like your money – you can chose to put it under your mattress (or in a safe!) and look after it yourself, or you can chose someone like a bank to do that on your behalf.

Today, banking is also changing away from traditional bricks and mortar banks to internet based fintechs, and crypto is no different – you can chose an offline wallet (hard drive connected to your computer via USB) or an online wallet offering web and/ or mobile app functionality.

Essentially, a crypto wallet is a device for storing, sending and receiving cryptocurrency.

Wallets have many familiar features when compared to bank accounts, like a balance, currency symbols and the ability to send/receive funds – the main differences are the use of private keys (your access credentials and account details) and the fact cryptocurrencies have addresses.

For beginners and those starting out investing in football crypto, we recommend the following wallets:

1. CEX
2. Coinbase
3. Crypto.com
4. Ledger – Hardware wallet if you prefer to use your laptop or computer, and back up your crypto offline

You can now start buying and trading both major cryptocurrencies like Bitcoin and Ethereum, and some of the Wallet providers also have an Exchange where you can buy less well known coin, tokens and even NFTs.

Choosing a crypto exchange

If you are interested in some more niche coins, or if your football star’s NFT is available on a platform which requires you to use BTC or ETH to get involved in the airdrop, you will also need to sign up with a crypto exchange.

A lot of crypto exchanges do not accept FIAT currency like USD, EUR, GDP, etc. and you will want to transfer crypto from your wallet to the exchange.

Full list of cryptocurrency exchanges.

Security in crypto and avoiding pitfalls

Risk of financial investments

Trading in the cryptocurrency world is all about knowing your risk. If you don’t have enough funds to lose, then it’s best not put any at stake! Cryptocurrency prices are more volatile than share prices for example.

Beware of scams

The number of crypto investment scams in the UK alone has skyrocketed in recent months, with 7120 cases so far this year. That’s up 30% from last year and the average loss per victim is £20,500!

If something sounds too good to be true, it probably is.

Do your research

Good cryptocurrency recommendations can be hard to find, but we have some articles on Soccer Crypto on investment strategies and crypto resources.

There are so many sharks in this game, waiting for you to make a mistake that they’ll take your money and run with it before anybody knows what happened!

When you’re confronted with a lot of information about a cryptocurrency, coin offering, fan token or the latest airdrop, take a step back from the hype.

Be security conscious with your personal data

Make sure you use wallets and exchanges which offer 2-Factor-Authentication (2FA) as a minimum, extra layer of protection for online accounts – in addition to username and password. 2FA requires the input of code generated by SMS or ideally an authentication App like Google Authenticator or Authy.

Thinking crypto is easy money

When it comes to making money through trading, there is no easy way to make money.

Whether you’re talking about stocks and shares or commodities like silver and gold; if there is any kind of financial asset out in the world – somebody will tell lies about how easy it is to make millions with cryptocurrency! Beware!

Forgetting your crypto keyphrase

If you have a hardware wallet for storing your crypto offline, forgetting your keyphrase is like losing the keys to a bank safe.

Information is provided for educational purposes only and isn't investment advice. This article does not provide a recommendation to buy or sell any digital asset, nor is it an endorsement of particular coins/tokens by the author(s).