As an actively developing financial realm, cryptocurrency attracts thousands of new users daily. When approaching the cryptocurrency market, you need to be well-prepared for your first actions — buying cryptocurrency and keeping it secure.
We gathered some information so you have a perfect understanding and solid ground before long-term crypto investing or anything you need crypto for.
Choose the right crypto
Knowing which cryptocurrency best suits your needs is essential before buying any crypto. Bitcoin is the most popular, yet it is not universal and has limited applications. Let’s briefly sift through some cryptocurrencies available on KvaPay and how to use them correctly.
Ethereum (ETH)
Ether is the primary altcoin based on the Ethereum blockchain. Ethereum hosts various blockchain-based services, from alternative tokens to NFTs and dApps. As the native token of the blockchain, Ether can be a viable trading/investment instrument since it grows in price with its underlying blockchain platform.
Additionally, you can also stake Ether.
Read more about cryptocurrency staking.
Tether (USDT)
USDT is the main stablecoin tethered to the US dollar. This means that the value of one USDT is the same as that of one US dollar. This stablecoin is especially popular for international payments since it poses no volatility risks.
Tether doesn’t have its own blockchain. Instead, it is hosted and exchanged on other networks. The most popular blockchains for Tether exchange are Ethereum and Tron.
Tron (TRX)
TRX is the native token of the Tron blockchain. It is similar to Ethereum since it also features smart contracts, NFTs, and other functions. You can also stake Tron in exchange for hefty rewards.
Bitcoin Lightning (LNBTC)
BTC Lightning is a token hosted by the Lightning Network that partially solves Bitcoin’s scalability issues. You see, due to Bitcoin’s blockchain limitations, the transaction speed on the network is about 7 transfers per second, while some Visa can handle thousands. So, the Lightning Network is a fast-as-thunder and a low-fee alternative to Bitcoin. Choose it If you want to make transfers with small amounts. Bitcoin’s bottleneck makes transferring amounts like several satoshis financially pointless — the transaction fee is too high. Instead, use Bitcoin Lightning for instant and cheap transactions.
Once you have chosen a crypto to buy, it’s time to create a KvaPay account and pass KYC (Know Your Customer). This is essential to secure your account and comply with the regulations. Here are the steps to create your KvaPay wallet:
- Go to https://app.kvapay.com/register
- Enter your email address and password. Use a complex password (uppercase and lowercase letters, numbers, and special symbols). Don’t use easily guessed phrases.
- We sent you an email. Activate your account via the link there.
- You can log in now.
- Begin the KYC process. Click “verify now” on the main page and choose between “Personal” and “Business.” Let’s choose personal. If you want to set up a business account, see our Payment Gate Manual.
- Enter your phone number.
- Enter the code you received to confirm your number.
- Upload your ID and other requested documents.
- Finalize with depositing money through a SEPA/SWIFT transfer.
- Your account is verified.
Although we mentioned top-ups only with a bank transfer, you can also make crypto or cash deposits via the Kvakomat network.
Once your funds are deposited to your KvaPay wallet, it is time to buy some crypto!
Placing your order
Now, after KYC and deposit, go to app.kvapay.com/exchange. There, you will see a simple “From-To” interface. We will exchange USDT for Bitcoin today:
Here, you can see the exchange rate and the fee. If everything looks good for you, click Exchange. After the money is exchanged, you will see the confirmation screen:
Now, after we successfully bought crypto, let’s move on to keeping it secure.
How to keep cryptocurrency secure?
One way to protect crypto is to use hardware or a cold wallet. This method will suit some people, although it is rather impractical. It is easy to forget or lose a cold wallet. It is the most secure method since hardware wallets are not accessible by hackers — you need to have access to the item.
A custodial wallet is somewhat less protected but still secure enough to store crypto. If your password is complex enough, hacking into your account is already quite a hassle. Let’s add a level of protection — 2FA (two-factor authentication). This means that every time you enter your KvaPay account, you will need to enter a code from an application in your phone.
Here is how to set up 2FA:
- Go to the Account tab.
- Find “2FA factor authentication” at the bottom.
- Click “Enable.”
- Download the Google Authenticator app.
- Tap the + icon in the app you downloaded.
- Scan the code.
- Enter the code shown in the app.
- Congratulations! You have successfully secured your account.
Be aware of phishing scams
Phishing is one of the most popular ways to lose money for good. While this might sound excessively formidable, one should know how to tell a fake website.
At its core, phishing is faking a website to deceive a person into entering their login and password for the service being faked. For example, you might get a letter from Facebook and see login and password fields. What should you do first? Check the address bar.
If the address is Facebok.com instead of Facebook.com, the scammers are trying to steal your credentials. In this case, it is best to do nothing and leave the website.
When using KvaPay, remember our web addresses:
There are no other addresses or links where we may ever ask you to provide your data. When you enter your login and password, always check that the address is one of these.
Remember! KvaPay never asks you to transfer money nor asks users for any information on social media, messaging apps, etc. We can only send emails from one of the domains listed above.
Conclusion
Buying cryptocurrency is easy, and there are many tokens to choose from. However, remember to always set up 2FA and be careful when entering your login credentials. For more educational materials and knowledge on the cryptocurrency market, check out our Blog.
Tags:
Share: