In this lesson
- go through the whole first purchase from signing up to storing the coins
- find out where beginners most often go wrong
- get a checklist you can keep at hand
This is a practical lesson. It is not about buying a lot – it is about getting your first purchase right. Feel free to use an amount you would spend on a dinner. The steps are general and work on any licensed exchange.
1. Pick a licensed exchange#
As in the previous lesson: a MiCA licence, checked fees and withdrawals. Download the app only from the exchange's official website or the official app store – scammers love making fake copies.
2. Sign up and verify your identity#
Enter your email, a strong password (ideally from a password manager) and go through the identity check – upload an ID and a selfie. Verification can take anything from minutes to a few days.
3. Turn on two-factor authentication#
Before sending any money, turn on 2FA with an authenticator app (not SMS, if you have a choice). Details in the Security module.
4. Send a small amount to the exchange#
A bank transfer in your currency, following the exchange's instructions, is usually cheapest. A card payment is faster but pricier. Start with an amount you can lose without stress.
5. Buy#
- Pick a cryptocurrency you understand (beginners mostly stick to Bitcoin or Ethereum – this is not a recommendation, both can fall sharply).
- For a small amount, a market order is fine; if you want to control the price, use a limit order.
- Before confirming, check the total cost including the fee.
6. Decide where to keep the coins#
- A small amount you want to sell soon → it can stay on the exchange.
- Long-term savings → your own wallet. For the first transfer, send a small test amount first, check it arrived, and only then the rest. Check the address – at least its beginning and end.
7. Write it down#
Date, amount, price, fee. In a year you will be glad you did – mainly for taxes (more in the lesson on records).
Don't rush
Whoever pushes you ("today only", "last chance") is usually thinking about their profit, not yours. Crypto is risky – only buy what you can afford to lose, and never on credit.
The most common beginner mistakes#
- Too big a first amount – nerves then make the decisions for you.
- A fake app or website from an ad or a link in a message.
- The wrong network or address when withdrawing – coins sent on the wrong network often cannot be recovered.
- A seed phrase stored on the phone – see the previous lesson.
Summary
- A licensed exchange, the official app, identity check, 2FA turned on.
- A small first deposit, ideally by bank transfer; check the total cost before buying.
- Move savings to your own wallet – a test amount first.
- Write down every purchase, and never buy under pressure or on credit.