The seasoned advice and tips I received that everyone should get before trading cryptocurrencies. In this article, I’ll cover setting up a wallet and getting your hard-earned Canadian Dollars converted to cryptocurrency. Next week, I’ll get into the fun stuff like staking and farming!
Before May 2021, I hadn’t personally dived into crypto investments. I say “personally” because I have to know a fair amount about crypto, blockchain, and DeFi for my job at EastCode. I could talk the talk and could go punch for punch with the folks we were developing for, but I had never traded crypto. In May 2021, I took the plunge and had a very unfair introduction to the world of trading cryptocurrency.
It was unfair because my colleagues at EastCode walked me through the entire process step-by-step. I ended up with my own multi-chain wallet that wasn’t part of some centralized exchange, paid very little in transaction fees, and was able to start staking and yield farming within a day.
After talking to some of my friends who were trying to start into crypto and ended up on centralized, non-custodial mobiles (e.g. WealthSimple), I wanted to pass on the tools and knowledge imparted to me by people who have been involved in the space for years to give folks more options.
Standard fun legal disclaimer: This article is written for informational purposes only and does not constitute investment or financial advice. Invest at your own risk. Both EastCode and I are not responsible for the consequences of following any advice in this article.
The answer is short but sweet. For most chains, use a wallet called MetaMask for small amounts of crypto. It has a great extension for Chrome and the iOS app is pretty good too. Since we do a lot of work on Solana, I decided to grab a bit of $SOL through Solong Wallet also. For larger amounts, hardware wallets make sense. Our resident hardware wallet expert, Vaughn, is going to write an article about that in the future.
Fair question. I met yet another unfair advantage on this one. My colleagues sold me stablecoins (cryptocurrency pegged to the value of the US Dollar) in exchange for some cash and e-transfers of my hard-earned Canadian Dollars.
The other options that I’d recommend in the great white north are Shakepay and PayTrie. Disclaimer: We haven’t personally tested PayTrie but the next time I need to load more than $100 CAD into my MetaMask wallet, I’ll be going through them because of their low fees and because I can go directly to Binance Smart Chain and avoid the high transaction fees on Ethereum.
Step by Step:
Okay big deal, now I have cryptocurrencies. Yeah, I get it… it’s not super interesting. Free airdrops (free currency), new projects, yield farming, and staking — that’s what gets me excited. I’ll be writing about all that good stuff in a future article! Stay tuned for Part 2!