How To Start With Cryptocurrencies
Firstly, you have to find an exchange that offers an option to buy cryptocurrencies with FIAT. KuCoin exchange has that option. You can use the picture on your right as a help. Go to “Assets” and simply click “Buy now” in the red square. It will take you to a form where you have an option to choose which digital asset you want to buy (BTC, ETH, LTC..) and how much of that assets, or you can enter an amount of fiat currency (EUR, USD, KRW…) you want to spend. After that, there is only one more step left and that is clicking “Buy Now”.
Storing Your Digital Assets
KuCoin has three different types of accounts (wallets): 1. Main Account, 2. Trading Account and 3. Margin Account
Each of these three wallets has different purposes. The main account is mainly used for the storage, withdrawal, and deposit of funds. Meaning whenever you want to send your assets to a different wallet or exchange, you need to have them on the Main Account.
The trading account serves you for trading. Whenever you decide you want to trade with the coins you have, you will have to transfer them to your trading account with a simple click on the arrow as seen in the picture.
Margin account will be explained later in the lessons together with margin trading.
Once you click on the deposit you simply choose which asset you are sending to the exchange and a deposit address will form for you, as seen in the attached picture. Use this address when you are making a withdrawal and assets will come onto your KuCoin account shortly.
Again, go to your “Assets” and click on Withdraw. Select which of the assets on the Main Account you want to withdraw. *Remember, you need to have assets on the Main Account if you want to withdraw them. Upon selecting the asset, you need to enter the address, the amount and “remark” (memo) if there is any. The remark (memo) is usually provided with the deposit address, however, not all assets have a remark or memo code.