If you read through our school you should already be a master in cryptocurrencies, however, we never taught you how to actually purchase your first digital asset. There are many ways on how to purchase cryptocurrencies, however, in our opinion, the easiest one is purchasing crypto with a credit card. Yes, you can purchase your BTC without even moving away from the computer.
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 above 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”.
If you read our Basics school program you already know that once you purchase a cryptocurrency, you need to store it somewhere. In lesson 4 (in the Basics program) we described many different types of wallets. In this lesson, we will show you how a KuCoin exchange wallet works and how to use it.
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.
If you are trading on different exchanges or you simply hold your coins on a desktop or hardware wallet, sooner or later you will want to trade with them. All you have to do is send that coin to your preferred exchange and start trading.
To deposit your favorite assets on KuCoin you simply go to the “Assets” tab (like you did in chapter 2 when checking your accounts) and click on deposit. 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.
Sooner or later you will want to send or withdraw your assets. Either you want to store them safely on a hardware wallet or simply your favorite coin isn’t listed on an exchange. The withdrawal process requires you to be a bit more careful with the information you are providing.
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.