If you have been searching for a comprehensive free cryptocurrency course for beginners, your search is over. This crypto course will push you from zero knowledge to a level where you can research, buy and sell crypto. The good news is that it is free. Taking part in this decentralized digital market is one of the ways to make some income online but remember it is highly volatile.
I have had many people asking me to teach them how to be a part of the cryptocurrency market. And no matter how hard I tried, it was difficult teaching each person on an individual basis. Therefore, I thought of a way of making the tutorials available online for anyone that needs them. The Free Cryptocurrency Course for Beginners comes from the experience I gathered over many years of teaching and discussing cryptocurrency.
1. Understand the meaning of cryptocurrency
2. Learn to buy cryptocurrency with fiat/cash on Binance
3. Learn to trade different cryptocurrencies on Binance
4. Learn to store cryptocurrency with Trust Wallet
5. Learn to trade on Uniswap (for ERC 20 tokens)
6. Learn to use Pancakeswap (for BEP 20 tokens)
7. 8 Areas to Research Before Investing in Cryptocurrency
What is cryptocurrency
We will get the definitions out of the way and delve into the more practical areas.
Cryptocurrency can be defined as a digital currency that uses a decentralized means to record and store transactions. It uses codes to prevent unwanted transactions and counterfeiting. Usually, it has no central regulating or issuing body.
Many only know about Bitcoin which happens to be the first cryptocurrency to exist. There are over 5000 cryptocurrencies currently in existence. However, a majority of them are not worth your time.
Why do you need to invest in cryptocurrency?
1. The market runs 24 hours a day, seven days a week.
2. It is decentralized and not controlled by any single individual that may influence it
3. It allows you to begin with any amount that you can afford. The barrier to entry is low
4. It is highly volatile. Well, this allows you to make a lot of profits when you have the appropriate knowledge. Remember, it can also make you lose a lot of money without the appropriate knowledge
5. You can use cryptocurrency to save or hedge your funds in USD in the form of stable coins like USDT, PAX, BUSD, etc. This action protects your funds against inflation. And these stablecoins maintain their value of around 1 USD over time. So, you will not have to worry about crypto volatility.
6. You are your bank. You own your cryptocurrency 100% once you have it in your wallet.
How to buy cryptocurrency with fiat/cash on Binance
This section is a practical area. And I will encourage you to take some time to follow and practice the process as we proceed. Note down any questions you may have and ask them in the comment section.
Binance is currently the largest cryptocurrency exchange available. You can use their website or app.
To buy with fiat or cash on Binance, you need to register an account, secure the account and verify yourself.
Register a Binance account
1. Click on “Register”
2. Input your email address or mobile number
3. Add a referral ID if you have any
4. Select “create account”, and perform the jigsaw puzzle (dragging it to fit).
5. Complete the registration with the code sent to your email address or phone number.
Secure your Binance account
1. Select “Security” from the menu
2. Enable email and SMS authentication and Google authentication.
How to Enable Google Authentication
1. Download Google Authenticator from the app store or Google play store.
2. Click on Google authentication in Binance to display the QR code (image).
3. Scan the QR code with Google Authenticator.
4. Input the six (6) digit number displayed in the Google Authenticator into Binance.
Take a snapshot of the QR code with another phone or install the Google Authenticator on another device so you can scan the QR code.
Verify yourself on Binance
This step is like doing a KYC. You will need your BVN or an ID card (preferably an international passport). BVN may not work for everyone.
1. Select “Security” from the menu
2. Choose “Verify”
3. Choose Nationality and click “Start”. Most times, your nationality is already selected by default. Hit “Start”
4. Enter your personal information and click “Continue”
5. Choose your method of verification (BVN, ID card, international passport, driver’s licence) and proceed. Note that BVN alone does not work for every user.
6. Follow the prompts and do facial recognition.
7. Wait and get verified
To buy crypto with fiat or cash:
1. Wait for your account to be verified
2. Click “Trade” and select “P2P”
3. Select the cryptocurrency to buy with fiat. It could be BTC, ETH, BNB, USDT, DAI, or BUSD)
4. Choose the fiat (national currency) to pay with
5. Choose bank transfer as your Payment Option
6. Enter the amount in local currency and search for sellers
7. Click the Buy button beside the seller you find
8. Fill in the amount needed and proceed
9. Make payment to the individual’s account displayed within the time specified. Never use any crypto description
10. Crypto bought will be released within the specified time on the countdown
NB: you can appeal a trade any time something goes wrong.
How to trade different cryptocurrencies on Binance
You may want to use the token you purchased with fiat or cash to buy other coins or tokens. Or you may want to sell coins or tokens that you have to another.
If you are on the Binance app, ensure your app is on the professional version and not on the lite version. To do this, go to the main menu located on the upper outermost left side, and toggle the “Binance Lite” there.
Transfer tokens from the P2P wallet if they are still there to the Spot wallet to trade between cryptocurrencies. Click “Wallet” to see these options.
The simplest way to buy other tokens with another token or to sell your tokens into other tokens is by using the “Convert” option under “Trade”. Then convert from the token or coin you have to another that you want.
Another easy way is to use the “Spot” option under “Trade”. Some users find the “Spot” option confusing because of the order book.
Spot trading Explained
We will use the BNB/ETH token pair image uploaded to describe this form of trading.
The example here is BNB/ETH token pair market. To choose other markets, click on the token pair name and search for another pair.
You can toggle between the Buy and Sell buttons.
The selling part of the trading book appears in red with the price and amount offered. These are orders from people that are willing to sell.
The buy part of the trading book is in green. These are orders from people willing to buy.
You are free to choose a sell order and buy it or choose a buy order and sell to it. You can also set your order at any amount you like and have it executed when the price reaches your target.
Leave the order at the “limit” order. You can also use a “market” to trade at the market price. However, this may not allow you to select the price you want. Advanced users can try “stop limit” orders.
Always know the market value of the tokens you are trading to avoid mistakingly selling or buying at an unwanted price.
NB: For those using the Kucoin exchange, transfer your tokens from the main wallet account to the trading account before you can trade.
Storing cryptocurrency with Trust Wallet
Trust Wallet is an easy-to-use mobile wallet that can store multiple cryptocurrencies. It supports BTC, ETH, ETH-based tokens, Binance, Binance Smart chain tokens, and many others. You can compare Trust Wallet with Exodus Wallet to see what works better for you.
To start using Trust Wallet
1. Download the wallet from the app store or Google play store