How to buy cryptocurrency for the first time - a guide
This is a guide on how to start buying and selling cryptocurrencies in a safe and understandable way. We go into the types of cryptocurrencies that exist and how one through our trading platform can safely and easily buy and sell the cryptocurrencies one wants.
How to get started buying cryptocurrencies
On the Firi platform, you can trade several different cryptocurrencies. Bitcoin, litecoin, ethereum, ada, XRP and DAI can all be traded for Norwegian kroner directly in the app. For people in Norway, this will probably be the best solution if it is exactly these cryptocurrencies you want.
You can easily create an account on Firi with Vipps. Transfers are made by regular bank transfer, and the money must come from a bank account that is in your own name. We also support immediate payment for those who have a bad time.
How to buy cryptocurrency
The trade itself takes place quite simply. Once you have deposited money, click on "trade", choose which cryptocurrency you want to buy and how much you want to buy for. Note that the exchange rate you trade in is constantly updated, so in just a few seconds the coin you want to buy can both increase and decrease in value. Also note the fee, which with us is always 0.5%.
If you want to go a little more technical, you can also choose "advanced trading". Here you will be able to see graphs, order book and trade history, and you can place orders below or above market price. In this way, the order is executed only when, or if, the price reaches the price you have set.
This is a more advanced way of shopping, but you also have access to more data and can make more detailed decisions. This way of trading is best suited for experienced investors.
How to buy and sell cryptocurrencies on other platforms
ITAvisen also has a good guide on how to buy cryptocurrency both from us and other exchanges. There are hundreds of international exchanges, and it is important to do a thorough research so that you then choose a serious player.
If you then want to buy other cryptocurrencies that we do not currently have on our platform, you can transfer cryptocurrency from Firi to the platform you then want. Here at Firi, we will also add more cryptocurrencies over time based on what our customers want.
Do your own research
We do not make recommendations about which cryptocurrencies it is wise to buy or sell now. What we recommend is to do thorough research yourself, known as DYOR (Do your own research). And remember that the newer and smaller the project, the more research it makes sense to do.
Also keep in mind that it is not the price per coin that determines the value of a project, rather look at "marketcap". This says what the value of the sum of all the coins is. That is, the real size of the cryptocurrency. Although an XRP only costs NOK 2.50, a much lower price per coin than eg Bitcoin, XRP's "market cap" is among the largest cryptocurrencies. What the price per coin is does not really matter that much. You must take into account how many coins there are. Some beginners in crypto make the mistake of only looking at the price per coin and not the marketcap.
Marketcap = Price per coin * number of coins on the market
Prices and fees
Fees also vary widely from trading platform to trading platform. Some platforms also have complicated structures for what it costs in fees to shop there. With us, it's easy, we charge a 0.5% fee when trading, regardless of which of our markets you trade in.
We do not support credit card trading with us. Some exchanges do this, but be aware that fees are often very high, often well over 5-6%. It may also be that fees are embedded in the price, ie that the price is very bad so you make a bad trade even if the fees seem low.
The cryptocurrency market is a rapidly growing market that is constantly changing, and it can be difficult to find your way around. We hope that this guide helps to give beginners a slightly better overview of how to get started with investing. If you want to create an account with us, you can do this here. Feel free to contact us if you have any questions or feedback.