How to get started investing in crypto safely and easily

In this guide, we will explain to you some simple things you should think about when investing in cryptocurrency and how to go about buying cryptocurrency for the first time in a safe and easy way.

Our goal is to deliver the simplest and safest solution for scandinavians who want to invest in crypto. With Firi, it is as easy to buy and sell cryptocurrency as it is to invest in stocks and funds.

Not sure what cryptocurrency really is? You can learn more about the basics of cryptocurrency with our guide: "Cryptocurrency for Dummies" which you can find here.

Read about how to invest long-term in cryptocurrency here.

How to invest in cryptocurrency for the first time

Here is a brief description of the procedure.

We will first explain some simple things that you should consider when buying crypto for the first time. It can feel overwhelming for a beginner to embark on, but fear not. In this guide, we explain the most important things.

Where to buy cryptocurrency?

There are hundreds of international cryptocurrency exchanges, and it is important to choose a serious player. With so many to choose from, it can be challenging to decide. In short, you have a small handful of Norwegian crypto exchanges to choose from, including Firi and NBX, and then you have all the foreign exchanges.

It is wise to make sure that you understand who is behind the crypto exchange, where it is located, whether they have a working customer service, how to deposit money, prices and fees, the range of cryptocurrencies that you want to trade, and not least whether you can trust the crypto exchange.

Be aware that scammers take advantage of beginners' lack of knowledge and trick people into fake crypto exchanges where they promise huge returns by trading crypto for the customer. Never let strangers trade crypto for you. You would never allow strangers to log into your online bank, and with crypto the same principles of security apply.

If you are to choose a foreign stock exchange, it is easiest to choose among the largest and most well-known. You can find a list of the largest foreign crypto exchanges here.

Firi is a Nordic crypto exchange that offers local customer service and services adapted to Norwegian customers. If you are looking for a safe and easy place to start your crypto journey, Firi is a very good option. Your crypto, which you store on Firi, is also insured against cybercrime.

We have a good selection of cryptocurrencies and are constantly adding more options. If you want to buy other cryptocurrencies that we don't currently have on our platform, you can buy crypto for Norwegian kroner on Firi and then transfer cryptocurrency from Firi to the platform you want to trade on. We will also be adding many new cryptocurrencies in the future, and which cryptocurrencies we offer is based on what our customers demand. In addition, Firi will help you with tax calculation for your tax return, cryptocurrency staking, and opportunities to earn extra crypto using Firi's benefits program.

Which cryptocurrency should you invest in?

We do not make recommendations about which cryptocurrencies it is wise to buy or sell. What we recommend is to do research yourself, known in the crypto community as "DYOR" (Do your own research). And remember that the newer and smaller the cryptocurrency, the more research it makes sense to do. The most famous cryptocurrencies such as Bitcoin and Ethereum have been in the market for several years, have been thoroughly monitored and have been tested by various market conditions in both up and down times. The smaller, more unknown cryptocurrencies are more speculative and risky to invest in, and it is more unclear what they are worth, or whether they will survive over time. This is a bit like with young and newly established companies compared to older and more established companies. If you are to make risky investments, you must also be prepared to follow them much more closely. We can recommend beginners to start cautiously, and take extra time to do research and get to know the market before making more risky investments. Also read more about how you can invest long-term in cryptocurrency here.

Understand price and market value

Also remember that it is not the price per coin that determines the value, but rather look at the market value, also called "marketcap". This tells what the value of all the coins in the market is. That is, the real size of the cryptocurrency. What the price per coin is doesn't really matter that much. You have to take into account how many coins there are. Some crypto beginners make the mistake of only looking at the price per coin and not the market cap. This can lead to them getting the wrong idea of ​​how "cheap" or "expensive" a cryptocurrency is, and how much it can rise in value.

So: Marketcap = Price per coin * number of coins on the market

Example:

Although an XRP coin only costs NOK 7.50, and one bitcoin with a price of 29,000 is worth several thousand times more, one must look at the market value of the two cryptocurrencies to compare.

Namely, there are just over 19.4 million bitcoins in circulation, while at the same time there are over 52 billion XRP in circulation. If you include this in the calculation, you will see that even though Bitcoin is the largest, XRP comes in at a solid 4th place above the largest cryptocurrencies based on market value. You can see the list of the biggest cryptocurrencies here.

Where should I store my cryptocurrency?

You have two options when trading crypto with Firi. You can either store your crypto in your Firi account. This requires less and is easier. We have good security measures and insurance against cybercrime.

Some crypto investors want maximum control over their own funds, and if you are not comfortable trusting anyone other than yourself, you can transfer your cryptocurrency to your own external crypto wallet. Before embarking on this, we recommend that you familiarize yourself with how crypto wallets work and make a plan on how to secure the access passwords to this wallet.

How to buy cryptocurrency for the first time.

On Firi's platform, you can buy several different cryptocurrencies directly in the app or on the web platform. You can easily create an account on Firi with Vipps or email. Transfers are made by regular bank transfer, and the money must come from a bank account in your own name. We also support immediate payment with Vipps, Apple Pay, Google Pay or bank cards.

1. Download the app and register with Vipps!

The first step is to download the Firi app. You can find it in the App Store and Google Play.

You then register with Vipps, which is very quick and easy. We get all the information we need from your profile at Vipps. This means that you neither need to fill in information yourself nor to verify your e-mail.

2. Verify your profile with BankID

Step two in our onboarding process is to fill in the “KYC-form”. We are required to do this in order to comply with the Anti Money-Laundering regulations. This is something all banks and other financial institutions must do. The form is easily signed with BankID.

3. Make a deposit or buy crypto with Vipps, ApplePay or bank card.

To be able to invest in cryptocurrency with Firi, you have two alternatives for how to pay.

Read more about our fees here.

How to deposit money on Firi

In Firi, there are two alternative ways to make a deposit. You can either make a deposit via Firi automatically by connecting to your online bank, or by transferring money manually to your account.

Regardless of whether you want to make a deposit manually or automatically, you must first navigate to the deposit page.

In the Firi app, go to My holdings, scroll down until you find the Deposit option.

If you use Firi via a browser, this can be found on the Transfer tab where it says Add funds.

Alternative 1: Make a deposit automatically without going through your online bank. Go to the deposit section as we described above. When you tap it you will see several options.

Option 2: Make a manual transfer via your online bank.

Processing of deposits usually takes 1-3 working days.

4. How to buy crypto at Firi

As we mentioned you have two methods for buying crypto at Firi. You can either buy crypto with the cash you deposited, or you can choose to buy crypto with bankcard, Vipps or ApplePay.

Furthermore, when you trade you will get the best available price of BTC at the time you trade (market order). However, if you wish, you can enter buy orders at specific prices in advanced trading. We will return to that later in the article. Advanced trading is only available via browser.

Buy crypto directly with Vipps, Apple Pay or bank card.

Buy cryptocurrency when you have made a deposit.

Then you're ready!

As a customer of Firi, you can safely and easily invest in a number of cryptocurrencies directly with Norwegian kroner. In addition, we are always looking for improvement opportunities to deliver the best possible service to our customers, which means that we are constantly introducing new services and markets. With already tens of thousands of satisfied customers and growing demand, you as a customer will be able to buy and sell cryptocurrency almost immediately with us at competitive prices. It is completely free to be a customer, and it only takes a few minutes to get started with Vipps and BankID!

The cryptocurrency market is a rapidly growing and constantly changing market, and it can be difficult to navigate. We hope that this guide helps to give a better overview of how to get started with investing in cryptocurrency. Feel free to contact us if you have any questions or feedback.

Finally, we would recommend you to read and learn as much as possible about cryptocurrency, how blockchain technology works, and what opportunities exist. Those of us who have been interested in crypto for a while see that people like to come in because of the opportunities to get a good return on investment, but that they stay for the culture and innovation.