How to get started investing in crypto safely and easily

Curious about investing in cryptocurrency but not sure where to start? You’re not alone. This guide gives you a simple and safe introduction to getting started – from choosing a trading platform to how to buy crypto.

After reading this article, you will know:

The goal is to help you feel confident enough to take your first steps into the world of crypto – without drowning in complicated terms or unnecessary risk.

Our mission is to provide the most user-friendly solution for Norwegians who want to invest in crypto. With Firi, buying and selling cryptocurrency is as simple as investing in stocks or funds.

Not sure what cryptocurrency actually is? We challenged our CEO, Thuc Hoang, to explain crypto in the time it takes for an elevator ride.

You can also learn more about the basics in our guide: “Cryptocurrency for Dummies.”

How to invest in crypto for the first time?

Here’s a quick overview of the process:

For beginners, getting started may feel overwhelming, but don’t worry – this guide covers the essentials.

Where should you buy cryptocurrency?

First, you need to choose a trading platform. There are hundreds of international crypto exchanges, and it’s important to pick a reliable one. In short, you can choose from a handful o Nordic exchanges – such as Firi, or from the larger international ones, like Binance or Coinbase.

Can you trust the platform?

Make sure you know who runs the exchange, where it’s based, whether it has customer support – and most importantly, whether it can be trusted.

Be aware that scammers often target beginners by luring them onto fake exchanges with promises of huge returns if they let them trade on their behalf. A serious exchange will never contact you to offer trading services. Never allow strangers to trade crypto for you – think of it like your online bank: you would never give strangers access there either.

You should also check:

With international exchanges, you may need to transfer money abroad and convert to euros or dollars. Alternatively, you can buy with a card, often with an extra fee. If you go for an international exchange, it’s safest to stick to the largest and most reputable ones.

Firi is a Nordic crypto exchange offering local customer support and services tailored to Norwegian clients. If you want a safe and straightforward place to begin your crypto journey, Firi is a solid choice. Your crypto stored with Firi is protected with the highest level of security in the market.

We offer a wide range of the most well-known cryptocurrencies and are continuously adding more. If you want to buy coins we don’t yet offer, you can still use Firi as your entry point: many of our customers purchase crypto in NOK on Firi and transfer it to other platforms for further trading.

Firi also helps with tax reporting, staking, and even lets you earn extra crypto through our rewards program.

Which cryptocurrency should you invest in?

A natural place to start is with Bitcoin, then perhaps Ethereum, or one of the other top 10 cryptocurrencies.

The further down the list you go, the greater the uncertainty – even if many smaller projects have strong growth potential. That’s why we recommend doing your own research to understand both the potential and the risks of each coin.

The newer and less known a cryptocurrency is, the more closely you should monitor it. Many won’t survive long-term and may only be popular for a short while.

The most established coins, like Bitcoin and Ethereum, have been in the market for years and tested through both up- and downturns. New coins are launched all the time – but with speculative projects and memecoins, assume that most will fail. It’s similar to how young startups compare to older, well-established companies.

Understanding price and market value

The most important metric is market value (market cap) – not the price per coin.

Beginners often make the mistake of only looking at price per coin, which can give a false impression of how “cheap” or “expensive” a cryptocurrency really is.

Example:

ETH is almost 5 times more valuable than Solana – even though the price per coin may look very different.

You can see market caps on websites like Coingecko.com or CoinMarketCap.com.

Where should I store my cryptocurrency?

You have two main options:

If you want maximum control, you can transfer your crypto to your own external wallet. Before doing this, make sure you understand how wallets work and make a plan to securely store your access keys.

How much should I invest?

As much as you’re comfortable with. You can start with as little as 50 NOK on Firi if you want to test how it works before investing more. You can also set up automated crypto savings with Firi’s savings plan.

Many find it better to invest small amounts regularly – for example, a fixed amount each month – rather than trying to time the market. This approach is known as dollar-cost averaging (DCA) and can help reduce the risk of buying at the wrong time.

Whether you invest a lot or a little, we recommend thinking long-term – don’t invest money you might suddenly need again in a few months.

What about taxes on crypto?

Profits from crypto trading are generally subject to taxation, and any losses may be deductible according to local tax rules. Consult your local tax authorities to learn more about the rules for crypto taxation in your country.

Firi provides an overview and tax report for all your trades on the platform, making it easier to report correctly in your annual tax return.

If you also trade on other platforms, you’ll need to calculate and document those transactions separately. Always make sure to check the current tax regulations in your country before submitting your tax return.

FAQ about Crypto Taxes

💭 Do I need to pay tax if I haven’t sold my crypto?
No. In most countries, taxes apply only when you sell, trade, or otherwise dispose of your crypto. Simply holding crypto is not taxable.

🧾 Can Firi help me with my tax report?
Yes. Firi provides an overview and downloadable report of all your trades, making it easier to include your crypto transactions in your annual tax return.

🌍 What if I use other exchanges as well?
You’re responsible for reporting all your crypto activity — including trades made on other platforms. Keep documentation for all purchases and sales.