This article contains affiliate links – but that doesn’t mean this piece is an ad.
All content is our honest take on the service/product and incorporates our
real thoughts and experience using it.

Investing in cryptocurrency has gone mainstream. Today, Bitcoin (BTC) and other digital assets have garnered widespread attention and are well on their way to public adoption. But for many newcomers, the process of getting started with crypto investing can seem daunting and confusing. 

Where do you begin? 

Well, buying cryptocurrency is the most straightforward way to begin your crypto journey. All you have to do is find a platform that lets you buy crypto with fiat. For this guide, we will be using Changelly, an intuitive and easy-to-use platform for buying and selling crypto assets. 

What Is Changelly?

Changelly is a cryptocurrency exchange that facilitates the instant exchange of over 500 cryptocurrencies. It is a centralized exchange like Binance and Coinbase. However, unlike Binance or Coinbase, Changelly is non-custodial. This means it doesn’t store the user’s crypto. Managing your assets remains your privilege and responsibility at all times. 

As such, Changelly has emerged as a great way to get into the crypto space. It lets you buy crypto with fiat but doesn’t require you to surrender custody of your assets. This is important, as self-custody is generally accepted as the best way to manage your crypto. 

You can use Changelly on the web or download the application on the App Store or Play Store. Because it’s non-custodial, Changelly doesn’t have an in-built crypto wallet. You’ll need to have your own wallet to get started. 

Introduction to Crypto Wallets

A crypto wallet is a tool that lets you manage your assets. It typically has an address, which people use to send you crypto. This is known as the public address or public key. It is not particularly sensitive, so it can be shared freely with anyone. 

A crypto wallet also has a private key. Think of it as your digital signature. Whenever you want to send someone else crypto, you’ll need to sign off on the transaction. This is done with the private key, which acts as proof of ownership of the funds.

Non-custodial wallets, like Rabby Wallet, Metamask, and Trust Wallet, give you your private keys as a phrase. This phrase consists of 12-24 words and is known as the seed/recovery phrase. It is important that you store it in a secure place and never share it with anyone. 

For this guide, we will be using the Rabby Wallet. 

Getting Started in Crypto

Step 1: Download, Install, and Set Up Rabby Wallet

Rabby Wallet is a user-friendly non-custodial crypto wallet. To get started, download the Rabby Wallet Chrome extension from the Chrome web store. Once it has been added to your browser:

• Open the application and click on Create New Seed Phrase.
• You will be required to Set a Password for your wallet. 

• On the next screen, select Reveal Seed Phrase to obtain your recovery phrase. 
• This will reveal 12 words, which you should copy in the exact order they are listed. Make sure you store your copy in a safe place away from prying eyes. 
• Next, click on I’ve Saved Seed Phrase. On the next screen, you’ll be required to select addresses for your wallet. Each address represents an account that can contain different assets and balances from other accounts. 

• You can have multiple addresses on a single Rabby application. However, the application only supports a maximum of 8 accounts. 
• Select the addresses you want and click Done. Just like that, you have created a new Rabby Wallet. 

Now, it’s time to purchase crypto to add to the wallet. 

Step 2: Use Changelly to Purchase Crypto

Using Changelly is relatively straightforward. After opening the Changelly app:

• Click on the Search Bar and Type the Name of the Asset you want to buy. For this example, we will use ether (ETH). 
• After selecting ETH, the next screen displays its price alongside a chart. On the bottom left half of the screen is the Buy button. Tap it. 

• This will take you to a screen where you Enter the Value (in dollars) of the ETH you want to buy. 
• You can also select the Payment Platforms to use. Changelly offers three; Banxa, Moonpay, & Transak, all of which support Visa, Mastercard, and GooglePay. 
• Once you’ve done that, click on Next Step. The next screen contains the transaction details. It’s also where you’re required to provide a destination address. 

Here, you’ll have to open the Rabby Wallet Extension on your PC to get your public address. Click on Receive and select Ethereum as the network. Rabby will display a QR code for you to scan. 

• Scan the QR Code on your Changelly app to add this address. 
• Click Confirm.

Changelly will redirect you to the payment platform you selected to complete the process. Once you initiate the payment and it’s approved, you’ll receive your ETH in your Rabby Wallet. You can hold the assets or use them to trade or invest on a DeFi protocol. 

Note that if you don’t have an existing Banxa, Moonpay, or Transak platform, you’ll have to create one before you can complete the purchase. Doing so is relatively straightforward. You might also have to complete Know Your Customer (KYC) procedures, which will require you to provide proof of identification.  

Frequently Asked Questions

What do I do now? 

Now that you’ve successfully purchased cryptocurrency, your priority is to keep your wallet and funds secure. Make sure to store your wallet’s seed phrase safely offline and never share it with anyone. You should also be careful about websites you interact with to protect from phishing attacks. 

What is a seed phrase, and why is it important?

A seed phrase is a sequence of 12-24 words that are randomly generated when you create your crypto wallet. This phrase encodes all the information needed to recover your wallet and access your funds. Thus, keeping it private and backed up securely is crucial. 

Anyone who gets it can take over your wallet and transfer your funds. Also, if you lose your seed phrase, you risk permanently losing access to your crypto.

What’s the safest way to store my crypto?

The safest way to store cryptocurrency for the long term is using a hardware wallet, which keeps your private keys secured offline on a physical device. Popular options include Ledger and Trezor wallets. 

For desktops, options like Exodus offer robust security. Online wallets like Rabby, Trust Wallet, and Metamask and exchanges like Binance and Coinbase are more convenient but not as safe for large amounts.

What can I do with my crypto?

Beyond just holding it as an investment, cryptocurrency opens up many possibilities. You can spend it at merchants who accept it, participate in decentralized finance by lending/borrowing/earning interest, gift it to others, accept payments in crypto if you’re a business, and trade it on exchanges.

Do I need to make a new wallet every time I buy more? 

No, you don’t need to create a new wallet every time you buy more crypto. This is because your existing wallet can safely store huge amounts of crypto in the same wallet address. Creating a new wallet each time is unnecessary and only needlessly increases complexity.