How to get started - First steps
Are you a Swissquote client? If so, then nothing stands in your way of trading cryptos. At Swissquote, the most important coins can already be bought or sold today without any problems - so ideal for beginners who want to start immediately. More information directly from Swissquote.
If you decide to open a new account with a crypto exchange, the procedure is not much different from opening a traditional account / deposit at an online bank. In any case, be sure to compare the different fees and the number of cryptocurrencies that can be traded.
Below you will find the individual steps for opening an account with a crypto exchange :
Once you have decided on a crypto exchange, the next step is to open an account. This process is similar for most crypto exchanges and only takes a few minutes. The account can be opened either directly on your PC via the crypto exchange's homepage or with your smartphone via the associated app. You will then be guided through the process step-by-step. Have a valid passport or ID ready for verification.
After the account is opened, you can make a SEPA transfer to the crypto exchange.
Below are detailed instructional videos for each crypto exchange:
As soon as the deposited money has been transferred to the crypto exchange, you can start with the first purchase. To do this, you select the desired cryptocurrency to be purchased. The purchase and sale of cryptos is comparable to the trading of shares and depending on the exchange, there are different order types to choose from.
An important point is the storage of your cryptocurrencies. We would like to provide the following advice on this:
|Crypto exchanges||In the past, there have been repeated large financial losses caused by hacker attacks or the bankruptcy of crypto exchanges. We recommend to leave only smaller amounts of money and cryptos that are actively traded on crypto exchanges.|
|Swiss Banks||At Swiss banks, customer assets are insured by depositor protection up to CHF 100,000 and can be left in the account.|
|Cold Wallet||For the long-term storage of cryptocurrencies, there is the Cold Wallet. With this, cryptocurrencies can be stored outside of banks and crypto exchanges. More about this in the following chapter.|
Large sums of money in the form of cryptocurrencies should not be stored on the crypto exchange. This is a hot wal let and the crypto exchange manages your private keys. If you do not store the private keys autonomously, there is a risk of loss or theft by the exchange. In the crypto scene, the following saying therefore applies:
Not your keys, not your coins! - Not your keys, not your coins!
The Private Keys are a secret piece of information in the Blockchain, which proves that you own this share of the cryptocurrency. Imagine all Bitcoins are stored in clear plastic boxes. Everyone can see the Bitcoins and knows how many of them are in which box. With the Private Key you prove that you can open one of these boxes and move or sell the coins.
For the safe storage of Private Keys there is the Cold Wallet. These are paper or hardware wallets and are not connected to the internet.
An important note at this point: Cold wallets are the safest way to store cryptocurrencies, but require a certain technical understanding. Detailed instructions on how to set them up can be obtained from the respective wallet manufacturer or can be found in the links below.
We recommend a cold wallet from Ledger or Trezor. Ledger Nano X offers the better price/performance ratio. Trezor Model T has a large touch display, which makes it a bit easier to use. If you already know which cryptocurrency you want to store, you should check beforehand whether it is supported by the respective device.
|Ledger Nano X||Trezor Model T|
|Number of Coins/Tokens||+1'500||+1'200|
|Price in CHF (Digitec)||139.–||213.–|
Attention: Buy only as good as new and in original packaging!
You have opened an account at a crypto exchange and bought your first cryptocurrencies. You may also have already set up a cold wallet and now want to transfer the cryptocurrencies or want to settle an outstanding debt with a friend.
Sending cryptos is a simple process. First, select the cryptocurrency you want to send. Next, enter the recipient's address. Each wallet has a unique alphanumeric value and is similar to an IBAN. It is used to identify the "account" and must be provided to you by the recipient. In the next step, you enter the amount to be sent. After verification and confirmation of the transaction, the coins are already on their way.
Despite the simple process, here are a few important notes.
- Double check the address before sending (the first and last characters of the recipient's address).
- Double check the amount before sending.
- Make sure you've selected the correct cryptocurrency (i.e., only send Bitcoin to a Bitcoin address).
- A transaction cannot be cancelled or reversed. Therefore, only send cryptos to people and organizations that you know and trust.
Watch the instruction video and test the transfer with a small amount.