Righto, new users and investors, listen up! Diving into crypto can feel like venturing into the outback during the bushranging days – thrilling, but full of risks if you’re not prepared. The space is teeming with scammers looking to nab your hard-earned cash, so let’s get you sorted with the basics to survive and thrive.
Crypto isn’t a get-rich-quick scheme. If someone’s pushing you to buy a token now with promises of “once-in-a-lifetime” gains, take a step back. The best opportunities come when you’re calm, informed, and not rushed. Crypto’s just getting started, with decades of growth ahead. Take your time to research fundamentally strong projects. If it sounds too good to be true, it probably is. Long-term investing is about minimizing risk, not chasing hype.
Your crypto journey starts with a trusted centralized exchange (CEX) where you can deposit and withdraw fiat. CoinPort Exchange is your no-fuss option. We’re fully regulated by ASIC and AUSTRAC as an independent remittance dealer and digital currency exchange, offering zero fees for AUD deposits and withdrawals. Our user-friendly interface is designed to be as simple as a walk in the park (we also have a sign up Guide), whether you’re swapping instantly or diving into orderbooks for deeper trading. The price you see is the price you get – no hidden fees.
For some, CoinPort is all you need: a secure CEX to buy Bitcoin or explore vetted projects we list. Most of our user funds are stored in offline cold wallets for maximum safety. But if you’re ready to explore the wilder side of crypto, strap in for wallets and beyond.
A crypto wallet doesn’t hold your coins – it stores the private and public keys that grant access to your assets on the blockchain. Choosing the right wallet depends on your goals and the blockchain you’re using. Here’s a rundown:
It’s your call, based on your security habits. Separate long-term holdings from daily trading or Web3 interactions. This could mean a hardware wallet, a dedicated software wallet, or a separate device for long-term storage. Never share your private keys – North Korean hackers alone have stolen over $4 billion in crypto. Follow @ZachXBT on X for real-time crypto crime updates. If self-custody feels daunting, a regulated CEX like CoinPort keeps funds secure in cold storage, but remember the crypto mantra: “Not your keys, not your coins.”
Ethereum and EVM-compatible chains (like Avalanche or Polygon) dominate DeFi and dApps. Here are top wallet picks:
Solana’s high-speed, low-cost blockchain is a favourite for NFTs, DeFi, and dApps. Here are top wallet choices:
Always double-check wallet compatibility with Solana dApps or tokens, and verify contract addresses to avoid scams. Ledger (Nano S Plus, Nano X): For cold storage, Ledger supports Solana alongside Bitcoin and Ethereum, keeping your keys offline for maximum security.
Many Layer 1 blockchains, like Avalanche (AVAX) or Polygon, are EVM-compatible, meaning they work with Ethereum-based wallets like MetaMask or Rabby. For example, you can hold wrapped AVAX (wAVAX) in MetaMask, which is great for cross-chain transfers or trading on EVM-compatible platforms. However, to interact with Avalanche-specific dApps or stake native AVAX, you’ll need to unwrap wAVAX and transfer it to a native Avalanche wallet like Core. Using the wrong wallet or chain can lead to lost funds or failed transactions, so always verify the blockchain and wallet compatibility before moving assets. Double-check contract addresses and network settings to stay safe – a quick search or AI query can clarify any doubts.
I’ve talked enough now and if you made it this far you deserve a free CoinPort mug.
I’ll be back with more Crypto 101 Survival. Stay safe, and happy exploring!
Kind regards
The CoinPort Exchange Team