Cryptocurrency beginner with questions

I recently graduated and got a job. Now I want to start investing and part of the investments I want to keep in cryptocurrencies because I think they are going to become more popular in the future and rise in value. And I have many questions that I would like to be clarified. Thanks for any help!

I am still not sure of the process of buying crypto currencies. From what I understood is that in order to buy crypto I have to setup account at an exchange and buy there exchanging my CAD (I am from Canada) to any other cryptocurrency. Then I will have my crypto siting in my exchange account. After that, I can transfer it from my exchange account to my wallet. Is that correct?

I am planning to buy several different cryptos, mostly the biggest market cap ones like Bitcoin, Etherium, Lite coin and similar. Do you buy them all of an exchange? How does one change for example Etherium to Lite coin? Most exchanges only sell Bitcoin so is it common that people buy Bitcoin with fiat currency and then trade Bitcoins for other crypto? Is this the most efficient way? What is the most efficient way?

From reading in the subreddit I get that it is always safer to store your crypto in personal wallet than the exchange because you do not actually control the coins.

My goal is to each month buy some crypto and keep it in my wallet. So I suppose simple desktop wallet would be sufficient for me now and maybe then I should switch to hardware wallet when I have large value. Is that good thinking? How do you transfer from exchange to your personal wallet? I guess it is a simple as entering your public key of your wallet and clicking send?

Should I use multiple wallets for each crypto (the official wallets for each crypto) or use a wallet which allows multiple coins? What are the pros/cons? How is the desktop wallet secured? Will I get my private and public key and have to keep it somewhere or it is somehow connected with the desktop software I have? If the computer burns where my wallet is installed do I lose all my crypto?

The quick google search for coin exchanges lead me to Coinsquare which is biggest in Canada I assume. What are the differences between exchanges, are there big fees for exchanging fiat currency to crypto?

I know there are a lot of questions so if you can answer any of them I really appreciate it, I have read a lot of articles for beginners on crypto but still feel a bit.

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You welcome to this forum, firstly depending on your country rules and regulations, you have to put that into consideration. For safety you should buy from exchange with fair exchange rates and commission, mostly you can exchange from fiat to bitcoin, ether, USDT, USDC,TRON, Litecoin, Ripple and from this you can exchange to others altocoin, if you want to hold you must transfer to your control wallet, or desktop or mobile wallet, like atomic or use hardware Wallet and keep your private key safe… And if you are interested in bitcoin, ether,doge,zcash,Litecoin cloud miming I can recommend a legit one to you, which will increase your earn. Nice that you are here.

You can buy crypto with a debit or credit card on moonpay, simplex, or carbon money. There are other options if you use the Metamask browser extension. If you want to do bank wires then coinbase and lykke are good options. You will need a combination of wallets depending on how you trade and which cryptos you want. For mobile most people use trust wallet. For Ethereum a lot of people like the Metamask. Most centralized exchanges have Bitcoin, USDT, and Ethereum trading pairs (USDT is on Ethereum). Bitcoin costs more to send so a lot of people use Ethereum to trade now (do not send Ethereum from one exchange to another, only to a wallet then to an exchange, you can lose it). Watch some tutorials on how exchanges, trading, and wallets work.

As far as portfolios go, most people say the best way to do it is dollar cost averaging, just plan on buying a dip in the market every month or a specific date every month. For balancing, that depends on your risk level but a lot of people suggest 80% large caps like Bitcoin, Ethereum, and XRP and 20% small caps and microcaps. It’s easier for a microcap like 0xMR to 100x than it is for Bitcoin because Bitcoin already mooned.

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After my last post, I searched the Internet for something that might help you ! investotrend it is guys who can explain everything. Any question you ask will be answered there. It’s just that if I start writing all the information I learned from them here, there won’t be enough characters. Therefore, I strongly recommend that you go to them and ask them what you are interested in. Also, if you want to start working on this topic, they will definitely help, both financially and with information. Good luck to you !

The first thing you want to do when buying cryptocurrency is to get a crypto wallet. And you can successfully buy and store crypto there, alternatively, there are always exchangers like Local Bitcoin which will send the Crypto to whatever wallet or BTC address you’ve mentioned. I think it’s a good idea to just give you a great guide written by someone else on buying cryptocurrency here WELLCOINEX. Hope it helps