To take advantage of the benefits of decentralized finance you have to take responsibility for carrying out the entire investment process…
To take advantage of the benefits of decentralized finance you have to take responsibility for carrying out the entire investment process, which can be very complex and expensive if you don’t know how to do it correctly.
This is a guide on how to perform the entire cryptocurrency investment process, from buying to selling digital assets.
The first thing we must do to get into the world of cryptocurrencies is to create a MetaMask wallet. This digital wallet will allow us to buy our first cryptocurrencies and interact with many protocols of decentralized finance. We believe that MetaMask offers a good relation between cost, security and simplicity when buying cryptocurrencies and that is why it is the method of purchase that we recommend. However, you can consult this article in which we explain other ways to do it with its advantages and disadvantages.
In this guide we explain how you can create a MetaMask wallet.
To sell your cryptocurrencies and transform them back into fiat money we cannot use MetaMask, as it does not offer these services. In this article we explain the main ways to sell cryptocurrencies.
For us the most feasible option is to use the cryptocurrency buying, selling and exchanging platform Binance since it accepts cryptocurrencies from many blockchains and offers low commissions.
The process of converting cryptocurrencies to fiat money consists of transferring the cryptocurrencies from the MetaMask wallet to the Binance account. Once they are in Binance we must sell the cryptocurrencies and finally, withdraw the money from Binance to our bank account.
Next, we will explain the steps to follow to correctly deposit and withdraw funds from Binance.
Once we have an account created in Binance, we must use the Deposit button located at the top right of the screen. Then we must select the section to deposit cryptocurrencies, not to buy or make a bank deposit, or to receive cryptocurrencies from other Binance accounts, since we will send the cryptocurrencies from the MetaMask wallet.
Once here, it is very important to select the currency we are going to send to the Binance account and the network of that currency, because if we select another network we will most likely lose the funds. For example, if we have USDC from the Ethereum network in our MetaMask wallet, we must select this network to deposit USDC into Binance.
Finally, we have to use the address provided by Binance to send the funds in Metamask.
Once we have selected the network and Binance has provided us with the deposit address, we can make the deposit from MetaMask.
From the MetaMask application, click on the submit button and enter the deposit address provided by Binance.
Once the address has been entered, two dropdowns will appear where we must select the asset we want to send and the amount of the asset.
Finally, we must confirm the transaction and wait for it to be completed, which usually takes less than a minute. Both MetaMask and Binance will notify us when the transaction has been successful.
The only thing left to do is to sell the cryptocurrencies in Binance using the convert button located in the trading dropdown, and then withdraw the money to our bank account.
This is the investment process that we recommend to follow for people who want to get into investing in digital assets and in the ecosystem of decentralized finance because it offers a balance between security, simplicity and low cost.
Anyway, we remind you that in our medium account you can find articles in which we compare different methods to buy and sell cryptocurrencies.
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