If you’re new to crypto or undecided on which products/communities to use, here’s our one-size-fits-most guide (based on the belief that most crypto users stand to benefit from following it):
Recommendation Guide
Portfolio: less than whatever you deem a significant amount of your net worth in crypto
(1) Exchange
(1) Wallet - Software
(1) Wallet - Hardware
(1) Tax Software
Portfolio: more than whatever you deem a significant amount of your net worth in crypto
Knowledge: wallet and basic Web3 use (such as staking, DEXs, DeFi, NFTs)
(1+) Exchanges
(1+) Wallets - Software
(1) Wallet - Hardware
(1) Tax Software
(1) Crypto Community
Portfolio: crypto is your biggest time and or money investment
Knowledge: wallet and extensive Web3 use (such as staking, DEXs, DeFi, NFTs, and more)
(1+) Exchanges
(1+) Wallets - Software
(1+) Wallets - Hardware
(1+) Tax Software
(1+) Crypto Community
(1+) Crypto Community - DeFi
Tips:
As a rule of thumb, it is often best practice to take action sooner rather than later and start small (for most situations). In other words, for inexperienced users who are unsure of what product is best for them: just pick an option (wallet/exchange etc.) now, learn how to use it, and then you can evaluate whether a different product/solution is better for you (at a later time). A problem this guide aims to alleviate is that of “analysis paralysis'“ due to endless options/information overload. Lastly, the above recommendations/definitions are not set in stone for everyone (as there are many variables to consider and also countless ways to go about investing in/using crypto) - the determination of whether you should heed them or not is ultimately your decision and up to your own judgement. A combination and balance of diversification (of capital and or products/communities), doing your own research "DYOR", and taking action should be an effective route!