Frequently asked questions
TL;DR
Find your question, read the short answer, and follow the link if you need more. Every topic has exactly one page that explains it in detail.
Where do I start?
Many years ago I had to make a payment with cryptocurrency (don't ask me why 😉) and the process was thoroughly confusing. This is the guide I wish I'd had: educational, not investment advice.
If you have 5 minutes, start with one of these two:
- Cryptocurrency in 5 minutes — blockchain, wallets, exchanges, stablecoins
- DeFi in 5 minutes — the next level: swaps, bridges, and how to avoid getting hacked
You'll see wallet, blockchain, swap, bridge used as-is. We don't translate or paraphrase them because that's how you'll find them in every app you use. Everything else is plain English, and each term is explained the first time it appears.
Someone is going to send me crypto, what do I give them?
Three things: which coin, on which network, and your address. If any of them doesn't match what the other person sends, the money is lost.
→ The long answer: /en/receive-crypto
How do I get my money to the bank without paying a fortune?
It depends on the country, but there are four paths: local exchange, P2P, crypto card and gift cards. The gap between the cheapest and the most expensive can be over 10%, and P2P is where the most bank accounts get frozen.
→ The long answer: /en/cash-out-crypto
How do I set up Trust Wallet?
Install it from the official store, create the wallet, write the 12 words on paper before touching anything else, and confirm the app asks you for them back. Without that step there is no backup.
→ The long answer: /en/set-up-trust-wallet
How do I get into Hyperliquid?
Dollars in the bank → an exchange with KYC → USDC on the Arbitrum network → your wallet → Hyperliquid. Five steps, and eight points where everyone gets stuck.
→ The long answer: /en/hyperliquid-from-scratch
Why isn't token X on Binance?
Because a centralized exchange lists a token months after it exists. Until then it can only be bought on a DEX, and the day Binance lists it is usually when the early buyers sell.
→ The long answer: /en/why-isnt-it-on-binance
Do I need a Ledger?
If you hold an amount that would hurt to lose, yes: it keeps the private key off your phone. If you're starting with a little, learn a regular wallet first. Never buy one second-hand.
→ The long answer: /en/hardware-wallet
Is it legal? Do I pay taxes? Is it anonymous?
Three big questions, each with its own page:
- Is it legal in my country? — in almost all of them, yes; what's regulated is how you sell and declare it
- Do I have to pay taxes? — generally yes, when you sell or swap
- Is it anonymous? — no, it's the opposite: every movement is public forever
The site won't let me in from my country
The exchange blocks by IP address or by the ID document from KYC. Faking your country with a VPN usually violates their terms and exposes you to having your funds frozen later.
→ The long answer: /en/country-restrictions, and on VPNs specifically /en/country-restrictions#vpn
My account got blocked
Three parties can do it: your bank, the exchange and the token issuer. It's almost always a compliance review that clears with documents, but it can take weeks.
→ The long answer: /en/frozen-accounts
I sent to the wrong address. Can I get it back?
Almost always no. If it went to the wrong network but you control that address, probably yes: the funds are there, you're just looking at the wrong network.
→ The long answer: /en/send-crypto#me-equivoque
I lost my phone. Did I lose my crypto?
If you have your seed phrase, no: restore it on another device and everything reappears. If you don't have it and it was self-custody, it's gone. If it was an exchange, log in from another device with your 2FA.
→ The long answer: /en/seed-phrase
Can I use the same seed phrase on multiple devices?
Yes, it generates the same addresses on all of them. But each device is one more point where you can be compromised; for amounts that matter, separate wallets with separate seeds.
→ The long answer: /en/wallets#multi-wallet
How many wallets should I have?
At least two: one for savings that almost never signs anything, and one for daily use.
→ The long answer: /en/wallets#multi-wallet
What is a "rug pull"?
When a token's creators pull all the liquidity and leave. The price goes to zero and you can't sell. Signs: anonymous team, unlocked liquidity, promises of returns, pressure to buy right now.
→ The long answer: /en/scams
What does "DYOR" mean?
Do Your Own Research: look into it yourself. The bare minimum before buying a token: who made it, what it does, how much liquidity it has, and whether the contract address matches the one on the official site.
→ The long answer: /en/memecoins
Why does the price move so much?
Because the market is small compared to stocks or bonds, it trades 24/7, and a large part of the price is expectation. 10% moves in a day are normal. If you don't want that, stablecoins exist.
→ The long answer: /en/stablecoins
What happens if the exchange holding my crypto shuts down?
You get in the creditor line like in any bankruptcy, and it can take years to recover a fraction. It happened with Mt. Gox, QuadrigaCX and FTX. That's why you withdraw to your own wallet.
→ The long answer: /en/buy-crypto
Is it worth investing in crypto?
We can't answer that, and be wary of any guide that does. What we can say: don't invest money you can't afford to lose completely, don't use leverage if you're just starting out, and be wary of anyone who promises you returns.
→ The long answer: /en/spot-vs-perps
If you came looking for something else:Cryptocurrency in 5 minutes · Common mistakes · Spotting scams