Okay so first things first. Of all of the cryptos to "Get started in," I think this is one of the best. the fees are low, the transaction speed is high and theres a relatively mature product offering on the network so you can have a lot of fun.

Wallet to use:

Phantom

Where to buy:

FTX us ( Blockfolio)

How to visualize:

sonar.watch

Getting Set Up

  1. Download the phantom wallet and WRITE DOWN YOUR PRIVATE KEY
  2. Download the FTX us wallet and go through KYC
  3. Get value into FTX wallet (you can deposit coins, use your bank or your credit card)
    1. If you already have USDC, you can send to FTX under the "USD" tab
  4. Withdraw from your FTX wallet to your phantom wallet on the Solana network (I tend to scan the qr code)
  5. Make sure to add some SOL to your wallet
  6. Now you should have some SOL and whatever other tokens you withdrew to your phantom wallet and are ready to get going.

Swapping Coins

Swapping coins is basically a noobs version of an exchange... and I love it. Nice and easy, spot buy whatever coin you want with whatever coin you have. These are my favorite swaping apps on solana

Swaps

Decentralized Exchanges (DEX)

Decentralized exchanges are like normal exchanges except they're permissionless and the orderbook consists of a bunch of random people using their self custody wallets to add buy or sell orders.

DEXs

Earning Yield

Earning yield is the most powerful tool that tradfi reserves for the rich but is accessible to all in defi. You can generally earn in 4 ways: Lending, LPing & Farming, Staking. Lending is when you just let someone borrow your coins and they have to pay you back at an interest rate. LPing is when you fund both sides of a market for a Swaps pool also known as an AMM. Farming is when someone pays you to use your coins in a token thats different than the coin you lend them. Staking is when you get paid a fee to not sell your coins and leave them on a smart contract for network incentives paid in the same coin. But you need to make sure if you do chose to earn, that you understand the risks.

Yield