Newbie here wanting to invest in crypto. Living in US, okay to wire transfer money into Kraken or should I go through the coinbase USDT route? Also, is an exchange the only way you can invest? or can you use your software wallet as well?

Hello,

Just wanted to say thank you in advance, you guys have been very fruitful with your advice.

I am a newbie and have been reading the last couple of days all about crypto and I am ready to invest my first $1K, but I have a few questions that I wanted to run by you guys first.

1. I have a coinbase account and a Kraken accout. I am a US Citizen and plan in investing in bitcoin as well as some altcoins. Is there any downside to wiring money directly into my Kraken account from my Chase bank? There is a whole info tab on the Kraken website on how to wire money from chase to Kraken. Or should I just do the traditional Bank -> Coinbase -> USDT -> Kraken?
2. Is the only way for you to invest in crypto and have your money grow to keep the coin on an exchange? Or can you also do the same thing with a software wallet (I.e. exodus)
3. Do I still need a hardware wallet if I have a software wallet? I have a desktop exodus wallet and a mobile exodus wallet that are synced.

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Extremely new to cryptos, where is a safe place for new people to start buying and selling

I heard of Binance and coin base, but they require a social security number. I don’t know anything about these places, so are they safe, trustworthy or anything I should be concerned about? Is there a place to buy and sell/ transfer to a hardware wallet without putting my ssn, that you recommend?

Thank you for you help in advance.

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