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If you are this, then it can be said that you have already decided about cryptocurrency trading. There is no doubt that the market of digital currency is rising rapidly and trading in such platforms is bound to give you good returns. But at the same time the business of cryptocurrency trading can also be risky. They are subject to market risk. So before you begin to trade in the crypto market it is very important for you to have a sound knowledge about the market. That will help you in the process of decision making.
So in this article we will discuss cryptocurrency trading for beginners and from that you can get ideas about various cryptocurrency trading platforms and apps from where you can start to trade as well.
How Does Cryptocurrency Trading Work?
When people trade any crypto they need to use a digital currency exchange. This is because the buyers and sellers need to be matched. For example if you are holding Ethereum and you want to sell it for Bitcoin then the exchange will be of help.
These exchanges will charge you a certain fee for providing this service. This charge normally costs around 0.1% for every trade. Crypto trading especially bitcoin trading has become really popular in the current market scenario.
Short Term Trading
The main advantage of a short term cryptocurrency trading is that it provides a great opportunity for the traders to gain high profits. Unlike fiat currency markets where the prices generally don’t move by more than 1%, digital currency valuations fluctuate by a great extent every single day. So there are various cryptocurrency trading strategies that every trader needs to keep in their mind while trading.
Long Term Trading
Long term cryptocurrency means to hold on to any coin for a long time also known as Staking. This is just the opposite of short term trading. The idea behind that is although there is high fluctuations in the value of the cryptos but they tend to increase in the long run.
What To Be Careful Of While Trading?
The most crucial thing to keep in mind while trading is that there are chances that you lose all your investments. The crypto market is very fluctuating in nature. Nothing can be predicted beforehand. So you should not trade with any amount that you cannot afford to lose. So prepare for such unlucky incidents before you start to trade in the crypto market.
How To Start Trading?
Now that you know cryptocurrency trading meaning, you will want to trade digital currencies. To do so first you have to get hold of some coins. The most preferable would be Bitcoin as it is accepted in every exchange. If you want to use other cryptos like Ethereum you can do so and follow the same guide that has been mentioned below.
You Need An Exchange
The most quick way to purchase Bitcoin is to use your credit or debit card with coinbase. Coinbase is an exchange broker and will sell your coins at an interesting and good rate. Even though they charge 4% from your card, it is completely worth it as you get your coin quickest.
You Need A Wallet
Once you have bought the cryptos, you will need a wallet to keep your coins. These wallets can be both hot or cold wallets. Cold crypto wallets refer to hardware wallets where you can store your cryptos offline and hot wallets refer to software or online wallets where you can store your cryptos online. It is always advisable to use a hardware wallet as it is offline. So there are less chance of your crypto being hacked. Here is a list of few hardware wallets that are currently best in the market:
- Ledger Nano X
- Trezor Model T
- Ledger Nano S
Step By Step Guide Of Cryptocurrency Trading
Previously we saw just a glimpse of what should be done to start cryptocurrency trading, but now we will see the steps by which you can attain that.
1. Opening account at Coinbase
Go to the official website of Coinbase. There you have to choose a username and a strong and unique password. After that you will have to confirm your email address and mobile number.
2. Verify Your Account At Coinbase
Before you purchase Bitcoin from Coinbase, you will have to verify your identity through these following steps.
Step 1: At the top of the screen click on buy/sell
Step 2: Now you will have to add your payment method. So click on “add payment method”.
Step 3: Then you will be asked if you want to add your bank account or debit or credit card. Do the necessity.
Step 4: As security is very important for Coinbase, you will have to upload your ID. Click on “upload ID”.
Step 5: You can choose either passport, driving license or even any ID card that has been issued by the government of your country.
Step 6: Once your ID has been uploaded you will get a confirmation.
3. Buying Bitcoin At Coinbase
Now once you have set your Coinbase account, it is time for you to buy your Bitcoins or other cryptos that you wish for.
Step 1: Click on “buy/sell” at the top of the page. The clock in Bitcoin.
Step 2: Scroll down and enter the amount you wish to buy in your fiat currency. With that the amount of Bitcoin will update.
Step 3: Then select “buy Bitcoin instantly’, confirm payment and now you own Bitcoin.
4. Opening A Binance Account
Now that you have already owned your Bitcoin, its time for you to start trading. For that you will need a platform. And one such platform is Binance. To open a Binance account:
Step 1: Visit the official website of Binance.
Step 2: Select “register” and then insert your username, email, password and mobile number.
Step 3: Now that you have a finance account, you will have to deposit your Bitcoin here. To do so go back to Coinbase and click on “accounts”. Then select “send”.
Step 4: Then you will have to enter the address where you wish to send your Bitcoin. So enter your Binance account address.
Step 5: Return back to Binance, click on “funds” and then select “deposits”.
Step 6: Select “deposit coin” type BTC and then choose Bitcoin.
Step 7: Now copy the Binance deposit address for Bitcoin.
Step 8: Now, return back to your Coinbase account. Insert the amount of Bitcoin you wish to send and then paste the address of your Binance wallet. Finally, select “Send”. Your Binance account should be ready with that account within 15 minutes.
5. Cryptocurrency Trading Through Binance
Now you are all set to start your trading career. So by following these few simple steps you can start earning by trading.
Step 1: Go to Binance, and then select “Exchange” and then click “basic”.
Step 2: On the right side of the page select BTC and then enter NEO. Then select NEO/BTC.
Step 3: You will now be directed to the main trading screen where you will have to trade.
Step 4: To start trading, scroll down and search for “Buy NEO”.
Step 5: Now enter the amount of crypto you want to trade with.
Step 6: Now that you have entered the amount you want to trade with, then select “Buy NEO”.
And that’s how you have completed your very first cryptocurrency trade.
Conclusion
If you are reading this, then you can answer: Is crypto trading profitable? How much money do you need to start trading cryptocurrency? And also How to trade cryptocurrency. So follow the above mentioned guide to initiate your trading career smoothly.
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