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How To Start Trading Cryptocurrency

Discussion in 'Bitcoin Investments | Discussions' started by Cryptogeek, Sep 2, 2018.

  1. Cryptogeek

    Cryptogeek Jackobian

    Wow last week have been a good week for the crypto market..It seems these is just the beginning of a new revolution of the crypto world.. According to coinmarketcap the total marketcap has gained more than $10billion in just few days back which is major sign of a new revolution..I know these sounds awkward to beginners that want to start with cryptocurrency..But you don't have to worry because today im going to highlight how you can start trading cryptocurrency as a beginner..So today,let with some important terms in cryptocurreny..And also if you don't have idea of what cryptocurrency is and how it works,then i urge you to go here
    Having learned what cryptocurrency is and it use..Now it is time to know the business opportunity that lies inside the crypto world..One of the major opportunity that lies inside the crypto world is trading..There are a lot of opportunities that lies inside the crypto ecosystem such as mining, Bitcoin faucet, gambling site,creating your own coin,bitcoin affliate marketing and e.t.c There are also a lot more opportunities,but it all depends on how much people are engaged in it.. But im not going to talk about all of them,im just going to focus on the most popular and profitable opportunity which is Crypto Trading..
    P.s The word crypto is the short form of cryptocurrency..I just don't want you to get confused..

    What is Crypto Trading

    Trading in general refers to the act of buying and selling for profit..Yes,no one want to go into a business without making profit..And that is one of the major reason we go into investment..Trading in cryptocurrency is quite similar to these definition.It also involves the act of buying crypto and selling for profit...Due to the increased demands of cryptocurrency,it is becoming clear that cryptocurrency might be the next future digital.. Of course,there have been some cases where cryptocurrency such as bitcoin is used as a payment method.. Nowadays,so many companies now use cryptocurrency as a means of payment which is quite clear that in due time, cryptocurrency will be used as a major payment method..So why im telling you these is that,the more popular and adoptable cryptocurrency is the greater the chance of the price increases..I also want you to know the reason of adopting cryptocurrency now,so in due time,you are going to be reaping huge return..Yes sure,you are going to make huge returns..

    Why is Crypto Trading Important

    Well the answer depends on you..For so many people,they see crypto trading as one of the least method of making profit because it takes a longer time while some see it as one the best way of making huge profit..But,i fully recommend it as one the best way of making more profit in cryptocurrency..One of the importance of cryptocurrency trading is that it provides a very huge return..Let take for instance..bitcoin which was the first cryptocurrency that evolved
    was priced at less than a cent..But today,the price has gone more than $7000 as of writing which is quitemore than 100000% increase.. Imagine if you had invested just a few bucks in bitcoin as of the year 2009/2010.. I guess you will be a millionaire by now..But let leave that aside, because today there are still more opportunities you can still give a try.. Nowadays,there are so many alternative to bitcoin which are called ALTCOIN..If you don't have any idea of what altcoin are, kindly visit Here..So let go back to the top..Now how can you start trading cryptocurrency...

    How can i start trading in cryptocurrency

    To start trading cryptocurrency,you must first consider these few highlight:
    1.Trading in cryptocurrency is a long term investment except you want to go into daily trading which i won't advice you as a beginner to go into...You don't just hope to make profit in a blink of an eye..In summary,it takes time like sometimes a year,some few months or even years..
    2.You have to avoid hit and dump coins..Yes,due to the increasing popularity of Bitcoin adopters,so many altcoins have been created and at such there have been some of which are called hit and dump..In a nutshell,i would say these coins don't have a stable price..There price are always fluctuating and are not considered a good investment cryptocurrency..A good crypto must have a stable price..In general,i will say you should avoid such investment..But nevermind, because i will guide you through and also provide a list of cryptocurrency you should start with..
    3.You should not be carried away with it..What mean is is that you should invest what you can afford to lose..Yes just don't get carried away with it..Still do your normal daily business..Just invest in cryptocurrency as one of your least business because sometimes the price are always fluctuating and you might lose hope just as what cryptocurrency are facing now..But don't worry, because the price will always bounce back..Yes it will..
    So back to our topic,now that you know the rules.. I will say you are good to go..
    Now to start trading cryptocurrency, you need to know the crypto you should be Investing.
    For now the most reliable cryptocurrency is bitcoin..But as a beginner,i wont advice you to start with Bitcoin because it is too expensive..The price of bitcoin as of writing is more than $7000 which you may not be able to purchase..But if you can get it,then it still a good choice..But there are a lot more of cryptocurrency that are alternative to bitcoin and are also cheap..In our older post i made a description of altcoin you should consider..But if you don't have an idea kindly visit HERE..So to start with crypto trading,i recommend you to start with dogecoin..I fully recommend it because it is far way cheaper than bitcoin,and just like bitcoin it can also be mined.It also possess fast transaction..You can find more details about DOGECOIN Dogecoin; official website..

    How can we buy and later sell if the coin goes up or make big increase..

    So the place where we buy and sell is called a p2p(peer to peer) Exchange..They just act as a peer2peere network where we can exchange our cryptocurrency..Here are a list of top exchange platform where you can buy at most any crypto you want
    1.Bittrex(whichi fully recommend)
    2.Kucoin
    3.Poloniex
    4.Hitbtc
    5.Kraken
    6.Huobipro
    7.coinexchange
    8.cryptopia
    9.Mercatox
    10.Bitfinex
    11.Etherdelta
    N.B .They are not numbered base how good they are..I just did a Random pick..

    There are a lot of crypto exchange out there but these are the ones i have used..But as a beginner i will say Bittrex is one of the best..But if you facing difficulty with bittrex,then i guess you should just use coinexchange or mercatox..So many of them require a lot of verification before trading or even withdrawal which will require your id, personal details or even your passport or drivers license..But for now i guess coinexchange,etherdelta and cryptopia are one of the few without verification..Or even if they do,it for enhanced account but as a basic account you can still trade and withdraw..

    Ok,so now that you know the coin which you are willing to go for and the crypto exchange..All you have to do next is signup..so when you are logged in into your account..Just head over to where you need to deposit bitcoin..A unique address will be given to you but if you are using some exchange like kucoin, you will be able to make transfer from your MasterCard or any other payment method they provide..But if you want to deposit through bitcoin like i said on our older post you need to have a Bitcoin wallet so as to send and receive bitcoin..If you are still considering on which bitcoin wallet you should go for..here are a list of the best wallet
    1.Blockchain.io
    2.Remitano which you can buy through your debit card or bank transfer.
    2.LUNO
    3.Xapo wallet
    4.Mycellium
    5.coinbase and so on..

    So now that you have an idea of wallet to use..It high time we move on to how to buy..To buy cryptocurrency, you must first know the price of what we are buying..To know the price of coin there is a site called coinmarketcap which is one of my favorite site in checking the price of coins and how valuable the coin is..In our next post im going to explain how you can use it and make a risk free and profitable investment..But for now let just know how to start as a beginner..
    So as of writing these post the price of dogecoin which we are using as our trading coin is priced at $0.0049 which is equivalent to 0.00000069bitcoin and is also called 69satoshi per dogecoin..
    Remember these terms which are used in cryptocurrency:
    1bitcoin-$7224(as of writing) just for illustration
    in summary 100million satoshi is referred to as 1Bitcoin.. You can also try doing the conversion by yourself..
    So for dogecoin,let say you invest as little as $10..To pay in bitcoin you are going to give approximately 0.0014 btc(short form for bitcoin) or there about.

    So now that we know the price,we just head over to our exchange platform..we also check out there price..if we see it not actually the same price,we can head over to other exchange platform but in most cases it closely the same so no need to divert..When we are through with the deposit.

    P.s Before you starting trading you have to buy bitcoin which will be used as a form of exchange for other cryptocurrency e.gAltcoin

    So back to the topic..After depositing,we head over to the market and exchange our bitcoin for our desired altcoin..
    Like i said earlier, making profit in cryptocurreny takes a longer period of time..So all we have to do is wait until the price goes up...Like the saying goes,the patient dog eat the fattest bone.

    I hope you enjoyed these post, please just as i have highlighted so many terms,if you have any questions please feel free to comment or contact me..I hope to hear from you..And don't forget to subscribe and share..Thanks,Crypto all the way.....
    source:How to start crypto Trading as a beginner
     
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