Welcome to Coinhub’s cryptocurrency trading awareness series. In this article we will share a quick guide on how you can get started trading Bitcoin and Altcoins from the basics.
With the cryptocurrency market cap well over $150 Billion, and Bitcoin edging closer to all time high of $5000, there is no better time to enter the Altcoins market and start trading than now.
Before we dive in, I would like to remind you as always that the cryptocurrency market is a volatile high risk market and it is important to always invest what you can afford to lose.
If you are new to the Bitcoin and cryptocurrency ecosystem and would like to understand about Bitcoin, here is where to start.
Before you continue, you may want take a look at Trading Bitcoin in 2017 to get a perspective.
The Cryptocurrency & Altcoins market is quite volatile with daily swings of up to 20% to 30%. So being on the right trade will guarantee very good profit and vice versa.
There are two ways to begin trading Bitcoin and Altcoins, you can choose to be an investor or a trader. As an investor, mostly all you need to do is identify a cryptocurrency that you are willing to invest in, purchase it and hold it for a few months or years hoping that the value will appreciate. However if you choose to be a trader, this typically means you will focus on short term profit by leveraging on volatility of the market to profit on daily or weekly basis.
The ultimate goal for anyone trading cryptocurrency is to BUY LOW and SELL HIGH just as it is in every other market. So to be a successful trader, you need to have a mix of long term holdings and short term trades.
Starting out – Purchasing Bitcoin
Getting an Exchange Account
Once you have purchased your Bitcoin, to begin trading, you have to create an account with an exchange. I have curated a list of credible exchanges of 2017 HERE but I would recommend Bittrex.com for ease of access and user friendly for beginners. Bittrex also covers a lot more Altcoins compared to other exchanges.
Activation and Deposit
The registration process is quite straight-forward. Once registered and account verification link is activated, Login to your account and click the Wallet tab.
Locate the Bitcoin Ticker and click the “Plus” for deposit (“-” sign indicates withdrawal). A new tab will be displayed with your Bittrex Bitcoin wallet for deposit to be made.
At this point copy and paste this address in your main Wallet (Luno or Coinbase account) to transfer the amount you want to start trading with. Take note of the warning with regards sending Bitcoin to the wrong address (Always double check).
Note – It may take up to 30 minutes to 1 hour transfer time before your see your funds in your account.
Once your funds are available in your wallet, it is now time to make your first trade. Before buying any Altcoins from over 800 coins available on Bittrex.com, it is very important you make your own research.
You can join our channel on telegram for more on trading signals and Altcoins research info.
Making your first trade
To make your first trade, click on the market tab to select your desired BTC/Altcoin pair or use the search bar to call up your desired coin.
On the trading pair page enter the amount your desire to buy at and the quantity. For this illustration we shall be using Monero – a private untraceable digital currency similar to Bitcoin.
Once you have entered all the required information, click the Buy button to initiate the transaction. A confirmation tab displays to confirm your order and then completes the transaction.
Your order will be filled as soon as your buy price locks in with a sellers price.
That is all there is to starting your own Bitcoin and Altcoins trading. If you found this article helpful please share and like. For any questions drop a comment.
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I have been in the Cryptocurrency ecosystem for about three years. My passion for this niche of financial tech space inspires me to share with you all I can in the world of Cryptocurrency, Blockchain and financial technology.