Guide

Beginner’s Guide To Trading Bitcoin

This isn’t the first time we met someone who wants to learn how to trade Bitcoin. With how far Bitcoin has come, it is really not much a surprise learning that some people want to learn how to get into the Bitcoin Era.

We call it an era because there was once a time when people practically knew nothing about Bitcoin. However, there came a time when its monetary value went off the charts. With that, Bitcoin automatically earned worldwide recognition.

But even until now, some people are having a difficulty understanding what Bitcoin really is. With people’s limited understanding, it can be pretty hard to get started with Bitcoin trading.

In this article, we will be discussing what a beginner will initially need in his Bitcoin trading journey.

Sign Up For A Bitcoin Trading Platform

You can take your pick. There are lots of websites that can help you conveniently trade Bitcoin as a beginner. However, if you want our suggestion, we highly recommend that you go for Binance.

One reason we love this platform so much is that it caters to all kinds of traders. They have an interface for both intermediate and beginner traders.

In the startup trading interface, the marks on the chart is quite limited. This will enable the trader to focus on aspects of the market that is most importance such as the sell and buy price.

If you think you have already mastered the realm of Bitcoin trading, you can just hover your pointer to the Exchange option in the menu bar and then choose Advanced.

The interface is much more complicated. People how tend to trade bigger amounts of money for Bitcoin usually would need to have a better hold of the market. All the indicators used in the Advanced interface of Binance helps the trader achieve that.

Keep An Eye On Bitcoin News And Events

If there is one thing that hugely distinct Bitcoin from fiat, it would be that the value can change in seconds. This can either be a good or bad thing.

This nature of Bitcoin is called volatility. This means, an asset may have little to no value now but in the next hour or so, it might have the ability to instantly triple whatever amount you placed on this particular asset.

In that case, if you want to start being a trader, you need to keep an eye on the market. Doing so will give you an idea of whether it is the right time to sell or to trade your asset.

You can check out websites such as Cointelegraph and Coindesk in order to know what is currently going on the cryptocurrency world.

Always being updated with Bitcoin news will also help you decide if you think it is time for you to take your money out of the crypto market.

After all, people have already been talking about the possibility of a Bitcoin crash. As of the moment, there has been no solid evidence that this is actually going to happen but if it did take place, it would be great if you could save all the money that you have gained.

Learn The Basic Rule Of Thumb In Bitcoin Trading

Some people think that they just have to buy some Bitcoin and then their money would be doubling or tripling after some time.

However, that is far from the truth. The key to successful trading is to be strategic.

One thing all traders know is that when the market is low, that is the time to buy Bitcoin and when the market is up, it is the perfect time to sell.

Choose A Place To Store Your Bitcoin

To be honest, you really aren’t going to be looking for a place. What you need is a Bitcoin wallet. A lot of trading platforms already comes with a wallet but you still need to look for an exclusive one where you are going to transfer your gains.

We have two suggestions for you. It is ether you use the Abra app or Coinbase.

But if you are going to use Coinbase, you might as well use it as a platform as well.

These two wallets that we have just introduced you to are some of the best wallets in the market when it comes to security. In the world of Bitcoin, that is really all you can ask for.

 

Paola

Paola Garcia lives in Jakarta Indonesia. She is an associate professor in University of Indonesia and also managing Scoopinion at the same time. She is also fond of watching theatrical plays.

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