If you want to trade with bitcoin, you must know how to buy them or sell them on a trading platform. Buying and selling might seem very difficult until you know the processes. However, both of them can’t be executed if you don’t follow the preliminary steps. Today, in this article, we will give you detailed knowledge about how dealing with cryptocurrencies and you can sell your bitcoin on a crypto exchange.
- Find the best crypto exchange: The first and the main thing to start bitcoin trading is to find the best bitcoin trading exchange. This can be difficult for you if you don’t have enough knowledge.
- You can check the reviews of various exchanges online. You can read about them online. Choose after your research.
- Check for the address of their office that must be given on their website. Try to choose the nearest one so that you can visit and check if they exist or not.
- Choosing the best platform can be very as there are scammers in bitcoin investing. One reliable option can be the Bitcoin era which has recently gained popularity. You must choose it wisely.
1. Open your bitcoin account:This is the first step to starting your trading journey. Here, you might need to submit the ID proof needed for verification. After that, an account will be opened from where you will do the trading. This step is almost like opening a bank account. But, the difference is crypto exchanges are open 24*7.
2. Fund the account:Now you have your bitcoin account. So, you need to transfer some funds from your bank account to this bitcoin account to buy some bitcoin. Here, you must remember not to put all your life savings into bitcoin trading. Experts suggest only 5% of your savings for investment.
3. Study the market & make a plan: Never make the mistake of jumping into the trading without having a plan. The bitcoin market is highly volatile. It is associated with high risk. So, study the market. Check the current crypto prices. Calculate the risk. Make a plan. And then, start trading.
4. Buy & hold before selling:You can buy bitcoin with the fiat money available in your bitcoin account. After buying, it is important to hold the bitcoin for some period. A long-term investment plan can be profitable for you.
5. Sell your bitcoin and make a profit: Once you have your bitcoins in your account, it is time to sell. But, always make sure to study the market. If the bitcoin price is higher than your buying price, it is the right time to place a sell order. Simply select the sale option to execute the mode. Then select the right account where you want to get the money in the deposit section.There might be some holding period before the transaction takes place. By that time, you can make as many sales as you want. Collect your money after the transaction is over.
6. Alternative selling method: Some direct trading websites and apps are there from where you can sell your bitcoin directly to the buyer. Like all other bitcoin exchanges, you have to register, create an account, and buy bitcoin. The site will notify you when a buyer is interested inbuying at the offer price. When both seller and buyer are agreed, the buyer will pay the value to the seller, and the seller will release the bitcoin to the buyer.
Wrapping it up !!!
These are a few key pointers that will simplify your crypto trading and registration process. Bitcoin trading is very easy itself. The direct trading websites and apps made it even easier. So, search for the right website andstart your trading journey. Remember, investment is backed by risk, but you can make the right start with the right assessment.