The booming popularity and worldwide acceptance of Bitcoin ATM are attracting new investors to get into the crypto market. But it is difficult for new investors to put their hand into it without any prior knowledge.
In this article, we have highlighted some helpful bitcoin trading tips for beginner crypto investors. If you are a new investor and looking for a helpful guide to give you a boost in Bitcoin trading, read on to know further.
1. Find the best crypto exchange or an application: The first and the main thing to start bitcoin trading is to find the best crypto exchange for you. If you have no experience in the field of crypto trading, it may seem difficult for you to continue with the process for long. So, while finding the best bitcoin exchange, we suggest you some tips to keep in mind.
Government has no control over any crypto trading exchange. As a result, there is no particular structure to follow. Different exchanges set their own guidelines. This fact can lead to fraud. In such crucial cases, you need to choose a reliable online crypto trading platform, such as Bitcoin Era. This is a platform from which you can trade bitcoin and other cryptocurrencies easily.
2. Link your bank account to the platform: After finding the best bitcoin exchange for you, the next step to do is to register and open an account.
- For the registration part, you might need to get your verification done by submitting the ID proof that is needed.
- After that, an account will be opened from where you can buy or sell bitcoins. This step is almost like opening a bank account. But, the difference is crypto exchanges are open 24*7.
- Then you have to link your existing bank account with that bitcoin account.
3. Fund your bitcoin account: Now,once you have your bitcoin account you need to transfer some funds from your bank account to this bitcoin account so that you can buy some bitcoin. One thing to be remembered here is not to put all your life savings into bitcoin trading. Experts suggest only 5% of your savings for investment.
4. Buy bitcoins:Start buying bitcoin with the fiat money that is available in your bitcoin account. But, try to remember certain things here.
- Before buying study the current market rates, and their past reviews and get to know about the experts’ predictions.
- Do not put all your life savings into bitcoin trading.
- Invest as per your capability; the expert financial investors suggest only 5% of your savings for investment.
5. Sell your bitcoin and make a profit: Selling bitcoin needs much more attention and some skills.
- First and foremost; do proper market research.
- If the bitcoin price is higher than your buying price then it is the right time to place a sell order. Choose the sale option on the platform.
- 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. You have to wait for the holding period to be over. By that time, you can make as many sales as you want.
- Now you can collect your money after the transaction is over.
- But it is also important to hold your bitcoin for some period before selling if you are thinking to make a profit out of a long-term investment.
6. Trading through websites and apps: If you are investing through a direct trading website or an application you can sell your bitcoin directly to the buyer. Just like a bitcoin exchange, you have to register, create an account, and buy bitcoin.
At the time of selling Bitcoins, you have to place a sell order for a specific value. Multiple sellers and buyers are there. The site will notify you when a buyer is interested to buy 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.
Now, you know the trading steps, you can plan to start investing in your preferred form of cryptocurrencies and make good profits out of your investment.