cryptotrading for beginners

Basics of cryptotrading for beginners

January 13, 2019

If the principle of cryptocurrency trading on a stock exchange is simplified as much as possible , then it is no different from others. Buy cheaper and sell more expensive.

In order to buy Bitcoin, you no longer need to collect information bit by bit. Just ask Google and search results will show hundreds of options – exchanges, exchangers, bots. Unfortunately, there is still a rampant majority fraudulent, but the trend is changing. This is due to the fact that people who show interest in cryptocurrency are becoming more and more educated in this niche.

Cryptocurrency purchase

There are still few popular cryptocurrency exchanges that support trade in fiat funds, so you need to replenish balance sheets with a previously acquired crypt.

More experienced traders, first of all, are interested among acquaintances whether it is necessary for someone to cash out part of the funds. Thanks to this, it is possible to save money on the commissions of the intermediary sites and make an exchange with maximum calm.

Beginners for the first purchases of “digital gold” are sent to cryptocurrency exchangers . It is worth noting that even despite the fact that some platforms have been working for a long time and have proven themselves from the best side, this does not give a 100% guarantee that the exchange will be successful. Hackers pay a lot of attention to everything related to cryptocurrencies and quite often undergo hacking exchanges, wallets and other platforms that relate to this subject.

More precisely, it is a whole aggregator, on which platforms are placed and displayed in convenient tables relative to the most profitable course. In addition to cryptocurrency, there is still a huge number of other payment systems. A handy calculator will help you navigate where you can get how much money, taking into account the commission, and without it. Next to each site are displayed and reviews on which you can check the site for good faith. Although, those that have been accused of fraud are quickly and permanently removed. The rating of sites changes in real time depending on the exchange rate. Separately, you should pay attention to the exchangers marked with “M”.This means that the exchange does not occur automatically, but in manual mode and may take some time. Almost all of the top sites have their own loyalty system and for continuous use is provided with a cumulative discount on the commission that the service takes.

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As a rule, the rate here is lower than on the popular cryptocurrency exchanges , so if you need to transfer funds to another exchange, and not for withdrawal, such operations are better done directly. In such cases, the funds are converted to low volatility Altcoins and a minimum commission for transfers.

If the task is to buy Bitcoin, and not Altcoins, then you can pay attention. Here, private parties are also parties to the exchange, and the exchange can be made even in a personal meeting using cash.

In addition to exchangers, bots in Telegram are gaining popularity, with which you can purchase the most popular cryptocurrencies such as Bitcoin, Ethereum and others. The course may be more profitable than on the sites presented by Bestchange, but it is worth carefully examining each bot for integrity. A lot is created only with an imitation of the exchange process, and the main goal is to lure the crypt from inattentive users. The main indicator is the exchange rate, which is very different from the market average in favor of the buyer.

Another way – to make money on the exchange, which takes Fiat. Further, two options – trading cryptocurrency on this exchange, or transfer the deposit to others. One of the options is EXMO, where there is in addition to the listing of cryptocurrencies and a ruble purse. It can be replenished through Payeer, OK PAY, adv cash, money polo. Unfortunately, there are no more common ways to replenish the account, so the option is more suitable for those who plan to work with this particular site. However, it is important to note that the Payeer wallet is already fairly widely integrated with many cryptocurrency projects. Given the relatively small transfer fees, it makes sense to look at this wallet in future work.

Important! When buying Bitcoin, it may take 10-15 minutes to complete a transaction. Sometimes longer. This is due to the specifics of how the blockchain works, the algorithms and its bandwidth. Therefore, immediately after making a purchase of “digital gold”, you should not panic if you do not see information about the funds crediting by updating the wallet.

Popular exchange cryptocurrency

Bittrex is one of the favorites among Ukrainians, Russians, Belarusians. It is famous for its abundance of altcoins and a good level of liquidity. At the same time, trading volumes are at an average level compared to other sites. Interface – English. In the Markets section, everything is sorted by pairs with dollar, bitcoin, ethereum and other coins.

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When buying a graph displays the price change and the application for the purchase / sale. No additional tools provided. The main advantage of the exchange is a fairly active market and an abundance of altcoins.

Another popular exchange where you can buy Bitcoin and other altos for further work with them is Bitfinex. One of the largest is the Hong Kong Stock Exchange. There is a Russian-language interface, but since the translation was done by local developers, in some places the information was translated incorrectly. It is better to work on the site in English.

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The advantages of this exchange a lot. There is also a demo mode, which provides access to a variety of functions and provides an opportunity to become familiar with the site even before the start of real trading. The developers also implemented the TradingView system, which we will discuss in more detail in the second part. In short, this is a serious tool for analyzing prices and graphs. Despite the great popularity, statements from users periodically appear on the network, accusing the exchange of fraud and fraud. The management promised to conduct an open audit of the company, but so far everything remained only in words.

There are many other exchanges, such as Poloniex, Yobit and others. More experienced traders select several options for work, depending on where the coins of interest are represented. The most important thing is to study in detail the conditions of crypto trading on each site separately and read the reviews of those who already work there.

As you can see, the first step towards cryptocurrency trading, its acquisition, is absolutely not difficult. There are a huge number of options and there is always plenty to choose from. The main thing is not to be vigilant in order not to run into fraudulent projects. In the next part we will examine another trading platform and key things that you need to know when analyzing charts. And to learn how to analyze charts and “read” the market for profitable trading

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