How to start trading in Cryptocurrency for Dummies.

in #cryptocurrency7 years ago

Hello everyone, wanna keep it short and simple.
First of all you need a digital wallet (what is wallet? www.blockgeeks.com/guides/cryptocurrency-wallet-guide). Some may say is it necessary, yes it is. When you go to bazaar would you take all your money with you ? or you just take amount that you need only ? answer is obvious. Most secure ones is hardware wallets a.k.a cold wallet, they are not connected to internet and perfect for storing your cryptos there, you only use them when you need pull or put money in. Don't forget to buy hardware wallets only from official places.

HARDWARE WALLETS
👉Ledger Nano S www.ledgerwallet.com
👉Trezor www.trezor.io
👉KeepKey www.keepkey.com
SOFTWARE WALLETS
👉 Jaxx (ios/android macos/windows/linux)
👉 Electrum (macos/windows/linux/android)
👉 Mycelium (android/ios)

Next step choose right place to buy major Cryptocurrency (btc, eth, ltc). For trade Altcoins(alternative coins/newer coins) you probably will need major cryptocurrencies like Bitcoin, Ethereum, Litcoin. Because most of exchange markets are not trading in fiat(usd/euro/pound etc.), and even if it is, they has very limited number of coins and plus they harder to register. So first you buy bitcoin and then trade it for altcoins in exchange markets.
Its better if you buy major crypto's from your local markets, even easier if you can find near you a BTC ATM (find here www.coinatmradar.com)
Here some fiat to btc/eth/ltc international markets
👉 Coinbase(Very high fee's, + very restricted country list)
👉 Bitfinex(great place for fiat to crypto, mid fee rate)
👉 Bitstamp(one of easiest market out there, but you have to wait to be register and approved more than 4 weeks)
👉 Kraken(very slow system , often down servers and its painful to use because of crashes of platform)
👉 Litebit(its very easy to use, purchases made with Euro. Good for Europeans)
👉 GDAX(its owned buy coinbase, but smaller fee's)
👉 Xapo(Easy to use, little bit slow approval of registrations)
But i still recommend buy major crypto's from your local markets.

So next step is Choose a decent exchange market where you can trade altcoins.
Here most legit ones
👉Binance
👉Bifinex
👉Houbi
👉Poloniex
👉Kucoin
👉YObit
I recommend use these exchange markets for altcoin trade.
Before making some trade learn about trading. here i list some points that you need to consider before buying some alts
👉Always make your own research about coin you going to buy, its likely that coins listed in Binance are more legit than other unlisted coins(team behind Binance exchange told that they would only list coins that legit enough for their like) so you may trade those coins for more secure trade. here some helpful links
www.coinmarketcap.com
www.worldcoinindex.com
www.cryptopanic.com
www.blockchain.info
www.tradingview.com/markets/cryptocurrencies/quotes-all/
https://www.cryptortm.com
👉Stay away from coins that pumped in very short time( its means that coin intentionally/purposely rised by some group of people, https://steemit.com/bitcoin/@tonylondon/how-bitcoin-pumps-and-dumps-work check this out great post about pump and dump)
👉NEVER JOIN TO GROUPS that says they going to pump some coin, ITS SCAM.
👉Its better not to sell at lose, you bought some coin but here is its going down dramatically? Don't panic, its very volatile market so be ready downs and ups. But again try to not buy coins at ATH(all time high) price.
👉Do not blindly believe in news, make some research by yourself. Because Cryptocurrency is decentralised, there are a lot of fake news and no one are stop them. Those fake news have huge effect on crypto community. News like India going to ban BTC, causes a lot of FUD(fear, uncertainty and doubt) which makes people to sell their coin and dump the price of coin. Don't be one of them make your own researches.
👉 Last don't be to greedy, make stop-loss and stop-win point every time.