This article consists of all information that should be known by a beginner. For Cryptocurrency trading, firstly beginners are required to select an exchange and a Cryptocurrency wallet. After account verification, go for the next step of buying and selling cryptocurrencies. This is done through three main kinds of trading i.e. market orders, stop, or limit.
Step-by-Step Crypto Trading:
- If you are a beginner follow these simple steps for crypto trading:
- Firstly, you have to sign up for any crypto exchange. Either you can select Binance coin or Coinbase.
- Different exchanges have different payment methods. You follow the payment method offered by your selected exchange for account funding. This funding is very important for account verification.
- Then you can start trading means now you can buy or sell. Trading can be done through direct dollars to crypto. Otherwise, you can trade crypto to crypto.
Requirements for Cryptocurrency Trading:
For Cryptocurrency trading you must have two things:
- You must have crypto or dollars for account funding. As it is important for account verification.
- Then, you must have one or two Cryptocurrency exchanges for trading. Like you can select any exchange or exchanges from Binance, Coinbase, or Bittrex.
What you can do for Trading?
- You can do trading by US dollars to Litecoin or Bitcoin to United States Dollars.
- Otherwise, you can trade Bitcoin to Litecoin or Ethereum to Bitcoin.
How you can Store Cryptocurrency?
- You can store your Cryptocurrency in one or two of the available Cryptocurrency wallet. The Main Cryptocurrency wallets are Trezor, Atomic Wallet, and MetaMask. Otherwise, you can use wallets available at selected exchanges.
- Also, follow practices for the safety of the crypto accounts.
Above is the detailed information that a beginner should know before Cryptocurrency trading. Hopefully, this guide provides help to beginners. Read each section and clear all doubts before initiating.
Randal has been following the crypto space since 2013. He is a passionate advocate for blockchain technology, and believes that it will have a profound impact on how people live their lives. In addition to being an avid blogger, Randal also enjoys writing about developments in the industry as well as providing useful guides to help those who are new to this exciting frontier of finance and technology.