17 August, 2017
How to start trading Bitcoins?
Bitcoin is a currency like any other except that it works in the digital realm and since everything seems to be getting digitalized, Bitcoin has been gaining quite a level of popularity and is also one of the markets where sufficient profit can be gained whether for the professionals or the beginners. There are quite some benefits from trading in Bitcoins. With its gained popularity and the unpredictability of it, many people have joined the digital currency realm So if you are interested in this trading system and want to start the trade in Bitcoin, here are the simple steps that you need to take:
- There are some sites that offer traders to trade Bitcoin, so the first step is to open an account in one of the trusted sites where you will be able to obtain the Bitcoins. Opening the account will require you to fill it with some basic information which is part of the KYC and AML laws. Then you will need to verify your email and confirm the information. Do read up on the site before you open your account and start trading.
- After opening and verifying your account, you will need to fund your account with the amount of money that you will want to start your trade in Bitcoin. Here you can select the type of funding method as various sites offer some deposit methods from which you can choose from. The Bitcoin deposits may require another confirmation which may take an hour or within a few days.
- Now, you will be able to choose from the ‘trade’ tab. You can choose between the Bitcoin contracts, or you can switch trading pairs for which you want to start your bid at. There are several other bids, so your bidding amount is entirely up to you. You can write, so that is lower than the price that is being currently shown if you expect the price of the Bitcoin to fall lower. After which you can put for the amount that you want to trade.
- After you have cleared the above steps, you can start the process. Trading in Bitcoins is not a simple process, and it requires you to be clear with the system of Bitcoins and understand it so that you can come with a strategy that will work well for your benefit. If not planned properly then it may end in you losing some money. Albeit it is exciting, it is also important to know that it can be a risky trade that involves your capital. Before you place the actual order for any of it, make sure that you check the order book to confirm your trading pair.
- There are other ways to obtain the Bitcoins such as online auctions sites like eBay or various other sites, but in these cases, there is a possibility of cases of fraud or chargeback which can be even riskier.