As you might see from the everyday business news, the cryptocurrencies are on the rise now. And considering the price growth rates, you might get very interested in buying and trading yourself. On the one hand, trade process might become a little bit difficult for you as it is not a simple purchase in the shop and it is not as somebody is used to when purchasing stocks on the stock market. On the other hand, it is a lot easier than the mentioned stock trading. Today I will show you how to start your first wallet, start trading Bitcoins and what hidden rocks there might be in this sphere.
So, the first question will be: how to buy my first cryptocurrency. First, you have to choose your primary currency (generally this will be one of the most exchangeable coins: Bitcoin or Ethereum) and start your first wallet. There might be a lot of options. As for me, you can use such services as Coinbase, Jaxx, Exodus, Blockchain. These are online wallets, that are less secure than desktop ones: Bitcoin Core and Armory. Online wallets are faster, more user-friendly and don’t require synchronization, but, as I have already mentioned, are less secure. Or you can use hardware wallets like Trezor. The difference between walets are not only in security level, accesability and technology stack but also in a list of supported cryptocurrencies. So before do any registration, please check what cryptocurrency your wallet will support.
What is next after starting your wallet? You have to buy the currency. For this, you should use one of the exchanges that you can find on the Web. But the best option for you might be the aggregator Bestchange, where you can find propositions of different exchanges for the main cryptocurrencies. This might be a helping hand for you to get the most profitable deal. One more service that might be interesting for you is Local Bitcoins. This is like an eBay for cryptocurrencies: you arrange the deal with the peers that set their own price and payment method.
And here comes the last stage – trading itself. Here you should choose the trading platform balancing between usability, number of traded coins, exchange rates, and fees. Here you have lots of alternatives: from more user-friendly Bittrex to more complex but suitable for the most liquid coins Bitfinex. But you will never make a mistake going to the Coinbase. This is the most popular and thus, a reliable trading platform for cryptocurrency investors. It acts both as a wallet and trading platform so you will be able to do all your actions in one place.
There are also some tips how not to fail and to avoid some underwater rocks. First of all, you might use your PayPal account to buy Bitcoin and other cryptocurrencies on the exchanges. The PayPal themselves are standing against it as the payment system features allow some possibilities for the fraud. Another thing you should be aware of is that the exchange rate at the exchange you might buy coins at might differ a lot from the course you see in the news or in special course trackers. This means that you should expect that buying coins for USD 2000 you might get the equivalent of USD 1600-1800 that will appear on your wallet. Another possible unpleasant thing that you can meet buying Bitcoin is a fraud when you make a payment on the exchange but don’t receive the coins. Usually, at the exchanges, they show each seller’s deal success rate, what is a good indicator of seller’s dignity.
So, using all these tips, you will be able to buy and trade the currencies you want. But keep in mind one thing: invest responsibly, always be aware of the fraud that can take you by surprise and the main thing – invest responsibly. Reed more about cryptocurrencies on my blog.Follow me in social media: