Bitcoin

5 Steps to Start Bitcoin Trading the Easy Way

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Bitcoin was worth pennies just a few years ago. Today it is worth more than $7,000 (6,000 Euro). This shocking rise in value indicates an investment the like of which the world has rarely seen. What’s more, analysts project that Bitcoin could be worth much, much more in the not-too-distant future.

If you want to start trading Bitcoin while the prices are still (relatively) low, here are five steps for easy Bitcoin trading to get you started.

1. Make Sure Your Bank Allows Bitcoin Purchases

You can buy Bitcoin with USD and other fiat currencies like pound sterling at Bitcoin exchanges like Coinbase. However, some international banks like Wells Fargo have banned Bitcoin purchases with its debit and credit cards. Use a bank that allows Bitcoin purchases, or use a secondary Bitcoin exchange option like Gemini to trade as you please.

buy bitcoin invest in bitcoin bitcoin trading
buy bitcoin invest in bitcoin bitcoin trading

2. Spend Only What You Can Afford to Lose

There’s no guarantee that the Bitcoin price will increase forever. Though there are good reasons to believe that Bitcoin will continue to ascend, invest only what you could afford to lose, or that which you don’t need to access for a few months or years. It may take that long to turn a significant profit.

3. Create an Account With an Altcoin Exchange

Bitcoin exchanges like Binance allow users to trade Bitcoin for hundreds of altcoins, like NEO or ARK. Create an account, fund your new account with Bitcoin you’ve purchased elsewhere, and trade for altcoins with bright futures.

4. Store Bitcoin and Altcoins Safely

You can’t trade Bitcoin if you don’t know how to keep it safe. A secure Bitcoin wallet is essential for long (and short) term storage. A hardware wallet like the Ledger Nano S can keep your Bitcoin safe for a long, long time.

5. Be Patient

Bitcoin might not become a new global standard for currency next month. If it succeeds, its rise will likely be a gradual thing. Don’t be tempted to trade Bitcoin away just because the price doesn’t double in a week or two. If you can keep your Bitcoin until it has truly taken the world by storm, you’ll be a much more successful investor.

No one knows what is going to happen with the price of Bitcoin. But if Bitcoin’s price continues to rise, these Bitcoin trading tips can get you on the road to profit quickly.

Featured image source: Flickr

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Risk Warning: Investing in digital currencies, stocks, shares and other securities, commodities, currencies and other derivative investment products (e.g. contracts for difference (“CFDs”) is speculative and carries a high level of risk. Each investment is unique and involves unique risks.

CFDs and other derivatives are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how an investment works and whether you can afford to take the high risk of losing your money.

Cryptocurrencies can fluctuate widely in prices and are, therefore, not appropriate for all investors. Trading cryptocurrencies is not supervised by any EU regulatory framework. Past performance does not guarantee future results. Any trading history presented is less than 5 years old unless otherwise stated and may not suffice as a basis for investment decisions. Your capital is at risk.

When trading in stocks your capital is at risk.

Past performance is not an indication of future results. Trading history presented is less than 5 years old unless otherwise stated and may not suffice as a basis for investment decisions. Prices may go down as well as up, prices can fluctuate widely, you may be exposed to currency exchange rate fluctuations and you may lose all of or more than the amount you invest. Investing is not suitable for everyone; ensure that you have fully understood the risks and legalities involved. If you are unsure, seek independent financial, legal, tax and/or accounting advice. This website does not provide investment, financial, legal, tax or accounting advice. Some links are affiliate links. For more information please read our full risk warning and disclaimer.