Crypto Trading For Beginners
Crypto trading is a very interesting thing but patience for it extremely required otherwise you will gain nothing. Usually beginners lost there coins while getting panic watching those graph of Ups and Down. ( i too lost in starting but later learned how to not get panicked )
Lets start understand Trading without wasting time.
Two things are required for crypto trading.
- A base coin like Bitcoin/Litecoin/Dogecoin/Ethereum etc
- A wallet ( best is having less fees for sending and recieving)
Crypto Trade sites are those sites where a user can buy/sell coins. All coins which are available for Buy/Sell are listed there and users are able to Buy/Sell them in compare to Base coin ( as mentioned above ). So base coin is the value through which we can buy/sell the particular coin. And that is why it is mentioned as BTC_COIN ( for example : We want to buy/sell PrimeCoin so market will become BTC_XPM )
Now lets understand how Crypto Trade Platform looks like and what are the particulars in that platform.
This layout i took from my cryptopia account which i am using and found easy as well as handy for many things which we later understand when i will explain all particulars separately in this post.
This is the main question before we start further. Coin market is a market where different types of coins are listed with there last asked price , volume and rise/fall in compare to base coin ( for example : BTC ). Lets attach a descriptive image & a live widget to understand this concept properly.
This is live widget for ETH from Cryptopia ( Using there API )
So we can see how market works. The last High , The Last Low. Volume of The Day
This question i picked first because majority of our visitors are faucet lovers and they are selling there coins to convert it into BTC and later into Fiat as per there country. So lets check the selling option of the trade site.
I have some BLK ( Blackcoin ) in Cryptopia so i am going to give example by using Blackcoin. ( Make sure that every trade site have there limits of trade , like cryptopia is having 0.0005 BTC min trade limit. So if our trade is going less then 0.0005 BTC then it will not accept )
This is a good question , How to get profit. As we know crypto market is not stable market because coins are not having any backup of any Asset like ( Gold , Properties ) , they are all speculated by demand. Suppose if i want to pay someone immediately at any cost in DOGE. Or i just want some payment to get done today or my service will get cancelled so i need DOGE instantly. So what i will do ?
I will go to trade buy at whatever present rate going on and get coin to full fill my demand. But if i want at cheap price then i have to wait for that price to come.
So here we will see how we will set our own value and once that value will match our coins will get sold automatically.
This is how people are making profit from there coins. But this all need patience because many times you set high price while market is going down globally ( Globally here means all the trading sites ). So you must take look of global demand and supply to set selling price. Sometimes you can get quick profit and sometimes have to wait long enough to get profit. Usually Friday – Sunday market works faster then the rest days.
This is what many of my friends and visitors asked, Usually they are asking which Altcoin is profitable. So in this tutorial speculation of any altcoin i am avoiding because that will lengthier the tutorial , for that i will write some other time. Here i am going to tell how we can buy altcoin and at what price ? We can set our own price too or can buy on current price depends on our requirement. Image given below will describe how we can buy altcoin.
There is a section in every trading site where we can see our Open orders for Sell/Buy. Where we can cancel our order unless they completed successfully. Image given below explain everything.
That’s It. This is how Crypto Trading site works.
Some of good trading sites which are good for beginners :-
There can be little bit platform layout difference in different website. So understanding first is important to make trade.