Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
So you have probably heard everyone talking about cryptocurrency. About the great returns they have made so far. And you are even hearing more and more people are becoming millionaires or even billionaires because off they are making the right decisions. Now you decided it is time for you to start of as well. As you also would like to have your piece of the pie. Well, great decision. In this guide I will tell you how to get started. What you have to do to make your first trade, and I will explain to you how to avoid some costly beginner mistakes. So let’s get started!
First of all you need to deposit some fiat money to Coinbase. Fiat money is currency that a government has declared to be medium of payment that is recognized by law. Also known as dollars($), euros (€) or whatever currency is the main currency in your country.
So first of all you have to send some fiat money to Coinbase. The best thing to do is to buy your crypto of choice on Coinbase. You can purchase Litecoin, Ethereum, Bitcoin and BitcoinCash on Coinbase. I would personally stick to the basics and buy bitcoin , but you can decide which cryptocurrency you would like to buy after you have done some more research. If you click on this link down below we both get 10$ of FREE BTC so if you like free bitcoin. Make sure to use the link :).
Coinbase - Buy/Sell Digital Currency
After you have bought your first cryptocurrency ever. You have numerous decisions on what to do. You can either keep your cryptocurrency of choice on Coinbase and wait for it to increase in price. Another decision you can make is that you would like to multiply the amount of BTC, ETH, or LTC you currently posses. What you need to do to make that happen is to trade your coins for altcoins. The best platform for trading is in my opinion Binance. Why? Because the fees are extremely low and there are a load of different coins available on Binance. You can sign up using my link if you would like to support me and see more content. https://www.binance.com/?ref=10883223
On Binance you can buy altcoins. What are altcoins? Altcoins are all the coins that are not Bitcoin. Altcoin is short for alternative coin. On Binance there are a lot of altcoins. You can buy altcoins on Binance using your BTC or ETH.
Warning: once you have decided to buy altcoins to trade them or keep them. Make sure you realize you are entering tricky territory. You might know that bitcoin is really volatile and fluctuates a lot in price. Altcoins are even more volatile. That means two things: you can make huge profits real quick. However, you can also lose money real quick. Make sure you are aware of this.
So now some tips from my own experience and the observations I have made so far. First of all, if you would like to make quick profits and really want to get better at trading cryptocurrency. I would suggest to start with as little as 100$ as your money for trading purposes. Why such a small amount? Well, what I have noticed so far is. That all the people that I personally know that have become really wealthy with trading cryptocurrency started of with small amounts.
Actually if you think about it, it is not more than logical that a lot of people that started of small in cryptocurrency became successful. If you start off with a small amount cash you have room to make some mistakes. You will react way different if the coin you just bought went down 50% in one day if you have 100$ versus if you have 10K$ in that same coin. You will most likely panic sell if you start off with a large amount of money and you will make some unnecessary costly mistakes. In the exact same moment you are also preventing yourself from learning and getting better.
Now if you want to invest more than 100$ I am not saying that you should not do this. But my advice is to use all the money above 100$ for long term investments. The idea is to use anything over 100$ to hold your position in a coin for a longer period of time. In cryptocurrency terms this is often referred to as HODL.
You have probably noticed that if you really want to become better at something you almost have to make some mistakes. In everything in life, not only in trading cryptocurrency. So that is why I suggest to start off small. Once you really become better at it, have made some mistakes and you have learned from those mistakes you can start to use this lessons to trade more confidently with more money. You might have heard that the only source of knowledge is experience and that most definitely also applies in this case.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.