It is no news that Bitcoin is the most reliable cryptocurrency in the world. Although very volatile, its volatility is why people have managed to make the best profit out of it. The surest way to trade and to make the right decisions based on real-time insights is to use a trading platform. Most trading platforms provide statistics, graphs, and time value for the cryptocurrencies they trade. These features help buyers to make insightful decisions with their trades. In simple steps, this article aims to help you learn how to place a bitcoin trade.
1. Get a Trusted Trading Site
Choosing the right trading site for you is essential. Don’t listen to suggestions based on word of mouth. Search the internet for the best bitcoin trading sites for people in your country. Not all trading platforms are accessible to everyone. When you have considered the list of possible locations, go on to read the reviews of the best bitcoin trading platforms. There, you would know the safe ones, hear others’ testimonies, know the minimum amount of deposits to be made according to your budget, understand the charges and rules, if okay for you. You may also consider user-friendly app interface and mobile options. After you have made the decision, then you move on to register.
2. Create an Account
Create an account or register on the trading website of your choice. Account creation is usually free and straightforward. For some platforms, though, the registration process can take a toll, because of the verification process. Signing up will require you to submit your name, address, and some other things, depending on your trading site. For some, the registration process is completed by verifying your Google or Facebook account.
3. Verify Your Account
Verification processes are to ensure that trusted members are in the community of users. This eliminates the risk of fraudulent or dormant individuals. Most regulated platforms have a verification routine for users to follow. Required documents are often a picture of any of your international passport, driver’s license, or government-issued ID, and then a utility bill for address validation or bank statement. Verifying your account on a bitcoin-trading platform increases your deposit and trading limit.
4. Fund Your Trading Account
The next thing is to prove your enthusiasm for trading—deposit funds into your trading account. Although funding methods may differ from platforms to platforms, however, most platforms allow you to fund or buy bitcoin with a debit card or credit card. Direct bank transfer can also be done. If you would be using your card, all you have to do is impute the details required. Other 3rd party payment options, including PayPal and Skrill, are accepted.
5. Place Your Trade
Having completed your deposit, move on to trading. Some trading sites offer demo accounts for newbies to learn how to place a bitcoin trade using the system’s “demo trading” feature with the real market trends. For those familiar with cryptocurrency trading, trying the demo account might not be necessary.
Now, you can proceed to buy and sell bitcoin or other cryptocurrencies that you want to. Since this is about bitcoin, select bitcoin as your preferred trading currency. You can buy or sell. If you are new, it is always advisable to start the trade with the smallest amount, so that you don’t lose out much until you have learned enough.