How to Get Started in Cryptocurrency Trading

Oct 28
Setup Your Trading Accounts
Cryptocurrency is the future and it’s a solid choice to make money as well. However, getting the accounts set up correctly to get started in Bitcoin trading is difficult. There are many options available, but here is the information for a basic setup.
Step 1: Coinbase Account Setup
Coinbase is a cryptocurrency platform that lets you sell and buy Bitcoin, as well as store it securely. You simply need to visit the Coinbase website and click the get started button to be on your way towards Bitcoin trading. The company is based in the USA, and the account is free. However, you will need to link a card or bank account.

Step 2: Binance Account Setup (USA)
Binance is one of the largest cryptocurrency exchanges, which means pricing is incredibly competitive. To get started in trading cryptocurrency, you will need an email address that you check regularly. The account is free.

Step 3. Fund Your Coinbase Account and Purchase Bitcoin
You want to start your Bitcoin trading journey on Coinbase. The platform is better setup to enable USD to Bitcoin trading transactions and has exceptional security. You can fund the account through bank transfer or card, and the fees reflect the convenience. Coinbase will also automatically generate a secure wallet based on what coins you’re interested in to start, in this case, Bitcoin.

Step 4. Send Bitcoin to Your Binance Wallet Sending Bitcoin from Coinbase to Binance is straightforward. Go into Binance and find your deposit tab. Then select the cryptocurrency you want to transfer from Coinbase and Binance will generate a wallet address. Back in Coinbase, go to your account tab and select the cryptocurrency you want to send. Then simply copy the Binance wallet address you generated.

Step 5. Do Coin Research
Binance supports over 150 coins, so there’s a lot to research. Not only should you examine crypto coin trading trends, you should dig into the coin itself. You want to know its niche, who backs it, and a bit about the software behind it before you consider buying. You want indicators that the coin is going to go up in value rather than stagnating or depreciating. 

Step 6. Do a Market Order for Your Coins
Market orders ensure that your Bitcoin trading does not wait for the market. While you may lose some since it uses the current market price, it is worth it to have access to your coins when you’re starting to trade cryptocurrency.

Step 7. Track Progress Using CoinTracker
The last item you want to set up is a CoinTracker account. You can link your Coinbase and Binance accounts so that the software updates them automatically. Then you have all the pieces of your portfolio in one place. Additionally, CoinTracker serves as a tax software for cryptocurrency, which is critical to avoiding penalties. 
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