Bitcoin trading is a digital platform with simultaneous buying and selling of bitcoins. Trades happen at a very fast pace with simultaneous management of active orders.
Contents1 – Get Bitcoin Wallet:2 – Get Bitcoins:3 – Find Exchange Marketplace:4 – Exchange Marketplace Registration:5 – Transfer Money From Your Bank Account or Card credit:6 - Order with Money:The trading process involves matching buy and sell orders placed on the system. These are placed in an open order book, which is simply a list of buy (bid) or sell (ask) orders for Bitcoin Profit Review currently available in the market. A buyer can place their bid to buy bitcoin at their chosen price, while the seller specifies the lowest price at which they are willing to part with it; this continues until another trader places the reverse order; thus, either by canceling the previous order or by completing the transaction by transferring bitcoins between the parties involved.
In this blog, I am going to tell you about the basics you need to take care of before you start trading bitcoins.
There are several options available today for bitcoin wallets. But it is very important to take care of the following points before choosing a particular one.
The first thing to do is to choose a secure wallet, because you don't want your accounts to be hacked and your bitcoins to be stolen. Desktop wallets offer users a lot of ease and flexibility than online web wallets. As desktop software can be installed on each computer, this allows access and use of bitcoins anywhere as long as there is a PC with internet connection or a laptop on which wallet software is installed. You can also install it on your mobile phone which will bring you much convenience while spending Bitcoins every time.
You can buy Bitcoins on various trusted sites. Some of the most popular options are coinbase, bitstamp, etc. There are many other exchanges available to buy bitcoin, but these two are considered the best due to the wide range of currencies supported by these exchanges. You just need to register on these sites and then you can find the list of merchants willing to sell/buy bitcoins for your deposited currency i.e. USD, EUR etc.
After registering on the websites mentioned above, now is the time to search for an exchange platform that suits your needs. For example, if you want to trade BTC-EUR, you should choose a site that supports both USD and EUR.
Most trading platforms require registration and you will need to provide your full details like your name, contact details, proof of address, etc. Some sites allow you to remain anonymous but this is not recommended due to the strict anti-money laundering policies followed by such exchanges. You may also be required to upload photo ID proof.
Once you have completed creating and verifying your profile, you can now fund your account with the desired amount. Once the account is funded and verified, you can start buying and selling Bitcoins in no time. You can check live market prices on any exchange that suits your BTC/USD rate needs before depositing your fiat currency into your account, which is very useful when prices fluctuate.
Now just select the trader who is willing to sell bitcoins at the lowest price i.e. ask price so that when you place a buy order your bitcoins are secured with sufficient buffer between the current market value and your offer price. Although no one can help you if the person disappears after accepting your offer, this risk is minimized by transacting only through reputable bitcoin merchants.
After finding the right trader, you can place an order with him. Be sure to follow the next two pointers;
