Currently, the total market capitalization of cryptocurrency is around 300 billion US dollars. The crypto industry is just over a decade old, and it has ballooned into a massive market. If you are planning to invest in cryptocurrency, then you need to create an account on the best trading platform that suits your needs. In this detailed set of guidelines, we will take you through each step in order to start trading cryptocurrency.
In order to get started with cryptocurrency trading, you need to follow these steps:
- Sign up on a crypto exchange
- Create a crypto wallet
- Place order
Signing up on a crypto exchange
To get started with crypto trading, you need to first have an account on a crypto exchange platform that allows the buying and selling of different cryptocurrencies. There are several crypto exchanges out there that allow users to trade cryptocurrencies. However, with the increasing regulations around crypto trading, you probably will have to verify your account first before you are ready to place an order.
Creating a crypto wallet
Crypto wallets help you keep your traded cryptocurrency safe and secure. There are several crypto wallets out there that provide these services. It is always advised not to keep your funds with the exchange in the hot wallet and instead transfer them to your personal wallet. Selecting a crypto wallet might depend on what cryptocurrency you are trading. It is advised to check the reputation of the crypto wallet platform before you sign up.
Note: Some of the crypto wallets that you can sign up on are Coinbase, Blockchain.com, Ledger Nano, and Trezor One.
Placing an order
Now that you have successfully signed up on a crypto exchange that suits your needs, you are ready to place your order on the exchange. If you want to buy bitcoin or any other cryptocurrency using your local fiat currency, then you will need to place an order for how much bitcoins you want to buy. Several exchanges allow you to purchase bitcoin using a debit or a credit card.
Once you have some bitcoins in your account, then you can start trading those coins for other cryptocurrencies by simply selecting the pair. If you want to exchange your bitcoins into ETH, then you need to choose the BTC/ETH pair and place the order.
It is always advised to do thorough research about crypto trading before you start investing and make sure to check your local regulations around cryptocurrency to avoid any future troubles. The cryptocurrency market is still maturing, and volatility in the market is one of the main issues that people site for not involving themselves in it. Follow our guidelines to trade cryptocurrency safely.