How to trade crypto-currency is easy because it involves simple steps that are easy to follow. Trading in the currency involves the use of cash in the business involved. Buying and selling is referred to as exchange, which is the most used term. Before you trade there are things you should consider doing and to know. Locations where you are in some parts of the world trading crypto-currency are not allowed. You should check with your country if it is allowed to trade to avoid any trouble with the authorities.
Payment methods are an essential factor in the trade, you should know the best method to use. Some platforms restrict the use of credit cards due to safety reasons. You should consider the type of crypto-currency to use, Bitcoin or Ethereum are the most used. For you to trade successfully, study and research about the type of coin, how safe it is. The cost of fees to be paid is a factor to consider before you engage yourself in the trade. It will be sad if you trade using a currency that is always missing in the market. You might consider how available the currency is, it is something you can trade in for more than 2 years and above.
The first step in trading crypto-currency is the signing up of your account. After clear research, you should be able to find the best platform to open an account. This indicates that you agreed with the terms and conditions of the company you will use. You will then buy the currency depending on the site you are using. Most of the coins used are Bitcoin, Bitcoin cash and Litecoin that have been in the market for a long period. Some sites when you sign in, you will have the opportunity to buy the currency but most will be forced to buy outside their site.
If you already have an account and you have bought Bitcoins, you can now move on to the next procedure. The next step will be creating a wallet to protect your coins from being hacked or stolen. This wallet can be created on any site, it is just like the actual wallet or handbag that you keep your money. There are types of wallets which are divided into two. Hot and cold wallets, you will choose the wallets depending on how fast you need to spend and the level of security. Examples of the wallets are the exchange, hardware and mobile or desktop wallets.
Lastly, you will be required to have a new account for the exchange process. This is the platform where the buying and selling of the coins take place. It is also a platform that involves the buying and selling of crypto-currencies. You can easily buy Bitcoin in the exchange of Ethereum in this new account. This platform must be safe and secure for the protection of your coins. Before you engage in the trade consider the exchange rates in the market, so as you don't lose your coins.