11% of people in America alone own some amount of Bitcoin. Not bad for a supposedly ‘underground’ cryptocurrency, right? In fact, as Bitcoin continues to expand and the possibilities of cryptocurrency continue to grow, more people than ever are looking at getting into Bitcoin trading.
But what does a beginner need to know before trading Bitcoin? What’s a good Bitcoin trading strategy? How do you go about creating a Bitcoin account?
In short, what’s a good Bitcoin trading checklist?
You came to the right place! Join us as we delve into the weird and wild world of crypto and tell you what needs to be on your checklist!
Establishing a Viable Strategy
So you’re interested in trading with Bitcoin? Easy! Just pull up one of the bigger Bitcoin trading platforms and start buying, then sit back and wait for the Bitcoin trading profits to roll in.
Well, not quite.
Proper planning prevents poor performance, and that’s doubly true in the Bitcoin world. That means you need a realistic Bitcoin trading strategy before you even make the first move on creating a Bitcoin account.
The best way to do this as a beginner is to look into what the experienced pros are doing and try to follow their lead. It can take a lot of time to really get in touch with the ins and outs of a market, let alone a market as new and volatile as crypto, so looking for a kind of ‘mentorship’ from more experienced traders is a great way to get your feet wet without drowning.
Pick a Platform That Suits You
There’s no end to the various ways to buy, sell, and store crypto out there. These days, you can even get Bitcoin out of an ATM (more on that at https://www.bytefederal.com/what-is-a-bitcoin-atm-how-does-it-work/). Making sure you’re using a trading platform that’s safe, secure, and intuitive should be one of your first moves before you get into crypto.
So what makes a secure and understandable exchange?
Well, the main way to tell is reputation. Much like with establishing a good trading strategy, listening to your elders is a great way to set yourself up for long-term success. What are the exchanges the old-timers hang out on and which ones do they avoid?
Apart from that, generally any ‘big’ mainstream exchange will do well as a spot for a newbie to get their sea legs under them. Binance, Coinbase, any of the ones that have gotten sufficient clout to earn some mainstream recognition? Those will do nicely.
A Bitcoin Trading Checklist For Everyone
It doesn’t matter how you are, making sure you can check everything off your Bitcoin trading checklist before you start trading is always a great idea. Being able to feel safe and confident while trading is a surefire way to set yourself up for long-term success.
So get out there and get trading!
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