Nov 26, · Regardless, here are a few easy steps to help you become a successful bitcoin trader in Choose Your Preferred Trading Method Traders . So, when you want to become a real Bitcoin trader, in the best case you create an account on cryptocoin365.de, that will be your key point for depositing and withdrawing fiat. On cryptocoin365.de you’ll pay fewer fees and when you also have a FIDOR bank account, you can transfer money between your Kraken and bank account within seconds. If you’re interested in cryptocurrency and bitcoin find out how you can become a Bitcoin trader with NordikCoin now! If you’re interested in cryptocurrency and bitcoin find out how you can become a Bitcoin trader with NordikCoin now! TronWeekly. No Result. View All Result. Select Language. Spanish. News. Altcoin News;.
How to become bitcoin traderHow to become a successful Bitcoin trader | Nairametrics
There are dozens of exchanges that allow the deposit of FIAT, but the most simple method is to directly buy Bitcoin on Coinbase with a credit card.
But it needs to be said that you pay high trading fees when buying Bitcoin with a credit card. So, when you want to become a real Bitcoin trader, in the best case you create an account on Kraken. On Kraken. As a Bitcoin trader, of course, you care a lot about the security of your funds. Professional Bitcoin traders tend to only have the money on the exchanges that is needed right now for trading activities. All that is very important for choosing the right crypto exchange.
Besides Binance, the Kraken exchange can be recommended for Bitcoin traders with a European bank account. It only takes a few days to open up an account, verify it and connect it with the bank account. After the buying process, it would be a good idea to store the coins in a hardware wallet Ledger, Trezor, etc. Because when using a hardware wallet, you are the only human having control over the private keys.
You can create a digital wallet for every cryptocurrency, that can only be accessed by using the private key. Once set up in the right way, it is almost impossible that your coins get stolen because no one owns the private keys except you.
On the other side, when you lose your private keys, there is no one that can help you to get access to your wallet back, what ends in your coins being lost. In practice, this means that you should always handle your private keys with care. The best way is to write your private keys clearly visible down on a piece of paper, which then gets stored in a secure place like a safe deposit box. Most of the professional Bitcoin traders use a very comfortable, but quite expensive method, they buy themselves a Trezor or Ledger hardware wallet.
These devices allow access to your crypto wallet, with only you owning the private keys. For the time being, the safety precautions are done and we can finally start with the instructions on how to buy and trade Bitcoin. The best exchange for Bitcoin trading is Binance.
Binance offers various trading pairs and is well known as a reliable and safe exchange, for example, because of its SAFU fund, which holds assets from Binance to make sure the customers get their losses compensated when it comes to hacks or other security breaches.
An advanced Bitcoin trader may also like to trade with leverage opening short or long positions with borrowed money. For purposes like this, BitMex and Bitfinex are the first choices. Both have their advantages and disadvantages.
On the one hand, Bitfinex shows the profit and loss in realtime, which is really helpful, especially for Bitcoin daytraders. If the rumors about the financial problems of Bitfinex should be true, there deposited funds could be in danger. Because Bitfinex is the issuer of Tether USDT , some people say that they manipulate the crypto market and print money out of thin air.
Please also note that trading with leverages can end up in a total loss. On the platform, you can search for every cryptocurrency and find out its market capitalization, volume, and check on which exchanges it gets traded. You can also use the platform for finding the right URLs of exchanges or projects.
Because using wrong exchange URLs can lead to losing your funds. As a Bitcoin trader, you, of course, take the happenings in the crypto world seriously. But how can you become a Bitcoin trader?
With a bit of practice and reading about how trading works, anyone can become a successful Bitcoin trader. First, the most significant advantage is the widely accepted payment method. Over the years, Bitcoin gained enough popularity to become a valid payment method across the world.
Many people choose it because of its global use while avoiding unnecessary currency exchange. Exactly because of that reason, Bitcoin will only grow further in popularity and use.
Second, the same widespread Bitcoin use helps with more comfortable and faster international transactions. While fiat currencies need to be processed through a bank or any other financial institution, the Bitcoin transaction is completed in just a couple of seconds, without any additional charges. Finally, connected to the previous point, Bitcoin provides lower fees than any other currency available on the market.
Transactions fees using Bitcoin are always more affordable, and there are no unexpected costs. First things first, trading business requires a lot of effort and research. To be successful, or even get started, you need to know at least the basics of analysis. Like any other currency or cryptocurrency, Bitcoin is volatile — it has the quality of unpredictable rises and falls.
Regression analysis can mean whether you succeed in this business or not. The ability to predict the future value of a currency is a complex task, but not an impossible one. Although regression analysis might seem intimidating at first, remember that the most challenging step is to start something you know very little about.
The most important thing is to always evolve your knowledge about analysis and trading and create new strategies for your benefit. With NordikCoin, you can get the best deals for purchasing your Bitcoin to get you started. Before starting with Bitcoin trading, you need to make sure if Bitcoin trading is legal in your country. However, some countries are starting to take action, so make sure to determine whether your country passed an act related to Bitcoin.
One of the most important things is that, in the trading business, you need to be informed about the newest changes that may take place. Make sure to check your data regularly and track all present and future activities. But this is not the case because the trading market is always changing, and traders need to acquire new information and update their strategy regularly. The Bitcoin market is continuously changing and evolving, and you need to invest a lot of time, energy, and resources into your trading education and practice.
Everyone is afraid of making a big business mistake. Whether you win or lose, NordikCoin is always there to provide you with the fastest and easiest Bitcoin purchase process. At the end of the day, the most important thing is to learn from your mistakes and try not to repeat them.
Even when you lose, set stops and limits as the crucial management tools that will prevent you from risking too much of your assets. To sum it up, the Bitcoin trading business is an excellent opportunity for all tech-savvy people out there. If you want to combine your love for trading and technology, Bitcoin is the perfect way to go.
Although it may seem overly complicated and too risky at first, we recommend you start small and build your way up. There are excellent companies like NordikCoin that are here to give you a helping hand and offer you great deals. With that, you can get a sufficient amount of Bitcoin to get started at a great price. Remember always to stay updated and good luck! Experienced Journalist with proven experience of working in the online media industry.