You must have seen an enormous amount of people doing and interested in trading in crypto. Crypto
trading is a very great field, and you can also pursue it as a career, as many people have done. Crypto
trading can be extremely profitable, and you can make as much profit as you like in this field without
any limitations. You can start it as a side hustle, and soon you can convert it into your main source of
income. You should choose a place to keep your cryptocurrency safe and secure, which can also be done
by bitcoin-lifestyle app, as it helps in managing your assets
But also, there is a setback that contains risk, and you can lose all your invested capital in it as well.
Many people lose their money every day in crypto, and you could be one of them if you do not have
proper guidance and you do not know what to invest, when to take out, when to hold, and many other
similar moves.
Step By Step Guide to Learning How to Trade Crypto For Beginners
To help you get into this amazing world and to help you protect your capital value, and earn some
profits, we have created a step-by-step guide for beginners. This guide is only a mere step of
instructions, and you can learn more by reading different materials available on the internet.
Step 1: Getting Cryptocurrency
The first and main step is buying cryptocurrency, and as a beginner, you should choose the best
cryptocurrency exchange platform. Two of the most famous crypto exchange platform for beginners is
Binance and Coinbase.
On any of the following platforms, you can find the option to open a crypto brokerage account. This is
very similar to opening a stock account. You just have to enter your proper information, do the
verifications if asked, and then you will be able to use your account to trade.
Step 2: Add Money To Your Account
The second step is to add money into your newly opened account to start trading. Some of the
exchanges also give you practice accounts but the profits you earn through these accounts would not be
counted. You need to invest your own money to start earning something.
You can do this with the help of your own debit cards, or you can do wire transfers, as it is the best and
easiest way to transfer money to your crypto exchanges. Many crypto exchanges offer free wire
transfers for their users.
Step 3: Choosing Your Cryptocurrency
The most important step is to choose which currency you want to trade in. This decision should be made
with full knowledge and understanding. You should never trade on something of which you have no
prior knowledge. You should also read and understand the financial patterns of the currency you are
about to buy.
For beginners, you should buy stable currencies that have a low risk, for example, bitcoin or Ethereum.
Small coins can drop their values fast. But once you learn, you should start trading in small coins as well
because they also rise up quickly.
Step 4: Choose Your Strategy
After choosing your cryptocurrency, you need to build a proper strategy through which you will trade.
Strategies must be built after understanding the patterns of your currency, and no matter what
happens, once you have built a proper strategy, you should never go against it. Impulsive decisions are
the worst thing in any kind of trading, and you should always follow a plan or strategy for every decision
you make.
Step 5: Storage
After all these above-mentioned steps, the most important thing is the storage of your currency. For
this reason, we have crypto wallets. There are hardware wallets and software wallets, and in
comparison to both these, hardware ones are considered safer.
Conclusion
We have listed above some of the main steps that you should follow at the start of your crypto trading
career. The best approach is that you should never consider it a part-time job or a side hustle but think
of it as a proper business and then invest your time, focus, and assets in it. Also, never invest more than
you afford to lose if you want to be a successful trader. You can learn more and more to be perfect in
this field.
