A Comprehensive Guide for Bitcoin Trading

bitcoin profit trading is a digital platform with simultaneous buying and selling of bitcoins. The transactions happen at a very fast pace with simultaneous management of active orders.

The trading process involves matching the buy and sell orders placed on the system. These are placed in an open order book, which is simply a list of buy (bid) or sell (ask) orders for Bitcoin Profit review currently available on the market. A buyer can place his bid to purchase bitcoins for his chosen price, while the seller specifies the lowest price at which he is willing to part with them; this continues till some other trader places opposite order; thus either cancelling previous order or completing transaction by transferring bitcoins between parties involved.

In this blog I will tell you about the basic things you need to be concerned about before starting bitcoin trading.

1 –  Get a bitcoin wallet:

There are several options available today for the bitcoin wallets. But it is very important to take care of the following points before choosing any particular one.

The first thing to do is choose a secure wallet, as you don’t want your accounts hacked and bitcoins stolen. Desktop wallets allow users much ease and flexibility than online web wallets. As desktop software can be installed on each computer, this allows access and use of bitcoins anywhere provided there is a PC with internet connection or laptop that has installed wallet software. You can also install it on your mobile phone which will give you much comfort while spending Bitcoins every time.

2 –  Get Bitcoins:

You can buy Bitcoins from various trusted sites. Some of the popular options are coinbase, bitstamp etc. There are many other exchange market places available to buy bitcoins but these two are considered the best due to the broad range of currencies being supported at these exchanges. You have to simply register yourself with these sites and then you will be able to find list of traders willing to sell/buy bitcoins for your deposited currency i.e. USD, EUR etc…

3 – Find an Exchange Market Place:

After getting registered at above mentioned websites now it is time to search for an exchange platform that matches your needs. For instance if you want to trade in BTC-EUR you should choose a site which supports both USD & EUR.

4 –  Exchange Marketplace Registration:

Most of the trading platforms require registration and you will need to provide your full details like name, contact information, proof of residence etc. Some sites allow you to remain anonymous but it is not recommended due to strict anti-money laundering policies followed by such exchanges. You may also be obliged to upload a photo ID proof.

Once after completion of your profile creation and verification you can now go ahead and fund your account with the desired amount. Once the account gets funded and verified you can start buying & selling Bitcoins in no time. You can check live market prices on any exchange platform that suits your requirement for BTC/USD rates before actually depositing your fiat currency into your account which is very helpful at times when prices are fluctuating.

5 –  Transfer Money From Your Bank Account or Credit Card:

Now simply select the trader who is willing to sell bitcoins at lowest price i.e asking price, so that when you place an order to buy your bitcoins are secured with sufficient buffer between current market value and your offer price. Although no one can help you if the person disappears after accepting your offer, this risk is minimized by conducting transactions through reputed bitcoin traders only.

6 – Place order using Money:

After finding the right trader you can place an order with him. Make sure to take care of following two pointers;

1. a) Enter the amount you want to purchase or sell, although most trading platform offers small volume orders like 0.001 BTC but it is not recommended to trade in such small amounts as fees involved are very high
2. b) Set your payment method i.e through bank transfer or credit card only if the seller accepts that. If you choose a third party escrow service then they will hold your money until both parties agree to release funds between each other after completion of the transaction successfully. Some reputed sites allow traders to start bidding for buy/sell orders at 2% below current market value i.e asking price which can be beneficial to all parties involved, but ensure to check regulations at your state.