Why trade Bitcoin and not other Forex?

Easy to enter

To start trading bitcoin and earning money, you really need less than an hour – for the how to steps, just scroll down.
On the other hand, if you want to start trading Forex, opening an takes several weeks. They usually need to follow security measures and send you your the sign-up forms and access code per mail. Not to mention that it takes days until the transferred money from your bank account is arrives at your Forex Broker.

It should be also mentioned that crypto-trading is easy to leave. Just transfer your Bitcoins out of the exchange into your wallet and you are done. We don’t even want to start talking about how nerve-racking it is to quit your broker.

Leverage at Cryptoexchanges

You have the option to use leverage trading on some Forex and Cryptocurrency Exchanges.
Leverage Trading is the possibility to trade an amount, which you don’t have at your disposal. Normally Cryptocurrency Exchanges offer a leverage of up to ten to one (10:1). This means, that for each dollar you get 10 dollars of buying or selling power.

In conclusion, this means a higher risk and a possible higher reward.

Getting started trading cryptocurrencies like Bitcoin

The first thing you need is a wallet. Only then you are able to buy cryptocurrencies like Bitcoin or Ether and protect them. We have made a guide on how to obtain Bitcoin already, check it out if you don’t already posses one.

The majority of cryptocurrency exchanges have a free a wallet along the ability to trade, but we suggest, that you don’t put all your cryptos in one place. This way you can minimize your risk of an exchange going broke (f.e. MT GOX), being scammed or getting hacked.

Most exchanges offer cryptocurrency trading with the need of Bitcoin (for example Ether for Bitcoin, or Bitcoin for Litecoin), this is why Bitcoin is the first thing you should consider buying. Most exchanges also accept different payment methods like online bank transfers, PayPal or Creditcard.

Security: Don’t forget to activate your two-factor-authentication to be more safe.

Difference between Cryptocurrency Exchanges and Brokers

On the first look, a cryptoexchange trading platform and a brokers platform might look the same. But there is indeed a big difference.

• A cryptocurrency Exchange is trying to match buyers and sellers, bids and asks.
• A cryptocurrency Broker is buying or selling the cryptocurrencies directly to you.

This is why Brokers tend to have rates slightly above the exchange if you want to buy from them, or slightly above if you want to sell to them.

Though most cryptocurrency brokers are licensed to do what they do, so you can see this as a big plus.

Automated Bitcoin bot trading

The human mind can only follow several indicators at a given time. A Bitcoin (or other crypto-currency) bot can follow and try all the indicators at any time on all the cryptocoins. A Bitcoin bot doesn’t need sleep – a bot can be active at any time you wish, this allows to have a better sound, because you can be sure, that the bot will trade if something crucial happens.

Bitcoin Bots are accessible

Financial bots have existed for many years, but they were only accessible to the brokers and banks. Just the Bloomberg API cost 10000$ per year. Bitcoin Bots are different. They are managed on an external cloud/server, which means you don’t need to have your computer running all the time. The strategies are pseudo-coded – so you can say for example, if this indicator crosses that indicator, then buy. Else wait for that indicator. Most bots are user made with different ratings, which allow you to choose easily from several strategies, without the need to program any code at all. For example Cryptotrader.org – this way you can follow one of the profitable trading bots. Check out our CryptoTrader Review & day to day test to see if this is something for you, or not!

Golden cryptocurrency trading rules

Here is our list of most important trading rules, which we recommend you to follow:

1. Always do you’re homework and read the fundamentals of a coin. If you read the whitepapers, you will know more than 90% of the people we know trade cryptos.
2. Go to crypto events. That is the place you will find the hottest coins!
3. Buy weeks before a roadmap (of development) gets revealed. It is like the stock earning releases – something gets so hyped-up that even a good report can’t help it.
4. Never buy into a coin after a dump.
5. Learn to understand the Block (or any) -chain.
6. Learn to understand the correlation between Bitcoin and an altcoin.
7. Learn to understand candlestick charts. They offer significant information, which can’t be figured out of normal lined charts.
8. Secure winning & limit losses
9. Learn technical analysis. This plays a major role in reading current market movement.
10. Don’t trade if you lose your sleep because of a single trade. That is just not worth it.

Ad. The numbering does not showcase the importance of the statement.

Please help us make the list even bigger. You can always easily contact us over here.

Summary on cryptotrading

We see the cryptotrading as a great opportunity to make good money. Many coins quadruple their value in less than a week. Though you always need to be cautious, because there are lots of fake coins, pump & dumps, schemes and ponzis.

Follow our (and your own) rules and you will be able to take advantage over the people who don’t. Also, you will be able to detect which cryptocurrencies are scams and which have potential to skyrocket like Bitcoin. This shall be a journey, which we will take with you, where we will try to find the safest and most promising opportunities on the crypto-market! 

As a conclusion you need to be careful where you invest – and don’t forget: never invest what you can’t afford to lose.

Useful Bitcoin Trading Links and Information

After reading all this bitcoin (altcoin) cryptocurrency trading text here some things, which might interest you as well:

• Lending Bitcoin on Exchanges – make easy returns.
• List of the Cryptocurrency Exchanges we use (in work)

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