This is How I Got Started with Crypto-Trading
Coinbase
What I like about Coinbase is that it’s easy to put money in and out and buy Bitcoin. It’s very easy to use and excellent to start out with.
The fees are a little high for debit or credit card purchase, but to go around that, you can make a bank transfer instead. It takes around 5 days to get your money in the account, but in that way, you save money on fees.
At the time of this writing, most major exchanges are closed for signups due to the heavy increase in people signing up. However, Coinbase and it's sister company, Gdax are still open. It’s good to jump in on both of them now if you haven’t done so already.
Since Coinbase handles fiat currency, you have to sign up with a copy of your ID. The process sometimes takes a few tries, and processing might take a few hours. It’s a little frustrating, but once it’s done, you’re good to go.
No Fees
Their sister company called Gdax has a very simple but solid interface and allows you to trade Bitcoin, Ethereum, Bitcoin Cash and Litecoin. Also from here, you can send crypto anywhere with no fees attached to it. This is brilliant.
I lost a lot of money in exchange fees in the beginning until I figured out that you’re really supposed to use Gdax for that.
Start Trading!
I did my first trading between different crypto-coins. I also bought low and sold high on Gdax. I did make the mistake in the beginning of “chasing the trade.” That’s what they call it when you impulsively buy when prices start going up and panic-sell them when prices go down. I’ll make a future post on this, but for now, just remember that patience is really key in this.
What’s Next?
In my Next post, I’ll explain e-learning about trading on Gdax and which YouTube videos really help you understand how to do it right and make some money.
Let’s Talk More Tomorrow,
Cryptoist