Simple steps to start trading Bitcoin
As Bitcoin (BTC) continues to gain momentum, the fear of losing an opportunity to invest in the world’s largest cryptocurrency is increasing.
On November 18, Bitcoin (BTC) broke an $18,000 price mark for the first time since December 2017. It is 10% less than its all-time highest price of $20,000.
Some analysts believe that the next threshold of $20,000 is not the end. On the contrary, it’s the beginning of Bitcoin’s subsequent explosion to a $1 trillion asset; it may not be too late to enter Bitcoin yet.
The supply of Bitcoin is capped at 21 million coins, but you don’t have to have thousands of dollars to own some. You can start buying Bitcoin with as little as $15, getting around 0.0008 BTC in return, considering the price of BTC at the time of writing.
Starting investing in Bitcoin is not as difficult as you might think. Here are some simple tips for buying Bitcoin easily.
Choose a reputable cryptocurrencies exchange
The first step to buying Bitcoin is choosing the right crypto exchange.
You may have heard of the world’s largest crypto exchanges like Binance and Coinbase, but there are around 400 crypto exchanges around the world.
When choosing a digital asset crypto exchange to buy Bitcoin, check if the company is reputable and provides services to clients in your country. Using tools such as CoinMarketCap or CoinGecko, also check the trading volumes on a given platform. Do some research, check updates on a company website to learn more. Get to know platform transaction fees, deposit methods, and security protocols.
Register on a platform and complete security checks
Once you have chosen a crypto exchange, prepare to create an account and proceed with the required verification processes. Opening an account with most crypto exchanges like Binance is free and only requires an email and a phone number.
Don’t forget to enable 2FA (two-factor authentication)
Use a strong password for your crypto exchange account. Don’t forget to enable 2FA. Enabling 2FA reduces the risk of a security breach or an attack by putting an additional layer of security to your account. 2FA provides users with two-step verification on the phone.
Consider your preferred payment option
There are several ways to buy Bitcoin for fiat currencies like the US dollar or the euro. Some crypto exchanges allow people to purchase Bitcoin with a debit or credit card, or a bank account. You will have to link an account or card to your account on the platform to use one of these methods.
Some global crypto exchanges also allow users to buy Bitcoin directly from users through a peer-to-peer service, in which customers search for offers posted by other users.
Other crypto exchanges enable users to buy Bitcoin through third-party payment solutions such as Simplex. Some of the major payment companies such as PayPal also allow buying cryptocurrency.
Start buying Bitcoin
Now you are ready to buy bitcoin, but first, you need to decide how much you want to invest. Remember that it is a high-risk investment, and it is best to start with meaningful research and calculation of how much you are willing to risk. Top investors and entrepreneurs like Mark Cuban have previously recommended investing up to 10% of savings in Bitcoin.
Don’t store a lot of cryptocurrencies directly on an exchange
Once you have some Bitcoin, take care of your crypto. By keeping their crypto assets on a cryptocurrency exchange, users risk losing access to them due to several reasons. There is a possibility of hacking or a security breach, which can result in frozen withdrawals or other issues.
To keep your Bitcoin safe, consider using a cold wallet or a paper wallet.
