Markets and Prices
After acquiring your first Bitcoins you might want to swap the digital asset for another token or test your luck for some quick profits with one of the many cryptocurrency exchanges. And even though you don’t need to be an expert to begin trading cryptocurrencies, some people want to know the very basics on how to get started.
Also read: How to Spend and Give Bitcoin Cash Over the Holidays
Reviewing a Cryptocurrency Trading Platform’s Reputation and Registering for an Exchange Account
Cryptocurrency trading has become extremely popular these days and there’s a large swathe of individuals who swap digital assets every day to make more money. In the early days there were only a few trustworthy trading platforms available for people who wanted to exchange cryptocurrencies, but nowadays there’s a great number of reputable exchanges in most countries.
There are plenty of reviews of all the available cryptocurrency trading exchanges online.
In order to begin trading, you will need a verified account on one of the many global digital asset exchanges in existence. Beginners should know that most trading platforms require the user to verify their identity in order to withdraw fiat, and some businesses also mandate this rule for withdrawing large amounts of digital currencies.
If you are new to trading you should research the variety of exchanges that allow residents from your region to swap digital assets and make sure the trading platform is reputable. There will definitely be reviews on most of the well-known cryptocurrency exchanges available today and people will describe their experiences with the business. After being verified by an exchange most traders like to keep a noncustodial wallet on the side in order to store coins for long-term savings. If traders plan to flip their assets on cryptocurrency platforms for some quick bucks, then keeping funds on an exchange for a temporary period is ideal. However, most veterans know and beginners should forever remember: “If you don’t store your own private keys you don’t own cryptocurrencies.”
A basic example of the information required for a good portion of exchanges. There are a few exchanges that allow trading with much less verification.
Markets, Wallets, and Orders
After a trader is verified they can begin trading on the exchange, but they will need some funds to get started. If you already own a popular cryptocurrency like BCH, ETH, or BTC then you can deposit the money into the wallet section located on the exchange. Some exchanges will allow you to make cryptocurrency purchases and sell coins using fiat. This is a good time to get a feel for the exchange dashboard and user profile. New traders should learn how to activate two-factor authentication on the platform and review all the options available. Most exchanges will have a few sections to choose from like a “markets,” “wallets,” “settings and profile,” and an “orders” section. The “markets” option brings the user to the exchange and shows all the cryptocurrency and fiat pairs available to trade on the platform.
Typical sections found on the trading platform’s dashboard.
The “wallets” section shows all the wallets available on the exchange and this is where you can deposit, withdraw and store all the digital assets supported by the business. Usually, in the “wallets” area users will find the pending deposit and withdrawals and this can be monitored for confirmations. Traditionally, most exchanges have a confirmation period where traders must wait for a certain amount of confirmations to begin trading the cryptocurrency.
Exchanges give cryptocurrency deposit addresses to customers so they can fund their account with money for trading. This area can usually be found in the “wallets” or “deposits and withdrawals” section. A “+” icon will usually reveal the deposit address, and a “-” icon will bring the user to the withdrawal section.
The “settings and profile” area is where the user can customize settings like two-factor authentication, user information, email, and other important data tied to the account. This includes information such as passwords, API keys, UI settings, IP whitelist, and more. The trading platform’s “settings and profile” section will also tell you whether or not your account is verified and show a withdrawal limit as well. In the “orders” area users will find orders they had placed that are unfilled or completed.
Sometimes orders get partially filled too and this is a natural occurrence. This happens if you bid on a cryptocurrency at a certain price and there are not enough coins available at that specific price that you can purchase at one time. In these…