Getting Started With Cryptocurrency-Part 3

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Author : Matt at Matt Matrix 19 Dec 2017

Coinbase currently only allows you to buy four cryptocurrencies: Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. You can buy them directly with your credit card with a $250 weekly limit. This limit can be increased if you complete some identity verification requirements. They charge a 4% processing fee. Bittrex at www.bittrex.com/. Also a US based exchange, Bittrex is one of the more popular ones for crypto, as it trades a handful of the 1300+ alternative cryptocurrencies out there(or commonly referred to as alt coins). You cannot deposit Fiat currency directly into Bittrex, so you’ll first need to buy Bitcoin or Ethereum, and transfer them into Bittrex before you can start trading. Binance at www.binance.com/. Based in Hong Kong, Binance was only launched in early 2017, however they quickly pivoted their platform to open up to the western part of the world and they’ve catapulted to become one of the largest exchanges by volume. I personally recommend Binance because of their superior user interface, ease of use, lower fees (with the use of their Binance token to facilitate trades), and the selection of tokens/alt coins they trade. Bitfinex at www.bitfinex.com/. Also based in Hong Kong, Bitfinex is one of the largest exchanges and handles the most Bitcoin volume for an exchange that targets North American traders. It offers a range of alt coins as well, although not as long of a list as Bittrex or Binance.

Poloniex at poloniex.com/. Also a US based exchange, Poloniex is another popular exchange that trades a few dozen cryptocurrencies. Trading Cryptocurrencies. Now that you understand how wallets work and you’ve discovered the exchanges you can trade on, it’s time to learn how the trading mechanics work in the crypto world, as well as general tips and common mistakes to avoid. Trading pairs? and ?Understanding how to trade in BTC values. Most trading interfaces are similar across all exchanges, there’s a few main concepts to understand, which are quite similar to traditional stock exchanges. The only key difference, is that most tokens are traded against Bitcoin, or in some cases, Ethereum. Bitcoin and most tokens are divisible. With Bitcoin itself divisible up to 10 million units. You do not have to buy or sell a whole Bitcoin. It’ll take a bit getting used to, but it’s a good habit to conduct your trades referencing not just your native Fiat currency, but also the value against Bitcoin or Ethereum. For example, as of today, $1 USD is worth 0.00006246 BTC (or Bitcoin). All exchanges that trade a token with Bitcoin as a trading pair, will take buy and sell orders against a Bitcoin value. Here’s a full chart at en.bitcoin.it/wiki/Units breaking down the units. One Bitcoin is divisible up to ten million units, and 1 Satoshi is the unit name for 10 millionth of 1 BTC.

Making Trades. There’s three ways to make a trade. An example of the trading interface on Binance. 1. Limit Trade. Limit trading allows you set a price you want to buy or sell a token at, and specify how many tokens you want. This is a good way to automatically fill a buy or sell order at a future time when the price of the token hits your price target. 2. Market Trade. Some exchanges like Binance will allow you to buy at the market rate. On Bittrex, this is called an “Ask”, which is the asking price on the market. This is the quickest way to buy in the market if you want to purchase or sell a token immediately. 3. Stop Limit. A stop limit basically allows you to automatically trigger an order at a set price, or better. For example, if you set a “stop limit” at $5, then you’ll automatically start buying up to a set limit when the price is $5 or less. Vice versa when you set a stop limit sell order. Bittrex’s trading interface. Clicking “Bid” allows you to fill in the last market sell or buy price. Tip: To quickly check you entered the right Bitcoin value in terms of dollar amount, you can paste in the amount on preev.com/ to convert it to dollars. To learn more about trading, here’s a well-written, detailed guide by @humanpuck on how to buy crypto on Coinbase at steemit.com/cryptocurrency/@humanpuck/a-beginners-guide-to-buying-crypto-currency. Managing your portfolio. Now that we’ve covered trading, let’s move on to how to manage your portfolio.

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