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A Simple Bitcoin Trading Guide for Beginners (2020 Updated) by PrimeXBT

A Simple Bitcoin Trading Guide for Beginners (2020 Updated) by PrimeXBT

Bitcoin trade is now a widespread concept among investors. As everything is going online today, the investing process is also undergoing a drastic change. This P2P digital currency will allow processing of millions of transactions worldwide and that too at a very low or no processing charges. No central bank can govern this currency, and thus you can expect complete security of your money from this system. The first point to get engaged in Bitcoin trading is to know about the crypto margin trading in detail. To obtain formal training on the same, you must search for a profitable Bitcoin trading platform. So, are you ready to start an exciting journey to earn more coins? Here is a simple guide to elaborate on the concept of Bitcoin for beginners

A lot of questions may pop up in your mind regarding how to trade Bitcoin. Well, in this content, we will be sharing several vital factors affecting the Bitcoin trade and how you can proceed with it. 

How to start a Bitcoin Account?

The first step to start trading in Bitcoins is opening an account. The procedure for getting started is explained hereunder;-

  • Search for an authentic Bitcoin trading platform
  • You can register using your email id or phone number
  • Fill in the requisite fields and provide the captcha code
  • Agree to the various terms and conditions of the website
  • Submit and sign in

Every online trading website will have a separate chat box for personal chatting with the company’s customer service personnel. After you get to know how to start a Bitcoin account, it is essential to walk on the next steps. To get accustomed to the trade, you first have to know the critical terminologies associated with it. The Bitcoin exchange guide can give you a fair idea about how much you can expect to win. Before proceeding with the investment, you must have some idea about the best time of day to buy Bitcoin. As you understand the hidden tricks, the subsequent steps will be crystal clear to you. 

Using Bitcoins Correctly

To carry out online trading in cryptocurrency in a safe manner, you have to remain very careful. For minimizing the chances of common pitfalls, you need to enhance your knowledge about trading Bitcoin. After getting adequate information, the next major thing is to Bitcoin wallets. To serve multiple purposes, depending on the operating systems, you can get your hands on various free Bitcoin wallets. Irrespective of whether you use a PC, laptop, or Smartphone, the trading process is pretty simple. Nowadays, as everything is caged inside the handsets, downloading any suitable Bitcoin trading app will solve the issue. 

For furthering your trade, you need to accept more Bitcoins and spend the same on different commodities. So, this cryptocurrency can act as a regular currency and help you to possess various articles. Moreover, there are numerous ways to buy Bitcoins and enlarge your account gradually. A growing number of merchants, all over the world, accept payments in cryptocurrency. Grab this opportunity to make more people aware of the benefits and security of Bitcoin trading

Also Read: How to Buy Bitcoin in Vietnam

Now we will discuss how to buy and sell Bitcoin for opening a profitable avenue.

Buy and Sell Bitcoins Easily

Anybody can buy Bitcoin with Cryptocurrencies or several fiat currencies like USD or others. The steps for buying include the following;-

  • Visit an PrimeXBT for Bitcoins
  • Select your preferred currency
  • Enter the respective amount either in USD or in any other local currency
  • Add your Bitcoin wallet address and carefully review the same before submitting
  • Create the Bitcoin account and provide the payment details to complete the purchase process

Now open the Bitcoin Wallet and tap on the “Buy” button. You can buy Bitcoin Cash (BCH) or Bitcoin (BTC). To deposit coins to your wallet, you need to follow all the instructions given on the site. Your first purchase will include the verification process. However, the subsequent purchasing activity in the Bitcoin trade will be faster. 

PrimeXBT offers some of the lowest minimum deposits around at 0.001 BTC. This is great for traders wanting to test the waters before making a bigger commitment.

Deposits are made to a Bitcoin wallet or through a service called Changelly enabling alternative methods. It is critical that only BTC is sent to the account address or there is a risk of loss of funds. This isn’t a fault of PrimeXBT, however, but an aspect of Bitcoin and cryptocurrency technology.

Because of the high level of security, withdrawals are made just once per day, also from the account BTC wallet. Only send BTC to another BTC address. Remember, this is important and the only downside to using a Bitcoin margin trading platform.

If any issues at all arise, the platform offers around the clock customer service through a live chat window. A help center and company blog also provide details on how to use the platform to its fullest.

Dealing with Bitcoins

Some of the most critical factors that you should consider while dealing with Bitcoins are as follows;-

  • Where is Bitcoin trading?
  • What is Bitcoin trading at?
  • Bitcoin trading platform
  • Day trading Bitcoin

You can enhance the crypto trading skills by stepping onto the best day trading strategies. Now, several websites and YouTube videos are available to show the correct process. Increase the balance of your cryptocurrency account by learning how to read Bitcoin charts. Are you in a dilemma, and asking yourself continuously should I sell my Bitcoins? However, that depends upon how much risk-averse you are. The majority of the experts recommend that 20 to 50 percent of the Bitcoins be sold if you have the immediate fund requirement. But, there are no static rules for this. The decision will vary according to the particular situation. 

Margin Trading and PrimeXBT Leverage

You can use Bitcoins for dealing with the stock markets also. Margin trading is an important process in the stock market. It involves a convenient approach to buying and selling securities. The dealing is carried out in one session where the investor speculates the movement of the particular stock. 

Are options marginable?” can be a common question for many new investors. Here is the explanation for the same. 

A margin account is not required for all types of options. Some strategies, like covered puts or covered calls, do not have this requirement. On the other hand, selling naked puts does have a margin requirement. However, there are some differences between margin trading with stocks and margin trading with options. 

In case of options, margin, that is, an initial investment is essential for the riskiest ones. Thus margin has a direct connection with the risk involved. You must find a suitable broker to get the best advice before investing in the appropriate securities in the market. The volatility of the particular stock can determine the probable result of your prediction. 

Dealing in PrimeXBTis also a recent introduction in the world of finances. To margin PrimeXBT, you can go to your Bitcoin wallet and click on the Margin option. Also, select the currency and the amount that you want to transfer. After confirming the transfer, the specified amount will move from your wallet to the margin account. 

In the crypto finance contracts, the traders can leverage the PrimeXBT futures between 20 to 125 times. The initial margin deposit amount will be determined according to the PrimeXBT leverage selected by the traders. It is important to note here that PrimeXBT leverage is the first stage before opening the trading positions. 

Calculation on the PrimeXBT calculator

PrimeXBT is excellent software to calculate the results of your investment. The PrimeXBT calculator can determine the profit and loss of your estimations of margin trading. You just have to enter the entry and the exit price of your stocks and select the leverage. The result will automatically get displayed on the screen. It is a fantastic risk management process and works brilliantly for all the margin exchanges dealing in Cryptocurrencies. You can get more information about the usage and procedures of use by visiting the official website of Bitmex. 

Whether it’s a long or a short position, you can always use the PrimeXBT calculator to calculate the estimated profit or loss. Thus all the values of your Bitcoins will get converted into real money, and you can view the probable results of your investment. The general formula for the same is Result* Exit price. 

PrimeXBT has created a fantastic offering in the crowded cryptocurrency trading space.

The trading platform is easy and very pleasant to use. It stands out from the competition with its tight spreads, low commissions, and class-leading leverage of 1:100.

However, even though we recommend PrimeXBT, we would like to advise anyone interested to proceed with caution. It’s quite easy to get things wrong and end up being liquidated and losing your cryptocurrency in this way, especially if you are employing a high amount of leverage.

PrimeXBT: Recommended

PrimeXBT passes our tests with flying colors. During our review, we experienced a reliable trading experience and were able to execute trades with almost no slippage. The speed at which orders execute is incredible.

We especially liked the platform’s customizations.

But by far, without a doubt, the best part about PrimeXBT is the fact that there are so many assets in one place.

All major forex currencies pairs are included. All major stock indices are offered for index trading. Oil, gas, gold, and silver as well. The most important cryptocurrencies like Bitcoin and Ethereum are also available.

There are many platforms out there that cater to just one or maybe a couple of these markets at once. The value of being able to manage many positions in an all in one solution cannot be understated. 

A mobile app and easy to use tools mean that anyone can utilize the advanced trading platform. All it takes is a small BTC deposit and to complete registration.

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