Getting started with cryptocurrency trading?

Bexplus

Getting started with cryptocurrency trading?

With ever increasing prices for the things we need, such as housing, food and energy, and an employment market that means the days of secure, jobs for life, are a thing of the past for most of us, making our money work harder is an important part of any retirement strategy. That means investments, but while once that simply meant buying stocks for the biggest companies and seeing them rise in value steadily over time, today there are no guarantees of performance.

For those looking to find new opportunities to build wealth, the rise of cryptocurrencies, and Bitcoin, in particular, has had ups and downs. However, since Bitcoin launched in 2009, we have seen a pattern of huge gains, retracements, and then a new rally, and there are signs the industry is building towards another. After the heights of 2017, where Bitcoin reached $17,000 and Ethereum touched $1,400, prices fell back, with Ethereum falling towards $100 and Bitcoin hovering at $3,000 for much of 2018.

2019 has seen a strengthening value for Bitcoin though. From a March price of $3,300, Bitcoin has surged, reaching $5,500 in April and $8,300 in May. That is a 150% rise in around 6 weeks, and as before, the rally is taking other cryptocurrencies with it. However, BTC/USD pair declined more than 10% and broke the $7,450 and $7,000 support levels. Technical analysis suggests there might be a sustainable rally after the strong correction, and with every previous Bitcoin rally hitting new highs, a move past the previous $20,000 level could be possible.

We know then, that there is incredible potential in cryptocurrency markets, but until recently the entire industry was not ‘user-friendly’. Buying Bitcoin was a complicated process, and although now, a Bitcoin Exchange is easy enough for anyone, there are still barriers to investment.

While we have all seen the massive gains that come from Bitcoin or other cryptocurrencies, making the news in 2017 with rises of 2000%+ in just a few months, cryptocurrency exchange values also fall rapidly too. In fact, while Bitcoin hit the headlines for reach $17,000, 6 months later is was back below $5,000. This is not the first time this has happened, ‘boom and bust’ type cycles seem to be the norm for cryptocurrency markets.

That is a problem, it is not easy to sell quantities of cryptocurrency quickly, so while the profits of a rising market look great, the ability to get out when the price falls makes buying and holding these assets a risk. However, there is a way to make the most of that profit potential, while not only being able to get out of trades easily but also profit from the falling prices too. That is cryptocurrency futures trading.

Futures trading on a cryptocurrency exchange brings significant benefits. Increased liquidity, so its easy to buy and sell, and also the ability to short the market and profit when prices fall. In addition, futures markets also allow for margin trading, meaning that investors can see up to 100x leverage on their account deposits. This allows for bigger profits without the additional investment needed.

Getting started in cryptocurrency Futures Trading

As a leading cryptocurrency exchange that provides futures trading, BexPlus is a great example of how easy it is to get involved in margin trading cryptocurrencies. Simply sign up for free, just an email account is needed with no verification process to worry about.

Fill in the form with your email and chosen password, click the send code button, this will give you a code at the entered email address to confirm that it is real, and then click sign up and that is it!

Before you begin trading on the BexPlus cryptocurrency exchange, you need to fund your account. This is done using Bitcoin, under the deposit funds tab you will find a wallet address to send Bitcoin, with a minimum deposit of just 0.2 Bitcoin.

If you don’t have Bitcoin yet, don’t worry, buying is much easier than it used to be. Simply create an account with a Bitcoin exchange such as Coinbase, Bithumb, Luno, Foxbit or Gemini and make your Bitcoin purchase, then send it to your Bexplus account wallet.

Making a trade

Once your Bexplus account is funded, trading is easy. Simply click on ‘Exchange’ to get to the trading window. Here you have a chart on the left, and the trade window on the right. You can choose between Bitcoin, Ethereum and Litecoin at the top. The charts allow you to add any indicator you wish and change the timeframe between 1 minute to 1 week, allowing for any type of trading you wish, from day trades to long-term swing trading.

When you are ready to trade, simply click the green button to buy or the red one to sell. Enter how much you want to buy or sell, and it’s done.

Remember, that’s to margin trading with 100x leverage, you can trade much more than your deposit. For instance, if you deposited 0.2 Bitcoin, 100x leverage means you can control 20 Bitcoins in a trade. So, you make the profit of a 20 Bitcoin investment, with just your 0.2 Bitcoin.

If you think the market is set to rise, buy, then get out by closing the trade with a sell order. If the market would seem to be falling, you can sell to get into a trade, and then buy at the lower price to exit. In either case, the difference between the buy and sell is the profit per Bitcoin, Ethereum or Litecoin that has been traded.

Of course, the key here is having the right strategy, but with educational tools to help you learn and a trading simulator to perfect your approach, BexPlus cryptocurrency exchange has everything you need to succeed with cryptocurrencies today.

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Getting started with cryptocurrency trading?
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Getting started with cryptocurrency trading?
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For those looking to find new opportunities to build wealth, the rise of cryptocurrencies, and Bitcoin, in particular, has had ups and downs. However, since Bitcoin launched in 2009, we have seen a pattern of huge gains, retracements, and then a new rally, and there are signs the industry is building towards another. After the heights of 2017, where Bitcoin reached $17,000 and Ethereum touched $1,400, prices fell back, with Ethereum falling towards $100 and Bitcoin hovering at $3,000 for much of 2018.
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COINGAPE
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Guest Author 286 Articles

This author could be anybody, but he/she is not a member of staff coingape.com and opinions in the article are solely of the guest writer and do not reflect Coingape’s view.

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