[TUTORIAL] A simple guide to getting into Crypto-Currency Trading!

in bitcoin •  2 years ago

With the growing population of this website, the general type of user will be shifting. We're going to see more and more questions on how to get into the world of trading currency online by users who were attracted to this site for other reasons. So in this short tutorial I'll be showing you how to get started. Please note this is going to be really simple and aimed towards people who get stumped on issues such as "how do I even get bitcoins?" so don't expect any advanced information like technical analysis and chart reading.

Step 1: Buying Bitcoin

So the first step will be to acquire bitcoin. To do this head on over to https://www.circle.com and make an account.

This is really simple but will involve you putting in your card details as this is the website you'll be buying bitcoins.

Once you've done this, go to the main page on circle and hit the 'Buy bitcoin' button. You'll be prompted asking what card you wish to use, how many bitcoin you'd like to buy (Note: you don't have to buy a whole coin, just put the amount in your home currency that you wish to spend and youll receive the coins based on how much you put in).

After you've entered the details hit the confirm button and you're set! you now own bitcoin. So the next step is to move it to an exchange for you to buy other coins with.

Step 2: Signing up to an exchange

This step is just as easy as the first, what you're going to want to do is sign up to an exchange. In this tutorial I'll be using https://poloniex.com/ . This is because of how simple it is.

So head on over to the site and hit create account. This is another simple step, just go through the details and input what you want (remember to use an active email address as you'll be asked to verify it.
Once you've done that, Click 'create account'. An email will be sent to you for verification so click it and you're all ready! now time to move your bitcoin into the exchange.

Step 3: Moving your bitcoin

When you first sign in to poloniex, you'll likely find yourself on a page that's similar to this:

So from here go up to the top right hand corner, click 'BALANCES' then click 'DEPOSITS AND WITHDRAWALS'.

That will then take you to this page. On here, click the little white box and type 'btc'

Next to BTC you'll see a little 'Deposit' option. Click this then click 'Show address'. Once you've done this youll find a long code of random letters and numbers. copy this code(make sure to copy all of it exactly).

With this code, head back over to your circle account. At the top of the page there will be an option to 'send money', click it.

This will then take you to a form, what you'll want to do here is paste the code from Poloniex into the 'Address' section. Then edit the amount you wish to send and change the currency to bitcoins if need be. Make sure the account its taking it from is the circle one and not your bank then hit continue!

A verification email will be sent to you so be sure to go accept it.Last step incoming!

Step 4: Start Trading!

So when you've accepted the verification email, the currency available in your circle account will disappear. Hop on over to Poloniex and wait a few minutes (this is because the request to transfer cash is pending, it may take a short while but not too long!).

And with this you are pretty much ready to trade. Go take a look around the different alt coins available, maybe look up a tutorial on reading charts so you know what would be a good investment!. Once you've found a coin scroll to mid way down the page and you'll see this.

Simply type how many you want to buy, how much you want to pay for the coin and wait for the order to go through!

thanks for reading, hopefully you found this useful. Ill be creating more advanced tutorials soon so follow me if you're really looking into crypto-currency!

TIP: don't get dragged along by hype in the troll box, there are people trying to get your money by hyping coins up to increase there value. Knowledge is power!

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