3 Simple Steps for Beginners to Start Day Trading Crypto

3 Simple Steps for Beginners to Start Day Trading Crypto

If you’re brand new to day trading crypto, that’s okay! It’s easier than you think and can be more rewarding than you think too. In this article, we’ll go over three simple steps to follow as you start your crypto day trading journey.

1) Pick an Exchange

The best day trading cryptocurrency exchange is Binance. With an easy-to-use interface, users can get started trading crypto in minutes. The large selection of cryptocurrencies available and responsive customer service make it easy to set up a trade with any cryptocurrency or in any desired currency pair. It supports the most traded crypto pairs in the world, including Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC).

To start trading crypto, you will need an exchange account. Most exchanges require users to submit their full names and proof of residence when setting up an account, but some allow anonymous accounts. Most exchanges offer a variety of payment methods, such as credit cards or bank transfers, and most have mobile apps so that you can trade on the go. Some even offer users access via a traditional web browser.

I recommend starting with Binance. They offer more than 250 cryptocurrencies, fast trading times (average of 2-3 minutes), a user-friendly interface, responsive customer service, and unlimited cryptocurrency withdrawals. Plus, their low trading fees and minimal deposit fee make it easy to get started without any financial investment. If you need assistance in choosing an exchange or learning how to start trading crypto, check out our post on Cryptocurrency Exchange Fees or Top 5 Cryptocurrency Exchanges by Trading Volume. Best of luck! You can do it! Never give up!

2) Join A Community

Knowing what you’re doing is difficult when you start trading crypto. One thing that will help beginners and experts alike is joining a community like /r/CryptoCurrency or icanhazcrypto. For a beginner, there are two types of communities: Telegram Groups and Reddit. Joining one of these groups will allow you to ask questions, talk to more experienced traders, and educate yourself on how the markets work. This type of community should be your first stop as it can guide you in making better decisions down the line!

The second step to day trading crypto is taking some time on a different exchange. There are numerous exchanges out there, but you should find one that has a more prominent user base and isn’t less common like Poloniex or Bitfinex. For example, /r/CryptoCurrency recommends Binance as one of their beginner-friendly options. After setting up an account, feel free to follow step 3!

3) Practice, Practice, Practice

Practice, practice, practice – this is the number one rule for traders who are new to day trading. The most important factor that determines whether or not you’ll be successful at trading crypto is how much time you put into learning and studying. This can take the form of reading blogs or watching videos or even testing out your knowledge by creating hypothetical trades on a simulated platform like Coinbase (or GDAX). Putting in the time will give you valuable insight into what works and what doesn’t, as well as an understanding of how changes in market conditions will affect your trades.

1) Practice – it’s the simplest and best advice that anyone can give to new traders!

2) Always Keep Your Coins Off Exchanges – Many people store their cryptocurrency holdings on exchanges (for ease of trading and accessibility). While it may be tempting to leave your money in an exchange like Coinbase because it’s very easy, there are two big problems with that. For one, exchanges are a prime target for hackers. Nearly half a billion dollars worth of Bitcoin was stolen from Mt. Gox alone. Second, exchanges can freeze accounts if they detect unusual trading activity, or if you violate their terms of service (such as by trading cryptos that aren’t allowed). This means that they can lock up your coins while they investigate you!

Leave a Reply

Your email address will not be published. Required fields are marked *