I'm tranding for a month now, and wanted to write a small post on how setting things up, and to discuss things to do.
For example, i made an account on several exchanges, but not all are good to trade on. I will describe my experience in the next topics.
To start trading in coins you need to make an account on an exchange. There are a bunch of exchanges, and not all are good to trade on.
When i started, i made an account on Coinbase to buy bitcoins. But Coinbase only supports 3 coins ( LTC, ETH, and BTC) and is not really an exchange. So i went googling and found kraken.com exchange. I made an account, transferred some money to the account, but realised kraken was very slow, and not very responsive in trades. This is very important if you want to trade and set orders.
I was looking around for other exchanges,and came across Bittrex. This is a very good exchange that supports lots of coins to trade with.
Like all exchanges, you have to make an account, verify your identity by uploading some data, and then you can transfer FIAT ( real Money ) to your account. After doing this you are half way to your first trade.
If you found an exchange that you feel comfortable with, you can register to www.coinigy.com. This is a trading tool that can handle different exchanges, set alerts, trade orders , and has lots of prediction tools to manage your trades. The first 30 days is free, afterwards you pay a 15$ a month or so.
Create a API key on your exchange and set the settings on your Coinigy account. You will see your coins appearing in your balance tab.
With this tool you can manage your exchanges and start trading. Most exchanges have also tools for them selves, but they are not that broad.
If you plan to register, use my referral link : https://www.coinigy.com/?r=daddc9e7
Each coin has a wallet that can hold the coins you own. This can be hardware wallets, wallets (software) that runs on your smartphone or desktop, or wallets that are on a cloudservice. The most secure is ofcource the hardware wallet, then the desktop wallet and after that the online wallet. If you own a large amount of coins, it is best to buy a hardware wallet and keep it on a secure place.
Set an amount where you want to trade with and keep the rest in cold storage. This way you have a relative secure way of trading.
|Ledger Nano S||Ledger Blue||Trezor||Keepkey|
Here some usefull links to get you started with trading:
This guy has a very safe strategy, and fun to watch his video's.
Youtube : https://www.youtube.com/channel/UCbcxHiowf0TSNKn3xVpGTiQ