As confusing as the crypto world might seem, it’s not difficult to become a trader in crypto. Here is how:
The first step is to create a cryptocurrency wallet. This is used to store your public and private keys, both of which are similar to bank account numbers and ATM pin respectively. Your public key is used to receive and send Bitcoin while the private key is used to authorize Bitcoin transmission. Beyond keeping these keys, your wallet also serves as a personal ledger for your transactions.
The next step is to choose an exchange. A lot of traders prefer Binance, which is the fastest growing exchange for the trading of cryptocurrency, second only to BitMex in trading volume. Exchanges are online platforms where you can exchange cryptocurrency for other currencies (cryptocurrency and fiat currencies like US Dollars). Cryptopia is also another very viable exchange. It is described as “your one-stop crypto shop” because you can sell anything to anyone in the world in exchange for crypto. You can also choose KuCoin because it is one of the most advanced cryptocurrency exchange. After signing up to an exchange of your choice, you can then buy any cryptocurrency of your choice, using the currency stipulated by the seller.
After buying your crypto, it is then transferred to your wallet. Should you choose to sell your crypto, all you need to do is place an offer to sell where you describe the terms of the sale. The exchange automatically affects the sale whenever you have a buyer that suits your terms. At this point of sale, you should transfer your funds from your wallet into a bank account which you have designated for this purpose.
These simple steps will set you on the part to becoming a successful crypto trader.