If you are looking to get started trading bitcoin, you’re in luck. Bitcoin and other cryptocurrencies are some of the most volatile assets on the market, giving the optimal environment for traders to make money.
Information from Bitinfocharts shows there are nearly 384K wallets with over $100,000 being stored in them. Right now, the trading conditions are ripe for earning a profit.
Keep reading this guide to learn how to trade bitcoin and discover the easier way for you to get started today.
- Through a Broker
One of the most popular methods to buy bitcoin is directly through a broker. The reason many people decide to of this route is that they already trade stocks through a brokerage.
Buying cryptocurrency through a broker is simple. If you already have a brokerage account set up, so long as they offer cryptocurrency trading, you can go ahead and invest directly through them. Several popular brokerages now provide these services to clients.
- Using a Bitcoin ATM
If you want to start trading bitcoin but don’t want to sign up online, you can always use a bitcoin ATM. These kiosk devices give users direct access to bitcoin, among other popular cryptocurrencies and investments.
To begin, you will go online to bytefederal.com, and it will automatically find the nearest ATMs to your location. Once you find one near you, all you have to do is navigate to the place the kiosk is located. Then after that, you will register with your information. You will need the following information with you to register:
- A photo identification (driver’s license, passport, etc.)
- Your cell phone (to store the bitcoin)
- And cash (to purchase the bitcoin)
The transaction process is straightforward, giving users the option to select the cryptocurrency they want to buy and the amount. Some ATMs will have different limits than others, be sure to check before arriving. You will then enter the cash amount, and it will help you through the next steps of storing it in your wallet.
- Through an Exchange
Third and final, you can trade bitcoin through a cryptocurrency exchange. A bitcoin exchange is an online marketplace where people can start buying and selling bitcoin.
Instead of buying through a brokerage, an exchange offers users the chance to own the digital assets rather than speculate on price. Some people would prefer owning their cryptocurrency through an exchange or by way of ATM rather than just speculation.
Studies show 50 million Americans could be buying cryptocurrency for the first time this next year. The speculation has led to rapid price gains. But, with the price appreciation also comes added risk. It’s essential always to have good risk management practices in place when trading crypto.
How to Trade Bitcoin: Getting Started
Now that you know how to trade bitcoin, it’s up to you to get started. Each of these methods of trading offers different pros and cons. Some people prefer going to a physical location to buy, and others would instead trade from their homes. Make sure to do your research beforehand and decide when is the right time to buy.
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