Bitcoin trading has become extremely popular in the past couple of years. Not only that, but these days, this occupation has spiked in popularity due to the fact that Bitcoin managed to reach heights like never before. As of April, its value is closing down on the $60,000 mark and experts even believe that it will continue to rise and peak around the summer or autumn of 2021.
That is the reason why thousands of new traders are joining the network. All of them are in a quest to make a profit and if they do it right, they can turn into overnight wealthy people. It is rumoured that there are around 100,000 millionaires in the world who managed to make their fortune by trading with Bitcoin.
With that being said, we wanted to provide you with some tips on Bitcoin trading. They can serve you well and help you get more familiar with how this process works, especially if you are a novice trader. So, without any further ado, let’s check them out.
Bitcoin is By Far The Best Choice
The first tip is that if you decide to trade with crypto, always choose Bitcoin. Even in its lowest days, Bitcoin was by far the most valuable cryptocurrency, hence, the biggest profit-maker. Additionally, its network is the biggest and ever-growing as some research states that over 90% of the crypto users trade with Bitcoin only.
Choose Trading Sites Over Bitcoin ATMs
There are two types of marketplaces where you can sell Bitcoins and earn money – Bitcoin ATMs and trading sites. We advise you to always choose trading sites and here’s why. Bitcoin ATMs are not as accessible as these platforms and their fees are enormous. They are known to charge between 10-25% in commissions.
On the other hand, reputable trading platforms like the-newsspy.io are far more accessible and their fees are very reasonable. All you need to access them is a stable Internet connection. These sites utilize the latest technology which is why you can use their services and trade on your smartphone or desktop device. Speaking of using their service, to gain access to trading sites and all they have to offer, you must register.
The process is very simple, lasts just a minute, and all you have to do is fill out a basic online application form and deposit the minimum required amount.
Choose The Best E-Wallet
As you may know, e-wallets are the digital storage facilities for your Bitcoins. There are thousands of e-wallets on the market and you must do proper research before you pick one that suits your individual preferences.
E-wallets are accessed by private keys, which are the passcodes. Keeping them secret is of utmost importance because if someone else gets ahold of them, they can steal your Bitcoins. If you are in the process of searching for a proper e-wallet, the list of best e-wallets 2021 might help you take your pick, so make sure you check it out.
Control Your Emotions
Emotions usually lead us to make irrational decisions, especially when it comes to Bitcoin. As this is a highly volatile cryptocurrency, its price can increase drastically in a matter of days. Led by emotions and the concept of FOMO (Fear of Missing Out) you may be tempted to buy in on an upward trend, hoping that you will sell even higher.
But, after you do that, it may happen for the price to go down faster than it took for it to rise, hence you will end up with nothing. Control your emotions and remember – buy low, sell high.