Although there are many users that are already buying Bitcoin and trading cryptocurrencies, it is always necessary to have a guide that would explain to you how to buy Bitcoin. The market has been expanding during the last few years it has allowed many traders to achieve large profits during bull markets.
In this article, we will explain to you how to buy Bitcoin and how to start trading cryptocurrencies in just a few steps. At the same time, we will share with you a trick to improve your trading strategy over time.
Buying Bitcoin for a person that has never done so can be somehow complicated. However, we will explain you step by step how to do so using the Binance exchange. However, it is possible to follow similar instructions for other exchanges, so don’t be afraid of trying with other platforms.
Binance is one of the most popular cryptocurrency exchanges in the market that was launched in 2017 and it became an integral part of the whole crypto ecosystem. Nowadays, Binance is one of the exchanges with the largest liquidity not only for Bitcoin but also for altcoins in the space.
The first thing you need to do is to open an account. This is a very straightforward process that would take just a few minutes. Go to the right part of the screen and click on ‘Register’ to start the registration process. If you already have an account you can skip these steps and go straight to the next sections.
After clicking on ‘Register’ you will start the registration process in which you will have to provide all the necessary information to open an account. This includes email, name and password, among other things.
You can easily purchase Bitcoin using Binance. For example, the easiest and fastest way to acquire the largest cryptocurrency in the market is by using a credit card.
Thanks to a recent partnership with Simplex, users can use their credit cards to purchase Bitcoin and also other cryptocurrencies such as Ethereum (ETH) or Litecoin (LTC). Nonetheless, it is worth mentioning that some jurisdictions do not have this option enabled.
To buy Bitcoin using a credit card you will have to select the funds you want to acquire and process the whole transaction.
The whole process is very simple to follow. Binance will guide you throughout the necessary steps to finish your purchase. Indeed, you will have to provide personal and financial data, among other things.
Now that you have purchased Bitcoin, you will be able to trade cryptocurrencies in your Binance account and buy many other altcoins.
As mentioned before, you would be able to buy some altcoins using the Binance fiat gateway (with credit cards). In addition to Bitcoin, Litecoin and Ethereum you can also acquire BUSD, PAX, TUSD, XRP and Bitcoin Cash (BCH).
However, if you want to acquire other digital assets such as Decentraland (MANA), Monero (XMR), Tezos (XTZ), Cardano (ADA) or many others, you will need to purchase Bitcoin before. Bitcoin is used as a cryptocurrency to exchange for other altcoins.
In order to start trading and purchasing other digital assets, you have to open the basic or advanced exchange on the ‘Exchange’ option. There you can easily start managing your purchases and trades in the market.
On the right side of the screen, you will be able to select the altcoin you want to buy using Bitcoin. Be sure that you are in the BTC tab.
After searching for the altcoin you want to buy, you have to select it and decide the amount of this virtual currency that you want to purchase.
For example, if you want to buy MANA, you can select the MANA/BTC trading pair and write the amount of MANA you want to purchase and at which BTC price.
Binance also allows you to select between 25% or 100% of your funds to purchase this cryptocurrency using the BTC you previously bought using a credit card. At the same time, you can easily sell MANA for BTC if you already do not want to hold this digital asset anymore.
Decentraland (MANA) is a virtual reality platform that is powered on the Ethereum blockchain, allowing users to create and monetize content and applications as well. This is a unique project that created LAND tokens which is a non-fungible ERC721 token. At the same time, the MANA digital asset can be used to
Once you make the purchase of the digital currency you selected, you will see the funds in your account on the ‘Wallet’ tab where it says ‘Exchange Wallet.’ There you will find all the information about the assets you have purchased and their respective value. MANA is a cryptocurrency that gets burned every single time that a user makes a purchase for LAND, meaning that its total supply gets reduced over time, eventually having a positive effect on the price of MANA.
In general, it is highly recommended to withdraw the funds to a cryptocurrency wallet that you control. Cryptocurrency exchanges have been targeted by hackers and attackers that wanted to steal cryptocurrencies from users. When you hold the private keys of your assets, your funds depend on how you handle these keys rather than on an exchange.
If you want to know more about how to trade cryptocurrencies in Binance you can follow the in-depth guide we wrote at AltSignals.
You have already learned how to acquire digital assets and how to handle the funds you have. With this information in mind, we are now able to start trading these virtual currencies in the market to gain some profits.
Before continuing with the guide, it is worth mentioning that there are some cryptocurrencies that have specific trading patterns that are very important to know. For example, Bitcoin tends to trade in a different way than altcoins. ETH, XRP and LTC have their own events and features that would affect their price and how they perform in the market.
For example, a Bitcoin and Litecoin experience halving events that are usually bullish for the price of these virtual currencies. In the last two halving events that took place on the Bitcoin network, the price of Bitcoin experienced a massive growth the year after the miners’ reward reduction took place. Things worked differently on Litecoin where the price skyrocketed before the halving rather than after it. Bitcoin is going to experience a new halving event in May 2020 which can help the digital currency move upwards.
Ethereum, for example, is expected to move towards a new Proof-of-Stake (PoS) network that would make the whole Ethereum ecosystem more efficient in the future. Other cryptocurrencies that allowed users to stake coins, Tezos (XTZ) and more recently Cardano (ADA) experienced large price increases due to a larger demand from users to stake these coins. Although it does not mean that ETH will see its price move higher history shows demand for digital currencies that can be staked tends to grow, pushing prices higher.
XRP works in a different way. Ripple, one of the most important companies in the XRP ecosystem and holder of around 50% of the XRP in existence, has been working in order to expand XRP use cases in the market. The firm has been working so as to sign new partnerships with large and financial companies around the world to use the XRP digital asset to perform cross border payments.
Every single time there is a new partnership in the market, the price of the XRP cryptocurrency tends to grow. In the future, XRP could be used by a larger number of firms and companies that want to reduce transaction fees and make cross border payments more efficient over time.
These are just some of the things that traders should take into account at the time of deciding which cryptocurrencies to trade. Nonetheless, users should always create their own strategies and the ones that they consider would be very useful for them.
Although there are trading experts and novice individuals that have already developed their own strategies to trade virtual currencies, it is also possible for them to follow trading signals groups that would allow them to improve their strategies.
One of the most popular and recognized trading signals groups is called AltSignals and it has a wide range of services for users to improve their trading strategy over time. The Telegram group would provide you with trading signals for different cryptocurrency exchanges, including Binance and BitMex, among others.
Users will receive trading signals every single day, allowing them to follow them and confirm specific entry and exit points. This is certainly important considering there are several trading pairs in the market that are not usually easy to follow at all times. With the trading signals provided by AltSignals, users will also have the possibility to pay for premium services and receive in-depth reports about the whole cryptocurrency market and how they see specific trading pairs.
AltSignals is recognized for being one of the most trustworthy crypto trading signals groups around the world because of the profits they offer to users and because of offering very transparent services. For example, at the end of each month, the team behind AltSignals releases information about all the trades processed and which were their profits.
In addition to it, AltSignals offers traders the possibility to follow signals in other markets such as FX. This is certainly important considering there are traders that do not trade in the cryptocurrency market. In November, the official results of Forex AltSignals trading showed a win rate of 81% with 21 signals and 17 wins. Meanwhile, in October, there were 37 signals with 29 wins, 8 losses and a win rate of 78%.
AltSignals is considered to be one of the best crypto trading signals channels on Telegram providing trading signals to enthusiasts and traders in the market. AltSignals is also offering a VIP trading signals service which is certainly useful for those advanced users.
According to the November report released by the company, BitMEX, FX, and Binance trading signals reported massive gains for users. In BitMex, for example, there was an 86% success rate on 37 different signals provided throughout the month. The total profit registered was 2,888%. Only 5 trades were not profitable.
For Binance, instead, the success rate was 68.2% with a profit of 245%. Some of the best trading pairs were FTM/BTC and REQ/BTC. At the same time, the XTZ/BTC trading pair registered a profit of 28.4%.
Moreover, the firm is offering services since the bull market that took place in 2017 when Bitcoin hit a record price of $20,000. This enthusiasm in the market pushed the team behind AltSignals to start a new project providing users and traders with the possibility to increase their trading profits even during a bear market.
In 2018, the whole space entered a bear trend in which users were affected by a year-long bear market for Bitcoin. Other digital currencies such as altcoins remained in a bear trend for a longer period of time, reaching two or three-year lows in many cases. This has certainly affected the ability of traders to earn while trading Bitcoin and digital assets.
In 2016 and 2017, Bitcoin and other cryptocurrencies were growing at all times. This has certainly attracted a large number of users that saw a huge possibility of registering large gains just by holding their coins. However, as mentioned before, the bear market started in 2018.
If you want to start trading with AltSignals you can do so by following their Telegram signals channels and start watching their signals. If you consider you want to go all-in, the best you can do is to set up a new trading bot that would automatically be connected with your cryptocurrency exchange, for example, Binance.
One of the most popular trading bots in the market is called Cornix and we have created a full guide about how to set it up and use it. With it, you will not need to think about managing the trades by yourself and it will also help you enter and close trades as soon as they get published on the AltSignals trading signals group on Telegram.
In this article, we have explained to you how to open an account on the Binance exchange, purchase Bitcoin and other cryptocurrencies and start trading in this exciting market. In other sections, we have shared with you which are the best strategies to handle your trades and digital currencies in the space.
While it is very fast and easy to trade Bitcoin, buying and handling other trading pairs can be somehow more complicated. Indeed, it may require you to be more connected to your trading activities, which would reduce the time you give to other activities. This is where the Cornix trading bot would help you set up your AltSignals trading group signals on Telegram.
If you want to know more about AltSignals and the possibilities that it provides to traders, you can always check the official site AtlSignals.io.