Been trading Crypto's as of late cos the ASX has dried up from liquidity & posting on twitter. A few people on there wanted to know how to set up an account so i thought i would do a post around this to help a few understand how to set up accounts , platforms ect.. twitter is not really set up for trading like a forum is, so i hope this posts kicks of a following of sharing ideas.
Before i go on please understand i will attempted to explain it from my point of view which works for me, if you other info to add or think that i may have something wrong, please post or correct in a nice way & without attitude, if you can't then just let be, i'm not doing this to show how smart i'am , i'm doing this cos i have been asked to & the following is how it works for me so far.
Also i will add that i'm very bearish on any market as it sits right now, IMO markets or big money right now are starting to price in a crash this year, not sure if that will happen but from my understanding that's what the big money are thinking will happen, so i expect more pain in markets over the next few months & the Crypto world should follow with a down trend if general markets stay the course.
But it's a bull right now so let's trade till things become different
Now that's out the way let's begin
'1. You need to set up a digital wallet so you can buy digital coins.
A digital wallet will have one address to receive coins into & one address to send coins from that wallet , 12 word back up password , and a normal password.
It's really up to you how & where you want to keep you're wallet, i have been told not have it on PC cos it can be potently be hacked but good luck getting into my laptop cos it's got more security then Fort Knox. There is a lot of people that keep wallet on phone, i do have an app wallet it's pretty easy to use but again it's totally up to you on where you would like to house you're wallet
Most of the online companies that sell coins to retailers will have an online wallet as part of there serves but if they ever close down , good luck getting you're coins.
My preferred choice is Electrum
https://electrum.org cos it's been around fors\ since 2011 & easy to use , set up on my mac
This website shows you some of the leading wallets for you're preferred device
https://bitcoin.org/en/choose-your-wallet
2. Buying coins
You can buy any coin almost anywhere but i will explain what the best set up for my trading is. I like
https://app.coinjar.com cos you can set up a Aus bank account to withdraw or deposit money to buy coins or sell to Coinjar so that you can have fiat money to deposit into you're bank account, fee's are a bit high but level of security is worth it for me. You can also send money to Coinjar account to buy things via Bpay or Poli Pay
https://www.btcmarkets.net is also one i have used in the past & also rate it, you can transfer money into Btcmarkets via Poli pay .
Others that look to be safe but offer different things as part of the service.
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Column 1 |
Column 2 |
Column 3 |
Column 4 |
| 1 |
SpendBitcoins.com |
BuyBitcoinAustralia |
LocalBitcoins.com |
BitXjoin |
| 2 |
Uses over the counter transfers for bitcoin purchases. |
An Australian exchange for bitcoins. |
An in-person trading service that trades bitcoins for cash. |
Uses brokerage platforms to make over the counter cash deposits. |
| 3 |
Bit Trade Australia |
24change |
CoinMama |
BtcMarkets.net |
| 4 |
An Australian exchange for bitcoins. |
An automated buy/sell bitcoin service |
Buy bitcoins and Litecoins with your credit card, Western Union, Moneygram and more. |
A bitcoin exchange that operates in Australia. |
| 5 |
Bitcoin Australia |
QuickBT |
Coinloft |
XMLGold |
| 6 |
Provides an exchange service to convert AUD to bitcoins. |
Instant bitcoin payment using your bank account. |
Purchase bitcoins using Australian dollars via bank deposit. |
An exchange service that works with bitcoins and other digital currencies. |
| 7 |
JustCoin.com |
VirwoX |
BitQuick |
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| 8 |
Bitcoin exchange based in Norway that supports euros, Litecoins and Ripple. |
Purchase bitcoins with PayPal and credit cards. |
Connects bitcoin seller and buyers directly to their own bank accounts. |
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https://www.finder.com.au/how-to-buy-bitcoins
For trading sake you do not have to only by Bitcoin , you can also use Litcoin & Ethereum. In the last few weeks Ethereum has put on 100% gain, i swapped all my Bitcoins for Ethereum to catch the ride & was still able to trade via the big exchanges.. i think Litcoin will be next to bag.
If you don't want to wait the 2-3 day's it takes to set up a bank account on the the few that allow this , you can buy i think up to $2000 worth of coins on credit card which is pretty instant & transfer to bank account linked wallet at a latter stage.
3. Let's start trading Crypto's
By this stage you should have one of the major 3 coins in a wallet ready to send into a trading exchange. I often get this question a lot "Which exchange do i trade in".. Well what coin are you buying ?
There is over 720 different coins
https://coinmarketcap.com
Not all coins are listed on all on the exchanges , some coins are nowhere to be found on any exchange, prices & volume vary across platforms ..
Personally for the sake of just starting out, trade coins only the bigger exchanges ..
https://www.bitfinex.com/features#exchange
https://poloniex.com/exchange#btc_dgb
https://bittrex.com/Market/Index?MarketName=BTC-ZEC
These 3 is all i need & if the coin i'm after is not listed on them then i'm interested as it's possibly a scam.
The coinmarketcap.com is what i use to find my trades, i simply look at the charts for crypto's that a relatively cheap and that are about to test old highs on volume..
example: This one i called earlier in the day then went on to do 160% gain
View attachment 588537
Once i have found what coin i want to buy, i look though the exchanges to see if it is listed.
In this case, Bittrex was the only one that MUSIC coin listed to trade
Then the next step is to see what currency it is trading out of , for instance some coins are backed by bitcoin only which means that you can only buy those coins with Bitcoins, some coins have an option to buy with others.
View attachment 588558
Then all have to do now is transfer some bitcoin from you're wallet & into you're Bittrex account which takes a few minutes and buy some MUISC, i normally leave a few bitcoins in each exchange so i do not have to wait that few minutes but it up to on how you want to set up.
4. Deposit coin in exchange
To deposit coin into trading account, simply click on "wallet" on the top tab, then hit the + blue button on the left next to the coin you want transfer into. In this case i'm transferring bitcoin into Bittrex account, i've done the above, now a white box will show up & give me an address to deposit in, i go to my wallet on my PC and which is where my bitcoins are stored, then i send some coins to the address below..
If i did not not have Bitcoin, i would simply trade what ever coin i own into Bitcoin.
View attachment 588600
5. Time to buy
You account should show the coins in you're balance by now which means it's time to buy before FOMO kicks in
Go to the coin you want to buy & this is the page you will see
View attachment 588585
View attachment 588591
View attachment 588573
As you can see the page has chart, last traded , 24 hour high/low ect
under that is where you fill in how much you want to buy
Under that is the buy/sell depth
Fill in the details & hit buy
You can also sell coins in this page, when you sell the coins you are getting paid in Bitcoins, if you want to put those profits or all the coins back into you're device wallet , simply follow point 4 but hit - blue button & put you wallet device address in the white box & hit send, if you have Coinjar you can send to that account & cash out.
What i did when i started out is watch youtube videos on how to use the exchanges & get to know that part properly, the rest is easy if you know how to trade already.
