How to Start Crypto Trading in Easy Steps?

One way to invest in cryptocurrencies is through crypto trading. In crypto-futures trading, one might buy “long” (drive for profit) if the value of a cryptocurrency is expected to rise and sell “short” (drive down the rate) if the value is expected to decrease.  

However, if you buy cryptocurrency on the crypto exchange, you are purchasing the actual coins. Before buying cryptocurrencies, you should create an account on a crypto exchange.  Next, make an investment and deposit the value of the desired cryptocurrency. You can store it in a personal wallet until you want to sell it. 

It is hard to invest in cryptocurrency, being that it cannot be bought using a bank account. Before getting into crypto trading you have to register for an online account with a crypto exchange. Exchange is one such place where people can order and sell cryptocurrency. There are two dominant players in the cryptocurrency exchange system: Binance and Coinbases. Some personal information, such as the date of your birth, how and where you live, Social Security number (if you are an American), and email address, should be entered at the point of opening the account at a crypto exchange. 

  • Add Money

If the account you have set up is not funded yet, then the next step is to allocate funds to your crypto exchange account. The easiest way to stay consistent over these accounts is therefore to link your banking and crypto trading accounts together. Further, one can be able to use cash for example, keeping it in a bank account, debit card, or sending a wire transfer. Wire transfers are highly appreciated due to the fact that there usually are no leaving costs, which makes them the cheapest method to fill your account. 

  • Decide on Cryptocurrency to Trade

Most traders choose Bitcoin and Ethereum, two of the strongest cryptocurrencies. Many cryptocurrencies are expanding quickly. When choosing a cryptocurrency, manage your risks, undertake market and technical research, and examine its size. 

Bitcoin and Ethereum are preferred by traders because of their higher trading volume. However, many crypto traders invest in weaker coins. You should use your best judgment to choose between bigger, more stable cryptocurrencies and smaller, less established altcoins. 

  • Select Strategy

Crypto trading is risky; therefore, even experienced traders know you need a strategy before trading equities. The “strategy” you’ll create to guide your trade and reduce financial losses is what it means here.

Experience, knowledge, analytical skills, patience, and discipline are some of the many factors that determine the optimal technique. The main categories are active and passive tactics. 

  • Start Trading

Start your crypto trading after you have decided which cryptocurrency to trade and have created a trading plan that considers your risk tolerance, level of expertise, and other relevant factors. Active and automatic trading are the two main approaches to cryptocurrency. Trading bots automate this procedure, making it simple and effective. 

With the aid of these bots, you may optimize your crypto trading gains, diversify your portfolio, minimize risks, and gain leverage over human traders. They will automatically execute orders according to your plan. 

  • Storing Coins

Keep your cryptocurrency in a secure wallet if you plan on trading it. Wallets are different from what crypto exchange applications are for. You can hold your cryptocurrency with them, but they won’t keep it. Simply put, a crypto wallet is a digital repository for your coins, much like a traditional bank vault.

There are primarily two types of cryptocurrency wallets: hot and cold. A specialized app may store cryptocurrency in a hot wallet, which functions only while connected to the internet. You can keep your cryptocurrency in a cold wallet using a storage device that resembles a pen drive. It may also mean any kind of storage that doesn’t need an internet connection, such as a box, hardware wallet, or even just a mental record of numbers and characters. 

Market Patterns to Know

Cryptocurrency and the stock market both follow cyclical patterns. Recognizing and understanding market cycles, trends, and patterns is an essential skill for every trader. Though initially daunting, the cryptocurrency market simplifies once you have a handle on it. 

Performing a Technical Analysis (TA) is one method for continuing the market reading process. While a trader might use a myriad of sophisticated indicators to study the market, we will focus on the fundamentals for the sake of this essay. 

  • Cycles and structures: Market trends may be seen over long periods and in shorter time frames of hours, days, or weeks. Like any other, cryptocurrency trading goes through four distinct stages: accumulation, run-up, distribution, and run-down. If you want to know when to buy and sell cryptocurrency, you should practice contrarian investing, which is selling when the market is buying and purchasing when it is selling.
  • Chasing the Whales: A small number of people, known as the “whales,” control the market’s direction and activity via their massive cryptocurrency holdings and sales. So, why should you pay attention to the actions of these entities? They are experts in their field. If you can deduce a whale’s behavior and intentions, you may adjust your technique and make money. 

Generally speaking, investors should not let their emotions influence their crypto trading decisions. Doing so may help them stay calm and collected when they face potential losses in purchasing and selling chances.


The process can feel overwhelming and complicated, particularly for those not used to trading cryptocurrencies. A few steps are involved, but you must be careful and strategic before starting crypto trading. A well-thought-out plan, attitude, tools, and emotional intelligence make trading much less of a gamble. Cryptocurrency trading is a great way to generate money, whether you want to establish a company or make some extra cash in the long run. 

Let Bitgern help make crypto trading even simpler. If you sign up for our OTC trading program, you may earn 2% for every successful deal. Visit our website to learn more. 

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