How to Open an Account, Trade Crypto as a First-Timer
A foray into an alternative investment market isn’t risk-free, but you will enjoy the ride, with a mix of greed and return that will shape your results.
If you are risk-averse, investing in crypto isn’t really for you. If you are not greedy, you are stylishly risk-averse. Aligning with the gambler’s anthem, you have to know when to hold a risky asset, when to fold, and when to walk away.
When walking away isn’t enough, you have to know when to run from taking a bet. A little greed is necessary, but do it with your eyes wide open to market direction.
Pattern and sentiment are key in crypto trading, much more than fundamentals – the market looks at the bigger picture.
Opening A Brokerage Account
Before you enter a trade, you need an account to hold the money you are about to lose or the wealth you are about to build. It is okay to see yourself as a gambler – prediction is difficult, observed patterns can shift – but that risk could be worth it after all.
There are many crypto trading platforms; choose the one you prefer and follow the simple process to open an account. Opening an account means your chosen trading platform will collect your personal data. You will have a wallet or an account that only you can access.
You’ll need to provide your chosen crypto brokerage with personal identification information, similar to what you would provide when opening a stock brokerage account.
Common information you’ll need to provide when setting up your account includes your identification number, address, date of birth, and email address.
Then, fund the account and start trading with a small amount. Don’t go high at the beginning; you will have plenty of time to do so once you understand how, when, and why cryptocurrency prices move.
Observe what makes you lose or gain, and watch that pattern over time. It is nice to start investing in a low-priced but high-volatility crypto asset – it is risky bet, be cool with both outcome.
There are apps that make it easy for first-timers, such as Bamboo, Palremit, Chippercash, and the like.
When you trade cryptocurrencies, you’ll need to store your funds on the exchange to access them. If you’re buying cryptocurrency to hold for the mid- to long-term, then you should get a cryptocurrency wallet.
Open a Crypto Account: Looks like
Go to “Trade” > “Crypto” > “Activate”, then tap “Submit” to complete your application.
Transfer Funds
Go to “Accounts” > “Cash Transfer”, select your crypto account, enter the amount, and tap “Submit”.
Start Trading
Go back to the quote page and tap “Trade”, or go to your crypto account > Trade, then enter the crypto symbol to place your order.
