A Beginner’s Guide to Trading Bitcoin

Jump to page contents

A Beginner’s Guide to Trading Bitcoin

So you’ve decided to start trading Bitcoin? Welcome to the club! This modern form of currency exchange has proven extremely profitable for beginners and expert traders alike thanks to a highly fragmented market with huge spreads.

Its global and volatile nature when compared to other financial instruments and fiat currencies has also helped to make it highly popular with traders.

So, let’s get you off on the right foot. Here’s everything you need to know about trading this digital currency before you’re ready to jump in and start raking in the profit!

Where Can I Trade Bitcoin?

Until quite recently, the only way to get Bitcoin was to mine it yourself. Nowadays however, it’s easier than ever to simply purchase Bitcoin through an online platform called an exchange.

First things first, you’ll need to find a trustworthy Bitcoin exchange to start your trading journey. With so many exchanges currently available online, it can sometimes be difficult to tell apart the good from the shady. One thing to look out for is that the exchange is fully licensed and regulated by a reputable authority to make sure it is safe to deposit your funds.

We recommend CEX.io as not only is this popular exchange accessible to over 100 countries worldwide, but it’s also got the mark of approval from both FinCEN as well as the ICO in the UK. How do you get started? Easy! Follow the below steps:

  • Visit a cryptocurrency exchange such as CEX.io
  • Set up your individual account in less than 5 minutes by clicking ‘Register’
  • After receiving your confirmation email, fill out your details and submit the required verification documents
  • Depending on the types of documents submitted, you may use your credit card or the bank transfer option.

Buying and Selling Bitcoin

Once your exchange account is all set up, you can start depositing funds. In order to get your hands on some Bitcoin, you can buy it directly from the exchange itself using your preferred payment method and currency. The funds should reach your account within 30 minutes.

One thing to consider is that it’s generally safer to keep the majority of your Bitcoin in a ‘cold’ wallet while leaving only a small amount directly on the exchange’s ‘hot’ wallet in order to protect your funds from attempted thefts on cryptocurrency exchanges which have unfortunately become all too common.

When it comes to selling or withdrawing your Bitcoin on the exchange, you must first make sure that your payment method has been verified. After making your withdrawal request, you’ll receive a confirmation email and will be required to use 2FA (2 Factor Authentication) to proceed with the transaction. Keep in mind that processing times depend on your payment option.

With all of these aspects covered, you’re now ready to start making money with Bitcoin. Always remember to take precautions and consider the risks before making any investments since this cryptocurrency’s volatile nature won’t always result in your favour.

For more advice on trading Bitcoin and how to implement different strategies, watch this space for our weekly guides.

Recently Similar Guides

casinoin-promotion etoro-promotion

Latest Guides


What are Stablecoins Used for?

If you’re following what’s been happening in the bitcoin trading scene for the last couple of years, you’ve probably heard about the term ‘stablecoins’. It seems that the trend of creating this type of cryptocurrency has been on the rise lately, as many analysts agree, they indeed seem like a step forward in crypto research. […]

4 February, 2020

Is Cryptocurrency Changing The Online Gambling Industry?

The gambling industry is just one of many that the internet has radically transformed. Gambling is no longer just for the elites in exclusive clubs, it’s something the everyman can do on his phone from the comfort of his own home. Nowadays, gambling is in the midst of another transition, brought on by the rise […]

14 January, 2020

Top 5 Cryptocurrencies To Invest In 2020

It has been another eventful year for cryptocurrency, with significant price movements amongst the top 10 tokens and plenty of heated discussion on the future of the technology. One of the year’s biggest news was Facebook’s Project Libra, which promised to bring about mainstream adoption of digital currencies. Notwithstanding all good intentions, this and other […]

24 December, 2019

Trading Crypto On eToro

Set up in 2007, eToro became a leading trading platform across the world. Offering investors access to several markets and asset classes, the platform attracts a mix of novice and experienced users, eager to generate a return from their individual strategies. Cryptocurrencies are one of the latest tradeable markets to be added to the platform. […]

23 December, 2019

Trading Bitcoin On eToro

Bitcoin is the world’s leading cryptocurrency, with a market cap of over $134 billion and a daily trading volume averaging $21 billion. Millions of people around the world want to get their hands on the first and largest cryptographic currency, but choosing the right place can be tricky. The web has thousands of cryptocurrency exchanges […]

22 December, 2019

Trading Ethereum On eToro

eToro is one of the largest online trading platforms in the world, supporting a variety of markets and financial instruments. Along with a useful trading app and one of the most comprehensive lists of payment methods, the platform gives you access to buy and trade numerous cryptocurrencies, amongst which Ether, more commonly known as Ethereum. […]

17 December, 2019

Reasons Why Bitcoin Gambling is on the Rise

Online casinos have been pioneers of innovation and technology. Therefore it’s not surprising that a good number of online casinos are offering bitcoin gambling games. The main reasons for adopting bitcoins in the gambling industry hang on the multitude of possibilities that bitcoin affords both online casinos and gamblers. Below are the reasons for the […]

16 December, 2019
Beginner,eToro,Margin Trading

eToro Fees Explained In Detail

eToro is an online trading platform which has gained popularity across the globe. Known for keeping up with the latest investment developments, eToro offers investors access to a wide range of instruments and markets. This guide will focus primarily on eToro’s fees, often considered to be some of the most advantageous in the industry. A […]

11 December, 2019