Bitcoin is becoming very popular whether you’re a trader or not. Trading Bitcoin and Bitcoin futures have become a way of life for crypto traders. But there is a huge number of people that are still looking for ways to make money from Bitcoin and seeking ways to learn how to trade Bitcoin. So, let’s learn how Bitcoin trading works.
What is Bitcoin?
Bitcoin is a digital currency that you cannot see or touch. Each bitcoin is basically a computer file which is stored in a ‘digital wallet’ app on a smartphone or computer. Just like the form of dollars, euro or pounds that you see in your credit cards and online banking. People can send bitcoins to your digital wallet, and you can send bitcoins to other people. Being the premier cryptocurrency, it is pretty straightforward to buy and sell them as and when you want to. Bitcoin has a history of volatility which has brought in a lot of traders and media interest into the ecosystem.
(Interested in learning the technology behind Bitcoin? Read Bitcoin explained)
What moves Bitcoin’s price?
As a decentralized currency, Bitcoin is free from many of the economic and political concerns which affect traditional currencies. But as a market still in its adolescence, there is a lot of uncertainty entirely unique to the cryptocurrency.
Any one of the following factors could have a sudden and significant impact on its price.
- Bitcoin supply
- BTC Market cap
- Industry adoption
- Key events
Bitcoin trading strategies
Take a position based on anticipated short-term movements, and close it out at the end of the trading day.
Catch trends the moment they form, and hold onto the position until the trend runs its course or shows signs of a reversal.
Place frequent, intraday trades on minor price movements.
Automate your trading processes to react to changeable market conditions on your behalf.
How to Trade Bitcoin?
1. Sign up on a crypto exchange
Signing up on Phemex is very easy. It requires minimum information such as your email and a strong password. It doesn’t require KYC verification and has a very straightforward registration procedure. From the Phemex website just head over to “Register”. Fill in your details and click continue. A verification code will be sent to the given email address, open your email copy the 6-digit code and paste it onto the next page. Hurray! It’s that simple to sign up on Phemex.
2. Build a trading plan
A trading plan can help you make objective decisions even when the stakes are high, so that you don’t leave trades open too long, or close them too early. Before you start trading, you need to make sure you’re up to speed with the latest Bitcoin news, in order to best understand what’s next for the cryptocurrency’s price.
3. Deposit Funds
Deposit funds into your account once you’ve successfully verified your email on Phemex. To deposit bitcoins, head to the right top corner of your screen and press “Assets”, from the drop-down menu just click deposit and you’ll be taken to the next page. From there you can copy the Bitcoin address and send your funds to that address right away.
You can transfer Bitcoin directly from any digital wallet to your Phemex account to start trading.
You can also buy Bitcoin directly with credit card, debit card, Applepay, and other bank accounts instantly on the Buy Crypto page.
4. Start Trading Bitcoin
Trading Bitcoin is extremely easy because Phemex provides an easy to use interface for its users. Head over to the “Left Top Corner” of your screen and click ‘Trade’.
That’s it! You’re ready to trade Bitcoin and start earning profit from buying/selling.
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