HOW TO TRADE CRYPTO CURRENCY FOR BEGINNERS

TRADING CRYPTO CURRENCY AS A BEGINNER

THINGS YOU WILL LEARN

1. WHAT IS TRADING
2. WHICH APPLICATION DO I NEED TO TRADE CRYPTO CURRENCY
3. TRADE WITH BINANCE
4. CURRENCIES TO TRADE WITH
5. DIFFERENT TYPES OF TRADING
6. HOW TO TRADE CRYPTO ON SPOT 

You are at the right place if you are interested in trading crypto currencies without basic knowledge on it. I am pleased to tell you that I am explaining from the scratch.

WHAT IS TRADING

Trading is the act of buying and selling goods and services. In crypto we buy and sell currencies which we achieve either by using Fiat (Money regulated by government) to digital currencies (Currencies built on block chain) or by swapping/exchanging one digital currency to another. In trading the most important digital currency we need is the fixed coin which is called USDT. Let's talk about the applications (Apps) we need to start trading before going into how to get USDT 

WHICH APPLICATION DO I NEED TO TRADE CRYPTO

There are so many apps for trading which I will list below but I will recommend you use the Binance App. To get started with binance app click here, other applications include: gate.io, kuccoin, Lbank as so on. I recommend binance because of easy P2P trading feature as to carry everyone along in this article. Most of my illustration will be from binance, so I encourage you download the binance app and try to get verified as soon as possible

TRADE WITH BINANCE

This is what binance home page looks like on mobile. As seen there are lots of features but for beginners we will look at how the wallets features works and look like.

Take time to observe, this is what you get once you click on the wallets icon below. Now there is overview (where you get to know the total value of your wallet), spot (where you buy and hold your coins), Funding (a lot happen here such as P2P, converting currencies to Fiat and vice versa, Gift card trading etc.) There is the Margin, Futures (these two are related to futures trading which is more profitable than that of spot with a very high risk, it is always advised to stay away from futures trading until you have full knowledge and ready to take risk) and lastly there is Earn (this is where staking of your coins to get profit take place, risk is minimum)

HOW TO FUND YOUR ACCOUNT WITH USDT

There are different way of funding depending on your country, example Nigeria uses P2P method below is how to fund your account using P2P. Note: Do not forget to transfer your funds from funding to spot after purchasing your USDT

Let's take a look at other methods of funding, you can skip if your country doesn't support this method. 

HOW TO TRADE ON SPOT

Please note: While selling you start with spot as shown in the video then transfer your usdt to your funding account (this is where you can sell off your usdt for Fiat). 

How To Transfer Your Coins To Funding (USDT)

On the top of your spot wallet page you will see the transfer icon, click on it.

You can choose to transfer from spot to funding or from funding to spot by clicking on the yellow double arrow in the image, you can also change the coin you want to transfer by clicking on BTC.

 

After clicking on BTC, this is what it looks like. You either choose from the coin that will appear or you make use of the search box above. 

Hopefully, you are no longer a novice at the end of the article. I believe you now have the basic knowledge on how to trade crypto currencies this will help you to go further into trading. You are now a step forward to becoming an expert

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