Interestingly enough, out of all the cryptocurrencies that are available for trading on the market, Bitcoin has perhaps evolved the most, and is perhaps one of the most popular forex trading investments available.
If you are looking to see if you can become rich quickly, then you should not be in forex or crypto trading because you won’t become successful quickly. Nothing happens quickly in trading, even if you are one of the best traders out there. However, if you are looking to diversify your portfolio into some more interesting trading investments then bitcoin trading could be the answer for your problems.
It doesn’t matter if you are an expert or a beginner in crypto trading because hopefully this short guide will help you to make the best choices when it comes to trading with Bitcoin here at LeoPrime.
Before we begin, it may be worth going over briefly to explain what exactly is Bitcoin. For starters, the basics are that Bitcoin is a cryptocurrency, which is effectively an electronic form of currency just like the US Dollar, the British Pound or the Japanese Yen.
The cool thing about Bitcoin is that it allows the user to exchange payments without passing through any authority, such as a bank because no one controls the controls the network, and bitcoin is limited in value. Another awesome ‘feature’ pf Bitcoin is that it can be broken down into tiny fractions or decimals, unlike traditional currencies. So, it is quite flexible and can be bought and sold at minute pieces. However, each small piece is worth a lot (well, it is at the moment!).
How to trade Bitcoin
In order to begin trading in bitcoin, you need to have two key things:
- A digital wallet where you can store your Bitcoin
- Open and set up an account with an exchange or a broker (like LeoPrime) where you can buy and sell Bitcoin
We (LeoPrime), as a broker, provide a classic account, which can accommodate traders who are new to the markets as well as the experienced retail traders. The classic account combines properties of a normal forex account with crypto, and offers the traders the convenience of trading with initial deposits as low as $10.
Once your account is set up, you’re good to start trading. But bear in mind the following:Do your research - understanding how the blockchain network works, Bitcoins future developments, how does it stand out from competitors, etc. are all very crucial to know.
Make wise and rational decisions, and ignore being a lemming
Watch out for trends in the market
Familiarise yourself with various fundamental and technical analysis techniques (read out technical analysis blog)
Bitcoins valuation is affected in numerous of ways, including but not limited to popularity, and news events and current affairs.