Buy, sell, store and trade
BASICS OF TRADING IN THE CURRENCY MARKET
The Ultimate Guide – Part 04
In the previous articles, you shared the necessary experience before we take an important step: Buy and own your own coin. And I’m pretty sure by the time you read this article you have already given a lot of thought to investing in the cryptocurrency market, so next let’s take a look at buying, selling, or trading your needs.
TABLE OF CONTENTS
Important things to understand
- Buy and trade
- to save
- To sell
1. IMPORTANT THINGS TO UNDERSTAND
Before we start learning how to buy any coin in the crypto market, I want you to understand some of the most important things you should know before converting any of your assets into a digital asset. .
The first thing you should know is that cryptocurrency is a new and complex technology. This form of investment is unlike anything else that you already know or are familiar with in the traditional market. It hardly has a safe to protect you if you make a mistake or don’t understand what you are doing.
- There won’t be Hotline so that you can call if you get stuck,
- There won’t be Corporate Headquarters To Contact If You Lose Money
- There won’t be the insurances behind your investments.
This means that at any time you could lose all of your investments due to hackers or user error without being able to recover the amount lost from that error. While participating in the market in recent years (in Vietnam), I have seen no less than 10 cases of cryptocurrency loss, small, tens of millions, large, almost 10 BTC. That’s it At some point we will make mistakes and mistakes always pay the price.
The second thing you should know is that cryptocurrencies are risky. So you should only invest what you can lose and avoid it affecting your life. In fact, it is also the golden rule for any investment in any market.
High risk can bring you greater rewards, and we humans have a natural tendency to do such things. But you need to memorize and find out for yourself an amount that you are comfortable with when investing in the cryptocurrency market. Be patient and stick with it, you will be rewarded.
The third thing you should know is Be careful, be more careful, and be more careful with your money. Everyone understands that, of course, but I don’t see enough preparation from everyone before entering the market. People are too sloppy with their security, too sloppy with their personal information. I’ve also given basic tools to everyone in previous articles to minimize these inattentions, but you should still remember what I just mentioned above, never too much.
These are the things that you should be aware of before we start and next, I will guide everyone in the principles of buying, selling, and trading in this market.
2. ONLY BUY AND TRADE
When it comes to new entrants, most people do not make a clear distinction between whether they want to buy for storage or for trading.
There is a big difference here. But in the beginning, the best way to learn something is to play with it? Yes but the game should be within the limits you can to start with because if you overdo it with your money in the market and the loss makes you hate the market, hate yourself, that’s one thing that is not happy at all.
Ask yourself a few simple questions like:
- Which coin do I want to buy?
- Where can I buy it?
- How do I store it properly?
Of course, not only are there questions like the ones I mentioned above, but these are the most basic and simple to guide your actions. You are new, understand that. Act on your thoughts, don’t act on others.
I’m not going to guide you in detail to buy, google it and you will be given detailed instructions. We won’t waste time on it. I would like to give you some tips so that you do not run into dead ends.
It is now very easy to buy the coin you want, unlike years ago. When I think of it, when I first hit the market, it was almost a month before I could buy a coin, now it only takes about a day or just a few hours.
Ok they should be talking about buying crypto.
In my personal experience, you should initially only focus on the largest and most reputable exchanges in the market. Aside from everything else, you still don’t understand much, do you?
These are the choices you can rely on when you take your first step.
Binance and Huobi are the top 2 options i think you should create an account first. If you would like to support the Coincu channel, please register using the referral link here.
Next, register yourself and KYC for the account you just created. Remember what to do with the platform tools that I introduced in previous articles. Let’s repeat the same basic steps.
While waiting for your KYC verification, you should go into your account settings. “Payments” section and add your bank account here.
After completing KYC, the next step is to buy USDT through the trading channel with FIAT. That’s right, don’t rush to buy a coin until you fully understand its current condition. Tips for first-time buyers on these channels are:
- Choose someone with a high number of orders. This number is displayed directly under each seller.
- So that transactions between buyers and sellers are confirmed faster. You should add the transaction code on your order and the nickname on the transfer slip to make it easier for the seller to confirm. Be careful not to write anything related to the crypto market in the remittance notes like BTC ETH Crypto.
In another country:
Buying and selling abroad is also much easier. You can buy directly with a payment card or through various exchanges in your country. If you have any difficulties, please contact the team for immediate help.
It’s not too complicated to trade after you have money in your account on the exchange. You have to find it out on your own. I’m only here to give you tips to avoid making unnecessary mistakes.
- Always confirm twice before making a transaction. Once you have a good understanding of trading, this is still something to keep in mind.
- Before you familiarize yourself with trading on an exchange, You shouldn’t be trading OTC (outside of the transaction) with someone.
If you have a question, get in touch with the team so we can work it out together.
This is the step after you get used to buying the above cryptocurrency, maybe you entered the market because of the current euphoria or maybe you really believe in their future.
If you’re into the latter, you probably want to keep your purchased property even more secure. What’s safer in your hands than in the hands of others, right?
Basically you have 3 options as follows:
a. Stored in Exchange wallets
b. Stored in a third-party wallet
c. Keep in your personal wallet.
With all 3 of the above methods, it has its advantages and disadvantages. Depending on the case, you have your own optimal options.
For example, I am a trader so most of the time I will use option a, if I have a profit and want to convert to VND I can use option b (this is here). Years ago, now everything is possible in exchange). The optimal option for my personal choice is option A.
Another example is Mr. Thuan. He’s got his job and doesn’t have too much time to watch the market, plus he’s also very confident about the future of cryptocurrencies, so most of his coins are held in option c. The optimal solution for your choice as you can see here is option C.
As for option b, I think that doing OTC transactions is best for you as it gives them the initiative and flexibility in the labor factor.
Some names to refer to for the choices above:
- Stored in Exchange wallets: binance, huobi … any exchange you trust. However, remember that security is directly proportional to this broker’s reputation.
- Stored in a third-party wallet: MEW Wallet (MyEthereumWallet), Metamask Wallet, Trust Wallet, Blockchain.com Wallet … are the current top options on the market.
- Save in your personal wallet ví: Forget about paper wallets, you should focus on cold wallets like Ledger, Trezor … these hardware wallets give you complete control over your private keys. It is very hard to hack but very easy to lose if you are not careful while using it.
There is one particularly important note in this store that you should be careful with your wallet address, private keys on exchanges and third-party providers. Make sure that you have carefully secured what money you have.
Remember the third note I mentioned above: Be careful, be more careful, and be more careful.
This is the last intersection that newbies will have to cross on their way to the crypto market. Just say…