Trading bitcoin is a big money spinner recently and more and more people and investors are interested in it. But, for the many newcomers in the crypto market, there is also a dilemma of learning more and more about the new currency system and how to invest in it. It is extremely different from the dynamics of conventional currency transfer and everything but purchasing it and using it to trade with other cryptocurrencies is extremely easy. You just need to follow some steps and you are good to go.
The first thing you need to do is that you need to open up an account on a cryptocurrency exchange like Coinbase or Bitfinex and register yourself there. So you go to their website and sign up. Please remember that Coinbase doesn’t work in some countries so you cannot open your account there.
Now the first thing you need to do is to provide your particulars according to your ID. Name, date of birth, etc, etc. Once you are done with it, you also need to enter your address and mobile number and verify it. All of these are federal regulations that are almost present in every state you are living in for the safety of these exchanges.
Now you need to enter your funding details. You can use a standard ATM card for this purpose, both credit and debit. It won’t get any of your money out right now but you will authorize it to buy your first bitcoin later on.
So finally your account is now set. You can now proceed to buy your first bitcoin. Go to trading and then USD/BTC and enter a small amount in dollars that you want to buy. Not more than $100 for your first purchase. Hurrah! You are the proud owner of a small amount of bitcoin. You can see how rapidly the price shifts on the bitcoin trading charts. It is a lot of opportunity for investors to invest and make profits even while it is going down a little.
Please remember not to store a large amount of bitcoin on these exchanges. Please use a wallet for that purpose that uses cold storage or offline storage in some form.