You’re first Crypto Currency Trade
Its time to face it selling ebooks for Bitcoin is not going to make you the next internet millionaire. You see post from people all around the wold discussing Crypto Currency, Bitcoin, and Alt Coins. You have thought about investing but to be honest it all seems a little complicated. Well here is a 101 guide to getting into the exchanges.
Considerations:
One thing to consider is how you want to trade. Are you looking to just buy some Bitcoin and hold it for the long term and/or making just a few trades, or are you more interested in being an active trader and having more options as to what you can invest in.
If your just looking to hold for the long term or making a few simple trades buying on Coinbase and trading on their GDAX platform is the best recommendation I can make. If your looking to trade on various Alt Coins and taking advantage of market movements on different coins there are several different exchanges you can choose from. My personal favorites are: Binance , Cryptopia, other exchanges can be found on Cryptocoincharts
Buy some coin:
A great place to start is CoinBase , you can purchase Bitcoin, Bitcoin Cash, Ethereum, and Litecoin using a bank transfer or a credit card. You can spend as little or as much as you want, a simple $20 dollar purchase will give you enough to start experimenting in the markets.
Before you decide on what to buy a little tip. To send your purchased coins into the exchanges there is a fee. When sending from Coinbase into their exchange : GDAX, it is free to move Crypto Currency from one to the other, however with GDAX you are limited on the options in Alt Coin trades.
That being said the fee to transfer your coins from Coinbase to other exchanges can vary depending on the coin you bought also the time it takes for the transfer can vary.
My personal preference is to buy LTC from Coinbase then transfer it to either my Binance or Cryptopia accounts the transfer network fee is very low and the processing speed is rather quick.
For example if you buy $25 in Bitcoin and transfer it to Binance there is approximately a $12 network transfer fee and it can take a couple hours to get confirmed whereas for the same $25 Dollar purchase of Litecoin the network transfer fee is .04 cents and the confirmation is normally complete in less then 30 minutes.
