Hello everyone hope you all are fine and safe. Today I am going to talk about crypto trading
what is cryptocurrency trading?
So what is basically trading is a word comes from trade in means buying or selling of anything which may be food for money or any other things . cryptocurrency trading is same as other trading in this system of trading traders buy or sell their cryptocurrenies for other assets just like usdt for butcoin or vice versa. Also in cryptocurrency you can trade your assets for paying bills . so in cryptocurrency there are more than six thousand coins in which you can trade and trading is done on trading platform known as exchanges. There are lot of exchanges available for trading.There are mainly two types of wallets they are software wallets and hardware wallets. The best example of software wallet is binance the famious exchange throughout the world and the example of hardware wallet is Trezor One. So lets talk about these two wallet types first.
Which wallet i am using for trading
As i already tell you there are hardware wallets and software wallets. I personally use binance app which is a software wallet. Why i use the software wallet besides it has high risk than hardware wallet because when i start trading two years ago for me hardware wallet was tough to run that is why i choose software wallet which is vary easy to use. Also there is vary easy to trade on software wallet and also lot of coins are available on software wallets with many trading pairs. Now i am thinking to move to hardware wallet because on hardware wallet there is a huge security than software wallets. Hacking which is common in cryptocurrency can't effect that much on hardware wallets. So in short this time i am using binance for trading.
Did i hold any coins this time
This time i am holding few coins which are polkadot, chainlink, zilka steem and doge coin. I buy dot and chainlink before one year when its value was not too much and also my funds, then after few months value of these coins goes vary good and my funds start increasing. Zilka whose price was not too much at the beginning of year i choose this coin that time. Steem which i am holding from past three years because i have trust on this coin and its all time high is vary far and still it has to brake it.
With screenshots , show how to perform spot trading on any pair of your choice
Before jumping into how to perform spot trading it is necessary to know what is spot trading, spot trading one of the simple trading among all the trading methods. In spot users are able to perform trade instant. In spot trading we exchange some assets for other other assets like we buy doge coin for usdt coin. In spot trading buyer and seller put their value for buying when the price of that asset reachs that value order will automatically filled without any delay.
As i am using binance i will show you how to perform spot trade on that.
1.First if you have not account on binance go to there official website and resgister there. For registration we have to follow some simple steps.
2.First write your email or phone and set a strong password and keep this password safe.
3.Then you have to set a high security so that anyone can't get your account.you can either set two factor vetification or add email and phone number both.
4.Then yoh have to verify youself, there are two vetification one is personal vetification and other address vetification.
5.Then you have to deposit some funds in your binance account if you have funds available then make trade as given below. If you have no funds follow this proces to add funds either from steemit or from other exchange.
- First click on wallet option on main page of binance app.
- Then click of spot wallet and click on deposit option.
- Search what you want to deposit just like i want to deposit usdt .
- copy the deposit adress and then send funds on that adress from other exchange.
6.For spot trading we have to login first then search the coin on the top of home page which you want to buy or sell.
7.Now search the pair and coin you are interesting in just like i am interesting in buying doge coin in usdt pair i click on that pair.
8.Then click on buy botton at the bottom on page in green.
9.Then write the amount you want to buy and at which price you want to buy. When the price reaches to your buying price order will fill automatically.
Holding or trading which i prepare and why?
As i already tell you i am holding few coins this time but some coins didn't need to hold for long time we have to get our benifit and comeout of that just like doge whose price shows vary fluctuations when its price goes down i accumulate that and sell it the peak . so i prefer both of them personally and i think lot of traders are following the same way.
Why i prefer both holding as well as trading because some coins has lot of huge potential just like etherium , dot , bnb,etc whose price are predicting huge in coming months or years in these coins it is better to hold them for long time. On the other case small cap coins who haven't too much potential to go in future if its price goes down i make entry and comeout after getting some profit.
All screenshots are taken by me.
THANKS FOR READING.