How to trade Bitcoin cryptocurrency for beginners! This tutorials shows how to trade BTC for altcoins on crypto exchanges.
Get BTC, ETH, LTC, or BCH here: https://www.coinbase.com/join/5926bddfea359f083d018d81
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Script:
Hey guys I’m Angelo, and welcome back to Crypto Coin Consultants. Today I’ll be teaching you the basics of how to trade on an exchange so you can purchase whatever altcoins you’re interested in. Before we get started, just know that these are the bare basics of trading. Of course, there are ways that may also help you save a few dollars, but my main goal of this first part is to give you all the information you need in a step-by-step tutorial for you to follow along with so that you can make your first purchase. I’ll also be providing links to all the sites I use in the description below. Part 2 will include other concepts you can implement once you get more familiar with these trading platforms. Let’s get started! The first step is to buy Bitcoin, since this is the main currency used to trade against most other coins. The easiest & most convenient site for you to use is Coinbase. Once you’ve registered, you’ll land on the Coinbase dashboard. From here you have to set up a Bitcoin vault before you can purchase Bitcoin by clicking on “Accounts,” then scroll down and click “New Account.” Click on “Vault” and choose “Bitcoin” as your currency, then naming it to whatever you want. I’ve already created a Bitcoin vault, so you won’t see it here as an option on my screen. The next step is to add a payment method. Click on “Buy/Sell” at the top, and under “Payment Method” click add a new account. This is where you can link up your credit card or online bank account. But before I continue any further, I have to emphasize that’s important to tighten the security on every single one of your cryptocurrency accounts by enabling two-factor authentication wherever possible, which you can do here. After you’ve set up a payment method, you can now instantly purchase Bitcoin, Ethereum, Litecoin, or Bitcoin Cash using a credit card. You can also transfer money over directly from your bank account--which costs 3 times less in fees--but it also takes several days for the Bitcoin to reflect on your account. As we all know, Bitcoin’s price can fluctuate significantly during this time. There’s also a way to save on fees by using Coinbase’s trading platform GDAX, but I’ll be explaining that more in part 2. Once you have the Bitcoin in your Coinbase account, open up a new tab & find out which exchange the coin you’re interested in is available on by going to coinmarketcap.com. Let’s take NEO for example. Once I’m on coinmarketcap, I’ll search for NEO, then click on the markets tab. You can see here all the exchanges NEO is traded on. Today, I’ll be showing you how to buy it on Binance. Go to Binance by using the link I’ve provided in the description below, then create an account. I’d like to add another reminder that you should enable to two-factor authentication to this account as well. Once you’re in Binance, hover over “Funds” then click on “Balances.” This page gives you a running balance on all the coins you hold. As you can see in the top right corner, it also gives you an estimate of your portfolio’s worth in both Bitcoin and U.S. dollars. Now we want to transfer our Bitcoin over from Coinbase to Binance so we can use it to start purchasing NEO. On the “Balances” page, find Bitcoin and click on “Deposit.” This will show you your Bitcoin address that you’ll be sending your Bitcoin over to. Keep in mind that this address is STRICTLY for Bitcoin transfers only; sending any other currency aside from Bitcoin (like Ethereum or Litecoin) will result in your funds forever being lost, so be very careful of this! Copy your Binance Bitcoin address, go back to Coinbase, click on “Accounts,” then “Send.” Make sure you’re in the “Wallet Address” tab, then paste your Binance Bitcoin address into the “Recipient” field, enter the amount of Bitcoin you want to send, then click “Continue.” Transfers can take anywhere from a few minutes to a few hours to show up, so give it some time for your balance to appear on Binance. In the meantime, let me give you a quick rundown on Binance’s user interface. I’ll also show you more on another large trading platform called Bittrex, but that’ll have to wait till part 2. You’ll see if you hover over “Exchange” that there’s two options: Basic & Advanced. We’ll be sticking to “Basic” for demonstrational purposes, and I’ll cover the features of “Advanced” in part 2. You’ll see on the main page that Binance has four different markets: BNB, Bitcoin, Ethereum, and USD Tether. Each of these means that you use that respective currency to trade for all the other coins. So clicking on “ETH Markets,” for example, gives you all the currencies you can trade Ether against. Since we just bought & transferred Bitcoin, we’ll be sticking to the Bitcoin markets. You’ll also see a “Favorites” section, where you have a list of your favorite trading pairs, like Icon to Bitcoin and Stellar Lumens to Ether for example. Going back to our NEO example, let’s click on NEO to Bitcoin. Doing so brings us to where we can buy NEO for Bitcoin using the “Basic” layout. On the upper left, you’ll see the sell orders and below that you’ll see the buy orders. This graph here shows the historic price fluctuations for NEO, where you can break down the time intervals where each candle represents anything from a 1-minute time frame up to a 1-week timeframe. For now, ignore the indicators that you see on my screen like volume and MACD, as I’ll be addressing them in part 2. In the upper right-hand side you’ll see a list of the available markets, and below that is NEO’s trade history, which shows all the buys & sells of NEO that have recently taken place. Clicking on “Yours” filters out just your own NEO buys & sells in the last 24 hours. Now this section below the graph is the most important part, and is where you’ll be doing all of your buying & selling. But before I continue, let me explain to you the difference between limit & market orders. A limit order is when you place a limit as to the price you’re willing to buy or sell a coin for. So when I place a buy order for 1 NEO at 0.012314, it means that’s the highest price limit I’m willing to pay in Bitcoin for 1 NEO. The trade will execute if someone is willing to sell for that price or less. Same with selling: selling 1 NEO at 0.012350 means the lowest price limit I’m willing to sell 1 NEO for is 0.012314 Bitcoin or higher. A market order means you’re willing to buy or sell a certain coin based on what’s currently available on the market; all you have to do is write down how many coins you want & it’ll match your market order up with someone else’s limit order. It works the same way for sell market orders as well. You’ll see a option for setting stop-limit orders over here; we’ll be ignoring that for now & I’ll be sure to address it in the video for part 2. So going back to limit orders, you’ll see here on the left-hand side is where you buy, and you’ll see the amount of Bitcoin you have available to buy with; the right-hand side is where you sell, along with the amount of NEO you have available to sell from. So to put this into action, I’ll place a limit buy order for 2 NEO at the price of 0.012350 Bitcoin. You’ll see here underneath the total that it’ll cost me 0.0247 Bitcoin altogether. Once I click “Buy NEO,” you’ll see that it shows up on the left & gets added to the cumulative amount of buy orders that me & other people are willing to buy it for at that price. This order stays open on the market until it’s matched with someone willing to sell their NEO at that price, at which point your order has been “filled.” Scrolling down, you’ll the list of open orders you have on the market. If your order has not yet been filled & you wanna cancel it, just click on the “Cancel” button on the right to remove your order from the market. Let’s do the same thing for a market order. I’ll click on the “Market” tab, type in 2 NEO and click “Buy NEO.” These transactions are instant, and your NEO balance will immediately go up to 2. It’s instant because by placing a market order, you’re essentially saying “I’m willing to buy NEO at whatever price necessary so that I’ll immediately have access to my coin;” same goes for selling. And just like that, you now know how you can acquire altcoins! Now let’s reverse-engineer this process so you know how to sell your altcoins for cash. You’ll have to go through the same process of selling as we did for buying using either limit or market orders in order to convert the altcoin back into Bitcoin. Once we have it in the form of Bitcoin, open up Coinbase in a new tab. Click on Accounts > Receive > Show Address, and copy this address by clicking on this copy button here on the right. Going back into Binance, hover over to “Funds” and click “Balances.” Find Bitcoin, click “Withdrawal,” paste your Coinbase Bitcoin address into the “BTC Withdrawal Address” field, enter the amount of Bitcoin you want to transfer, then hit “Submit.” Once this is done, you’ll receive a confirmation email with a link you have to click on in order to verify it was you who was requesting this transaction. Click on that link & your Bitcoin will be sent over from Binance to Coinbase. Once this has been processed, go back into Coinbase, click on “Buy/Sell” at the top, select the “Sell” tab, choose which account you want your money to be sent to, enter the amount of Bitcoin you wanna sell (you’ll see the amount deducted for fees on the right), then click “Sell Bitcoin Instantly.” You’ll notice PayPal as an option to deposit your money; keep in mind that PayPal is available ONLY for taking money out of Coinbase, and not for putting money into Coinbase. Transferring money from Coinbase to either your bank account or PayPal can take anywhere from one to a few business days. And there you have it! You now know all the basics you need to be able to start buying & selling altcoins at exchanges. Stay tuned for part 2, where I’ll be giving you tips on how to save money when trading, showing you some of the technical analysis tools you can use, comparing the different exchanges, and how to buy smaller market cap coins using Etherdelta.
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