Looking into trading crypto but don't know how to get started? This is the tutorial for you!
After seeing tons of users asking how to get in I decided to type up an easy step by step tutorial. For now I'm going to avoid strategy and just show everyone how to get started. I should also preface by mentioning I'm based out of the USA. If you're from a different country things may vary a bit. Due to the rising demand of Iota I'm going to use that as my example.
Step 1: Purchase Bitcoin
I purchase my Bitcoin from Coinbase. To create an account you can also use my referral https://www.coinbase.com/join/59f5245a20d8ce010121b275 or just check out their website. I like this site because it is extremely easy to use, plus has a nice dashboard and a mobile app. This makes it easy to get on and instantly see how much crypto you have and what it's worth. You can currently purchase Bitcoin, Etherium, and Litecoin on Coinbase. But to start, get Bitcoin. Bitcoin is the currency you will be using to trade on exchanges. I have also heard good things about purchasing Bitcoin from https://www.gdax.com/ but I have personally never done so. Another thing worth mentioning is that Coinbase will charge a small fee usually around $1.50 whenever you make a purchase so be prepared for that.
Step 2: Create an account on an exchange
So if you're looking into the altcoin Iota I recommend Binance. You can join using my referral code https://www.binance.com/?ref=11516035 or visiting their website. I personally use Binance for Iota and https://bittrex.com for most other altcoins.
Step 3: Adding Bitcoin to an exchange
Now that you have purchased Bitcoin and created an account with Binance you're ready to start trading! But first your exchange account is going to need some Bitcoin. Remember, Bitcoin is the currency used on most exchanges not dollars. If you want to buy Iota make sure to send Bitcoin to Binance. I prefer Bittrex for everything else
Sending Bitcoin to Binance
First log into Binance. In the top banner select Funds > Deposits Withdraws.
This shows you all the coins available to trade in Binance. Find Bitcoin in that list and select the "Deposit" option on the right side. Make sure you are depositing to you Bitcoin wallet and NOT Bitcoin Cash or any other wallet. If you send to the wrong address your funds will be lost.
You will get your own BTC Deposit address similar to what you see in the above image. This is the address you want to send your Bitcoin to from Coinbase.
Now that you know your Bitcoin address it's time to log back into Coinbase and send some funds to your Binance account. Select the accounts tab in the banner and select the "Send" option in your Bitcoin wallet.
This will bring up another menu for you to paste your Binance Bitcoin address into. Choose the amount of Bitcoin you want to send and select "Send". It usually takes about 10 minutes for the funds to transfer.
Sending Bitcoin to Bittrex
Sending Bitcoin to Bittrex is basically the same process. You can find you Bittrex Bitcoin wallet by selecting "Wallets" in the top header. Then select the plus sign next to Bitcoin to get your deposit address.
Step 4: Buying Altcoins
Binance
In the upper left corner select Exchange > basic. Now in the top right pane select the cryptocurrency you want to buy. For Iota select IOTA/BTC. In the bottom pane enter the amount you want to purchase and select buy Iota. If you want to buy at a different price you have the option to create a buy order by changing the price. This will automatically buy the coin when it hits your desired price. The same can be done for selling.
Bittrex
The process is very similar in Bittrex although it has a much more simplistic view. In the upper left corner select the Bittrex logo. This takes you to the homepage with a list of coins available. You can also use the search feature from this page. Once you reach a coin's page similar graphs will be displayed as well as options to create buy and sell orders.
Step 5: ????????????
Step 6: Profit
Now that you have Bitcoin in your exchanges you're ready to start trading! I know this is a lot to take in at first but it doesn't take long to get the hang of it. There are plenty of helpful Youtube videos that go over trading strategies which I would definitely look for. Always do your homework before dropping a large amount of money into a coin, and GOOD LUCK!!
I'll see you on the moon :D
Donation Addresses:
Bitcoin: 1FsUeJiYMuRf2TiNaLwdqrT5qahhHKizgY
Ethereum: 0x39eb017c1dc11e2d0ce7f3f98cfef54eacb67b5d
Litecoin: LbqeiLFSnM1f67er1uJHTrCby6K7cHyJmd