How to Buy & Sell Cryptocurrencies

A free video tutorial from Aedan Kelly
Professional Day Trader & Cryptocurrency Expert
Rating: 4.3 out of 5Instructor rating
4 courses
55,252 students
How to Buy & Sell Cryptocurrencies

Lecture description

A step by step lesson on how to buy & sell cryptocurrencies.

Learn more from the full course

Step-By-Step Cryptocurrency Trading Course & eBook v2 (2023)

Buy & Sell Bitcoin and Altcoins on the Exchanges, Crypto Mining, Market Research & Analysis, ICO Investing & much more

01:39:43 of on-demand video • Updated July 2023

What blockchain technology and cryptocurrencies are
The history and possible future of cryptocurrency
What you need to get started trading cryptocurrencies
How to buy, sell, and use several trading strategies to make money
The best methods to research and analyze data, so you make the wisest choices
ICOs, STOs, IEOs: Learn what they are, how you pick the best one for you and how to participate
Managing your risk and money as you trade in this exciting market
Everything you need to know about Cryptocurrency Mining
English [Auto]
Bitcoins are a popular option for starting out in cryptocurrency investing and trading. Whilst they are relatively highly priced They are also the most stable cryptocurrency and Bitcoins are available on most if not all the crypto exchanges operating today. In Europe you can use bitcoin dot D and crackin in the USA. Coinbase is a popular choice and in Asia there is. OK coin and debit flyer but these only represent some of the options that you have available to you. All coins are defined as any cryptocurrency but these are not Bitcoin and there are literally hundreds and hundreds of old coins. They are considered riskier but there are a few options that have now risen in the market. These are more stable and are still priced lower per unit than Bitcoin. So making them an ideal entry coin for traders if you'd like to trade in an old coin there are plenty of exchanges that offer alternative coins to bitcoin. Some will sell a specific old coin some will trade a few and a few of them a few of the bigger ones will trade them all. There are literally hundreds of old coins in the market. So you may have to search for the best exchange to trade in the coins that you want to trade in during that search. Consider where you live. This will play a role in which exchange you can use in the USA there are a limited number of exchanges that are allowed and it is better to try and select an exchange that is as close as possible to your geographic location. If that isn't an option then choose an exchange based in a country which has a strong legal system. This practice increases your chances of being able to retrieve your money. If you fall victim to illegal trading activities the size of the exchange will also have an impact. The larger the exchange the easier it will be to acquire the coins you want in the amounts that you want. Smaller exchanges may have limited supplies and it may take longer to reach your trading goals. Many of the old coin exchanges are smaller perhaps unregulated or poorly regulated. So do your research on the reputation of a particular old coin exchange before you decide to use it. Some exchanges have gone bankrupt with little notice leaving investors out in the cold crypto currency markets are volatile and this is something I can't repeat enough. While it can make for stressful trades This is also a good characteristic for traders trying to get into the market. The market is prone to bubbles that can come and go rapidly. The worst time to buy would be at the peak of a bubble and the best time would be when the price is stable and at a lower level. As a rule you shouldn't really compare cryptocurrency bubbles to traditional market bubbles. Remember that there is naturally more volatility with crypto currencies a small percentage which may mean a bubble in the Forex is just considered as part of the general daily volatility that you get in the crypto markets. A bubble of 1000 percent is more common with crypto currencies. But again there is no guarantee that this won't continue to grow. Figuring out if a bubble is at its peak or a crash is at its lowest is a big challenge. So watch the coins that you have chosen for a while and learn that Pontin's just like the forex the cryptocurrency market will show trends and patterns and in a later chapter we cover fundamental technical analysis techniques that can help you decide when to buy and when to sell. Now that you have a better understanding of the structure of the cryptocurrency market its time to review the general process of buying and selling crypto currencies and exchange you choose should have step by step instructions to guide you through the interface. The bigger exchanges may even offer instructional screenshots or videos to get the overall idea. In this section we will cover the general steps involved in buying and selling Bitcoins these are also the same steps that you would use for all crypto currencies. If it hasn't been made clear already then let's repeat this really important lesson. Never leave a third party in charge of your coins specifically. This means getting your own wallet and managing your keys crypto coins require two kinds of keys or addresses to be stored and traded. These are your public keys and your private keys a public key is used for incoming deposits on sales and it is a unique set of numbers or a QR code that you can show people so that they can send you cryptocurrency a private key is used for outgoing withdrawals and payments. This is the most important key because it shows the entire block chain you have in your wallet. It also provides access to everything in your wallet. So if somebody else gets access to this key they can withdraw whatever they want. The safest route is to store your keys and most of your coins that you want using on a daily basis in an off line or cold storage while it's on a paper wallet is an example of this. You can then transfer what you need or what you want to trade to an online wallet when you need it to start trading. First of all you need coins starting off with bitcoins is the easiest option and then you can trade your bitcoins for other crypto currencies on the exchange. You can also purchase popular cryptocurrency is directly on some of the major exchanges with fiat money as these exchanges also actors brokers and Coinbase is a very straightforward and popular exchange and broker which is allows you to buy coins with fiat money the exchange or broker that you use to buy your first coins with the currency of your choice. Doesn't have to be the one that you trade on in the previous section we cover the exchange options that you can use to start your cryptocurrency trading journey. You'll need to set up an account and this may require ID verification. This step helps to ensure that fraud or other illegal activities are kept to a minimum and that there is a greater chance of a legal remedy. Should you need it while ID verification might make some of you feel a little uncomfortable because you want to retain your privacy. This measure is used to help protect you if you still aren't comfortable with this process. You still have the option of using a platform that allows for direct trading with other users here. Each side sets that price which isn't based on the underlying market. However if you decide to use an exchange the verification process can take a couple of days. Once this is complete you will send some of your bitcoins to the exchange so they can use them to purchase your old coins. These will be stored in an exchange wallet and are ready to be used for trading. The exchange will keep track of your balances and they also provide charts and other analysis tools that you can use to make smarter trades. But please remember to not keep the bulk of your coins in these hot wallets exchange while wallets are considered the easiest for hackers to break into entering your bed is the same as buying coins and it is a very simple process. You need to find the exchanges or the book and the current asking price for the coin that you want to buy. If you set your bid what is your buy order for a higher price than the seller's price or their lowest ask your order will be filled quickly. If this isn't the case you will need to wait a little longer for your order. Once somebody accepts your bid the order is filled and your chosen coin will be transferred to your Xchange wallet. Selling your coin is also referred to as setting on ask and there are typically three scenarios where you might want to sell your coin. If your coin has gone up in price to where you wanted to sell it. If it's formen in price and you want out before it goes any lower or if you want to cash out and convert your coins into Fit currency to do any of these three you need to set ask. And hey you set the price at which you would like your trade to happen. You can sell one coin at a time all you can do what most people do which is sell a batch when a buyer accepts your ask price the trade will be completed and the coins will end up in your Xchange wallet. The process of buying and selling isn't really that simple.