When you know how you can buy and sell BTC, you will wonder if it is worth any trouble? Undoubtedly, they have prompted a few alarming headlines. Suppose you fancy of trading free bitcoin, let us check some important tips in the guide.
Do proper research & learn
Before anything, ensure that you do proper research. Find what are the fees for an exchange you are interested at, how this keeps the information safe (search for 2-factor authentication) and make sure it has got the good reputation.
Make the trading plan
Make the trading plan before starting, listing the goals, how often or how long you wish to trade or how much money you are happy to risk out. This must help you avoid falling down of your emotions while trading.
Trade Bitcoin by using leverage
One alternative way for trading BTC is using leverage. In both the cases, if the cost of Bitcoin increase by 5%, you will make same US$5,000 profit. And trading with the leverage means that you will make the similar profit, but at the considerably reduced cost.
Opening the separate email account only for the Bitcoin trading purposes (with 2 factor authentication) means if any hackers break in, damage they will cause will be limited (mainly if the email address does not have any personal information). The mobile phones are easily compromised, electronically and physically, thus are avoided for trading.
When Bitcoin began to surge in the popularity, lots of people became “miners”, providing the home computers for joining a network to crack cryptographic codes for a ledger. The miners were awarded with the new Bitcoins and made the tidy profit while doing so. Unluckily, times have totally changed and technically, anyone still can mine, chances are the electricity bill will far outweigh its profit.