Getting started with Bitcoin trading and investing can be tricky, especially with so many unique factors to consider – all of which could lead to losses or profits. For beginners, the challenge can be even harder and that’s why we’ve put this brief guide together, to act as instructions on how to get started with buying Bitcoin, how to choose a reputable provider and more.
How Can You Buy Bitcoin?
There are a number of ways to buy Bitcoin, although the majority of traders will typically do so online from a reliable provider such as paybis.com. These types of providers make it an option to sign up to their services with an account, add bank details, and then transfer traditional cash currencies into Bitcoin.
Depending on the time and value of Bitcoin, the same amount spent twice could yield varying results, and this is why it’s a good idea to choose a provider that offers a decent exchange rate as standard, to avoid making losses with each transaction.
A Bitcoin Wallet
All traders will have one thing in common and that’s the need for a dedicated Bitcoin wallet. A single wallet is associated with one account and if these details are ever lost, the account simply can’t be recovered. To avoid this risk, keep your wallet ID and sign in details close by. A physical and digital copy is recommended, as many traders have found themselves losing access to their wallets over the years.
A Bitcoin wallet is the equivalent of your personalised crypto trading passport. You’ll need one to transact with no matter whether you are an investor, or an avid trader.
Knowing When to Buy
Another important thing to consider about Bitcoin is that as with other forms of currency, it can be prone to fluctuating in value. Because of this, traders aim to carefully choose times to make deals. For instance, when the price of Bitcoin is cheap, it’s a good idea to buy it and store it. When the price increases in value, Bitcoin can be sold off to other traders.
Just like when trading Forex, transacting with Bitcoin is a skill that comes with practice. As a beginner, it’s worth investigating the current market and seeing if Bitcoin has experienced a drop in price before buying. This way, a new trader can purchase Bitcoin at a lower rate and then hold on to it as they learn.
Know Your Budget
It can be easy to spend countless amounts on crypto and then hope that things work out, and this is a common mistake that beginners often make. Instead of falling into this habit, it’s a better idea to define a budget and then pick a strategy to follow. By doing this, a beginner can gradually learn how the market works and when the best times to trade are.
Generally speaking, budgets will differ and some traders might have 4, 5, or 6-figure finances to begin with. Always approach a deal with caution and only ever buy from a reputable Bitcoin dealer like the one mentioned above to avoid any unnecessary risks or financial losses. The safest way to trade is to learn first and practice after.