You’ve read up on cryptocurrencies and now you want to take the next step. You want to make a first investment in a coin but don’t know exactly how and where to do it? In this article we will explain you step by step how to buy and sell a cryptocurrency.
How to sell and buy crypto step by step
1. Choose a cryptocurrency to buy
There are a variety of different cryptocurrencies, each with its own unique features and benefits. When deciding which cryptocurrency to buy, you should consider the purpose of the cryptocurrency and its future potential. To get started, we recommend investing in a coin that is already known and has been on the market for a long time. We have optimized our signals for a selection of 10 coins that we believe have great potential in the future.
2. Find a cryptocurrency exchange
A crypto exchange is an online platform where you can buy and sell cryptocurrencies. The most popular ones are Binance, Coinbase and FTX. When choosing an exchange, you should pay attention to the fees, security and user-friendliness. We have compiled an overview of the largest exchanges for you here.
3. Buy cryptocurrencies
Once you have found a trading platform that suits you, registered and topped up your balance via bank transfer or credit card, you are ready to make your purchase.
The procedure varies somewhat depending on the exchange, but usually there is an order book with the possibility to buy or sell. Search for a suitable currency pair, e.g. BTC-EUR, wait for a good time to enter, our signals provide a good indication of this and then place your buy order with the number of coins and price. There are several ways to place a buy or sell order. You can make a market order, i.e. buy or sell at the current market price or you can place a limit order in which you set the price. With a limit order, however, it is possible that your order will be executed much later or not at all, because your price will never be reached.
4. Hold your cryptocurrencies
Once you have bought cryptocurrencies, you need to think about where you want to store your coins. It is possible to leave the coins on the exchange or transfer them to an external wallet. There are many different types of wallets and providers. We have created an overview of the most important wallets and their advantages and disadvantages.
5. Sell your cryptocurrencies
If you think it is a good time to sell, we offer you a possible indicator with our signals, you can do this again through an exchange. When selling, as with buying, there is also the possibility to place a market order or limit order.
6. Withdraw your proceeds
Once you have sold your cryptocurrencies, you can withdraw the proceeds to your bank account. Pay attention to the fees charged by the exchange and the security when choosing a withdrawal method. The fees vary greatly depending on the exchange, some exchanges charge fixed fees of $10 or more, some charge nothing at all.
If you are looking to get started with cryptocurrency, it is important that you understand how they work and their technology basics. The article has provided some helpful information on cryptocurrencies in general and specific steps for buying and selling them. If you’re interested in learning more about cryptocurrencies, be sure to check out more articles on waybettertrade.com. Our website provides in-depth information on all things about the crypto world.