As a beginner who wants to make some money through cryptocurrency trading, you need to note that, cryptocurrency market is very volatile which is why caution must be taken when thinking of trading.
Trading normally involves buying and selling. While cryptocurrency trading involves buying and selling of crypto coins.
What you Need to Know Before Trading Cryptocurrency
As a beginner, it is advisable you open a coinbase account which allows you to buy/sell cryptocurrency like bitcoin, ethereum, litecoin, bitcoin cash through the use of your debit card, credit card or the use of your bank account. Coinbase is still the most preferred because it makes it flexible for newbies in cryptocurrency trading to trade with caution.I will strongly advice as a beginner not to go into trading other coins that are not popular like the coins I mentioned above. However, coinbase is open to those who lives in USA and to some other countries outside US. Once you open an account with coinbase, you need very your identity by uploading a photo ID and some other information. All these are done to security reasons since government believed that crypto coins are used for money laundry.
For people who resides in Nigeria, you can easily buy/sell on luno. Luno is secure and easy to use. For me, I've sold bitcoin and ethereum times without number. All I do is that, I transfer my coin from exchange wallet I trade with and send it to my luno wallet. From there, I convert it to naira and I withdraw my cash into my local bank account. Luno is not opened only to Nigeria alone, it is open to other countries in Africa like
Possible Cryptocurrency Exchange Platform You Can Trade On
Asides from coinbase.com, blockchain.info and luno.com, there are other several cryptocurrency trading sites that you can trade on. The following are the cryptocurrency trading sites you can trade on:Binance: Binance, Bittrex, Bitfinex and Poloneix are some of the cryptocurrency trading website you can trade on. You can trade on those sites and the profits you made can be send to your coinbase, blockchain.info or luno.com wallet. Luno charge 0.00020000btc if you're sending bitcoin from any wallet but if you're sending Ethereum, luno won't charge you transaction fee. When sending bitcoin to binance, bitfinex, bittrex or polononeix, you want be charged transaction fee. But you will be charged transaction fee when sending your crypto coin from your bitcoin or ethereum wallets to another wallet.
Why Luno?
I don't know of any other exchange sites asides from luno that gives access to cryptocurrency traders in Nigeria to buy and sell bitcoin and ethereum with ease. Right now I'm not talking about escrow sites like remitano. The good thing about luno is that you don't need a third party before you can buy bitcoin on their platform. All you need is your debit or credit card to buy.For security reasons, it is advisable to activate two factor authentication for your account once you sign up to any cryptocurrency trading platform. With this, you can secure your login details.
One thing that is good about all these trading websites is that you will have the advantage of trading any cryptocurrency and you can have access to multiple wallets of different coins if you want to.
For you to trade, you need to buy bitcoin through coinbase, blockchain.info or luno. If you're from US, you should probably buy bitcoin from coinbase or blockchain.info. If you're from Nigeria, you can actually buy from luno. Luno is still the most reliable site to buy bitcoin because it is fast, safe and secure. You buy bitcoin on luno and sell it back on it. Meanwhile, if you open an account with luno you need to verify your identity by uploading a photo ID. With that, it will increase the amount of bitcoin and ethereum you can trade, buy and sell on luno as well just as you can do with coinbase.
You need to know that just like every other businesses that it takes time, same goes with cryptocurrency trading as well. Don't expect to make a fortune the day you start. You need to understand the market gradually.
Kindly checkout for more posts on cryptocurrency where I will be shedding more lights on what I called the pump and dump signal. What it means and what to do.
Thanks for reading: Beginners Guide on Successful Cryptocurrency Trading Tips, Sorry, my English is bad:)