Want to trade crypto but don’t know how? If so, read the article below to the end.
There are many sites and apps that allow you to buy or sell cryptocurrencies of various kinds.
The process and how it works is the same as when buying or selling shares. The difference is in the price movement or volatility.
Before trading, the first step that you should consider is choosing which platform to trade on.
There are many lists. Is there any recommendation? Exist. Indodax, Coinbase or tokocrypto. Those are the three platforms that I currently use.
Therefore, for those of you who are learning cryptocurrency trading pdf, how to trade crypto on indodax, how to trade crypto daily and how to learn cryptocurrency.
Including how to trade bitcoin, the best crypto trading and how to play crypto, see the article below until the end.
Before continuing, let me first discuss what crypto currency is and how it works so that this article is more complete.
What are cryptocurrencies?
Cryptocurrency or commonly called crypto currency [crypto] is digital or virtual currency whose circulation is carried out through a series of codes or cryptography.
Thus, this currency can hardly be counterfeited or spent repeatedly.
Most decentralized cryptocurrencies are based on blockchain technology, the distributed ledger and computer control are different.
The difference between crypto currency and conventional currency, Rupiah for example, is in its legality.
Where, crypto currency is not issued by the government, in this case the authorized institution that prints money, Bank Indonesia for example.
Thus, this money is theoretically immune to government interference and other political aspects.
The first blockchain-based crypto currency was Bitcoin, which to this day is still the largest cryptocurrency by capitalization.
After Bitcoin appeared, several other virtual currencies were created and now there are hundreds or maybe thousands of similar currencies.
Each virtual currency has different functions, specifications and prices. There are almost zero, there are also those whose value is equivalent to the price of a Pajero Sport car.
Even some of them are clones or derivatives of Bitcoin. Meanwhile, the others are new currencies.
Bitcoin itself was launched in 2009 by a person, or maybe a group of people, under the pseudonym Satoshi Nakamoto.
As of March 2021, there are more than 18.6 million Bitcoins in circulation with a total capitalization of US$927 billion.
Meanwhile, several other virtual currencies are competing or trying to outpace the success of Bitcoin, known as Altcoins such as Litecoin, Peercoin, Namecoin and Ethereum.
In aggregate, the value of all cryptocurrencies in circulation reaches US $ 1.5 trillion and Bitcoin controls 60% of the total value above.
And there are several advantages of this virtual currency over traditional financial systems, such as:
- All transactions do not need overhead costs like when transactions through the bank
- Transactions are cheaper and can be sent and received anytime and anywhere without demographic restrictions
- Inflation or limited supply written in the code so there is no need for a central bank role
- Financial derivatives such as trading strategies and loans can be coded directly which eventually replaces the role of intermediaries
The above advantages are the reasons why Crypto currencies are considered a promising digital asset, or vice versa.
So don’t be surprised if there is an assumption that crypto currency is a commodity that is used as a store of value.
5+ Ways to Trade Crypto Up to 1000% Cuan
So how do you trade crypto so you can save 1000%? Must be curious, right? Here’s the article for you.
1. Create a trading account
There are many sites, apps or other specialized platforms that allow you to trade cryptocurrencies.
So you can choose one or more platforms and then create a trading account there. For example, here I use Indodax.
Indodax itself is the best cryptocurrency broker, even though these fees are quite large for some people.
There are many cryptocurrencies available. So you can choose which one to buy or which one to sell.
You can even save it as an asset because this platform can also be used as a virtual wallet for depositing or withdrawing balances .
To create an account on Indodax, you can use the site version or the application version. For example, in this article I use the site version, with the following steps:
- First, open the Indodax site or the application version which can be downloaded on the Google Play Store or iOS Store.
- The link above will direct you to the Indodax site. In the top bar, click the Register button or you can also click the Register Now button on the site’s homepag
- After that you will be directed to the registration page. On this page, please fill in the username that will be displayed on your Indodax account, including your email address, cellphone number and password. Don’t forget to check the approval column and verify the security puzzle so you can proceed to the next stage. If so, click the Continue Registration button. Note, try the strength of the password Green so that it can be accepted. Therefore, it is a good idea to combine passwords with one uppercase letter, one special character and a number ,Then follow the next steps until the registration process is successful. If so, re-enter your Indodax account for identity verification.For identity verification, you can use your KTP and SIM. Also make sure that each verification process above is complete so that you can deposit balances and trade crypto.
2. Deposit balance
Each bitcoin trading platform has a different deposit method or method. Some only support bank accounts, some can deposit using a digital wallet.
For samples only, here I use Indodax for trading and I make sure you have verified your ID card.
If so, follow the steps below to deposit balance at Indodax:
- Log in to your verified Indodax account then click Wallet > Deposit or Withdraw
- After that you will be redirected to the Deposit Rupiah page. Read the terms in it so you don’t make the wrong transfer. If you have, click I understand, continue the transfer
- At this stage, there will be three steps that must be passed. First, choose the deposit amount and source of funds. For the source of funds, you can choose bank transfer, cash, electronic money from DANA, OVO or Shopeepay as well as retail and Alfamart. So please enter the deposit amount, 1 million for example, then choose what method, electronic money for example
- Later you will be directed to the available deposit method, whether using QRIS ShopeePay, Dana, LinkAja or using OVO
- Finally, see the instructions that are there so you can deposit quickly. If you are sure, click the Pay buttonThe method above only applies if you use the desktop version of Indodax or the site. How about the app version?If you use the application version, on the Indodax account homepage click the Funds button > IDR Wallet > Deposit.
After that select the deposit amount, 1,000,000 for example and choose how to deposit using several available methods.
Starting from bank transfers to virtual account numbers, cash through the counter, electronic money such as OVO, DANA and ShopeePay, Retail such as Alfamart and finally Vouchers.
Follow the next deposit instructions until successful. I myself mostly use OVO because the deposit process is automatic.
3. Select the type of cryptocurrency you want to trade
For information, there are two types of assets that can be traded. First, assets in the form of coins and secondly assets in tokens.
For example, there are many crypto coins such as Bitcoin and for tokens, which are commonly called altcoins, there are many such as BAT, Ethereum and Dogecoin.
However, the majority of traders will allocate their funds to large-cap cryptocurrencies such as Bitcoin, Ethereum and Dogecoin.
Even though the capitalization is large, it does not mean that the volatility is low because almost all cryptocurrencies have almost the same characteristics.
On the other hand, very few traders are willing to trade tokens or cryptocurrencies with small caps.
Note that while small-to-medium cap cryptocurrencies are riskier than large-cap cryptocurrencies, there is the potential for an insane price increase.
For example, there are several altcoins that experience an increase or increase in price up to 1000% in a month.
As such, it can be an attractive trading option for risk-tolerant traders. But back to the applied trading psychology.
That’s why, before trading, you should first learn the basics of trading and get to know the trading platform used.
The very first trading basis is the strategy you want to use. Meanwhile, the introduction of the platform relates to the available chart colors.
For example, at Indodax, there is a red and green price movement chart. Must know, this red color indicates what and what green means.
4. Determine the trading strategy to be used
When buying or selling assets, there are many considerations that must be considered with various possibilities.
For example, 30 minutes after selling Bitcoin, the price suddenly rose 32%. Or, after buying Ethereum, the price suddenly drops 23%.
Therefore, before buying or selling, you must have a basic decision. This is where it is important to choose the trading strategy you want to use.
If you are new to trading, consider taking a paid or free cryptocurrency trading course.
If you want to get free info, you can join Telegram groups, Facebook or Follow Crypto Traders on their social media accounts.
On the other hand, if you are experienced in this field, you may already have a strategy in place.
Oh yes, if you previously knew a lot about stock trading aka have a Securities account, you can also apply the same strategy when trading crypto.
For now, many traders use strategies or analysis based on Elliott Wave Theory or Elliott Wave Theory.
This theory basically asks traders to focus on the psychology behind market sentiment so that it is suitable to be applied to speculative assets such as Crypto.
5. Save or Sell
Finally make a decision whether the deposited funds will be kept or actively traded.
If active trading, also determine whether the profits or funds earned will be kept or traded as well.
If profits while trading crypto are kept, consider using a digital wallet that allows you to store profits or earned funds.
Or, you can directly transfer the profits you get after trading to a bank account or to a digital wallet.
It all comes back to the individual. My advice, it’s better not to use kitchen money for crypto trading.
Do you know what the reason is? Because the price movement is very fast and is included in the category of high-risk investment.
For some questions related to this post I will review in QnA below, here is the list:
1. Is there a platform where to buy or sell cryptocurrencies?
In fact, there is a huge selection of cryptocurrency brokers or brokers available today.
Which is the best? Back to each individual. As I mentioned above, one of the best is Indodax.
On the platform there are hundreds of coins and tokens that can be purchased. You can also buy and sell cryptocurrencies instantly.
In addition, this platform can also be used as a crypto wallet. So you can deposit or withdraw your balance quickly.
One of the weaknesses of Indodax is the fee when buying or selling assets on the platform which tends to be large.
There are also deposit and withdrawal fees. The chart is also quite simple compared to other platforms.
The next recommendations are TokoCrypto, Pintu application, Coinbase, Zipmex and Stockbit.
2. What is Elliott Wave Theory?
Basically, this theory is used to predict the direction of the market so that traders can take the right decisions when trading.
I have discussed the common thread of this theory in the previous post at the link above.
Even if only the outlines, but hopefully you can understand the essence of what the theory is.
3. How does Crypto currency work?
Crypto is a digital asset supported by Blockchain technology. This blockchain technology becomes a ledger that records every transaction that occurs using Nodes.
Nodes are computers connected to the Bitcoin network for Bitcoin mining. If one of the miners makes a fake transaction, it will automatically be canceled by the Node.
So, the history or records in this book will be determined by each miner. In theory, this ledger could still be hacked.
When hacked, Hacker can control 51% of the existing network. However, this process economically requires no small amount of money, at least billions.
In addition, for cryptocurrency transactions, you must have a set of public and private keys.
The keys are similar to passwords generated by cryptocurrencies independently.
The public key will be used to connect to the digital wallet address that allows you to receive coins or tokens.
Meanwhile, the private key is used to approve transactions sent from the wallet, as long as you have access to the key.
For information, the first crypto currency, Bitcoin is limited to 21 million coins and currently there are 18,239,300 coins in circulation.
So, technically, there are still 2,700,000 coins that can be obtained when mining or mining cryptocurrencies.
On the other hand, for Altcoins, it has a fixed inflation rate without a total supply limit like Ethereum.
Although limited, many investors are attracted to invest in this field because of its high volatility.
So it’s not too surprising that crypto currency, Bitcoin for example, fluctuates more than 10% in a day.
This is good especially for investors who are looking for high returns. In other words, this product is not very suitable for the type of investor who wants to avoid risk.
Closing
To this day, Bitcoin remains the best cryptocurrency that can be used as a reserve asset due to its limited supply.
And most traders will buy or choose to trade Bitcoin over other coins or Altcoins.
However, that doesn’t mean you can’t look at Altcoins, which are also decentralized cryptocurrencies.
These tokens are usually created on top of the Ethereum blockchain and replace traditional banking functions using codes.
There are several types of DeFi tokens that are quite popular such as yearn.finance , Compound and Uniswap whose price has increased 500% in the last 6 months.
In the end, it all comes back to the individual. Want to trade only Bitcoin or Altcoins? Welcome.
If there are additions, enter or maybe other questions related to this post can be submitted in the comments column.
That’s an article about 5+ ways to trade cryptocurrencies up to 100%. Hopefully this article can be useful for you. ***