Bitcoin Forum

Hi Everyone,

I am a newbie here and I want to start buying and selling bitcoins. I think, I can somewhat understand how to trade, buy low and sell high. I have googled, watched youtube videos, and read forums to get familiar. But I have not came across which website for a newbie to actually start trading bitcoins. I did go to coinbase and started my verification process and also localbitcoins.com, when my account is verified I plan on making my first trade. I just want to make sure I'm taking the right steps and hope I can just get some good pointers from the experts.  So my questions for you all is:

I only do plan on paying $25-$50 worth of bitcoins for my first few try's, is that even sufficient?
What's the best websites to buy and sell bitcoins?
How long did it take you to get familiar with trading?
How much did you loose the first time you traded?
Did you gain a good profit?
Can you turn this into a day-time job?


Thank you all for taking the time to read my new topic!  :)

Xapo, CoinBase & LocalBitcoins seem to be 3 of the best exchanges. Although their fees vary, it appears to be entirely similar.

No matter which on you pick, there's not much else to worry about in terms of payment providers as more are put in. I've known times where the price was less than eBay and money could even be made selling there.

You already done good work have accounts in both very good sites and doing verification which is good for you to use them you can start from the amount you mention for try's its good and its on you how much time you take to understand this all but every time watching market is very good for you and your profit if you are going for long term then you can take good profit but I will not suggest you to turn this in day time job

Thank you for your replies! I am definently doing more re-search so I know exactly what I am getting my self into. 

I can recommend XAPO too, and btc-e is quite old, but not recommended shady russian site.

Yes, it is the sufficient amount to the first try.

Localbitcoin, virwox, coinsbank.
None know about that.
I haven't got any loss.
Yes, i did.
Yes, i can. based on daily trade.

i think its good if you want to try with that amount, because you still need to learn with trading itself. with doing trading over and over, i think you can prepare to make another deposits and you have experience so you can make analysis by yourself.

each websites have positive and negative review and its depend on each traders to select the websites, my suggestion is you can try with btcstamp, kraken, btc-e, ghash.io, bitfinex, itbit, okcoin etc. try to compare between that sites and see what sites you are feel you can do with easy.

its depend on how much you do trading in a day because the results for every people is different and we should have a will to learn in trading. i can't remember how much money i loose in my first time trading but i consider that is for my first lesson in trading.

of course from time to time i am doing trading, i gain a good profit but i would not telling you the amount ;D

i think trading is become my day-time job beside of my full activity in a day and until now, i think i can handle with good.

Wow, this excites me. At first I was worried because I really don't know what I'm getting myself into. But I am ready to learn and experience my first few trades. I hope to become an expert on trading and reach my goals. Does anyone know a trading guide online they recommend and don't mind sharing for us all newbies??
Thank you all for the reply's!  ;D

I don't think so that online tutorial will be effective for newbie on trading. when i'm newbie on trading, I've just study trading true analyzing price chart on altcoin exchange site (c-cex to be exact) and make conclusion after a month. I suggest that don't trust online tutorial about trading. own experience and analysis is the best way to understand trading, if you don't understand it in your own research i think trading is not meant for you because it might lead you to huge loss if you act carelessly. Goodluck


I suggest Local bitcoins for buying bitcoins.  8)

Ok, great!  I have been analyzing the price charts on bitcoinswisdom and really trying to see if I can get a strategy. Thank you for your tips and suggestions I was leaning towards localbitcoins to make my first buy and sell.  ;D

I'd try and remove all emotion. It has no place in buying/selling and trading (NOT investing, which is a different matter altogether). Read Toni Turners books on scalping, momentum trading and then try the Plus500 website to lever your power. It's highly risky and even of you are buying manually from one website to and selling onto another one (a bit like arbitrage) you will not make day job money regularly and sustained. Bitcoin is listed on Plus500 under 'Virtual' and trades 24/7 more or less.
I would advise doing day job/career and saving and then spending £1500 on a https://shop.bitmain.com/market.htm?name=antminer_s9_asic_bitcoin_miner (https://shop.bitmain.com/market.htm?name=antminer_s9_asic_bitcoin_miner) with power supply and mining Bitcoin or Gridcoin. This mining rig is a solar system first! It is bonkers fast, achieving 16 Tera Hertz per second of crunching. It will mine enough Bitcoin to pay you the £1500 back, in about 1 year. From then on its profit. Check out Ethereum as well.

https://cryptonit.net

Offering wide range of deposit/withdraw channels with reasonable fees, SEPA transfer at 0 fee.

lol, my first post :)

Buy Ethereum or Litecoin on Coinbase... send it to Bittrex then convert it to Bitcoin. The reason you wanna do this is because for $25-50 worth of bitcoins you're gonna lose like $4-5 in fees by the time you get it into the exchange instead of just $1~

You can do the math yourself but for small payments bitcoin is inefficient right now.