Beginner starting trading

[Starrk]

Hello everyone i have decided to try my hand and bitcoin trading i already have a couple wallets created and the one that i have with mycelium has 4.291 mBTC i will be buying more but i am kind of lost at what to do now. you can buy and trade on the app but i don't think anyone is going to buy such a small amount. what are my next steps? i have gone back all the way to page 13 absorbing as much information as possible. just seeking a little guidance. any and all information will be greatly appreciated

[1715166367]

1715166367

[1715166367]

1715166367

[1715166367]

1715166367

[1715166367]

1715166367

[Starrk]

Things to consider before you start trading.
Exchanges have transaction limits, meaning that you won't be able to set orders smaller than the limit (for example 0.01 BTC).
If you trade with a very small amount of BTC you won't earn anything because of the transaction and withdrawal fees. For instance if you buy 0.1 BTC, and the price goes up by 10USD your profit will be only 1USD -fees.

For the time being that's fine with me because I am just starting out and I don't want to dive headfirst into something I don't fully understand. How do I begin trading with what little bitcoins I have?

[Starrk]

Things to consider before you start trading.
Exchanges have transaction limits, meaning that you won't be able to set orders smaller than the limit (for example 0.01 BTC).
If you trade with a very small amount of BTC you won't earn anything because of the transaction and withdrawal fees. For instance if you buy 0.1 BTC, and the price goes up by 10USD your profit will be only 1USD -fees.

For the time being that's fine with me because I am just starting out and I don't want to dive headfirst into something I don't fully understand. How do I begin trading with what little bitcoins I have?

You need to make an account on an exchange and transfer your coins to that account, but you don't have enough money to even trade for fun. You'll need to buy some with fiat first or earn it otherwise (faucets, services section on this forum).

Here's a list of exchanges: http://bitcoincharts.com/markets/

How much would I need to begin trading? I have my coins in
mycelium. Which exchange should I get into? I appreciate you taking the time to respond to my posts

[Don007]

When you don't have much BTC to trade with, you might better start with altcoin trading. In that situation you can also become familiar with the actual trading process (and its risks).

Most altcoins are probably more volatile than Bitcoin, so there will be more changes in value. This might return in profit, but also in loss.

[Starrk]

When you don't have much BTC to trade with, you might better start with altcoin trading. In that situation you can also become familiar with the actual trading process (and its risks).

Most altcoins are probably more volatile than Bitcoin, so there will be more changes in value. This might return in profit, but also in loss.

Ok and altcoins can be exchanged for bitcoins right? Any tips on where I should begin?

[Amph]

When you don't have much BTC to trade with, you might better start with altcoin trading. In that situation you can also become familiar with the actual trading process (and its risks).

Most altcoins are probably more volatile than Bitcoin, so there will be more changes in value. This might return in profit, but also in loss.

Ok and altcoins can be exchanged for bitcoins right? Any tips on where I should begin?

poloniex if you don't bother too much with their new id verification, but you can still put fake name, otherwise crypsy is good big volume, and great security never hacked for now

security is important for a trader since you need to store always an amount for fast trading

there is also bittrex, which has changed its front recently, starting from there and then move to cryptsy would not be a bad move

[Starrk]

When you don't have much BTC to trade with, you might better start with altcoin trading. In that situation you can also become familiar with the actual trading process (and its risks).

Most altcoins are probably more volatile than Bitcoin, so there will be more changes in value. This might return in profit, but also in loss.

Ok and altcoins can be exchanged for bitcoins right? Any tips on where I should begin?

poloniex if you don't bother too much with their new id verification, but you can still put fake name, otherwise crypsy is good big volume, and great security never hacked for now

security is important for a trader since you need to store always an amount for fast trading

there is also bittrex, which has changed its front recently, starting from there and then move to cryptsy would not be a bad move

I apologize I'm confused. So i should join one of those exchanges buy the currency then trade until I make a profit and sell to get more  bitcoins?

[randy8777]

When you don't have much BTC to trade with, you might better start with altcoin trading. In that situation you can also become familiar with the actual trading process (and its risks).

Most altcoins are probably more volatile than Bitcoin, so there will be more changes in value. This might return in profit, but also in loss.

Ok and altcoins can be exchanged for bitcoins right? Any tips on where I should begin?

poloniex if you don't bother too much with their new id verification, but you can still put fake name, otherwise crypsy is good big volume, and great security never hacked for now

security is important for a trader since you need to store always an amount for fast trading

there is also bittrex, which has changed its front recently, starting from there and then move to cryptsy would not be a bad move

I apologize I'm confused. So i should join one of those exchanges buy the currency then trade until I make a profit and sell to get more  bitcoins?

as beginner try to avoid altcoins, unless you know that investing in altcoins is the same as gambling. there are way too many pump & dump coins.

[Starrk]

When you don't have much BTC to trade with, you might better start with altcoin trading. In that situation you can also become familiar with the actual trading process (and its risks).

Most altcoins are probably more volatile than Bitcoin, so there will be more changes in value. This might return in profit, but also in loss.

Ok and altcoins can be exchanged for bitcoins right? Any tips on where I should begin?

poloniex if you don't bother too much with their new id verification, but you can still put fake name, otherwise crypsy is good big volume, and great security never hacked for now

security is important for a trader since you need to store always an amount for fast trading

there is also bittrex, which has changed its front recently, starting from there and then move to cryptsy would not be a bad move

I apologize I'm confused. So i should join one of those exchanges buy the currency then trade until I make a profit and sell to get more  bitcoins?

as beginner try to avoid altcoins, unless you know that investing in altcoins is the same as gambling. there are way too many pump & dump coins.

Lol one says use altcoins one says don't use alt coins. I made a btc-e account and transfers my measly bitcoins I wanted to transfer some funds but coinbase takes 6 days any way to add funds faster?

[Amph]

When you don't have much BTC to trade with, you might better start with altcoin trading. In that situation you can also become familiar with the actual trading process (and its risks).

Most altcoins are probably more volatile than Bitcoin, so there will be more changes in value. This might return in profit, but also in loss.

Ok and altcoins can be exchanged for bitcoins right? Any tips on where I should begin?

poloniex if you don't bother too much with their new id verification, but you can still put fake name, otherwise crypsy is good big volume, and great security never hacked for now

security is important for a trader since you need to store always an amount for fast trading

there is also bittrex, which has changed its front recently, starting from there and then move to cryptsy would not be a bad move

I apologize I'm confused. So i should join one of those exchanges buy the currency then trade until I make a profit and sell to get more  bitcoins?

as beginner try to avoid altcoins, unless you know that investing in altcoins is the same as gambling. there are way too many pump & dump coins.

Lol one says use altcoins one says don't use alt coins. I made a btc-e account and transfers my measly bitcoins I wanted to transfer some funds but coinbase takes 6 days any way to add funds faster?

try with cryptsy they should be faster, even if they are considered slow, they are dealing with usd since years already

avoid altcoin if don't know how to trade, i would say to avoid trading in general, but if you have experience, they(altcoin) could be good to build your bitcoin portfolio

usually alt gets a "pump rotation", but they are slim pump, nothing to compare with the golden age, i believe many whales left the scene...

[Don007]

I'm sorry for my late reply.

Overall, I should say don't trade in general if you do not have experience indeed. But, however, even with small funds you can "learn" the actual trading process in the altcoin world. I like Cryptsy for altcoin trading.

Once you have registred an account on Cryptsy, you can see all the possible markets (- in the options you can also choose to show only a few -> recommended). Such "markets" consist of an altcoin vs Bitcoin (or an altcoin vs another altcoin such as Litecoin, but you will understand as soon as you see this). You can "load" some BTC into Cryptsy (by hitting "deposit" in the Cryptsy market on the balances page and sending the coins to that particular address).   If you want to get into trading, I suggest to start with very small funds. You can start trading with for example 0,00x BTC if that is what you like, or even less; but be aware that you also have to pay a small fee at each transaction - this means that if a coin increases in value with a few satoshi, this does not mean that you have profit (because of the fees). Although these fees are not big..

Good luck!

[Starrk]

Thanks i really appreciate the advice and tips.

[randy8777]

When you don't have much BTC to trade with, you might better start with altcoin trading. In that situation you can also become familiar with the actual trading process (and its risks).

Most altcoins are probably more volatile than Bitcoin, so there will be more changes in value. This might return in profit, but also in loss.

Ok and altcoins can be exchanged for bitcoins right? Any tips on where I should begin?

poloniex if you don't bother too much with their new id verification, but you can still put fake name, otherwise crypsy is good big volume, and great security never hacked for now

security is important for a trader since you need to store always an amount for fast trading

there is also bittrex, which has changed its front recently, starting from there and then move to cryptsy would not be a bad move

I apologize I'm confused. So i should join one of those exchanges buy the currency then trade until I make a profit and sell to get more  bitcoins?

as beginner try to avoid altcoins, unless you know that investing in altcoins is the same as gambling. there are way too many pump & dump coins.

Lol one says use altcoins one says don't use alt coins. I made a btc-e account and transfers my measly bitcoins I wanted to transfer some funds but coinbase takes 6 days any way to add funds faster?

altcoins are very risky. one day they get a +100% pump and the other day they get dumped to the floor. if you do plan to trade altcoins stick with btc-e as they don't list scamcoins.

[Starrk]

When you don't have much BTC to trade with, you might better start with altcoin trading. In that situation you can also become familiar with the actual trading process (and its risks).

Most altcoins are probably more volatile than Bitcoin, so there will be more changes in value. This might return in profit, but also in loss.

Ok and altcoins can be exchanged for bitcoins right? Any tips on where I should begin?

poloniex if you don't bother too much with their new id verification, but you can still put fake name, otherwise crypsy is good big volume, and great security never hacked for now

security is important for a trader since you need to store always an amount for fast trading

there is also bittrex, which has changed its front recently, starting from there and then move to cryptsy would not be a bad move

I apologize I'm confused. So i should join one of those exchanges buy the currency then trade until I make a profit and sell to get more  bitcoins?

as beginner try to avoid altcoins, unless you know that investing in altcoins is the same as gambling. there are way too many pump & dump coins.

Lol one says use altcoins one says don't use alt coins. I made a btc-e account and transfers my measly bitcoins I wanted to transfer some funds but coinbase takes 6 days any way to add funds faster?

altcoins are very risky. one day they get a +100% pump and the other day they get dumped to the floor. if you do plan to trade altcoins stick with btc-e as they don't list scamcoins.

i thought btc-e was an exchange im currently on there now trying to figure out how to buy 20 bucks in bitcoins

[Stargazer]

i thought btc-e was an exchange im currently on there now trying to figure out how to buy 20 bucks in bitcoins

Send 20$ to your account. Here's how you do it:
https://www.youtube.com/watch?v=C3Gx1wEcrSU

Buying coins is really easy, just pick BTC/USD pair and below you'll have the current price and blank spots to fill in with the amount you want to buy/sell.

[Buttknuckle]

I found coinbase the easiest to fund with $.  Other exchanges were either too expensive or too difficult to figure out.  I am not saying that its the best, but its noob friendly.  Plus if you have a friend you can use their referral and you both get $5.  Once you have the account funded it is pretty easy to move btc around to different accounts.  The downside with coinbase is it took about a week for my bank transfer to go through.  Other places are supposed to be faster.

[Bitcoin Explorer]

Things to consider before you start trading.
Exchanges have transaction limits, meaning that you won't be able to set orders smaller than the limit (for example 0.01 BTC).
If you trade with a very small amount of BTC you won't earn anything because of the transaction and withdrawal fees. For instance if you buy 0.1 BTC, and the price goes up by 10USD your profit will be only 1USD -fees.

For the time being that's fine with me because I am just starting out and I don't want to dive headfirst into something I don't fully understand. How do I begin trading with what little bitcoins I have?

You need to make an account on an exchange and transfer your coins to that account, but you don't have enough money to even trade for fun. You'll need to buy some with fiat first or earn it otherwise (faucets, services section on this forum).

Here's a list of exchanges: http://bitcoincharts.com/markets/

Bitcoincharts is a great resource but you should also make sure you have chosen an exchange which is optimal for you. Please research teh background of the exchange before starting to trade. Also, storing large amounts of bitcoin in your exchange wallet is very dangerous, please avoid doing that. In addition to this, try to read bitcoin economics related stuff as much as possible and if at all you start investing a lot of money into crypto currency trading, consider using a hardware wallet such as Trezor, or an offline Ubuntu wallet, etc.

[ObscureBean]

Well if you just wanna mess around and see how things work for yourself, your 4.291 mBTC should be enough to get you a taste of what trading is like. You won't be able to trade USD with that amount but you can create an account on Bittrex and experiment with trading altcoins. As for buying Bitcoin, I would suggest you have a look at Circle.com, my personal favorite, it's fast and super easy to use. Have fun! 

[Dotakels]

Well if you just wanna mess around and see how things work for yourself, your 4.291 mBTC should be enough to get you a taste of what trading is like. You won't be able to trade USD with that amount but you can create an account on Bittrex and experiment with trading altcoins. As for buying Bitcoin, I would suggest you have a look at Circle.com, my personal favorite, it's fast and super easy to use. Have fun! 

you can try the pumped and dumped its so very useful and having a big profit. And your 4.291 mBTC can buy a couple of altcoins.

[Miracal]

My idea is to go to Altcoin market place (https://bitcointalk.org/index.php?board=161.0), and post a request to buy doge or burst etc with your small amount of bitcoin. You will get small chunk of altcoins. Then you will easily deposit that into any altcoin exchanges to start trading and learn the mechanics of trading.