how to set everything up for trading

[McFettie]

hey there,

im pretty new to the bitcoin world and would like to start altcoin trading. I am well aware of the risks and i am only going to invest money i can afford to lose. I have a few basic questions, just to make sure i understood everything correctly.

From what i have learned so far, the first thing i need is a bitcoin wallet. I then purchase bitcoins there and transfer them to a bitcoin trading platform. If i want to pause my trading and just hold my bitcoin, i just transfer them back to my wallet. Is that correct, or am i missing something here?

Also, i am from Europe (Austria). What would you suggest are my best options for a bitcoin wallet and trading platform?

Thanks in advance 

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[Red Fish]

First of all Bitcoin is something different than altcoins. Best Bitcoin web wallet is Blockchain - https://blockchain.info/, with this wallet you can send/receive Bitcoins. Or you can install Bitcoin wallet in your computer, for example, this one - https://multibit.org/. And then you can start to think about altcoins for example, from this site - https://coinmarketcap.com/ - there you can see a lot of altcoins. You will also need altcoin wallet, for sending/receiving altcoins - it depends which altcoins you buy/sale. There are also some multi altcoin Web wallets with instant exchange, like Cryptonator etc.

[jaceefrost]

First of all Bitcoin is something different than altcoins. Best Bitcoin web wallet is Blockchain - https://blockchain.info/, with this wallet you can send/receive Bitcoins. Or you can install Bitcoin wallet in your computer, for example, this one - https://multibit.org/. And then you can start to think about altcoins for example, from this site - https://coinmarketcap.com/ - there you can see a lot of altcoins. You will also need altcoin wallet, for sending/receiving altcoins - it depends which altcoins you buy/sale. There are also some multi altcoin Web wallets with instant exchange, like Cryptonator etc.

If OP is planning on buying a bunch of coins, I wouldn't recommend him to use a web wallet to store his bitcoins. Instead OP you can try a desktop wallet like electrum or any of the listed wallet in here: https://bitcoin.org/en/choose-your-wallet
For a trading platform, I would suggest bitfinex and poloniex also new coins are mostly being listed in c-cex.
For purchasing bitcoi I think you can try localbitcoin or afaik isn't there an atm machines in your area? You can purchase bitcoin in there too.

[McFettie]

If OP is planning on buying a bunch of coins, I wouldn't recommend him to use a web wallet to store his bitcoins. Instead OP you can try a desktop wallet like electrum or any of the listed wallet in here: https://bitcoin.org/en/choose-your-wallet
For a trading platform, I would suggest bitfinex and poloniex also new coins are mostly being listed in c-cex.
For purchasing bitcoi I think you can try localbitcoin or afaik isn't there an atm machines in your area? You can purchase bitcoin in there too.
[/quote]

yeah right, i can purchase bitcoin directly in the store. But i still need a wallet to transfer them to the trading platform of my choice or can i skip this step?

[Qumiu]

• Create bitcoin wallet at https://blockchain.info
• Buy BTC if it had been deposit your money, or can get free faucet
• Transer BTC from wallet to trading like poloniex

[McFettie]

alright, thanks for the information.

One last question: How do i transfer them back to EUR/USD?

[malcovixeffect]

alright, thanks for the information.

One last question: How do i transfer them back to EUR/USD?

Transfer and exchange the bitcoin into a reputable/legitimate trading platform like kraken . You can check the website out they do have other options to accommodate your trading needs.

If you are looking for another platform try bitfinex but i dont use their services.

[Cereberus]

alright, thanks for the information.

One last question: How do i transfer them back to EUR/USD?

Since you are in Austria the best option for you is Bitpanda ---bitpanda.com. Here you can sell your bitcoins with the major well known payment processors like Paypal,Skrill, Neteller etc. This exchange is based in Austria and needs very little verification when selling your coins, i.e email and sms mobile verification is enough to sell up to 1000 euro per day. You can use this exchange also to buy. Check it out.

[Digitalbitcoin]

hey there,

im pretty new to the bitcoin world and would like to start altcoin trading. I am well aware of the risks and i am only going to invest money i can afford to lose. I have a few basic questions, just to make sure i understood everything correctly.

From what i have learned so far, the first thing i need is a bitcoin wallet. I then purchase bitcoins there and transfer them to a bitcoin trading platform. If i want to pause my trading and just hold my bitcoin, i just transfer them back to my wallet. Is that correct, or am i missing something here?

Also, i am from Europe (Austria). What would you suggest are my best options for a bitcoin wallet and trading platform?

Thanks in advance 

Yes First of all you need your own bitcoin wallet where you can buy bitcoins from exchanger or with fiat currency and store there. Once you bought bitcoins you can take them to trading platforms. poloniex, coinexchange, bittrex, Bter, Crypopia, Yobit these are some of altcoin exchanger.

You can use your bitcoin for trading of altcoins. And when you think to pause you dont have to worry because whatever you have invested it will be there at your used exchanger. So you can easily get back you Bitcoins to your wallet.

[Idrisu]

Op, your thought is right " if you want to start trading you need a wallet then buy bitcoins and send them to your wallet, from there transfer it to your trading platform site and if you did not want to trading against? Transfer the bitcoin back to your wallet and hold it there right". Trading be it arbitrary, leverage and margins trading entails alot of risk you most developed your trading skills and knowledge before trying to venture into trade. In trade your can wiped out your entire capital if you don't know how to set stops loss and take profit orders. You should also learn how money management work and follow the principle if you want to really succeed.

[eddie13]

If you are just starting and want to specifically get into trading, I see no harm in just using an exchange like poloniex as your web wallet..

Just make yourself a polo account and send your coins there, you can hold all your altcoins there too.. No big deal..

Once you get a bit experienced in crypto and decide that you want to hold this or that coin long term, then you can look into software wallets and security, and/or cold wallets, hardware wallets etc..

Yes holding coins on an exchange presents a level of risk, but so do web wallets.. Google cooperates with blockchain.info spoofers and people loos their web wallet coins all the time for noob mistakes..

Just use whatever exchange you pick as your web wallet, they are going to be better at securing your coins than you are until you really put in the effort to learn what it takes to secure your own coins..

[SAMKUSH]

If trading altcoins doesn't work for you then you could try trading cfd's, I would recommend 1broker

[justdimin]

If trading altcoins doesn't work for you then you could try trading cfd's, I would recommend 1broker

Trading altcoin is actually not worth the time and money for it because right now altcoins are unstable and the exchange rate on them is really low compared to the bitcoin, bitcoin is the best currency to trade with, and the best way to make profit with bitcoin is buying it now when the price is still low and hold it until the price goes up to $1100+ again. It may happen by end of this January too !

[dinda22]

my tips for trading altcoins :

1.capital
"Don't put all egg on one bag" example: capital 1 Btc and put in 3 coin, 1 coin max 0.2 backup 0.1

2. Period
Trading at one-time investment. 3 term of time, short, medium, long

3. Target
Specify what percentage of profit target. "DON'T BE GREEDY"!!

4. News
Monitor news about the coin in forums and social media. "buy the rumor sell the news"

5. patient

[Blackdeath]

If trading altcoins doesn't work for you then you could try trading cfd's, I would recommend 1broker

Trading altcoin is actually not worth the time and money for it because right now altcoins are unstable and the exchange rate on them is really low compared to the bitcoin, bitcoin is the best currency to trade with, and the best way to make profit with bitcoin is buying it now when the price is still low and hold it until the price goes up to $1100+ again. It may happen by end of this January too !

If you are going to trade your bitcoin, ofcourse you are going to trade it with altcoin or cryptocurrency coin. Don't trade your bitcoin if you think bitcoin will rise, otherwise you'll regret that you shouldn't trade it. on the other hand, trade your bitcoin as it's rate became consistent so that you can have a successful trading using btc pairs.

[bravehearth0319]

hey there,

im pretty new to the bitcoin world and would like to start altcoin trading. I am well aware of the risks and i am only going to invest money i can afford to lose. I have a few basic questions, just to make sure i understood everything correctly.

From what i have learned so far, the first thing i need is a bitcoin wallet. I then purchase bitcoins there and transfer them to a bitcoin trading platform. If i want to pause my trading and just hold my bitcoin, i just transfer them back to my wallet. Is that correct, or am i missing something here?

Also, i am from Europe (Austria). What would you suggest are my best options for a bitcoin wallet and trading platform?

Thanks in advance 

Yes First of all you need your own bitcoin wallet where you can buy bitcoins from exchanger or with fiat currency and store there. Once you bought bitcoins you can take them to trading platforms. poloniex, coinexchange, bittrex, Bter, Crypopia, Yobit these are some of altcoin exchanger.

You can use your bitcoin for trading of altcoins. And when you think to pause you dont have to worry because whatever you have invested it will be there at your used exchanger. So you can easily get back you Bitcoins to your wallet.

Perhaps on this tips of advices that gave it you, this might as well will benefit you now, moreover the set up is almost done for you. So you can start trading anytime you want. Just always be observant for the traders in any exchange sites. Goodluck dude!

[traderethereum]

hey there,

im pretty new to the bitcoin world and would like to start altcoin trading. I am well aware of the risks and i am only going to invest money i can afford to lose. I have a few basic questions, just to make sure i understood everything correctly.

From what i have learned so far, the first thing i need is a bitcoin wallet. I then purchase bitcoins there and transfer them to a bitcoin trading platform. If i want to pause my trading and just hold my bitcoin, i just transfer them back to my wallet. Is that correct, or am i missing something here?

Also, i am from Europe (Austria). What would you suggest are my best options for a bitcoin wallet and trading platform?

Thanks in advance 

yes it is correct to purchase bitcoin from many source. then after its arrive in your btc wallet in exchanges, then you can do trading btc-altcoins. you can pause your trading or cancel your trading and hold your bitcoin. my suggestion is like other members, its better to safe your bitcoin in your computer or your smartphone because we need to keep our bitcoin safe from attacker. i think after you have your bitcoin, send it into the other wallet in your computer or your smartphone then send it directly into btc wallet exchanges for doing trading.

[el kaka22]

Also, i am from Europe (Austria). What would you suggest are my best options for a bitcoin wallet and trading platform?

You can have any wallet types, but you need to always secure them with strong password. Instead of web wallets, I recommend standalone wallets. But your wallet type is less significant for your trading purposes.

You must choose a very good reputed trading platform, my suggestion would be poloniex.

There are few practices you must follow while your trading,
- You should not use exchanges as your web wallet. You must withdraw your bitcoins after trades complete.
- You must choose altcoins for your trading carefully, otherwise you may not able to sustain in trading.

[Amph]

i believe that the best trading you can do is buying cheap altcoin and wait for the pump every other action will end in a gamble and eventually you will lose big if not everything

even if you have a good bankroll maagement, the emotions will kill you after a certain amount of loss streak, bitcoin market is unpredictable and TA is bullshit, they just want more fish fro which they can suck more money

now you have the broker like 1broker or whaleclub that close the position if many go in that wait, so it's even impractical to bet against the market

[noictib]

hey there,

im pretty new to the bitcoin world and would like to start altcoin trading. I am well aware of the risks and i am only going to invest money i can afford to lose. I have a few basic questions, just to make sure i understood everything correctly.

From what i have learned so far, the first thing i need is a bitcoin wallet. I then purchase bitcoins there and transfer them to a bitcoin trading platform. If i want to pause my trading and just hold my bitcoin, i just transfer them back to my wallet. Is that correct, or am i missing something here?

Also, i am from Europe (Austria). What would you suggest are my best options for a bitcoin wallet and trading platform?

Thanks in advance 

You are right at every plan but I want tell something about your middle plan to pause the trading .
Now , you are saying that if you want pause trading then you will transfer your money from the exchange to your wallet but think about it what will happen if you will have  some numbers of coins ( altcoin) then what you will do , as an successful trader you can't sell at low price .
So here keep in mind you can't transfer all the money from the exchange in your wallet . Still the exchange are also a safe place to put your trading money .
Hope you understand .