If you’re getting onto the crypto bandwagon, you might be a little confused about where to start. We’ve all been there. In this short guide, I will walk you through your first steps so that you know exactly how to start trading crypto today.
We recently showed you how to start trading Forex, but currency pairs are just some financial instruments beginner traders can invest in. This guide will teach you how to start trading crypto anonymously, safely, and easily. Here’s what you need to know.
Pick a Cryptocurrency Wallet
Before you can learn how to start trading crypto, you’re going to need a crypto wallet. There are three options you get to choose from: a hardware wallet, a mobile wallet, or a desktop wallet.
What Is a Hardware Wallet, and Should I Use It?
A hardware wallet is exactly what the name implies—a hard drive where all your encrypted data is held. Some of the most popular devices are Ledger Nano X or Trezor One. For now, however, I would suggest forgetting this option and reconsidering it once you start getting serious with crypto trading. For now, you might want to consider using the extra few bucks to get comfortable with trading.
Many crypto traders treat hardware wallets as physical vaults that keep their assets safe while trading in real-time using mobile and desktop wallets. However, if you’re looking to learn how to start trading crypto, a physical wallet is probably going to be a bit of an overkill.
Setting Up Mobile or Desktop Wallets
Mobile and Desktop crypto wallets both have a lot in common. They’re quick and easy to set up, and they come with much freedom trading-wise. They let you trade in real-time, making transactions almost instantaneous. Since they’re effortless to set up, they’re a perfect tool to help you learn how to start trading crypto.
To set up a mobile wallet, you must choose the platform where you wish to store your coins. There are many crypto wallets online, so which one to choose? Beginner traders should turn to trusted tools. Recommended crypto wallets include the following services:
- Coinbase Wallet
- BitGo Cryptocurrency Wallet
- Trust Wallet
- Ambire Wallet
- Trezor Wallet
You must download and install the app to set up your desktop wallet. Once you have done so, you will obtain your unique blockchain address for each of your desired coins.
Before you can use this address, however, you will have to own some crypto already. Generally, to purchase a cryptocurrency of your choice, you will usually have to start by exchanging fiat, such as USD, for crypto.
How to Start Trading Crypto: Payment Services
Since crypto has been around for quite a while, you can use some of the most extensive payment services like Google Pay or Apple Pay. You can also use your credit or debit cards to top up your crypto account. Many traders also use apps like Revolut or Zen as an additional anonymity buffer.
Since you’re just looking to start trading crypto, it’s probably best to start with the so-called stablecoins, such as Tether (USDT) or USD Coin (USDC). These coins ensure considerably higher stability, making your first steps in crypto trading safer and far less shaky.
From here on, all that’s left to do is choose a trading app. And by the best, I mean one that offers anonymity and simplicity while not trying to rob you through commissions at every step.
Choosing a Crypto Trading App
First, many people who decide to trade cryptocurrencies value their anonymity. After all, nobody likes people who not only stick their fingers into your pie but also take half of it away from you. That is why knowing how to trade crypto anonymously is so important. You can do this using the SimpleFX Web Trading Platform.
SimpleFX allows you to start trading crypto without registration. All you need to do is deposit your preferred currency using your cryptocurrency wallet, and voila, you are ready to trade.
Since there is no need to include your personal or banking data, all your transactions are safe and anonymous.
There are many perks to using SimpleFX. For starters, you get up to 1:1000 leverage, no limits to minimum deposits, and no trading fees. You can count on as many as 60 currency pairs, access to API trading, and spreads that go as low as 0.1.
Hell, if you’re one of the old-school traders, you can even trade using MetaTrader 4.
How To Start Trading Crypto Within Minutes
Since there are no trading fees, trying your luck will not cost you anything. To learn how to start trading crypto, consider giving it a go using the SimpleFX demo account, which allows you to get better acquainted with the app without risking any financial losses. Remember that SimpleFX also enables you to trade not only crypto, but Forex, precious metals, and other commodities.
Users can also benefit from one of the best reward systems in the market today. For example, first-time users can receive up to a $2500 bonus for making their first deposit.
Trading Platform User Guide
If you want to start trading crypto anonymously and commission-free but don’t know where to start, watch this ten-minute video tutorial and get started today:
However, if you’re not a tutorial guy, feel free to install the app and get going. The app is highly intuitive, so it will not cause any trouble.
- What Is Short Selling? How Does It Work?
- How to Manage Risk When Trading
- How to Trade Market Sentiment