Best cryptocurrency trading sites reddit


Cryptocurrency trading is still very new to platforms which previously only dealt with CFDs, so quirks like this are expected. Our hope is that over time eToro will decrease their spreads for cryptocurrencies and add functionality to avoid the pitfalls we've described above. If you want to try out eToro and help us out, here's a link we'll get some money if you sign up via this. This site cannot substitute for professional investment or financial advice, or independent factual verification.

This guide is provided for general informational purposes only. The group of individuals writing these guides are cryptocurrency enthusiasts and investors, not financial advisors. Trading or mining any form of cryptocurrency is very high risk, so never invest money you can't afford to lose - you should be prepared to sustain a total loss of all invested money. This website is monetised through affiliate links. Where used, we will disclose this and make no attempt to hide it.

We don't endorse any affiliate services we use - and will not be liable for any damage, expense or other loss you may suffer from using any of these.

Don't rush into anything, do your own research. As we write new content, we will update this disclaimer to encompass it. We first discovered Bitcoin in late , and wanted to get everyone around us involved. But no one seemed to know what it was! We made this website to try and fix this, to get everyone up-to-speed! Click here for more information on these. All information on this website is for general informational purposes only, it is not intended to provide legal or financial advice.

The Risks of Trading Bitcoin on eToro. Generally there are two ways of doing this: We don't endorse any affiliate services we use - and will not be liable for any damage, expense or other loss you may suffer from using any of these.

Don't rush into anything, do your own research. As we write new content, we will update this disclaimer to encompass it. We first discovered Bitcoin in late , and wanted to get everyone around us involved. But no one seemed to know what it was! We made this website to try and fix this, to get everyone up-to-speed! Click here for more information on these. All information on this website is for general informational purposes only, it is not intended to provide legal or financial advice.

The Risks of Trading Bitcoin on eToro. Generally there are two ways of doing this: Cryptocurrency exchanges allow you to buy and sell real coins e.

See this guide for some examples. Most brokers don't allow you to buy Bitcoin directly. Instead they allow you to invest in it via CFD Contract for Difference , which means you're not buying the coin itself - the exchange buys it on your behalf, and you have to pay a daily fee to hold it.

Some brokers like eToro and IQ Option are starting to take the middle ground, where you can invest in Bitcoin and not pay a daily holding fee.

Conclusion With all the above said, you might think that we don't like eToro, that you should avoid it. March 30th, How to Trade Bitcoin on eToro. Written by the Anything Crypto team We first discovered Bitcoin in late , and wanted to get everyone around us involved. Never invest money you can't afford to lose. At this point I still owned Ethereum and the price was still swinging back and forth.

I signed up for two exchanges: I needed Poloniex as well because there were many cryptocurrencies being traded there Altcoins - cryptocurrerncies that are not BTC. Those are the first two exchanges that I used. Now I use others since each exchange has pros and cons. A live crypto exchange is intimidating at first glance. There are charts and numbers changing at the speed of sight.

I felt overwhelmed but sat through the confusion to try and make sense of what I was looking at. Soon I could see where to place orders to buy and sell, and the charts started to make sense too. As the month went on I spent hours trading. I made enough to pay my rent, so the possibility of making a living from this was validated.

I wanted to formalize my trading knowledge so I could do more than buy low and sell high. There had to be a real strategy to this stuff.

I read as many books as I could on trading stocks and foreign exchange markets. I made a lot of mistakes. But eventually I found my rhythm and strategies. For myself, and most crypto traders, the goal is to increase the amount of Bitcoin we own. For example, right now the price of 1 ETH Ethereum is 0. Another thing I need to make clear is the type of trading I do - day trading.

All of my profits are converted back into BTC at the end of each trading day. Again, even though I buy and sell several Altcoins, at the end of the day my net worth is in Bitcoin. There are three reasons for this:. I earn more USD when the price of Bitcoin goes up against the dollar.

Why was it important to clear this up? Several things were on my mind the first time I had to do this. What if I sell my BTC now and the price shoots up tomorrow? Yes, but your bills will be paid.

Sell now so you can pay your rent. You can always hold out for more, but at the same time you are risking a loss. After a few months I got better at trading. I was earning more Bitcoin than I needed to cover my monthly expenses. At the end of the month I sold only what I needed, and kept the rest of my net worth in Bitcoin.

Around this time in my trading career it was getting to the point where I could have bought a Tesla or put a down payment on a house by selling my Bitcoin. Do you sell your Bitcoin to realize your profit in USD? I can live a nice middle class lifestyle in Los Angeles. Or I can drive a flashy car while I rent a crappy apartment in Los Angeles. It all comes down to your values. In fact, if i see a chart like this I almost always ignore it:.

The wild bull runs are hard to find, hard to time properly, and easy to go in the opposite direction where you lose a lot. Those gains are only exciting if you understand how far they can get you. Of course the numbers above assume you trade days per year. Not many people are willing to forego vacation and weekends to work as a full time crypto trader, even with numbers like that.

Not only that but I also let my emotions control my trades. For example, I once purchased Stratis after the price dropped massively.