How to Trade Bitcoin? For Beginners
This is a simple beginner’s guide for people new to trading Bitcoin.
Basic Bitcoin trading facts
- Bitcoin trading is done on the internet.
- Trading is done most commonly on a “Cryptocurrency Exchange”.
- Bitcoin can be traded for other cryptocurrencies, such as Ethereum or Litecoin.
How do you trade Bitcoin?
- Sign up for a Free Binance Account: In just a few clicks, you can Sign up to Binance and create your account. You should get a confirmation link to your email once you’ve registered.
- Get Verified for AUD Deposit: Before you can trade you’ll need some funds. Simply verify your account by uploading your passport/drivers licence, or other ID documents. Once approved, you are free to deposit funds through your bank using PayID.
- Start Trading: Once you have funds you can now start trading your favourite cryptocurrencies.
About Binance
Binance offers one of the largest cryptocurrency exchanges in the world in terms of trading volume. They support AUD deposits and withdrawals for personal accounts, which are instant and have no fees, through PayID/Osko. For more information, please read our Binance review.
Need more help? Get tech support from the Binance Australia Support Team.
Why do people trade Bitcoin?
- To try and make a profit.
- To get other cryptocurrencies and use them for something.
- For fun.
Where can I trade Bitcoin in Australia?
- For your safety, only trade on one of the ASIC-regulated and reputable Australian trading websites.
Is it safe to trade Bitcoin?
- Before buying or trading Bitcoin, you should do research about what and how to do it and the risks involved.
- If your Bitcoin is held on a crypto exchange: They essentially hold your “wallet” and if they lose your Bitcoin, it is lost and might never be recovered or reimbursed.
- Stay away from scams such as “ponzi schemes”, “ICOs” and “pump and dumps”. If you are not sure what they are, do the research before buying.
- Remember to only trade with what you are prepared to lose. The crypto markets are new, highly volatile, and are not regulated as the stock market is.
Different types of trading?
- Trading vs Investing – In simple terms, traders usually are looking to make a quick profit. Investors usually buy and hold for longer-term profits.
- “Day trading” – People who try to make a profit with multiple trades during a day.
- “Scalping trading” – People who try to make small profits on trades, pennies on the dollar. They get in, they get out.
- “Swing trading” – People trying to make profits on price cycles, such as: they see it going up, they buy in and wait until momentum dies and then get out. They could hold for days, weeks or even months before selling.
Learn more about Trading Bitcoin
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