The below is a picture of the trading view at AltCoin Trader: AltCoin Trader Fees AltCoin Trader Trading fees. This trading venue offers a flat trading fee of %. Accordingly, it is irrelevant whether you are a taker or a maker. This exchange’s trading fees are way above the industry average which has historically been around %, but 3/5(30). Jan 23, · On a trading exchange, when you create your account, your Bitcoin wallet address is automatically created. You can choose to leave your Bitcoin on the exchange for trading or withdraw it to a private Bitcoin wallet. There are hardware, online, mobile, paper, web, brain, multi-sig, desktop wallets for Bitcoin. Mar 28, · Bitcoin was assigned a beta value of 1, since most altcoins are sold or bought using Bitcoin (in any case, many exchanges only allow cryptocurrency trading and not USD or another fiat). You can see from the chart below that many altcoins had lower volatility than Bitcoin while two-month returns seem to bear little correlation with volatility.
How to trade bitcoin on altcoin trader5 Easy Steps For Bitcoin Trading For Profit and Beginners
Most of them are web-based, and you can access them from anywhere. The only tools you need are a networked device, and an internet connection. However, you need to be careful not to store most of your bitcoins in a software wallet. There have been cases of software wallets being hacked and users losing their altcoins. Once you have invested in an altcoin wallet, the next step is to buy your altcoins so that you can start trading. You can go about it two ways.
The first option is to exchange your Fiat money with altcoins. To do that, you will have to open an account with a platform that supports the altcoins you wish to buy. The other option is to first exchange your Fiat money with Bitcoin. You can then use the Bitcoins to buy your preferred altcoins.
In that regard, the first step of buying altcoins is to open an account with a peer-to-peer Bitcoin trading platform or with an altcoin exchange. All exchanges such as Binance offer a software wallet that you can use to receive or send your altcoins. Virtually all of them accept Bitcoins, but some may not accept fiat money.
You can then transfer your Bitcoins to that exchange. This is one of the easiest methods to buy altcoins and Bitcoin around the world. Unlike an altcoin exchange, you will be dealing directly with other altcoin traders. There will be no brokers to take a commission from you. Moreover, you get to see a list of offers, and therefore, you are likely to get to get the best offer price. However, you need to do your own verification to make sure that you receive your Bitcoins before you release your funds to their account.
Once you have your wallet and a public address of that wallet, you are ready to fund your trading account. You may use three main trading strategies to make money when the altcoin prices change. The three strategies allow you to profit if you can correctly predict the altcoin prices. Read on to find the most common trades. A limit trade allows you to instruct the broker to execute the trade only if the price reaches a certain point or better.
If the altcoin fails to reach that price point, the broker will not execute the trade. Moreover, a limit trade allows a trader to place a time limit on the trade. If the time expires before the trade is executed, the broker cancels the trade order. This Market trade allows you to sell a certain amount of your altcoins at the best available price right away.
While it exposes your to suboptimal prices, it allows you to quickly sell your altcoins. Traders who trade in bulk and can easily turn a profit with a slight price change. The stop-loss trade is executed on assets once a certain price is reached. The trade allows traders to limit their losses when disposing the altcoins, if the prices fall below a certain price point. Overall, you can make your profits from your altcoins if you can manage to predict your prices correctly.
Others, like Ethereum for example, have already established themselves as being powerful currencies like Bitcoin. Altcoin trading involves exchanging one coin for another, to obtain daily or weekly profits. In very simple terms, you must buy an altcoin when it is cheap and sell when its price is high. How do you determine whether an altcoin is going to fall or rise? Well, it involves speculation. An analysis of the cryptocurrency graph can reveal its future trend. But how do you exchange Bitcoin for altcoins?
This is where exchanges come in. A cryptocurrency exchange is a website where you can buy or sell altcoins for Bitcoin. This may sound a bit confusing at first, but trust me, once you start trading, all of this will make sense. Once you register at Poloniex, you will be provided with a number of wallet addresses for each coin listed on the exchange.
You can transfer Bitcoins from your personal wallet to the exchange address to start trading. Most Bitcoin holders know that it is a volatile currency. Altcoins are more volatile than Bitcoin and can lose big parts of their value in a matter of seconds. Bitcoin is an established currency, so it can recover from a big price fall. The same cannot be said for all altcoins. A destabilization could be catastrophic to some.
I encourage all readers to carefully evaluate the risks and the chances before they start trading. Prices can go down for a few days and rise back up later, so it is not the best strategy to sell your coins when their price is low even if the trend may suggest a further drop in prices, analyze whether it is worth selling you coins at a loss. Here is an example provided by Poloniex:.
Suppose you bought LTC at a price of 0. How can you hold your LTC, but make sure you get out if a crash comes? Place a stop-limit order with these parameters:. What this means is that you can set a stop limit order for protection. You can also use this feature while buying. Therefore, with a bit of caution, you can turn altcoin trading into a profitable business which yields considerable short term and long term profits.