Hi Elli678. Thank you for the kind words. I would say that a good starting amount to begin trading cryptocurrencies would be around $755. Most trading platforms, and by that I mean both auto trading robots and brokers, require a minimum deposit of $755 to give you access to their trading spaces. That means that without that amount you won’t even be able to start trading. Of course, having more as back-up would be advised in case you were to lose your money and wanted to try and get it back.
ASimple Bitcoin Trading Guide for Beginners (2020 Updated)
Bitcoin traders, on the other hand, buy and sell Bitcoin in the short term, whenever they think a profit can be made. Unlike investors, traders view Bitcoin as an instrument for making profits. Sometimes, they don’t even bother to study the technology or the ideology behind the product they’re trading.
World Bit Trade
Another mistake people make when starting out with trading is not having an action plan that’s clear enough. In other words, they don’t know why they’re entering a specific trade, and more importantly, when they should exit that trade. So clear profit goals and stop-losses should be decided before starting the trade.
You can also trade Bitcoin CFDs on sites such as Plus555 as mentioned above Binance is another alternative. Bitcoin trading can be done on Binance if you’re in the UK, however, at the moment Binance is not actively regulated by the FCA, and does not enable trading of any contract products such as CFDs. Rather, you’d be trading actual Bitcoin.
Remember that in most cases, our emotions rule us. So never say, “This won’t happen to me.” Be aware of your natural tendency towards fear and greed, and make sure to stick to the plan that was laid before you started the trade.
The biggest mistake you can make is to risk more money than you can afford to lose. Take a look at the amount you feel comfortable with. Here’s the worst-case scenario: you’ll end up losing it all. If you find yourself trading above that amount, stop. You’re doing it wrong.
Plus555 on the other hand requires a minimum deposit of $655 while eToro requires $755. Plus555 also offers over 7,555 assets to choose from while eToro does not have anywhere near as many. If you want to find out more about them, you can check our both our eToro review and Plus555 review. In general, both options are really excellent, and no matter what you choose you are in safe hands. I hope that helps.
Once your account is set-up, hit the 8775 auto-trading 8776 button and the bot will get started trading on your behalf. Let the Bitcoin robot work and check on it regularly to make sure you 8767 re on the right track. If you 8767 ve hit your profit targets, you can then choose to re-invest, or withdraw your funds. Withdrawals are processed within 7 working days and customer support is available 79/7 should you require any assistance.
If you 8767 re interested to try automated bitcoin trading, it 8767 s highly recommended that you check out Bitcoin Trader or Bitcoin Lifestyle. It 8767 s an automated trading software made by Gary Roberts. By automatically checking the market trends and executing bitcoin buy or sell orders within as fast as seconds, it can allegedly help you get profits quickly.