Starting your own crypto trading account can be daunting especially if you are new to the industry. At a glance, it might seem like you have to complete many steps in order to be able to start trading, but it is actually not that hard. All you need to do is follow the simple steps below and you can immediately start trading assets in the market.
This article will teach you the steps on how to create your crypto trading account easily.
Why You Should Start Trading
Trading is an excellent way to take control of your money and can be a good, if not life-changing revenue source. Here are some reasons why people are starting to trade in crypto and why you should give it a try too:
Extra Income
If you still have money left over after saving, investing, paying your bills, and spending for yourself and don’t know what to do with it, trading could be a way for you to make a bit more money, or a lot more money, depending on how good you get.
Trading is also a way to be constantly aware of the state of the economy. When you get into trading, there’s you won’t be able to help but the news and wonder if it would affect your positions.
Growing Your Net Worth
Trading isn’t always “playing with your money,” though many may make it seem like so. The line between trading and active investing could be blurred depending on how you position your holdings. As a trader, you will always have the choice to sell strategically, while passive investors usually just hold out for as long as possible, usually until retirement.
Swinging your trades every few weeks or months when there are huge dips and peaks could grant you way bigger returns than most investors. However, you should still be aware of the risks and make sure that you can afford the moves you make.
Create Your Crypto Trading Account Today
If you are still a beginner in crypto trading, you’re probably wondering where to start and what to do. For starters, before you can trade, you need to have a crypto trading account that you can use for your transactions.
Here are some simple steps on how to sign up for a crypto trade account:
Email or Mobile number
To create an account, you will need to use your email or mobile number to do so. Head to the sign-up page of the platform of your choice, enter your name, and assign a password. Your money will be going into this so we suggest you use a difficult password. If you have difficulty memorizing difficult passwords, you may also use password managers like Google’s password manager.
KYC
Many trading platforms make it very easy to create a new account. You may not have access to all the features immediately until you go through KYC (Know-your-customer) verification which will require IDs to verify your identity.
Features locked to you may include fast fund withdrawals or withdrawals altogether, alternative investment products like futures, auto-investments, funding methods, fund transferring, and others depending on the platform. It is also much safer and more convenient to use the platform if you verify your account, so it is suggested that you do so.
Fund Your Wallet
On almost all trading platforms, you will have a crypto wallet assigned to your newly made account. You will most likely not need a third-party crypto wallet in order to fund your account. Most trading platforms allow you to fund your account directly through bank transfer, debit, or credit card.
We do not suggest that you use the trading platform’s wallet as your main crypto wallet, as withdrawal fees may apply. If you wish to keep crypto savings that are not to be traded, then we suggest you also use a dedicated crypto wallet like MetaMask.
Start Trading in Crypto
After you finish the steps above, you can start trading your crypto assets. Just remember to trade within your means and never spend anything more than you can afford to lose. The crypto market is a very volatile industry, and many traders don’t last long despite starting on the right foot of the trade, so always be strategic and wise.
FAQs
How much do crypto traders make?
While there is no definite amount for us to have a straight answer about it, research has shown that the average day trader profit is approximately at $109,000 per year. However, other factors such as experience, economic performance, and the amount of money initially invested could affect this estimation.
How do you pick crypto for day trading?
If you are just beginning to understand how day trading works, you need to know that there are some factors you need to consider in choosing what to invest in. Factors such as volatility, trading volume, and asset liquidity are some of those things. Asset liquidity measures how easily your asset can be converted to cash without much change in its prices. On top of that, the price of your crypto assets can change when you start your transaction, so you should also be wary of this.
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