This is your Cryptocurrency Starter Guide. I will give you the breakdown of all that is necessary to become a profitable cryptocurrency trader through the usage of proper resources and tools.
Turning Your Funds Digital.
The initial step of turning your money digital takes at least a few days to process. Especially if you’re looking to turn a large amount digital.
For starters, you’ll want to convert whatever FIAT money you have into Cryptocurrencies. This means cash, or money that exists in the real world. US Dollar, Yuan, Euros, whatever. All that is considered fiat currencies. These are subject to inflation due to control by central powers that have the ability to print money whenever they want causing a reduced spending power in your money. For every $1200 stimulus check a person receives, $120 Billion is injected into the supply of US dollar, causing the currency to see a sudden spike in inflation.
Here are some places to purchase BTC. Ideally, you’ll want to utilize Gemini or Coinbase if you’re in the US to make easy transfers for a 1% fee. However, you can utilize Coinbase Pro, Kraken, or and wire the money directly into their trading exchange to
Generally, you’ll want to start with turning your fiat into Bitcoin first. From there, you can move your Bitcoin around to any location (exchange or interest bearing company) on the web, hence why it is currently the “most useful” cryptocurrency and often seen as the standard method of exchange for now.
Using Digital Money to Make More Digital Money
Once your funds are in Cryptocurrency Form you can now move it to where you’d like to start trading. Firstly, you’ll need to decide where your edge is in trading. Is it through Altcoins that are outperforming Bitcoin? Is it through knowing where Bitcoin or Ethereum are headed, and leveraging those moves? I, as a professional cryptocurrency trader of 8 years, like to split my money accordingly.
I’ve attached the maximum discount that these exchanges have allowed via the links provided.
50% on https://ftx.com/#a=CryptoTradersGroup
This is where you’ll be trading Altcoins not only Spot but on Leverage. You can also trade BTC / ETH on the 2nd most liquid market here for leverage. I’ve seen people take $100M positions with no counterparty risk here. I’d advise to stay mostly spot and stick to 2-3x leverage on alts MAX. Here you can also obtain spot longs on very specific, in demand altcoins. The CEO of this company is one of the most trustworthy as well in the space.
20% on Binance.com
This is the most used exchange for trading altcoins, the latest and greatest technologies of whatever is currently in HYPE. A lot of opportunities on Initial Exchange Offerings through Binance if the supply is split properly. We’ve seen multiple in a bull market that have allotted us the opportunity to earn more Bitcoin with our altcoins. In fact, this is where I had my first 7 figure streak in 2017. It’s dropped down a bit in usage due to the uprise in DEFI
30% on Blockfi
Blockfi is my safe haven for either holding USDC or Bitcoin. Here, I am able to generate a passive income of 6% APY on my Bitcoin and 8.6% APY on USDC when I believe we are no longer in a bull market. I can continue generating more money than having my dollars sitting passively in a bank, or at risk in something else. If you think about it, having close to 9% of your money back in a year is $90K a year on $1M absolutely risk free given it’s coinbase’ USD.
Charting and Technical Analysis
For Browser Charting: Tradingview
In order to profitably trade, you must get good at using this tool to chart your trades. It’s the most robust, and responsive system to date and is used world-wide atm.
Utilizing Trading Resources
Having a community is beneficial when you’re beginning. Later on, it could be more profitable to trade on your own. The one community I recommend is our own @ CryptoTraders.com
Here you’ll find signals for profitable alerts that are made by extremely sharp, and profitable analysts. Watching these trades take place will allow you to become aware of what a good entry / exit looks like while you analyze the environment behind the trade.
Good Twitter Resources:
If you’ve read this guide and are interested in earning high APY interest through decentralized exchanges / staking – send me a ping in Discord @ CryptoTraders Discord: https://discord.com/invite/EDwpj9V
Written by – Kevin Wan#0083