Buying bitcoin is not difficult tasks for those who are a pro trader. But for a newbie, it is necessary to have complete knowledge about buying Bitcoin. According to Bitcoin Prime, cryptocurrency or digital currency trading is now one of the popular platforms worldwide. Traders from all parts of the world contribute to bitcoin mining and bitcoin trading. It is essential to learn the decentralization strategy of bitcoin trading. It enables to development of a network that is necessary for businesses.
How should a pro trader buy bitcoins?
A pro trader should do complete research of the cryptocurrency before buying or selling. The main factor to check as investors is as follows:
- Look for profitable ownership as it is volatile.
- The contracts should allow profits in future. Bitcoins allow direct trading, so the increase in currency rates is faster.
- Check the commission charges as it varies on the amount of bitcoin purchased.
- When it is a matter of investing, do not ignore the security risks and privacy.
There are many ways for Bitcoin trading but it is not at all similar to the traditional trading in banks. It is a new way of investing and new investors will have to gain a clear idea about it. Brokers and agents are available to work on behalf of the investors and provide the maximum profit. There are five most effective ways to become a pro trader if you do not want to depend on agents.
The five ways to buy bitcoin are as follows:
Paypal
Buying Bitcoins through Paypal is one of the popular methods that most pro traders use. It is an online method to buy bitcoin and use it in trading or investing. The cryptocurrency commission is 2.3% for trades above 25 dollars. The commission reduces to 1.5 per cent when the trading is above $1000.
The essential part of using PayPal for trading is it will not charge for holding the bitcoin in the account. The transaction charges are eligible for all levels of bitcoin. Trading is easy as it allows from low currency to the highest as per the requirement of investors.
Coinbase
It is a unique exchange method for digital currencies; Coinbase allows holding the money and trade directly. The exchange is for Bitcoin investors and also for other blockchain traders.
This unique exchange allows you to occupy a vault and store your coins. It is extra security for the investors who want to buy bitcoins and store them.
Robinhood
Being a new investor or trader, it is essential to have an idea about Robinhood. It is exclusively best for bitcoin traders as it charges no commission for the cryptocurrency. It provides direct access to buy bitcoin and also other modes of blockchain. You are free to purchase stocks and invest in other platforms with easy processing in the exchange.
Bitcoin ATM
You can also use Bitcoin ATM for investments and buy bitcoin. It allows storing money in the exchange easy and secured at the same time. But you have to pay commission charges higher than others. If you want to buy or sell bitcoins, it allows both, but you need to pay the charges. Depending on the type of investment a Pro trader should opt for the Bitcoin ATM. As it allows transactions of the debit card and cash it charges about 7% of the commission.
Cold wallets
Cold wallets are one of the secured ways to store money. As it does not have any direct access to cryptocurrency storage. It is done via paper wallet and is appropriate for the high amount of investments. It ensures both public and private keys access that can be printed on paper. You can keep it in a locker or any safe place. Another one is the hardware wallet; it is a USB drive that secures the private details of the users.
Hot wallets are for storing small amounts after you buy bitcoins. It is an online process and is not secured as compared to cold wallets.
Ending note
The risks are an issue for investors who buy bitcoins as it moves up and down. So, as a Pro-trader, you have to keep an eye on, speculate about the prices and buy. For Pro traders, it is the first thing to consider avoiding any loss in cryptocurrency investments.
About The Author
Michelle Joe
Michelle Joe is a blogger by choice. She loves to discover the world around her. She likes to share her discoveries, experiences, and express herself through her blogs. You can find her on twitter
