This Should Not Happen To You!
Trading digital currencies has become one of the most popular alternative investments. Due to the increasing acceptance of cryptocurrencies, the market has become more attractive for many potential investors. But while some have success with Bitcoin Trading, others have to accept continuously heavy losses. This is often due to the fact that they make typical beginner’s mistakes.
Although Bitcoin Trading is not a witchcraft in itself, it should not be taken lightly. Making money online with Bitcoin is possible without question. However, it requires the right approach. For this reason, we want to show you the biggest beginner’s mistakes in Bitcoin trading. This should greatly increase your chances of success.
Buy and sell from any Provider
There are now many platforms that enable Bitcoin Trading or trading with other cryptocurrencies. However, not every platform is equal. The offer differs partially strongly. With many providers you can only trade Bitcoin if you already own some, like with Bitseven margin trading platform – there you cannot buy Bitcoin in that sense. But if you already own Bitcoin, you can try to get more through profitable trades.
Who would like to buy Bitcoin as favorably as possible should therefore always make a comparison of the different providers. Among other things the fees for paying in or out can vary strongly.
Not to mention the fact that not all providers are reputable. Time and again investors lose money because they have stuck to a dubious platform. With a little research, this risk can be largely reduced. It is therefore better not to trade with just any provider.
Do All-In Buying/Selling
Many beginners buy and sell Bitcoin on an all-or-nothing basis. It happens again and again that digital currencies are sold completely at the slightest rise in price. An experienced trader would usually not do this. Instead, he would sell part of his Bitcoin and build on a further price increase. At least if this were realistic.
In general, all-or-nothing buying/selling is not recommended. Instead, investors should look at current Bitcoin prices and consider how much they should buy/sell. This is not so easy at first. However, it is a factor that is important for successful trading.
Wallets not sufficiently protected
Anyone who trades in digital currencies has to take a few security precautions. In itself, trading with Bitcoin is safe. After all, the Blockchain has been in existence for more than 10 years and there have never been any errors or similar problems. To speak of major security gaps in Bitcoin would therefore simply be wrong.
However, it is true that hackers and their tricks represent a great risk. It is therefore essential to protect your wallets well. The best thing is to take care of the safekeeping of your wallets yourself. In principle it is okay to have a certain part of your system on platforms. After all, this makes trading easier.
In the best case, however, it should not be too large sums of money, as corresponding platforms can refuse or at least delay payouts. Furthermore, the use of two-factor authentication is recommended. In most cases, a good password alone is not enough to deter professional hackers. However, comprehensive protection can guarantee this. Bitcoin Trading is risky, but by no means insecure.