I have tried to play on exchanges for many years. In fact when I was still at school I was keen to get a job at our biggest centralized exchange. When I was working for a paint company 10 years later a salesman managed to convince me to buy access to their trading platform. My internet connection was not fast enough in those days, as it was comparable to mobile edge speed. With the only options being fiat currency and the unstable internet I gave up while still in demo mode.
Low cost trading is a good start
Recently with getting into crypto I tried out the Binance a decentralized exchange (DEX) with some of my lucky earnings from Freebitcoin and Cointiply. It was then August 2020, with the rise of DeFi. The new DeFi coin on the block was Yearn Finance, which was flying higher and higher each week. I jumped in at the right time on the way up to the top. And out at the right time just after it started falling. This made my few Satoshi grow into many more. I repeated that a few times and I even lost some when the market did an untimely fall halfway down. I made a few good choices on some other rising coins and learned how to use the Binance exchange to my benefit.
I tried out more than one exchange and found that Binance had the best functionality and the widest range of coin pairs options. Binance is one of the best priced exchanges with the lowest fees. BINANCE started in 2017 and grew to become the biggest decentralised exchange.
On the Binance exchange you can;
Exchange your coins
Swapping your coins for different currency is as easy-to-use as could be. You go to Trade and there are options like straight covert at the current price, or spot trade where you can set your price order. You can place margin orders with borrowed funds. There is also P2P trading with other people, either at your price or theirs. Fiat is for converting fiat into crypto.
Trade with pairs of coins
If you are up to trading and know the metrics to look out for it’s worth a try. Use the basic principle of buying low and selling high. Look at the various time scales like 15 minutes 1 hour and 4 hour to see which way the market has been moving. Take into account the pattern of past market movements. Learning what to look out for is worth the time and effort.
There are options with trading. You can determine the percentage of your total holding of your coin for quick easy transactions. You can limit the purchase or sale price to a particular trade value. When that value is met, a or multiple opposite orders of your trade goes through from the order book, you can see the percentage of success as it gets fulfilled.
You can set a market value at which you are willing to trade, and when the coin's value meets that point, orders will fulfill your trade order. You can set a stop limit. This is a multi function that fires on you stop price and executes at a specific price (or better). When you need a safety net while you are away or sleeping, a one cancels the other (OCO) order can help. You set the upper and lower levels and when the price reaches either limit, the order is fulfilled.
Predict futures with leverage
What is exciting about futures is no matter if the market is going up or down you can play. Leverage is borrowed capital so the higher the leverage you apply, the higher the risk. Only risk what you can afford to lose, and a leverage of 5 could be the cost of a coffee. Leverage of 300 on the other hand could be the cost of losing all your available funds. You can follow some of the top traders and copy their moves to gain an experienced edge, but you would be doing so at your own risk.
Earn interest on your coins
Just like any old fashioned bank you can stake your coins and earn interest. But unlike a bank you can choose to stake into the launch pad of a new addition to the Binance smart chain. The annual potential returns (APR) are reasonable and come with the benefit of an initial upswing of value after launch.
Bitcoin mining for the more experienced trader
I've recently started on the StormGain exchange which offers Bitcoin mining, and quite a variety of futures options against USDT with leverage. Their idea behind the mining is that you can use your minted coins to trade and you get to keep your profits but not the minted coins. Your mined Santoshi is periodically converted to USDT so don't worry if your stash vanishes. It will reappear in your wallet within 72 hours. The more USDT you trade with during a month, the higher your mining potential. You start with 1x mining rewards and can move up to 530x . Their site and app may help you succeed with trading signals based on a broad range of charts and market analysis algorithms.
StormGain has demo account competitions where you might win USDT to trade with if your trading timing decisions and strategy are good. I have improved my demo game since I started and after losing a bit while learning the ropes. I've increased my demo holdings to 5% above the starting point. I use their minimum $100 and 10% leverage. You do need to watch your day trades often. I've missed the maximum potential many times by a half hour or so. Do go through their easy to digest video courses and practice a lot before trading with real money.
You may need to get started. I've written an article on how I started my crypto journey.
You may be interested in passively growing your Bitcoin balance, and you can find my story here.
Note: I am not a professional trader and these articles are written based on my own experience. I never loan crypto and understand that if I lose, I can lose everything. This article is not written as a guide. Please consult a financial advisor before making any decisions.
