Buy Bitcoins Online With Profitable Trading Tips(Beginners Guide)

This is a timely trading essential for any beginner who wants to buy Bitcoins online and fortunately you’re here at the right time.

So, stay with me as I walk you through the process of buying Crypto and becoming a profitable trader.

And if this is your first time on this website, I recommend you also read this complete guide on how to make money on Bitcoin trading before you continue reading here or you might want to check it out after this post, it’s very important.

In that guide, I explained in details all you must have to buy Bitcoins online with in-depth analysis of Bitcoin history and Cryptocurrency trading. Find time to read it so you don’t miss out!

Introduction – Get To Know Yourself!

Right now, I am just going to dive into the business of the day.

Since buying Bitcoin is what you’re after now and I know you can’t wait to get started and get involved in this most delightful and entertaining business.

Now, I am going to first tell you some important things before you head over to an exchange I would recommend to buy your Bitcoins.

So, before the whole show begin, let me ask you this:

What type of trader are you or what type of trader would you like to become?

Maybe that sounds strange or you’re totally confused and you’re wondering how can you determine and answer this question right?

Chill, we’re just getting started and you’re going to love every bit here I promise!

I asked you that question intentionally because, you need to identify which type of trader you are or that you would want to be whether you’re a beginner or you’ve already started trading.

I think it would make sense for me to list out the types of traders we have with few explanations for you to decide which one fits your traits before moving forward to grab your coins!

Types Of Traders – Make a Decision!

Before I show you the types of traders, I think it’s right to tell you the meaning of trading so I don’t assume you already know what it is and it turns out to be the opposite!

What is Trading?

Trading: this is the process of buying and selling of assets(Cryptocurrencies in this regard) on a market.

For example, you can buy Bitcoin or alt coins and sell it on any market(Exchange which is more secured) for the purpose of making profits.

Got it? Good! Let’s proceed.

Below are the types of taders you can be in any trading market space either Cryptocurrencies, Commodities or forex.

The same rules apply to all because you’re trading assets in every trading platform or market:

1. Scalpers
2. Day Traders
3. Swing Traders
4. Position Traders

1. Scalpers: Scalpers are traders that involve in scalp trading. They are called Scalpers because they buy and sell Bitcoins or alt coins within few minutes or even seconds and they capitalize on SHORT gains they see on the market.

Scalpers prefer to trade different times of the day but within shortest timeframe.

It’s like you buy Bitcoin now and in the next 5 minutes, you sell it and make few profits.

But, you definitely will need good amount of money to play this method to your advantage and make something tangible out of it!(my opinion though!) Lol.

2.) Day Traders: Day traders are those who buy and sell Cryptos within a day or 24 hours.

They don’t open any trade overnight according to their name (Day Traders).

Whatever trade they want to do is done within the time frame of minutes or a couple of hours and they can also do that few times of the day and be contented with there profits till the following day.

3.) Swing Traders: Swing traders are those that buy and sell Cryptos within the time frame of 2 days to 6 days and sometimes they hold positions for weeks.

There target is to identify an opportunity for a larger profits at once.

Personally I’m caught in this part and the next one I’m about to tell you! Lol

4.) Position Holders: Position traders are also called “Buy and Hold” traders.

Because, they can buy a coin and hold it for weeks, months or even for several years with the belief that it will definitely rise.

Meanwhile, most traders who engage in this long term holding of coins understand fundamental analysis and technical analysis to predict the coin price movement and future occurrences before making there buying and selling decisions.

I know it’s all expert terms, but fear not, you will build up and grow into it. Keep learning.

Having stated the types of traders above, you might prefer to be a scalper, a day trader, or swing trader or anyone or you can even combine two as you like, but.

Before we proceed to how to buy Bitcoins, let me give you some trading rules which are used by experts in this business and are most simple and basic for beginners like you.

So, make sure you write it on your palm and bind it about your neck! Lol

Rules To Crypto Trading – Beginners Dos and Don’ts

Below are the rules to Crypto trading I personally have used and learned from the hard way both my losses and profits and coupled with the experiences of top experts in this industry that you might want to write out and paste on your wall as a reminder before you start trading:

• Avoid Trading Cryptos Because Of Love: one mistake you can make is because you love Bitcoin or Ethereum probably because of its color or logo or personal interest in that coin! Don’t do it, it’s better you hate a coin and trade it to make profits than love a coin and lose profits trading it. Your research is the key here.
• Don’t Buy a Sudden Dip in Cryptos: one experience that has caused me alot different times is buying sudden strange dips until I learned! Dips are sudden movement of price from the TOP down to some level in the BOTTOM area on the coin chart and believing it will rise back soon and you buy! Before you know it, it has even dipped more than you could imagine and that’s super loss! What you should do is stay in between the RANGE of price movement and take your short profits!
• Develop Personal Trading Hours: as long as you don’t want to become an addict and spend your entire life on the screen of your computer or smartphone, you need to schedule time for trading. Doing this would also help you have time for yourself to do other things and spend quality time with your loved ones.
• Avoid Trading With Emotions: what you don’t want to do is bringing your emotions to trading. Probably you have a bad day and you still think you can sit and trade. Seriously? You can’t think straight and another thing costly disease your emotions can cause is when you put your whole life on the trading and feel totally weird down when you lose and over happy when you win. Remember this rule which says; don’t trade more than you can afford to lose!
• Avoid Engaging in Payback: avoid taking a revenge on the market, you and market are not age mate! The market is older than you, the market has been existing before you started trading and will still be there till your offsprings come! So, when you lose some money, stand up honourably and close positions for the day, tomorrow will be your time. Don’t engage in payback on the market because the market will always amaze you!
  
• Avoid Trading CryptosOn Weekends: Crypto markets are always opened 24/7. This means even on weekends, you still have the opportunity to trade unlike Forex that closes on Friday. So, here, it is advisable to trade only on weekdays(Monday – Friday) especially as a beginner because, mostly Whales(Big Crypto Investors) do most of their trading on weekdays and have fun on weekends and this might cause serious low liquidity (massive reduction in price) which can affect your trade negatively if you’ve bought at high price. So, you might want to take note of that.
  
• Get Your Note and Record Your Results: from time to time, try to record what you did right and what you did wrong. Have a a documentation of your results both the good and the uglys as they would help you make better informed decisions in the future. Remember that, markets don’t lie, patterns are always repeated. It is either the curve GOES UP or COME down!

Having been equiped with the Dos and Don’ts of Crypto trading, let us now go into how you can set up your account and buy your Bitcoins on the go!

But, you will need to do verification in and fund your account first.

In other not to delay your excitement again, I have a couple of tools I would recommend to you that you can use to do some analysis and determine whether it’s a good time to buy or not after I drop you the process involved in Buying Bitcoins or any other alt coins, so keep that in mind.

Let’s get into it.

How To Buy Bitcoins Online – Easiest Way For Beginners

There are tons of ways to buy Bitcoins onlines but, I would be recommending the easiest, fastest and most trusted platform with best friendly user interface you can’t find anywhere and they are also one of the top largest and biggest Exchange platforms.

I am talking of no other Exchange than the time tested and proven Binance Exchange.

Why am I recommending them and how do I know they posses all I’ve mentioned about them?

It’s because I’ve been using there services for a while now.

I’ve been to other platforms and realised that the services and features Binance provide with their customer support are top-notch.

I would be doing a short tutorial on how you can buy Bitcoins online from them in a minute.

You need to understand that, there are different ways to buy Bitcoins online like the Over The Counter, Peer to Peer, etc.

And, another advantage Binance has over others is that, you can also use these methods I mentioned above to buy on Binance.

But, the method I am going to be showing you step by step now is the most basic and most easiest you can grab and start using to buy Bitcoins or alt coins immediately.

So, before you can buy Bitcoin you need to register now on Binance first.

Below is the interface of how the registration will look like (this is on a mobile device):

So you fill in your best email you have access to and also enter your password.

Once you’re done, click on Create Account button and a confirmation link will be sent to your email.

After your registration, then, you need to go to your email inbox and click on the link Binance will send to you in order to get your account activated immediately.

It’s also possible that you are told to do a phone verification along the process or maybe later when you login.

Just follow instructions, it’s very easy to do. You will get it.

Once you’ve done that, you will use that link sent to your email to proceed to the Binance website and login.

Or you type www.binance.com on your address bar so you can login and buy Bitcoins online on there website.

Once you login with your email and password successfully, then, you’re ready for what is called Know Your Customer(KYC).

All Exchanges including Binance verify the Identity of each of there members to be sure they are real people who want to buy Bitcoins on there platform.

And also, to be able to track them incase of frauds or any illegal occurrence performed by the user.

And once you’re logged in, you should be able to see this dashboard below:

Now, click on the user button where there is a hand pointing to the button. And on the next page choose IDENTIFICATION.

On the next page, click on Identity Verification and follow the prompt instructions. Enter your personal details so as to verify your identity.

Once you’re done with your identity verification, click back or on Binance logo to take you to the homepage.

Now, you’re ready to buy your Bitcoin and alt coins on the go!

And to do that, from the Binance homepage, click on the 3 lines button at the top right hand corner beside the user button you clicked above.

See the screenshot to the right of this text below:

Aftee you click on the 3 lines button, click on Buy Crypto. After that, click on Bank Deposit.

If you’re a Nigerian, you can only use bank deposit(transfer) method as mode of payment for now as you might not be able to use your MasterCard due some international transactions limits.

And to be sure if your bank card is not affected, you can try it and when it’s not successful, come back and use the bank deposit method easily.

So, once you click on bank deposit, you will have this next page below:

On this next page below, you will first select your country currency, type in NGN if you’re a Nigerian or select it from the list.

Once you select the currency you are paying with, move down and enter the amount you want to pay to buy your Bitcoin.

For example, let’s say, you want to buy NGN 10 000 Bitcoin, you will enter NGN 10 150 in the box so you can get the whole NGN 10 000 Bitcoin. The NGN 150 extra is for the transaction fees.

Note, don’t include space or comma when typing the amount you want to buy for right formatting.

Once you’re done entering the amount, then, move down and click continue.

Here’s the whole summary of the steps I just talked about below:

After you’ve clicked on continue, you will be brought to this last page below and here you will be given a bank account number to transfer the money to with the bank name.

Please, be careful and only send the exact amount for example NGN 10 150 in our own case. Below is what it will look like:

 

Don’t click on the “I have made the bank transfer” until you’ve done so and confirm from your bank to be sure of the money if sent or not.

Once you confirm, then, click on it and wait for the notification on your dashboard.

You will also get a confirmation message sent to your email for the transaction once it’s successful.

Once this transaction is successful, and you confirm it, congratulations, you can now go ahead and buy Bitcoins online!

To buy Bitcoin or alt coins, navigate to the market area and search for BTC/NGN as the trading pair.

What that means is you’re using NGN(Naira) to buy BTC(BItcoin).

And mostly, the first currency in any trading pair is called the “base currency”.

It’s the one you either buy or sell in respect to the second currency in the pair which is called “counter currency.”

When you buy the first currency (BTC), what it means is that, you believe that the price of Bitcoin will go up while the price of Naira will fall.

And when you sell the BTC, you believe that the value of BTC will drop and Naira will rise.

Don’t forget to make more research on this.

Now, I will be sharing some tools you can use as a beginner to be able to make some logical decisions and also use psychology when making your decisions to buy.

This is one of the methods you can can use a beginner.

Recommended Article: how to make money on Bitcoin trading

Trading Tools To Start With as a Beginner or Intermediate Trader

Here are the list of tools that come handy for you as a beginner or intermediate Crypto trader.

These set of tools can also be used by an experienced traders who want to make accurate decisions on there smart phones:

• Blockfolio
• TabTrader

Blockfolio and TabTrader are two mobile Apps you can use to get some data that will help you buy Bitcoins online and make sell decisions.

So, download them and check it out to see how to use it.

As a beginner, you should be concerned about how to leverage the price of Bitcoin or any alt coins when it’s low and sell when it’s high, but.

Use that Blockfolio App above to determine the prices of BTC/USDT within some timeframe like 3 months, 1 month, 1 week, 3 days, 1 day, 12 hours and 4 hours to determine the LOWEST and the HIGHEST prices.

Then, make some logic analysis to what you see, add the 2 prices( low and high) together and divide by 2, check if you will make some profits if you enter(buy) the position that way and also determine where to exit (sell) the position.

If you’re NOT confident yet and not comfortable to use your money now, you can just chill and keep learning till you get some balls to go for it!

Remember that, all I shared with you are not for financial advice, you’re to make your own research before making a conclusion to buy or sell. This is strictly for educational purpose.

Now, once you’ve confirmed your deposit on your Binance account, download the 2 trading Apps I listed above and let me know you’ve followed all instructions using the comment section below. I will reply and tell you the next thing to do.

I want to believe that you’ve learned and gained some useful information in this article on tips I shared to buy Bitcoins online.

So, what do you think about this post?

Do  you find it useful and educative? Let me know in the comment box below.

Previous Article: how to make money on Bitcoin trading

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