CRYPTO BEGINNERS GUIDE : HOW TO GET STARTED IN 2024

INTRODUCTION

Start in Crypto! The purpose of this article is to provide guidance and information to newcomers in the world of cryptocurrency trading. It aims to address common concerns and misconceptions and equip viewers with essential knowledge to succeed in their trading journey.

Understanding key concepts is crucial in navigating the complex world of crypto trading. This article aims to break down these concepts into digestible pieces, ensuring that viewers grasp the fundamentals and can make informed decisions.

SECTION 1: Buying and Selling Crypto

Buying and selling cryptocurrency can seem daunting for beginners, but with the right knowledge and tools, it can be a straightforward process. In this section, we will discuss the steps to get started in buying and selling crypto, using Bybit as an example exchange. We will also cover the concept of spot trading and setting limit and market orders.

SIGNING UP FOR A CRYPTO EXCHANGE

The first step in buying and selling crypto is to sign up for a crypto exchange. There are many exchanges to choose from, but for this example, we will use Bybit. Sign up for an account on the Bybit website and complete the necessary verification process to ensure the security of your account.

USING Bybit AS AN EXAMPLE

Once you have signed up and verified your account, you can proceed to deposit funds into your Bybit account. Click on the deposit button and follow the instructions to transfer money into the exchange. It is important to note that different exchanges may have different deposit methods, so be sure to familiarize yourself with the specific process for your chosen exchange.

UNDERSTANDING SPOT TRADING

Spot trading is the most basic form of trading in the crypto market. It involves buying and selling the actual underlying asset, such as Bitcoin, without using any form of leverage. To engage in spot trading on Bybit, navigate to the trade section and click on spot trade. This will take you to a user interface with various information.

SETTING LIMIT AND MARKET ORDERS

When placing a buy or sell order in spot trading, you have the option to set either a limit order or a market order. A limit order allows you to set a specific price at which you want to buy or sell the asset. This can be useful if you want to wait for the price to reach a certain level before executing the trade. On the other hand, a market order allows you to buy or sell the asset at the current market price, ensuring quick execution.

SECTION 2: Choosing the Best Coins

Start in crypto! When it comes to choosing the best coins in the cryptocurrency market, there are several factors to consider. In this section, we will explore some key strategies and tools that can help you make informed decisions.

Using CoinGecko as a Coin Research Platform

CoinGecko is a popular platform for researching and analyzing various cryptocurrencies. It provides a comprehensive list of coins, along with key metrics such as market cap, trading volume, and price charts. You can also create portfolios and track your favorite coins.

Analyzing Charts in Terms of Bitcoin Valuation

An important aspect of evaluating coins is to analyze their performance against Bitcoin. By pivoting the chart on CoinGecko to Bitcoin valuation, you can see how a coin has performed relative to Bitcoin over time. This can give you insights into whether a coin is a good investment compared to holding Bitcoin.

Evaluating Coins Against Ethereum

In addition to Bitcoin, it's also valuable to analyze a coin's performance against Ethereum. Ethereum is another major cryptocurrency and acts as a benchmark in the market. By comparing a coin's performance against Ethereum, you can identify strong coins that have outperformed this influential cryptocurrency.

Identifying Strong Coins with Positive Performance

When evaluating coins, it's essential to look for strong coins that have demonstrated positive performance. This means looking for coins that have shown consistent growth and have potential for future success. You can use CoinGecko's price charts and historical data to identify coins that have a track record of positive performance.

By using CoinGecko as a research platform, analyzing charts in terms of Bitcoin and Ethereum valuation, and identifying strong coins with positive performance, you can make more informed decisions when choosing the best coins to invest in.

SECTION 3: Allocating Funds to Coins

When it comes to investing in cryptocurrencies, it's important to allocate your funds wisely. In this section, we will discuss some key factors to consider when allocating funds to different coins.

Understanding Market Cap and Its Significance

Market capitalization, or market cap, is an important metric to consider when investing in cryptocurrencies. It represents the total value of a coin, calculated by multiplying its price by the total supply of coins in circulation. Market cap can give you an idea of a coin's size and popularity in the market.

Differentiating Between Micro Cap and Top Coins

Coins with a market cap of less than $1 million are considered micro-cap coins. These coins are typically associated with higher risk and volatility, as they are more susceptible to manipulation and price fluctuations. On the other hand, top coins, such as Bitcoin and Ethereum, have market caps in the billions and are generally considered safer investments.

Allocating a Percentage of the Portfolio to Top Coins

When allocating funds to cryptocurrencies, it's important to consider your risk appetite. For conservative investors, it is recommended to allocate a larger percentage of the portfolio to top coins with established track records and larger market caps. This can help reduce the overall risk and volatility of the portfolio.

Considering Risk Appetite for Lower Market Cap Coins

If you have a higher risk appetite and are willing to take on more volatility, you may consider allocating a smaller percentage of your portfolio to micro-cap coins. These coins have the potential for significant growth, but also come with higher risks. It's important to conduct thorough research and due diligence before investing in lower market cap coins.

By understanding market cap and its significance, differentiating between micro-cap and top coins, allocating a percentage of the portfolio to top coins, and considering risk appetite for lower market cap coins, you can make more informed decisions when allocating funds to different cryptocurrencies.

SECTION 4: Easy-to-Use Strategy for Buying and Selling Cryptos

When it comes to buying and selling cryptocurrencies, having a clear strategy can greatly improve your chances of success. In this section, we will discuss an easy-to-use strategy that can help you make informed decisions in your crypto trading journey.

Setting up a TradingView Account

The first step in implementing this strategy is to set up a TradingView account. TradingView is a popular platform that provides advanced charting tools and indicators for technical analysis. By having access to these tools, you can better analyze price movements and identify potential buy and sell signals.

Using EMA (Exponential Moving Average) Indicators

The strategy we will be using in this guide involves the use of Exponential Moving Average (EMA) indicators. EMA indicators help smooth out price fluctuations and provide a clearer view of the overall trend. In this strategy, we will be using the 21 EMA and the 50 EMA.

Identifying Buy Signals in an Uptrend

To identify buy signals, we will be looking for a "golden cross" between the 21 EMA and the 50 EMA. A golden cross occurs when the 21 EMA crosses above the 50 EMA, indicating an uptrend. This is a bullish signal that suggests it may be a good time to enter the market and buy a cryptocurrency.

Determining Sell Signals in a Downtrend

To determine sell signals, we will be looking for a "death cross" between the 21 EMA and the 50 EMA. A death cross occurs when the 21 EMA crosses below the 50 EMA, indicating a downtrend. This is a bearish signal that suggests it may be a good time to exit the market and sell a cryptocurrency.

By using EMA indicators, you can effectively time your entries and exits in the market based on the prevailing trend. This strategy helps you avoid making emotional decisions and provides a clear framework for buying and selling cryptocurrencies.

CONCLUSION

In conclusion, this blog has covered key concepts to help beginners start in crypto in 2024. Here is a recap of the main points discussed:

  • Section 1: Buying and Selling Crypto - Explained the steps to get started in buying and selling crypto, including signing up for a crypto exchange and understanding spot trading.
  • Section 2: Choosing the Best Coins - Discussed strategies for choosing the best coins, such as using platforms like CoinGecko for research and analyzing charts in terms of Bitcoin and Ethereum valuation.
  • Section 3: Allocating Funds to Coins - Explored factors to consider when allocating funds to different coins, including understanding market cap, differentiating between micro-cap and top coins, and considering risk appetite.
  • Section 4: Easy-to-Use Strategy for Buying and Selling Cryptos - Presented an easy-to-use strategy using EMA indicators on TradingView to identify buy and sell signals based on the trend.

If you found this information helpful and want to learn more, it is highly encouraged to join Whale Trading School. This comprehensive and free course, valued at $2,000, will provide you with 60 videos, live workshop sessions, and a supportive community of fellow traders. Sign up now while spots are still available.

Final thoughts: Getting started in crypto trading can be overwhelming, but with the right knowledge and tools, you can navigate the market successfully. Remember to do thorough research, assess your risk appetite, and make informed decisions based on market trends. Always stay updated on the latest news and developments in the crypto world.

Take action now and begin your crypto trading journey. The opportunities are endless, and with the right approach, you can achieve your financial goals. Good luck!

FAQ

Common questions about getting started in crypto:

  • Q: How do I start in buying and selling crypto?
  • A: You'll need to sign up for a crypto exchange like Bybit. From there, you can deposit funds and start buying and selling cryptocurrencies.
  • Q: Is buying and selling crypto complicated?
  • A: Buying and selling crypto can seem daunting at first, but with the right knowledge and tools, it can be a straightforward process.
  • Q: What is spot trading?
  • A: Spot trading is the most basic form of trading in the crypto market, where you buy and sell the actual underlying asset without using leverage.

Answers to FAQs regarding buying and selling:

  • Q: How do I sign up for a crypto exchange?
  • A: To sign up for a crypto exchange, visit the exchange's website and complete the necessary verification process to secure your account.
  • Q: How do I deposit funds into my crypto exchange account?
  • A: After signing up and verifying your account, you can deposit funds by clicking on the deposit button and following the provided instructions.
  • Q: What is the difference between limit and market orders?
  • A: A limit order allows you to set a specific price at which you want to buy or sell a cryptocurrency, while a market order allows you to buy or sell at the current market price.

About choosing the best coins:

  • Q: What platform can I use to research and analyze cryptocurrencies?
  • A: CoinGecko is a popular platform for researching and analyzing various cryptocurrencies. It provides a comprehensive list of coins and key metrics.
  • Q: How can I evaluate a coin's performance against Bitcoin and Ethereum?
  • A: By pivoting the chart on CoinGecko to Bitcoin or Ethereum valuation, you can see how a coin has performed relative to these influential cryptocurrencies.
  • Q: What should I look for in a strong coin?
  • A: Look for coins that have demonstrated consistent growth and positive performance. Use price charts and historical data to identify coins with a track record of success.

Allocating funds to coins:

  • Q: What is market capitalization and why is it important?
  • A: Market capitalization, or market cap, represents the total value of a coin. It gives you an idea of a coin's size and popularity in the market.
  • Q: What is the difference between micro-cap and top coins?
  • A: Micro-cap coins have a market cap of less than $1 million and are associated with higher risk and volatility. Top coins, like Bitcoin and Ethereum, have larger market caps and are generally considered safer investments.
  • Q: How should I allocate funds between top coins and micro-cap coins?
  • A: Conservative investors may allocate a larger percentage of their portfolio to top coins, while those with a higher risk appetite may allocate a smaller percentage to micro-cap coins.

Easy-to-use strategy:

  • Q: How do I set up a TradingView account?
  • A: Visit the TradingView website and sign up for an account. TradingView provides advanced charting tools and indicators for technical analysis.
  • Q: What is the strategy using EMA indicators?
  • A: The strategy involves using Exponential Moving Average (EMA) indicators, specifically the 21 EMA and the 50 EMA, to identify buy and sell signals based on the trend.
  • Q: How do I identify buy and sell signals using the EMA indicators?
  • A: Look for a "golden cross" when the 21 EMA crosses above the 50 EMA for a buy signal, and a "death cross" when the 21 EMA crosses below the 50 EMA for a sell signal.

BONUS CATCHER

Check our Bonus Catcher below and get the best bonuses available :

Bonus InfoCodeSoftwareAction
100 Free SpinsAutomaticRealtime GamingCLAIM BONUS
1,000 Free Spins + $3,500AutomaticRealtime GamingCLAIM BONUS
$200,000 rewardsAutomatic1x2GamingCLAIM BONUS
$30,000 BonusAutomaticSaucifyCLAIM BONUS
$100,000 JackpotAutomaticNovomaticCLAIM BONUS
$30,000 rewardAutomaticNetEntCLAIM BONUS
$75,000 every weekAutomaticSaucifyCLAIM BONUS
$100,000 every day65NDRRival GamingCLAIM BONUS
200% bonusAutomaticSaucifyCLAIM BONUS
$7,500 Daily RewardAutomaticMicrogamingCLAIM BONUS
125% Welcome BonusCRYPTO88SaucifyCLAIM BONUS
$200,000 BonusAutomaticRealtime GamingCLAIM BONUS
$30,000 No DepositAutomaticBallyCLAIM BONUS
Free Lucky Spins 5 btcAutomaticGameArtCLAIM BONUS
10 Free SpinsAutomaticMicrogamingCLAIM BONUS
20 Free SpinsAutomaticSoftswissCLAIM BONUS
* Depending on your country, you may be redirected to a different casino allowed in your location. Gamble Responsibly BeGambleAware 18+,T&C Apply.

ALTERNATIVE CASINOS AND BONUSES :

€500 BONUS LUCKYKONG$6000 BONUS ROLR CASINO
– 1000 FREE SPINS BETFURY– WIN A TESLA BITSTARZ CASINO
– STAKE REVIEW– 1XBIT REVIEW
– $1,000,000 BC GAME – $45,000 BONUS BSPIN CASINO

TOP RATED CRYPTOCURRENCY EXCHANGES:

PHEMEX XT.COM
– KUCOIN LBANK
– MEXC BINGX
– BITFINEX BYBIT

GET $50 FREE

1 - Use our exclusive link : https://simpleswap.io/?ref=d52fa72ff3b6
2 - Finish a crypto exchange using our promocode : u5bz3pBhYsMdeZYt
3 - Find $50 in Bitcoin in your Simpleswap account!

YOU MAY ALSO BE INTERESTED IN : CRYPTO TIPS CRYPTO CASINO BONUSES (250+)

CRYPTO INFOS

CASINO BONUSES