Everyone wants to trade bitcoin because the popularity of bitcoin is increasing day by day. There are a lot of bitcoin trading ads on social media platforms such as YouTube, Instagram, Facebook, Linkedin, Pinterest, Twitter, and Google. Trading is the short-term way of earning money through bitcoin. There are Millions of bitcoin users who trade bitcoin for making money. Many people want to trade bitcoin, but they do not know about bitcoin trading. So without wasting time, let’s explore the process and requirements of trading. This article will discuss how to trade bitcoin on a mobile application or an android device.
What is bitcoin?
Bitcoin is a popular cryptocurrency that came into existence in 2008 by a person named Satoshi Nakamoto. Bitcoin is a globally accepted digital currency that is more than a currency, meaning you can do multiple things with bitcoin. It is the same as fiat currency such as INR, USD, POUNDs, etc., but digital. Bitcoin became popular a few years after launching because it is more than a currency.
What is bitcoin trading?
Bitcoin trading means buying bitcoin at a low price, and when the price will increase, selling the bitcoin at that price to earn profit. Trading is the short-term earning method through bitcoin. It may be for seconds, minutes, hours, one day, for a few weeks, and a few months but less than a year. It is a precarious investment because the price may decrease, and time is short. Intra-day trading is the riskiest form of investment because you have to sell your bitcoin before closing the market.
For example:- You purchased a bitcoin worth $62,348, and you were waiting to increase the price, but suddenly the price started falling. Finally, the price decreased to $60,000, and you must have to sell the bitcoin at a loss before the market closes; otherwise, the exchange or app you are using will automatically sell your bitcoins. So intraday trading is the riskiest investment, and if you are a beginner, you have to practice and learn about bitcoin technology.
The process and requirements to trade bitcoin on an android device:
There are the following process and needs to trade bitcoin on mobile devices or android devices given below:-
Signup for an exchange:- There are a lot of bitcoin exchanges on the internet that you can use for bitcoin trading. Since there are a lot of bitcoin exchanges, it is complicated to change the right or best exchange. Before creating an account on the bitcoin exchange, research a lot about the features and offers. Check the reviews and ratings and make sure there must be an application of exchange that should be compatible with all the android and apple devices. After researching and choosing an exchange,
- Create an account by filling in your name, active mobile number, and email address, and some exchanges will gather more information such as address, city, pin code, state, etc. Check this BitcoinEras.com for more information.
- Verify your email address or mobile number through OTP.
- Now your bitcoin exchange account is successfully created and to grab all the features of exchange. Next, you have to complete your KYC by submitting or uploading your Passport size photo, identity proof, signature on white paper, etc.
- Your KYC will approve within 24 hours, but usually, the KYC will approve in a few minutes if all the documents are correctly visible.
Learn the skills:- If you are a beginner in trading, you should learn the trading skills first because many beginners lose their money in trading to earn money. Many traders are making huge money through bitcoin trading. They are eager to make money but not to learn the skills. If you are a beginner, you should learn how to read the crypto chart and research a particular cryptocurrency. I know it is time-consuming, but once you master these skills, no one will stop you from earning money.
The proper use of the Application:- You must have basic knowledge of the features of the exchange. For example, you should know how to stop loss, what to do in the worst circumstances etc. The proper use of the tools of exchange is also essential to earning money through trading. For example, suppose you have less time to look at the price all day. Now you can automate all the processes by scheduling the buying and selling, such as when the price reached the special price then sell the bitcoins and when the price of bitcoin will get the specific point then buy the bitcoin. So practice will make you perfect and explore as much as possible about bitcoin trading and bitcoin technology.