Buying and selling bitcoin is not as hard as the subject itself is. If you are asking about the procedure, it is really simple and easy. Moreover, the upgraded versions of bitcoin future with high-end technologies made it even easier. But, if you are concerned about the outcome of buying and selling Bitcoin, it is a little bit harder because you have to secure your profit out of this volatile market.
Here is a complete guide on how easily you can sell your bitcoins to earn money, along with tips on how you can make sure that you are selling them in the right way to secure that profit for you.
Process of selling Bitcoins:
These are the simple steps of selling your bitcoins.
- Search for a trading platform:
The most important thing that you need to sell your bitcoins is the medium that is a bitcoin trading platform. If you are holding some Bitcoins and want to sell them, you might have a bitcoin trading account in a trading platform through which you have bought them. And if you don’t, the first thing you must do is search for a good trading platform.
- Register:
After finding a bitcoin trading platform, you have to register yourself with it. This is a simple verification process where the platform authority may ask you to provide some of your IDs.
- Open a trading account:
So, if you don’t have a trading account, a bitcoin trading account will be opened after the registration has been completed.
- Link the account with a bank account:
Now, you have to link that account with any of your bank accounts to which you want your incoming fund to go after you sell your bitcoins.
- Access your bitcoin holdings and sell them:
You now have to access the bitcoin holdings you can use with the private key you have in case you use a bitcoin wallet. Otherwise, you just have to go to the sell section of the trading account, enter the amount of bitcoin you want to sell, and click the sell button. This process is for centralized trading platforms. Additionally, you get two options in this kind of platform to sell your cryptos.
- Market order: Here, you will be selling your bitcoins at the current market bid price.
- Limit order: Here, you can set a limit price. When the market price reaches the limit, the platform will sell the bitcoins automatically.
In decentralized or P2P trading platforms, you get the chance to sell your bitcoins directly to buyers. This is like an open marketplace where you must place the offer price for selling the bitcoins. When a potential buyer is interested in your offer, you both can communicate with each other, and after settling on a deal, you can share your bitcoin address and account number. After receiving the fund in your account, you have to send the bitcoins to the buyer’s bitcoin address.
Tips to secure your bitcoin trading profit:
Some tips or methods that expert investors prove are given below to secure the profit you might make from bitcoin trading.
- Diversification of portfolio: Never put all of your money in just bitcoin. Due to its high volatility, you can all of a sudden lose the whole amount. Invest in different cryptos and balance the profit by mitigating the risk.
- Searching for a genuine trading platform: As so many trading platforms are available in the market, you never know which one is a fraud. Search by reading the customers’ reviews, knowing their market reputation, or communicating with them directly. For example, the Brexit millionaire is a genuine platform that you can trust.
- Using a bitcoin wallet: Never ignore the importance of using a bitcoin wallet as it protects your private and public keys and thus protects your bitcoin holdings too.
- Study more and practice: Never stop studying the crypto market. Be updated about the latest happenings as the market is continuously changing, and keep on your practice to trade even if you have failed initially. Practice will make you perfect.
Conclusion:
You can now easily buy and sell bitcoins as well as other cryptocurrencies by following these steps. Keeping the risk-mitigating tips in mind will help you add to being a wise trader and generating a good amount of profit.