If you’re looking to Trade the crypto coin Bytecoin (BCN) then we have details on how to do that below, trading is much better than holding (or hodling as some say) as you can increase your investment sum as well as the value of that investment over time. So you can trade Bytecoin (BCN) and other coins too if you’d like and increase the balance that you have of that coin, all while the value of that coin increases too which means very big profits.
Trading Bytecoin (BCN)
So the best way to trade Bytecoin (BCN) is to follow these steps, we cover all that you need to know for trading Bytecoin (BCN) and other alt-coins so that you can make easy profits:
- There are a few different accounts that you are going to need to open those first, the first is Binance as this is where you will be trading your Bytecoin (BCN). Binance is easily the best crypto trading platform as it has by far the lowest fees, has the best coins and is also very easy to use.
- The second account is Coinbase, this is where you buy the initial Bitcoin (you trade in Bitcoin so use it to buy and sell Bytecoin (BCN)). We recommend that you start with a small amount while learning to trade but enough to cover several concurrent trades as you need those as you’ll never be 100% successful in all trades so you need a good amount to allow for the occasional one that goes bad (they’re not bad for long though as you just hold these until the price increases so that the bot can sell them), so we recommend $150 to cover this.
- Once you have bought some Bitcoin you simply need to send it to Binance so get your Bitcoin wallet address from Binance and then use that on Coinbase to send all of the Bitcoin to Binance.
- So once the funds have arrived you are ready to start trading, but in order to do that you are going to have to understand indicators as these are what are used to signal that a buy or sell is needed. The best thing to do is to go to TradingView and use the interactive chart for Bytecoin (BCN), have a look at the indicators for data like RSI, MACD, SMA, EMA and Bollinger Bands as these can all be used to signal your bot to buy (or sell). So the best thing to do is to simply play with those indicators and try to match them up to the highs and lows of the Bytecoin (BCN) price, so for example when the RSI is low the price is generally low or you can use crossovers for indicators like MACD, SMA or EMA as they usually indicate a price increase.
- So once you understand the indicators (just experimenting on TradingView is easily the best way to do that although there are lots of guides online) you are going to need a trading bot and by far the best is Profit Trailer. This is because it’s very fast and effective, most bots are slow and so miss opportunities or sell too late and so can ruin your trading business but Profit Trailer is so fast and effective so is easily the best choice. You will need to download the bot and run it and then set it up, you will need to enter your Binance API keys and then set up your settings (see the Profit Trailer Wiki for great information on that).
- So enter your settings and use the Wiki to understand them, use those that you have used on TradingView and that you can see work for Bytecoin (BCN) which means a very high chance of success. Even if you are only planning on trading the one coin (Bytecoin (BCN)) you still need to have several Bytecoin (BCN) positions open so be sure to use a percentage of your balance like 10% for each trade as not all will succeed (they will eventually but you will have to wait on the failures for the price to increase enough to sell again, which the bot automatically does), so having lots open means that most will succeed so you keep the trading going at all times which means more profit.
- You then need to have a selling strategy and Profit Trailer can use lots, we find though that a simple Gain amount with the trailing feature turned on is the most successful (so it will sell at likely the highest amount possible before the price falls back down). So if you are only trading Bytecoin (BCN) it’s much better to trade rather than hold, see Compound Daily for an idea of how you can grow your investment, at the same time as the price is generally increasing over time too so huge profits!
- To withdraw your profit you are going to have to transfer Bitcoin (or any other altcoin that Coinbase support) back to Coinbase and then transfer the funds to your bank account from Coinbase as Binance don’t allow you to withdraw to a bank account.
- Don’t withdraw all of your funds though, it is better to keep it growing and so withdraw a small amount like 20% per month so that the total investment grows and so do your profits.
- Lastly, don’t fall for any scams as there are so many in the crypto world, the companies mentioned here are 100% safe and that’s easily verifiable online as they are huge companies. If something sounds too good to be true, it is!
So that is how you can Trade Bytecoin (BCN) and make a lot of money doing so. Holding does just that, as the value of the coin increases you obviously make money, but if you are trading Bytecoin (BCN) at the same time then you are going to increase your investment size too and so profit much more.
Further tips on Bytecoin (BCN) Trading
Well in terms of making the money, the very first thing which you do need to keep in midn is that hardly around 25% of all of your profits get paid to the IRS when your taxes are due. So imagine for a second that you do buy 3 ether for $333.33 and then sell them as they would be hitting the timeline of $340.00. Not every person is going to in from trading, and it is value remembering that for every person that wins, there is someone that is losing on the other side.This is the location in the dashboard that lists you the details of the coins you have bought so far and waiting to be sold.
We would make you suggest trying with the day trade crypto until and unless you have a few thousand to play upon with. This is the point where you can actually start in terms of making a few hundred quickly. Here I shall bring into picture the trading bot of company named Profit Trailer. Profit trailer is one such company of Cryptocurrency which alongside selling its own Altcoins is taking the internet with its smart trading bot which would assist in selling and buying already well market established coins. Today you can buy almost anything you want using bitcoin . You can pay passages Expedia, buy computers on Dell.com or newegg.com , furniture and household items on Overstock.com and to buy directly from amazon.com discounted up to 20 % using services like brawker.com or purse .io. And more and more ways to use bitcoin to buy goods and services appear.
In the industry of the cryptocurrency, the very first step into the cryptocurrency world will happen to take place as all the way through an exchange. For example, an easy strategy would be to have ninety percent and ten percent short. This technique assumes you more confident in a long position. So, this technique may cater any level of danger.
It has almost 2 million accounts and has different set of variety of cryptocurrencies for sale. They have no fees in beginning as they charge a premium on the Bitcoin price. Usually, coins with good behaviourally pattern have a good client base. Also coins with good presence on online communities is another differentiator for its clients base.
Looking into the client base of the coin is also a pre-requisite while choosing the crypto-coin. Coinbase would let its users in terms of making the recurring purchases when investing in wide range of other cryptocurrencies.
On the last we will be discussing about LocalBitcoins. They step ahead as it offers a peer-to-peer (P2P) exchange. It would let the users in terms to trade among themselves individually. Checking for the liquidity of the coin is another such deciding parameter for selection of crypto-coin. We would make you suggest trying with the day trade crypto until and unless you have a few thousand to play upon with. This is the point where you can actually start in terms of making a few hundred quickly.